<SEC-DOCUMENT>0001654954-16-003249.txt : 20161101
<SEC-HEADER>0001654954-16-003249.hdr.sgml : 20161101
<ACCEPTANCE-DATETIME>20161031214656
ACCESSION NUMBER:		0001654954-16-003249
CONFORMED SUBMISSION TYPE:	20-F
PUBLIC DOCUMENT COUNT:		19
CONFORMED PERIOD OF REPORT:	20161031
FILED AS OF DATE:		20161101
DATE AS OF CHANGE:		20161031

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:		20-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13542
		FILM NUMBER:		161963094

	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>20-F
<SEQUENCE>1
<FILENAME>irsaeeccconcambios.htm
<DESCRIPTION>20-F
<TEXT>
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<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font style="background-color: #ffffff">
United States</font></font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 24px; font-family: Times New Roman">SECURITIES
AND EXCHANGE COMMISSION</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Washington,
D.C. 20549</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 24px; font-family: Times New Roman">FORM
20-F</font></div>
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<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 108px;">
<div style="text-align: left; display: table-row">
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<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">[&#xA0;&#xA0;]</font></font></div>
<div style="text-align: center; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">REGISTRATION
STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES
EXCHANGE ACT OF 1934</font></font></div>
</div>
</div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">OR</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 108px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">[X]</font></font></div>
<div style="text-align: center; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">ANNUAL
REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE
ACT OF 1934</font></font></div>
</div>
</div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">For
the fiscal year ended June 30, 2016</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">OR</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 108px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">[&#xA0;&#xA0;]</font></font></div>
<div style="text-align: center; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE
ACT OF 1934</font></font></div>
</div>
</div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">OR</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 108px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">[&#xA0;&#xA0;]</font></font></div>
<div style="text-align: center; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">SHELL
COMPANY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
AND EXCHANGE ACT OF 1934</font></font></div>
</div>
</div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Commission
file number 001-13542</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 24px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(Exact name of
Registrant as specified in its charter)</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 24px; font-family: Times New Roman">IRSA
Investments and Representations Inc.</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(Translation of
Registrant&#x2019;s name into English)</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Republic
of Argentina</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(country of
incorporation or organization)</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Bol&#xED;var
108</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(C1066AAD)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Buenos
Aires, Argentina</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">(</font>Address of principal executive
offices)</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Mat&#xED;as
Gaivironsky</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Chief
Financial and Administrative Officer</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Tel
+54(11) 4323-7449 finanzas@irsa.com.ar</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Moreno
877 24th Floor</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(C1091AAQ)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Buenos
Aires, Argentina</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(Name, Telephone,
E-mail and/or address of Company Contact Person)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Securities
registered or to be registered pursuant to Section 12 (b) of the
Act</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 31%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Title of each
class</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 31%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Name of each
exchange on which registered</font></div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Global Depositary
Shares, each representing ten shares of Common Stock</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 31%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">New York Stock
Exchange</font></div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Common Stock, par
value one Peso per share</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 31%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">New York Stock
Exchange*</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
INVERSIONES Y REPRESENTACIONES SOCIEDAD AN&#xD3;NIMA</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(THE
&#x201C;COMPANY&#x201D;)</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">*Not for trading,
but only in connection with the registration of Global Depositary
Shares, pursuant to the requirements of the Securities and Exchange
Commission.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Securities
registered or to be registered pursuant to Section 12 (g) of the
Act: None</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Securities for
which there is a reporting obligation pursuant to Section 15 (d) of
the Act: None</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">The number of
outstanding shares of the issuers common stock as of June 30, 2016
was 578,676,460.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Indicate by check
mark if the registrant is a well-known seasoned issuer, as defined
in Rule 405 of the Securities Act:&#xA0; <a name="TAB2">&#xA0;</a>x Yes&#xA0; oNo</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">If this report is
an annual or transition report, indicate by check mark if the
registrant is not required to file reports pursuant to Section 13
or 15 (d) of the Securities Exchange Act of
1934.&#xA0;&#xA0;xYes&#xA0;&#xA0;oNo</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">If the registrant
is not required to file reports pursuant to Section 13 or 15 (d) of
the Securities Exchange Act of
1934.&#xA0;&#xA0;xYes&#xA0;&#xA0;oNo</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Indicate by check
mark whether the registrant (1) has filed all reports required to
be filed by Section 13 or 15 (d) of the Securities and Exchange Act
of 1934 during the preceding 12 months (or of such shorter period
that the registrant was</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">required to file
such reports), and (2) has been subject to such filing requirements
for the past 90 days:&#xA0;&#xA0;xYes&#xA0;&#xA0;oNo</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Indicate by check
mark whether the registrant has submitted electronically and posted
on its corporate Web site, if any, every Interactive Data File
required to be submitted and posted pursuant to Rule 405 of the
Regulation S-T (232.405 of this</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">chapter) during the
preceding 12 months (or such shorter period that the registrant was
required to submit and post such files).&#xA0;&#xA0;o
Yes&#xA0;&#xA0;xNo</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Indicate by check
mark whether the registrant is a large accelerated filer, an
accelerated filer, or a non-accelerated filer. See definition of
&#x201C;accelerated filer and large accelerated filer&#x201D; in Rule
12b-2 of the Exchange Act. (check one):</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Large accelerated
filer o&#xA0;&#xA0;Accelerated filer x&#xA0;&#xA0;Non-accelerated
filer o</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Indicate by check
mark which basis of accounting the registrant has used to prepare
the financial statements included in this filing:</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">U.S. GAAP
o&#xA0;&#xA0;&#xA0;International Financial Reporting Standards as
issued by the International Accounting statements included in this
filing: x&#xA0;&#xA0;&#xA0;Other o</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">If other has been
checked in response to the previous question, indicate by check
mark which financial statement item the registrant has elected to
follow.&#xA0;&#xA0;&#xA0;Item 17 o&#xA0;&#xA0;Item 18
o</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">If this is an
annual report, indicate by check mark whether the registrant is a
shell company (as defined in Rule 12b-2 of the Exchange
Act).&#xA0;&#xA0; xYes&#xA0;&#xA0; o No</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><a name="TOCHeading">&#xA0;</a>Table of Contents</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
INVERSIONES Y REPRESENTACIONES SOCIEDAD AN&#xD3;NIMA</font></div>
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 87%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Page</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 87%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">DISCLAIMER
REGARDING FORWARD-LOOKING STATEMENTS</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">iv</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 87%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">CERTAIN
MEASUREMENTS AND TERMS</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">v</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 87%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">PRESENTATION
OF FINANCIAL AND CERTAIN OTHER INFORMATION</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">v</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 87%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">MARKET
DATA</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">vi</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 87%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">PART
I</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 87%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">ITEM
1. Identity of Directors, Senior Management and
Advisers</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 87%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">ITEM
2. Offer Statistics and Expected Timetable</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 87%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">ITEM
3. Key Information</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 87%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">A.
Selected Consolidated Financial Data</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 87%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">B.
Capitalization and Indebtedness</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">6</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 87%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">C.
Reasons for the Offer and Use of Proceeds</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">6</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 87%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">D.
Risk Factors</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">6</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 87%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">ITEM
4. Information on the Company</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">38</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 87%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">A.
History and Development of the Company</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">38</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 87%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">B.
Business Overview</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">46</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 87%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">C.
Organizational Structure</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">105</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 87%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">D.
Property, Plant and Equipment</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">108</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 87%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Item
4A. Unresolved Staff Comments.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">110</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 87%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Item
5. Operating and Financial Review and Prospects.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">110</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 87%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">A.
Operating Results</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">110</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 87%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">B.
Liquidity and Capital Resources</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">152</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 87%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">C.
Research and Development, Patents and Licenses, Etc.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">159</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 87%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">D.
Trend Information</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">159</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 87%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">E.
Off-Balance Sheet Arrangements</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">161</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 87%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">F.
Tabular Disclosure of Contractual Obligations</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">161</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 87%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">G.
Safe Harbor</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">161</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 87%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">ITEM
6. Directors, Senior Management and Employees</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">161</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 87%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">A.
Directors and Senior Management</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">161</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 87%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">B.
Compensation</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">166</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 87%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">C.
Board Practices</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">168</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 87%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">D.
Employees</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">169</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 87%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">E.
Share Ownership</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">170</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">i</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 89%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">ITEM
7. Major Shareholders and Related Party Transactions</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">171</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 89%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">A.
Major Shareholders</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">171</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 89%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">B.
Related Party Transactions</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">172</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 89%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">C.
Interests of Experts and Counsel</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">175</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 89%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">ITEM
8. Financial information</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">175</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 89%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">A.
Consolidated Statements and Other Financial
Information</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">175</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 89%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">B.
Significant Changes.</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">182</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 89%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">ITEM
9. The Offer and Listing</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">182</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 89%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">A.
Offer and Listing Details</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">182</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 89%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">B.
Plan of Distribution</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">183</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 89%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">C.
Markets</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">183</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 89%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">D.
Selling Shareholders</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">185</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 89%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">E.
Dilution</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">185</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 89%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">F.
Expenses of the Issue</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">186</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 89%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">ITEM
10. Additional Information</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">186</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 89%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">A.
Share Capital</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">186</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 89%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">B.
Memorandum and Articles of Association</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">186</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 89%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">C.
Material Contracts</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">191</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 89%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">D.
Exchange Controls</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">191</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 89%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">E.
Taxation</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">195</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 89%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">F.
Dividends and Paying Agents</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">201</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 89%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">G.
Statement by Experts</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">201</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 89%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">H.
Documents on display</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">201</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 89%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">I.
Subsidiary Information</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">201</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 89%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">ITEM
11. Quantitative and qualitative disclosures about market
risk</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">201</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 89%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">ITEM
12. Description of Other than Equity Securities</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">201</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 89%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">A.
Debt Secuirities</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">201</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 89%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">B.
Warrants and Rights</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">201</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 89%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">C.
Other Securities</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">202<br>
</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 89%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">D.
American Depositary Shares</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">202</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 89%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">PART
II</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">202</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 89%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">ITEM
13. Defaults, Dividend Arrearages and Delinquencies</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">202</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 89%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">ITEM
14. Material Modifications to the Rights of Security Holders and
Use of Proceeds</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">202</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 89%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">A.
Fair Price Provision</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">202</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 89%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">B.
Limitations on the payment of dividends.</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">204</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 89%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">ITEM
15. Controls and Procedures</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">204</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">ii</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 89%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">A.
Disclosure Controls and Procedures.</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">204</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 89%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">B.
Management&#x2019;s Annual Report on Internal Control Over
FinancialReporting</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">204</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 89%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">C.
Attestation Report of the Registered Public Accounting
Firm</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">205</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 89%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">D.
Changes in Internal Control Over FinancialReporting</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">205</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 89%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">ITEM&#xA0;16.</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">205</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 89%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">A.
Audit Committee Financial Expert</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">205</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 89%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">B.
Code of Ethics</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">205</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 89%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">C.
Principal Accountant Fees and Services</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">205</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 89%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">D.
Exemption from the Listing Standards for Audit
Committees</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">205</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 89%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">E.
Purchase of Equity Securities by the Issuer and its
Affiliates</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">205</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 89%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">F.
Change in Registrant&#x2019;s CertifyingAccountant</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">205</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 89%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">G.
Corporate Governance</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">205<br>
</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 89%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">H.
Mine Safety Disclosures</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">207</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 89%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">PART
III</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">208</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 89%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">ITEM
17. Financial Statements</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">208</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 89%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">ITEM
18. Financial Statements</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">208</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 89%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">ITEM&#xA0;19.
EXHIBITS</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">208</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">iii</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
DISCLAIMER REGARDING FORWARD-LOOKING STATEMENTS</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The U.S. Private
Securities Litigation Reform Act of 1995 provides a &#x201C;safe
harbor&#x201D; for forward-looking statements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">This annual report
includes forward-looking statements, principally under the captions
&#x201C;Summary&#x201D;, &#x201C;Item&#xA0;3.D.&#xA0;Risk
Factors&#x201D;, &#x201C;Item&#xA0;4.&#xA0;Information on the
Company&#x201D; and &#x201C;Item&#xA0;5.&#xA0;Operating and Financial
Review and Prospects&#x201D;. We have based these forward-looking
statements largely on our current beliefs, expectations and
projections about future events and financial trends affecting our
business. Many important factors, in addition to those discussed
elsewhere in this annual report, could cause our actual results to
differ substantially from those anticipated in our forward-looking
statements, including, among other things:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">changes in general
economic, business, political, legal, social or other conditions in
Argentina or elsewhere in Latin America or in Israel or changes in
developed or emerging markets;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">changes in capital
markets in general that may affect policies or attitudes toward
lending to Argentina or Argentine companies;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">inflation and
deflation;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">fluctuations in
prevailing interest rates;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">current and future
government regulation;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">adverse legal or
regulatory disputes or proceedings;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">fluctuations and
declines in the value of Argentine public debt;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">political events,
civil strife and armed conflicts;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">government
intervention in the private sector, including through
nationalization, expropriation, labor regulation or other
actions;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">restrictions on
transfer of foreign currencies;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">competition in the
shopping center sector, office or other commercial properties and
related industries;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">potential loss of
significant tenants at our shopping centers, offices or other
commercial properties;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">our ability to
timely transact in the real estate market in Argentina or
Israel;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">our ability to meet
our debt obligations;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">shifts in consumer
purchasing habits and trends;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">technological
changes and our potential inability to implement new
technologies;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">deterioration in
regional, national or global businesses and economic
conditions;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">fluctuations and
declines in the exchange rate of the Peso and the NIS against other
currencies;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">risks related to
our investment in Israel; and</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">the risk factors
discussed under &#x201C;Item&#xA0;3.D.&#xA0;Risk
Factors&#x201D;.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The words
&#x201C;believe&#x201D;, &#x201C;may&#x201D;, &#x201C;will&#x201D;,
&#x201C;aim&#x201D;, &#x201C;estimate&#x201D;, &#x201C;continue&#x201D;,
&#x201C;anticipate&#x201D;, &#x201C;intend&#x201D;,
&#x201C;expect&#x201D;, &#x201C;forecast&#x201D;,
&#x201C;foresee&#x201D;, &#x201C;understand&#x201D; and similar other
words identify forward-looking statements. Forward-looking
statements include information concerning our possible or assumed
future results of operations, business strategies, financing plans,
competitive position, industry environment, potential growth
opportunities, the effects of future regulation and the effects of
competition. Forward-looking statements speak only as of the date
they were made, and we undertake no obligation to update publicly
or to revise any forward-looking statements after we distribute
this annual report because of new information, future events or
other factors. In light of the risks and uncertainties described
above, the forward-looking events and circumstances discussed in
this annual report might not occur and are not guarantees of future
performance.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As of June 30,
2016, the Company has established two operations centers to manage
its global business, &#x201C;Operations Center in Argentina&#x201D;
and &#x201C;Operations Center in Israel.</font><font style="font-size: 13px; font-family: Times New Roman">&#x201D;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">iv</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">You should not
place undue reliance on such statements which speak only as of the
date that they were made. These cautionary statements should be
considered in connection with any written or oral forward-looking
statements that we may issue in the future.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">CERTAIN
MEASUREMENTS AND TERMS</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As used throughout
this annual report, the terms &#x201C;IRSA&#x201D;, the
&#x201C;Company&#x201D;, &#x201C;we&#x201D;, &#x201C;us&#x201D; and
&#x201C;our&#x201D; refer to IRSA Inversiones y Representaciones
Sociedad An&#xF3;nima<font style="font-style: italic">,</font>
together with our consolidated subsidiaries, except where we make
clear that such terms refer only to the parent
company.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In Argentina the
standard measure of area in the real estate market is the square
meter (m2), while in the United States and certain other
jurisdictions the standard measure of area is the square foot (sq.
ft.). All units of area shown in this annual report (<font style="font-style: italic">e.g.,</font> gross leasable area of buildings
(or &#x201C;GLA&#x201D;) and size of undeveloped land) are expressed
in terms of square meters. One square meter is equal to
approximately 10.764 square feet. One hectare is equal to
approximately 10,000 square meters and to approximately 2.47
acres.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As used herein:
&#x201C;GLA&#x201D; or &#x201C;gross leasable area&#x201D;, in the case
of shopping centers, refers to the total leasable area of the
property, regardless of our ownership interest in such property
(excluding common areas and parking and space occupied by
supermarkets, hypermarkets, gas stations and co-owners, except
where specifically stated).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">PRESENTATION
OF FINANCIAL AND CERTAIN OTHER INFORMATION</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">This annual report
contains our Audited Consolidated Financial Statements as of June
30, 2016 and 2015 for our fiscal years ended June 30, 2016, 2015
and 2014 (our &#x201C;Audited Consolidated Financial
Statements&#x201D;). Our Audited Consolidated Financial Statements
included elsewhere herein have been audited by Price Waterhouse
&amp; Co S.R.L. City of Buenos Aires, Argentina, member of
PriceWaterhouseCoopers International Limited, an independent
registered public accounting firm whose report is included
herein.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Pursuant to
Resolution N&#xB0; 562/09 issued by the Argentine <font style="font-style: italic">Comisi&#xF3;n Nacional de Valores</font>
(&#x201C;CNV&#x201D;), as subsequently amended by Resolution N&#xB0;
576/10, and further amended and restated by Resolution N&#xB0;
622/13 (the &#x201C;CNV Rules&#x201D;), all listed companies in
Argentina with certain exceptions (<font style="font-style: italic">i.e.</font>, financial institutions and
insurance entities) were required to present their consolidated
financial statements for accounting periods beginning on or after
January 1, 2012 in accordance with International Financial
Reporting Standards (&#x201C;IFRS&#x201D;) as issued by the
International Accounting Standards Board (&#x201C;IASB&#x201D;).
Therefore, in 2013 we prepared for the first time our Consolidated
Financial Statements under IFRS for our financial year ended June
30, 2013, which included comparative financial information for the
year ended June 30, 2012. All IFRS issued by the IASB effective at
the time of preparing the Audited Consolidated Financial Statements
have been applied. The opening IFRS statement of financial position
was prepared as of our transition date of July 1,
2011.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On October 11,
2015, the Company, through its subsidiaries, obtained control of
IDB Development Corporation (&#x201C;IDBD&#x201D;). IDBD&#x2019;s
fiscal year ends on December 31 each year and the Company&#x2019;s
fiscal year ends on June 30. IDBD&#x2019;s quarterly and annual
reporting follows the guidelines of Israeli accounting standards,
which means that the information is only available to IRSA after
the applicable statutory periods expire. Therefore, the Company has
started to consolidate IDBD&#x2019;s results of operations with a
three-month lag, adjusted for the effects of material transactions
that may have taken place during the reported period. Hence,
IDBD&#x2019;s results of operations for the period beginning on
October 11, 2015 (the date the Company obtained control of IDBD)
through March 31, 2016, are included in the Company&#x2019;s
consolidated statement of comprehensive income for the fiscal year
ended June 30, 2016, adjusted by such material transactions that
occurred between April 1 and June 30, 2016, mainly due to the
decrease of the market price of Clal&#x2019;s shares and the impact
of such decrease in our registration of the investment in
Clal.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Given the
materiality of IDBD&#x2019;s results on the Company&#x2019;s
consolidated results, the Company had to make changes on the
presentation format of its financial information for ease of
analysis. The most significant change is in line with the new
organizational structure, which was split into two large operations
centers in Argentina and Israel. In this regard, changes have been
made to certain notes and tables and their respective order,
classification and content, on a geographic basis and taking into
consideration the significance of the Company&#x2019;s global
operations following IDBD&#x2019;s consolidation.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman"><br></font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">v</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As of June 30,
2016, the Company has established two Operations Centers to manage
its global business, mainly through the following
companies:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><img src="operationscenter.jpg"></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">MARKET
DATA</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Market data used
throughout this annual report was derived from reports prepared by
unaffiliated third-party sources. Such reports generally state that
the information contained therein has been obtained from sources
believed by such sources to be reliable.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Certain amounts
which appear in this annual report (including percentage amounts)
may not sum due to rounding.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In this annual
report where we refer to &#x201C;Peso&#x201D;, &#x201C;Pesos&#x201D;,
&#x201C;ARS&#x201D; or &#x201C;Ps.&#x201D; we mean Argentine Pesos, the
lawful currency in Argentina; when we refer to &#x201C;U.S.
dollars,&#x201D; or &#x201C;U.S.$&#x201D; we mean United States
Dollars, the lawful currency of the United States of America, when
we refer to &#x201C;NIS&#x201D;, we mean New Israel Shekels, the
lawful currency of Israel; and when we refer to &#x201C;Central
Bank&#x201D; we mean the Argentine Central Bank.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Solely for the
convenience of the reader, we have translated certain Peso amounts
into U.S. dollars at the offer exchange rate quoted by Banco de la
Naci&#xF3;n Argentina for June 30, 2016, which was
Ps.15.04=U.S.$1.00. We have also translated certain NIS amounts
into U.S. dollars at the offer exchange rate for June 30, 2016
which was NIS 3.8575=U.S.$1.00. We make no representation that the
Peso, NIS or U.S. dollar amounts actually represent or could have
been or could be converted into U.S. dollars at the rates
indicated, at any particular rate or at all.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">vi</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">PART
I</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
ITEM
1.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;IDENTITY
OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">This item is not
applicable.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
ITEM
2.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;OFFER
STATISTICS AND EXPECTED TIMETABLE</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">This item is not
applicable.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
ITEM
3.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;KEY
INFORMATION</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
A.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Selected
Consolidated Financial Data</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The following
selected consolidated financial data has been derived from our
consolidated financial statements as of the dates and for each of
the periods indicated below. This information should also be read
in conjunction with our Audited Consolidated Financial Statements
included under Item 8. &#x201C;Financial Information&#x201D; and the
discussion in Item 5. &#x201C;Operating and Financial Review and
Prospects&#x201D;. The selected Consolidated Statement of
Comprehensive Income data for the years ended June 30, 2016, 2015
and 2014, and the selected consolidated balance sheet data as of
June 30, 2016 and 2015 have been derived from our consolidated
financial statements included in this annual report which have been
audited by Price Waterhouse &amp; Co. S.R.L., City of Buenos Aires,
Argentina, a member firm of PricewaterhouseCoopers International
Limited, an independent registered public accounting
firm.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On October 11,
2015, we acquired control of IDBD. In conformity with IFRS 3,
IDBD&#x2019;s information is included in our financial statements
since the acquisition date, without affecting the information from
previous years. Therefore, the consolidated financial information
for periods after the acquisition date is not comparable to
previous periods. For more information see Item 5. &#x201C;Operating
and Financial Review and Prospects&#x2212;Factors Affecting
Comparability of our Results.&#x201D;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Summary
Consolidated Financial and Other Information for
IRSA</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="7" style="width: 50%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">For
the fiscal year ended June 30,</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td colspan="2" style="width: 8%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2013</font></div>
</td>
<td style="width: 6%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2012</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(in
millions of</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">US$)
(ii)</font></div>
</td>
<td colspan="6" style="width: 39%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(in
millions of Ps.) (i)</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Consolidated
Statements of Operations</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Revenues</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 24px">&#xA0;</font>2,173</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">32,675</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,403</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,845</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,187</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,790</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Costs</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 24px">&#xA0;</font>&#xA0;(1,496)</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font>(22,499)</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font>&#xA0;(1,511)</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font>&#xA0;(1,354)</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font>&#xA0;(1,088)</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font>&#xA0;(859)</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Gross
profit</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 36px">&#xA0;</font>677</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">10,176</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,892</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,491</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,099</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font>931</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Gain from disposal
of investment properties</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 48px">&#xA0;</font>74</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,113</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,163</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font>236</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font>184</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font>117</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">General and
administrative expenses</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 24px">&#xA0;</font>&#xA0;(129)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;(1,933)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;(374)</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;(297)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;(195)</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;(174)</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Selling
expenses</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 24px">&#xA0;</font>&#xA0;(395)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;(5,948)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;(194)</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;(146)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;(106)</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font>&#xA0;(85)</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other operating
results, net</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 24px">&#xA0;</font><font id="TAB1" style="margin-left: 36px">&#xA0;</font>2</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font><font id="TAB1" style="margin-left: 24px">&#xA0;</font>24</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font><font id="TAB1" style="margin-left: 24px">&#xA0;</font>28</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font>&#xA0;(46)</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font><font id="TAB1" style="margin-left: 24px">&#xA0;</font>93</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font>&#xA0;(32)</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Profit
from operations</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 36px">&#xA0;</font>228</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3,432</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,515</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,238</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,076</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font>757</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Share of profit/
(loss) of associates and joint ventures</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 24px">&#xA0;</font><font id="TAB1" style="margin-left: 36px">&#xA0;</font>30</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font><font id="TAB1" style="margin-left: 12px">&#xA0;</font>447</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font>&#xA0;(1,023)</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font>&#xA0;(414)</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font><font id="TAB1" style="margin-left: 12px">&#xA0;</font>&#xA0;(7)</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font><font id="TAB1" style="margin-left: 24px">&#xA0;</font>12</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Profit
from operations before financial results and income
tax</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 36px">&#xA0;</font>258</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3,879</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,492</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font>824</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,068</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font>769</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Finance
income</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 36px">&#xA0;</font>119</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,788</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font>137</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font>132</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font>120</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font>105</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Finance
costs</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 24px">&#xA0;</font>&#xA0;(395)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;(5,938)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;(1,107)</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;(1,749)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;(772)</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;(528)</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other financial
results</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 24px">&#xA0;</font><font id="TAB1" style="margin-left: 12px">&#xA0;</font>&#xA0;(58)</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font>&#xA0;(870)</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font><font id="TAB1" style="margin-left: 24px">&#xA0;</font>37</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font>&#xA0;(102)</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font><font id="TAB1" style="margin-left: 24px">&#xA0;</font>15</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font><font id="TAB1" style="margin-left: 12px">&#xA0;</font>&#xA0;(4)</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Financial
results, net</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 24px">&#xA0;</font>&#xA0;(334)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;(5,020)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;(933)</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;(1,719)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;(638)</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;(427)</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(Loss)/
profit before income tax</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 24px">&#xA0;</font><font id="TAB1" style="margin-left: 12px">&#xA0;</font>&#xA0;(76)</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font>&#xA0;(1,141)</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font><font id="TAB1" style="margin-left: 12px">&#xA0;</font>559</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font>&#xA0;(895)</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font><font id="TAB1" style="margin-left: 12px">&#xA0;</font>430</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font><font id="TAB1" style="margin-left: 12px">&#xA0;</font>342</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Income tax
expense</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 24px">&#xA0;</font><font id="TAB1" style="margin-left: 12px">&#xA0;</font>&#xA0;(10)</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font>&#xA0;(149)</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font>&#xA0;(489)</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font><font id="TAB1" style="margin-left: 24px">&#xA0;</font>64</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font>&#xA0;(133)</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font>&#xA0;(117)</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(Loss)/
profit for the year</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 24px">&#xA0;</font>&#xA0;(86)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;(1,290)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 24px">&#xA0;</font>70</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;(831)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font>297</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font>225</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Attributable
to:</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Equity holders of
the parent</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 24px">&#xA0;</font>&#xA0;(46)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;(693)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font>&#xA0;(41)</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;(786)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font>239</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font>204</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Non-controlling
interest</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 24px">&#xA0;</font>&#xA0;(40)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;(597)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font>111</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font>&#xA0;(45)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 24px">&#xA0;</font>58</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 24px">&#xA0;</font>21</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(Loss)/
profit per common share attributable</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">to
equity holders of the parent:</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Basic</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 48px">&#xA0;</font>(0.08)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font>&#xA0;(1.21)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font>&#xA0;(0.07)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font>&#xA0;(1.36)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 24px">&#xA0;</font>0.41</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 24px">&#xA0;</font>0.35</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Diluted</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 48px">&#xA0;</font>(0.08)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font>&#xA0;(1.21)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font>&#xA0;(0.07)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font>&#xA0;(1.36)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 24px">&#xA0;</font>0.41</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 24px">&#xA0;</font>0.35</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Consolidated
Statements of Comprehensive Operations</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(Loss)
/ profit for the year</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 24px">&#xA0;</font>&#xA0;(86)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;(1,290)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 24px">&#xA0;</font>70</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;(831)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font>297</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font>225</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other comprehensive
(loss)/ income:</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Currency
translation adjustment</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 24px">&#xA0;</font>&#xA0;(51)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;(760)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;(164)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font>472</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 24px">&#xA0;</font>58</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 24px">&#xA0;</font>18</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Share of currency
translation adjustment of joint ventures and associates accounted
for using the equity method</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 36px">&#xA0;</font>317</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,765</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 24px">&#xA0;</font>56</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font>&#xA0;(29)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font>&#xA0;(1)</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font>&#xA0;(3)</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Share of change in
the fair value of hedging instruments of associates and joint
ventures accounted for using the equity method</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 36px">&#xA0;</font>&#xA0;(6)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font>&#xA0;(93)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 36px">&#xA0;</font>-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 36px">&#xA0;</font>-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 36px">&#xA0;</font>-</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 36px">&#xA0;</font>-</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Items
that may not be reclassified subsequently to profit or loss, net of
income tax</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Actuarial loss from
defined benefit plans net of income taxes</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 24px">&#xA0;</font><font id="TAB1" style="margin-left: 24px">&#xA0;</font>&#xA0;(3)</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font>&#xA0;(42)</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font><font id="TAB1" style="margin-left: 36px">&#xA0;</font>-</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font><font id="TAB1" style="margin-left: 36px">&#xA0;</font>-</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font><font id="TAB1" style="margin-left: 36px">&#xA0;</font>-</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font><font id="TAB1" style="margin-left: 36px">&#xA0;</font>-</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Other
comprehensive income / (loss) for the year</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 24px">&#xA0;</font><font id="TAB1" style="margin-left: 24px">&#xA0;</font>257</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font>3,870</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font>&#xA0;(108)</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font><font id="TAB1" style="margin-left: 12px">&#xA0;</font>443</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font><font id="TAB1" style="margin-left: 24px">&#xA0;</font>57</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font><font id="TAB1" style="margin-left: 24px">&#xA0;</font>15</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
comprehensive income / (loss) for the year</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 24px">&#xA0;</font><font id="TAB1" style="margin-left: 24px">&#xA0;</font>172</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font>2,580</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font>&#xA0;(38)</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font>&#xA0;(388)</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font><font id="TAB1" style="margin-left: 12px">&#xA0;</font>354</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font><font id="TAB1" style="margin-left: 12px">&#xA0;</font>240</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Attributable
to:</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Equity holders of
the parent</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 24px">&#xA0;</font>&#xA0;(56)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;(840)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;(165)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;(438)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font>288</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font>219</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Non-controlling
interest</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 36px">&#xA0;</font>227</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,420</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font>127</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 24px">&#xA0;</font>50</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 24px">&#xA0;</font>66</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 24px">&#xA0;</font>21</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">CASH
FLOW DATA</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Net cash generated
by operating activities</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 36px">&#xA0;</font>275</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,139</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font>834</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,022</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font>863</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font>692</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Net cash generated
by /(used in) investing activities</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 36px">&#xA0;</font>546</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8,210</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font>261</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;(917)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 12px">&#xA0;</font>&#xA0;(46)</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;(247)</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Net cash used in
financing activities</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 24px">&#xA0;</font>&#xA0;(264)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;(3,968)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;(1,390)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;(597)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;(306)</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;(493)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="7" style="width: 51%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">For
the fiscal year ended June 30,</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
<td colspan="2" style="width: 8%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2013</font></div>
</td>
<td style="width: 6%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2012</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(in
millions of</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">US$)(ii)</font></div>
</td>
<td colspan="6" style="width: 39%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(in
millions of Ps.) (i)</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Consolidated
Statements of Financial Position</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">ASSETS</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Non-current
assets</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Investment
properties</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,316</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">49,872</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,490</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,270</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,983</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,266</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Property, plant and
equipment</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,599</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">24,055</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">243</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">220</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">213</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">228</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Trading
properties</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">297</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,471</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">128</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">131</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">94</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">83</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Intangible
assets</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">782</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11,763</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">127</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">124</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">173</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">123</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Investment in
associates and joint ventures</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,080</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">16,236</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,552</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,261</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,424</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,446</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Deferred income tax
assets</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">42</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">638</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">53</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">369</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">85</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">34</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Income tax and
Minimum Presumed Income Tax (&#x201C;MPIT&#x201D;)
credit</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">123</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">109</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">110</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">130</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">103</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Restricted
assets</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">54</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Trade and other
receivables</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">229</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,441</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">115</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">92</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">85</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">93</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Employee
benefits</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Investments in
financial assets</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">148</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,226</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">703</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">275</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">267</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">656</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financial assets
held for sale</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">222</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,346</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Derivative
financial instruments</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">206</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">21</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">18</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
non-current assets</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">7,729</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">116,237</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">7,726</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">6,851</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">6,487</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">6,050</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Current
Assets</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Trading
properties</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">16</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">241</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">12</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">10</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Inventories</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">216</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,246</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">23</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">17</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">16</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">16</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Restricted
assets</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">38</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">564</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Income tax and
Minimum Presumed Income Tax (&#x201C;MPIT&#x201D;)
credit</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">34</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">506</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">19</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">16</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financial assets
held for sale</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">84</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,256</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,358</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Trade and other
receivables</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">892</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">13,409</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,143</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">707</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">769</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">476</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Investments in
financial assets</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">642</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9,656</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">295</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">234</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">244</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">79</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Derivative
financial instruments</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">19</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">29</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">13</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="6" style="width: 51%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">For
the fiscal year ended June 30,</font></div>
</div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2013</font></div>
</div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2012</font></div>
</div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(in
millions of</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">US$)(ii)</font></div>
</td>
<td colspan="5" style="width: 39%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(in
millions of Ps.) (i)</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cash and cash
equivalents</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">922</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">13,866</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">375</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">610</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">797</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">259</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Current Assets</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,843</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">42,763</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,896</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,959</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,839</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">839</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">TOTAL
ASSETS</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">10,572</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">159,000</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">9,622</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">9,810</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">8,327</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">6,889</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">SHAREHOLDERS&#x2019;
EQUITY</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Share
capital</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">38</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">575</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">574</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">574</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">579</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">579</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Treasury
shares</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Inflation
adjustment of share capital and treasury shares</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">123</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">123</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">123</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">123</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">274</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Share
premium</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">53</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">793</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">793</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">793</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">793</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">793</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Additional paid-in
capital from treasury shares</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">16</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Legal
reserve</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">117</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">117</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">117</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">85</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">71</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Special
reserve</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">375</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">395</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other
reserves</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">48</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">726</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">299</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">806</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">532</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">421</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Accumulated
deficit</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(83)</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,243)</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(40)</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(785)</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">239</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">511</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
capital and reserves attributable to equity holders</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">74</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,115</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,882</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,008</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,746</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,649</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Non-controlling
interest</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">824</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">12,386</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">376</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">548</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">385</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">390</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">TOTAL
SHAREHOLDERS&#x2019; EQUITY</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">898</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">13,501</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,258</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,556</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3,131</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3,039</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">LIABILITIES</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Non-current
liabilities</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Trade and other
payables</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">101</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,518</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">255</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">203</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">211</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">167</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Borrowings</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6,029</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">90,680</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,736</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,756</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,923</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,048</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Derivative
financial instruments</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">105</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">265</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">321</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Deferred income tax
liabilities</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">503</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7,571</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">51</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">346</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">396</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">411</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Employee
benefits</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">46</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">689</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Salaries and social
security liabilities</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Provisions</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">88</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,325</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">374</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">205</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">58</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">18</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
non-current liabilities</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">6,775</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">101,899</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">4,683</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">4,835</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3,591</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,644</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Current
liabilities</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Trade and other
payables</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,188</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">17,874</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">896</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">679</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">677</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">492</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Borrowings</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,480</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">22,252</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,237</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">737</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">773</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">558</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Derivative
financial instruments</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">112</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">238</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Salaries and social
security liabilities</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">113</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,707</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">123</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">99</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">49</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">40</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Provisions</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">69</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,039</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">52</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">18</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Income tax and
Minimum Presumed Income Tax (&#x201C;MPIT&#x201D;)
liabilities</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">41</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">616</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">135</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">65</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">91</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">114</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Liabilities held
for sale</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">807</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
current liabilities</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,899</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">43,600</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,681</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,419</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,605</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,206</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">TOTAL
LIABILITIES</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">9,674</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">145,499</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">7,364</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">7,254</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">5,196</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3,850</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">TOTAL
SHAREHOLDERS&#x2019; EQUITY AND LIABILITIES</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">10,572</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">159,000</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">9,622</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">9,810</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">8,327</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">6,889</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">3</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="6" style="width: 50%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">For
the fiscal year ended June 30,</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2013</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2012</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">OTHER
FINANCIAL DATA</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(in
millions of US$) (ii)</font></div>
</td>
<td colspan="5" style="width: 39%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(in
millions of Ps.) (i)</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Basic net (loss)/
income per common share</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(0.08)</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1.21)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(0.07)</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1.36)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.41</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.35</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Diluted net (loss)/
income per common share</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(0.08)</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1.21)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(0.07)</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1.36)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.41</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.35</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Basic net (loss)/
income per GDS</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(0.80)</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(12.05)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(0.72)</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(13.60)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4.10</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3.50</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Diluted net (loss)/
income per GDS</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(0.80)</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(12.05)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(0.71)</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(13.60)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4.10</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3.50</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Diluted weighted
&#x2013; average number of common shares</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">574,928,361</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">574,928,361</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">573,779,206</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">575,932,689</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">578,676,460</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">578,676,460</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Depreciation and
amortization</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">179</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,694</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">175</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">226</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">220</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">169</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Capital
expenditures</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">157</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,369</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">532</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">318</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">921</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">134</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Working
capital</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(56)</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(837)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(783)</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">540</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">234</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(366)</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ratio of current
assets to current liabilities</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.98</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.98</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.71</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1.22</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1.15</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.70</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ratio of
shareholders&#x2019; equity to total liabilities</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.09</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.09</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.31</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.35</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.60</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.79</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ratio of non
current assets to total assets</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.73</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.73</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.80</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.70</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.78</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.88</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Dividend
paid</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(7)</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(106)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(69)</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(113)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(240)</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(263)</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Dividends per
common share</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(0.01)</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(0.18)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(0.12)</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(0.20)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(0.41)</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(0.45)</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Dividends per
GDS</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(0.12)</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1.84)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1.20)</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1.97)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(4.14)</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(4.54)</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Number of common
shares outstanding</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">575,153,497</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">575,153,497</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">574,450,945</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">573,771,763</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">578,676,460</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">578,676,460</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Capital
stock</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">38</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">575</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">574</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">574</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">579</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">579</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">_________________</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(i) Totals may not
sum due to rounding.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(ii) Solely for the
convenience of the reader we have translated Peso amounts into U.S.
Dollars at the seller exchange rate quoted by Banco de la
Naci&#xF3;n Argentina as of June 30, 2016, which was Ps.15.04 per
US$1.00. We make no representation that the Argentine Peso or U.S.
Dollar amounts actually represent, could have been or could be
converted into U.S. Dollars at the rates indicated, at any
particular rate or at all. See &#x201C;Exchange Rates&#x201D;. Totals
may not sum due to rounding.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">LOCAL&#xA0;EXCHANGE&#xA0;MARKET&#xA0;AND&#xA0;EXCHANGE&#xA0;RATES</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">During 2001 and
2015, Argentine government had established a series of exchange
control measures that restricted the free disposition of funds and
the transfer of funds abroad. To 2011, the Argentine government had
significantly curtailed access to foreign exchange by individuals
and private sector entities, making it necessary, among other
things, to obtain prior approval from the Central Bank to enter
into certain foreign exchange transactions such as payments
relating to royalties, services or fees payable to related parties
of Argentine companies outside Argentina.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">With the change of
government, and political color, in December 2015, one of the first
measures taken by the Argentine government was to lift the
principal restrictions that limited access to individuals to
foreign exchange market. In this connection, Communication
&#x201C;A&#x201D; 5850 of the Central Bank admitted again the
possibility for individuals to have access to the local market,
however, up to a certain amount of money. As local economy became
stable in Argentina, and local markets reopened to foreign
commerce, the Central Bank issued on August 2016 Communication
&#x201C;A&#x201D; 6037 that lifted all remaining limitations.
Nowadays, all individuals have unrestrictive access to the local
exchange market, according to the conditions and procedures that
are explained in this document.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The following table
shows the maximum, minimum, average and closing exchange rates for
each period applicable to purchases of U.S. dollars.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Maximum<font style="vertical-align: super; font-size: 70%">(1)(2)</font></font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Minimum<font style="vertical-align: super; font-size: 70%">(1)(3)</font></font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Average<font style="vertical-align: super; font-size: 70%">(1)(4)</font></font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">At
closing<font style="vertical-align: super; font-size: 70%">(1)</font></font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Fiscal year ended
June 30, 2012</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4.5070</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4.1250</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4.3016</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4.5070</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Fiscal year ended
June 30, 2013</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5.3680</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4.5650</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4.9339</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5.3680</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Fiscal year ended
June 30, 2014</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8.0830</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5.4850</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6.9333</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8.0830</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Fiscal year ended
June 30, 2015</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9.0380</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8.163</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8.5748</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9.0380</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Fiscal year ended
June 30, 2016</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">15.7500</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9.1400</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">12.2769</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14.9900</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Month ended April
30, 2016</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14.7400</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14.0000</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14.3367</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14.2000</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Month ended May 31,
2016</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14.1900</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">13.8700</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14.0720</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">13.9410</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Month ended June
30, 2016</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">15.2500</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">13.6950</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14.1343</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14.9900</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Month ended July
31, 2016</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">15.1000</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14.5100</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14.8410</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14.9600</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Month ended August
31, 2016</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">15.0500</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14.6100</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14.7899</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14.8800</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Month ended
September 30, 2016</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">15.3400</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14.8500</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">15.0666</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">15.2600</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">October 2016
(through October 13, 2016)</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">15.1600</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">15.0200</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">15.1153</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">15.0820</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">_________________</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
</font><font style="font-style: italic; font-size: 13px; font-family: Times New Roman;">SOURCE:
CENTRAL BANK</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;(1) Average
between the offer exchange rate and the bid exchange rate according
to Banco de la Naci&#xF3;n Argentina &#x201C;foreign currency
exchange rate&#x201D;, against Pesos.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2) The maximum
exchange rate appearing in the table was the highest end-of-month
exchange rate in the year or shorter period, as
indicated.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(3) The minimum
exchange rate appearing in the table was the lowest end-of-month
exchange rate in the year or shorter period, as
indicated.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(4) Average
exchange rates at the end of the month.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">4</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Although exchange
control regulations were lifted on August 2016, certain regulations
regarding the registration, disbursement, payment of principal and
interest and prepayments, among other exchange control measures
related to foreign indebtedness, remain in place, and we cannot
give you any assurance that additional exchange control regulations
will not be adopted in the future. See &#x201C;Risk Factors&#x2014;
Risks Relating to Argentina&#x2014;Exchange controls and
restrictions on transfers abroad and capital inflow restrictions
have been limited in the past and may limit the availability of
international credit.&#x201D;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Exchange controls
regulations currently in effect in Argentina include those
described below.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Registration Requirements</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">A debtor must
inform the Central Bank of any foreign indebtedness (financial and
commercial) it incurs and must register and validate such
indebtedness in accordance with Communication &#x201C;A&#x201D; 3602.
Compliance with such information with the Central Bank is required
in order to enable such debtor to purchase foreign currency in the
Argentine foreign exchange market for the purpose of servicing such
foreign indebtedness, among others.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In addition, all
new foreign indebtedness of Argentine residents, as well as any
refinancing of existing foreign debt, must provide that principal
repayments thereunder are subject to a 120-day waiting period in
which principal cannot be paid.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Disbursements</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Pursuant to
Communication &#x201C;A&#x201D; 5850, Argentine residents are no
longer obliged to settle proceeds received from foreign
indebtedness through the local exchange market. According to
Communication &#x201C;A&#x201D; 6037, Argentine residents will have
access to the local exchange money also&#xA0;&#xA0;at the time of
repayment of principal and interests. <font style="font-style: italic">P</font><font style="font-style: italic">r</font><font style="font-style: italic">inci</font><font style="font-style: italic">pa</font><font style="font-style: italic">l</font><font style="font-style: italic">&#xA0;</font><font style="font-style: italic">a</font><font style="font-style: italic">nd</font><font style="font-style: italic">&#xA0;</font><font style="font-style: italic">I</font><font style="font-style: italic">nte</font><font style="font-style: italic">r</font><font style="font-style: italic">e</font><font style="font-style: italic">s</font><font style="font-style: italic">t</font><font style="font-style: italic">&#xA0;</font><font style="font-style: italic">Pa</font><font style="font-style: italic">y</font><font style="font-style: italic">m</font><font style="font-style: italic">e</font><font style="font-style: italic">nts</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Foreign currency
necessary to pay principal and interest on foreign indebtedness,
according to Communication &#x201C;A&#x201D; 5850 and Communication
&#x201C;A&#x201D; 6037 can be purchased in the local exchange
market.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Corporate Profits and Dividends</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 6px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Pursuant to foreign
exchange regulations, Argentine companies may freely access the
MULC for remittances abroad to pay earnings and dividends in-so-far
as they arise from closed and fully audited balance sheets and have
satisfied applicable certification requirements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 6px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Restrictions on Foreign Indebtedness</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 6px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In June 2005, the
Argentine government imposed certain additional restrictions on
inflows and outflows of foreign currency to the Argentine foreign
exchange market through Decree No. 616/2005 as amended and
supplemented by Resolution 3/2015, such as:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Minimum Term of Indebtedness</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 15px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financial
indebtedness incurred by Argentine residents with foreign creditors
(including refinancing of existing indebtedness) must be agreed
upon and cancelled within terms of no less than 120 calendar days
(waiting period), whatever the form of repayment thereof.
Additionally, no prepayment of such indebtedness may be made prior
to the expiration of such term, irrespective of the payment method
and whether or not termination entails the execution of a foreign
exchange trade in the local market.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 15px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Local Bank Account</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 7px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The results of
inflows in the local exchange market required to be credited in an
account opened by a local financial entity, which can be
denominated in either local or foreign currency.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
No Restrictions on Residents on the Purchase of Foreign
Currency</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Other Exchange Control Measures</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Subject to certain
conditions, Central Bank regulations allow the purchase of foreign
currency in the Argentine foreign exchange market for purposes of
making payments on account of financial derivatives.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The following table
shows the maximum, minimum, average and closing exchange rates for
each period applicable to purchases of New Israeli Shekels
(NIS).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 15%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Maximum<font style="vertical-align: super; font-size: 70%">(1)(2)</font></font></div>
</td>
<td style="width: 2%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Minimum<font style="vertical-align: super; font-size: 70%">(1)(3)</font></font></div>
</td>
<td style="width: 2%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Average<font style="vertical-align: super; font-size: 70%">(1)(4)</font></font></div>
</td>
<td style="width: 2%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">At
closing<font style="vertical-align: super; font-size: 70%">(1)</font></font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Fiscal year ended
June 30, 2014</font></div>
</td>
<td style="width: 15%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3.6213</font></div>
</td>
<td style="width: 2%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3.4320</font></div>
</td>
<td style="width: 2%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3.5075</font></div>
</td>
<td style="width: 2%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3.4320</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Fiscal year ended
June 30, 2015</font></div>
</td>
<td style="width: 15%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3.9831</font></div>
</td>
<td style="width: 2%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3.4260</font></div>
</td>
<td style="width: 2%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3.8064</font></div>
</td>
<td style="width: 2%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3.7747</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Fiscal year ended
June 30, 2016</font></div>
</td>
<td style="width: 15%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3.9604</font></div>
</td>
<td style="width: 2%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3.7364</font></div>
</td>
<td style="width: 2%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3.8599</font></div>
</td>
<td style="width: 2%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3.8596</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Month ended April
30, 2016</font></div>
</td>
<td style="width: 15%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3.8139</font></div>
</td>
<td style="width: 2%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3.7364</font></div>
</td>
<td style="width: 2%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3.7722</font></div>
</td>
<td style="width: 2%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3.7364</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Month ended May 31,
2016</font></div>
</td>
<td style="width: 15%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3.8869</font></div>
</td>
<td style="width: 2%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3.7511</font></div>
</td>
<td style="width: 2%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3.8156</font></div>
</td>
<td style="width: 2%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3.8526</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Month ended June
30, 2016</font></div>
</td>
<td style="width: 15%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3.8905</font></div>
</td>
<td style="width: 2%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3.8141</font></div>
</td>
<td style="width: 2%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3.8558</font></div>
</td>
<td style="width: 2%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3.8596</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Month ended July
31, 2016</font></div>
</td>
<td style="width: 15%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3.8875</font></div>
</td>
<td style="width: 2%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3.8131</font></div>
</td>
<td style="width: 2%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3.8570</font></div>
</td>
<td style="width: 2%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3.8131</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Month ended August
31, 2016</font></div>
</td>
<td style="width: 15%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3.8362</font></div>
</td>
<td style="width: 2%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3.7592</font></div>
</td>
<td style="width: 2%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3.7946</font></div>
</td>
<td style="width: 2%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3.7768</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Month ended
September 30, 2016</font></div>
</td>
<td style="width: 15%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3.7853</font></div>
</td>
<td style="width: 2%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3.7464</font></div>
</td>
<td style="width: 2%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3.7642</font></div>
</td>
<td style="width: 2%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3.7464</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">October
2016 (through October 13, 2016)</font></div>
</td>
<td style="width: 15%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;3.8155</font></div>
</td>
<td style="width: 2%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3.7464&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;3.7901</font></div>
</td>
<td style="width: 2%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;3.8042</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font>
&#xA0; <font style="font-size: 13px; font-family: Times New Roman"><br>
</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">_________________</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Source:
Bloomberg</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="background-color: #ffffff"><font style="font-size: 13px; font-family: Times New Roman"><font style="background-color: #ffffff">(1)</font>&#xA0;</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Average between the
offer exchange rate and the bid exchange rate of the New Israeli
Shekel against the U.S. dollar.</font></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(2)&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">The maximum
exchange rate appearing in the table was the highest end-of-month
exchange rate in the year or shorter period, as
indicated.</font></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(3)&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">The minimum
exchange rate appearing in the table was the lowest end-of-month
exchange rate in the year or shorter period, as
indicated.</font></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(4)&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Average exchange
rates at the end of the month.</font></font></div>
</div>
</div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">5</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
B.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Capitalization
and Indebtedness</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">This section is not
applicable.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
C.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Reasons
for the Offer and Use of Proceeds</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">This section is not
applicable.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
D.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Risk
Factors</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">You should
carefully consider the risks described below, in addition to the
other information contained in this annual report, before making an
investment decision. We also may face additional risks and
uncertainties not currently known to us, or which as of the date of
this annual report we might not consider significant, which may
adversely affect our business. In general, you take more risk when
you invest in securities of issuers in emerging markets, such as
Argentina, than when you invest in securities of issuers in the
United States, and certain other markets. You should understand
that an investment in our common shares and Global Depository
Shares (&#x201C;GDSs&#x201D;) involves a high degree of risk,
including the possibility of loss of your entire
investment.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Operations Center in
Argentina</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Risks
Relating to Argentina</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
We depend on macroeconomic and political conditions in
Argentina.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We are exposed to
economic conditions in Argentina, considering that as of the date
of this annual report, substantially all of our assets were located
in Argentina and all of our activities are conducted in Argentina.
The Argentine economy has experienced significant volatility in
recent decades, characterized by periods of low or negative growth,
high levels of inflation and currency devaluation, and may
experience further volatility in the future.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The ongoing
economic slowdown suggests uncertainty as to whether the economic
growth experienced in the past decade is sustainable. This is
mainly because economic growth was initially dependent on a
significant devaluation of the Peso, excess production capacity
resulting from a long period of deep recession and high commodity
prices. Furthermore, the economy has suffered from a sustained
erosion of direct investment and capital investment. After the 2001
economic crisis, Argentina recovered with significant increases in
gross domestic product (&#x201C;GDP&#x201D;) at an average of 8.5% on
an annual basis between 2003 and 2008. As a result of the 2008
global financial crisis, Argentina GDP&#x2019;s growth rate
decreased to 0.9% in 2009, though growth rebounded to 9.2% in 2010
and 8.9% in 2011. During 2012, the Argentine economy experienced a
slowdown, with GDP increasing at a rate of 1.9%. In March 2014, the
Argentine government announced a new method of calculating GDP as
requested by the International Monetary Fund (&#x201C;IMF&#x201D;)
(using 2004 as the base year instead of 1993, which was the base
reference year used in the prior method of GDP calculation).
Following changes in the methodology used in calculating GDP, the
National Institute of Statistics (<font style="font-style: italic">Instituto Nacional de Estad&#xED;sticas y
Censos</font> or &#x201C;INDEC&#x201D; as per its acronym in Spanish)
reported that Argentina&#x2019;s GDP&#x2019;s growth rate for 2013
was 3%, 0.5% for 2014, this decrease was principally due to the
deceleration of the global economy and prevailing macroeconomic
conditions in Argentina during 2014, and 2.3% for 2015. As of July
31, 2016, the Monthly Economic Activity Estimator (<font style="font-style: italic">Estimador Mensual de Actividad
Econ&#xF3;mica</font>, or the &#x201C;EMAE&#x201D;) decreased 5.9%,
relative to the same period in the prior year, according to data
published by the INDEC. Argentina&#x2019;s relative stability since
2002 has been affected by increased social and political tension
and government intervention in the economy.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Our business
depends to a significant extent on macroeconomic and political
conditions in Argentina. In early December 2015 Mr. Mauricio Macri,
was elected in Argentina. The President is expected, that hindered
economic worth to continue promoting legal measures to reverse some
of the previous presidential administrations, especially economic
policies and exchange control regulations. However, until any
changes in laws and regulations are enacted, we are uncertain how
any such changes may affect our business and results of operations.
Deterioration of the country&#x2019;s economy would likely have a
significant adverse effect on our business, financial condition and
results of operations.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">6</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
There are concerns about the accuracy of Argentina&#x2019;s official
inflation statistics.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In January 2007,
the INDEC began to calculate the CPI, based on the monthly average
of a weighted basket of consumer goods and services to reflect the
pattern of consumption of Argentine households. At the time that
the INDEC adopted this change in methodology the Argentine
government also replaced several key officers at the INDEC,
prompting complaints of governmental interference from the
technical staff at the INDEC. In addition, the IMF requested a
number of times that INDEC clarify its methodology for measuring
inflation rates.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On November 23,
2010, the Argentine government began consulting with the IMF for
technical assistance in order to prepare a new national CPI data
with the aim of modernizing the current statistical system. During
the first quarter of 2011, a team from the IMF started
collaborating with the INDEC in order to create such an index.
Notwithstanding such efforts, reports published by the IMF stated
that its staff also used alternative measures of inflation for
macroeconomic surveillance, including data produced by private
sources, and such measures have shown inflation rates that are
considerably higher than those published by the INDEC since 2007.
Consequently, the IMF called on Argentina to adopt measures to
improve the quality of data used by the INDEC. At a meeting held on
February 1, 2013, the Executive Board of the IMF emphasized that
the progress in implementing remedial measures since September 2012
had been insufficient. As a result, the IMF has issued a
declaration of censure against Argentina in connection with the
breach of its related obligations to the IMF and called on
Argentina to adopt remedial measures to address the inaccuracy of
inflation and GDP data without further delay.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In order to address
the quality of official data, a new consumer price index
denominated Urban National Consumer&#x2019;s Price Index
(<font style="font-style: italic">&#xCD;ndice de Precios al
Consumidor Nacional Urbano,</font> or the &#x201C;IPCNu&#x201D;), was
enacted on February 13, 2014. For the year ended December 31, 2014,
the IPCNu was 23.9%. The IPCNu represents the first national
indicator in Argentina to measure changes in prices of household
goods for final consumption. While the previous price index only
measured inflation in the Greater Buenos Aires area, the IPCNu is
calculated by measuring prices of goods across the entire urban
population of the 23 provinces of Argentina and the City of Buenos
Aires. In addition, in February 2014, the INDEC released a new GDP
index for 2013, equal to 3.0%, which differs from the GDP index
originally released by the INDEC for the same period which was
5.5%. On December 15, 2014, the IMF recognized the progress of
Argentine authorities to remedy the inaccurate provision of data,
but has delayed the definitive evaluation of the new index. If the
IMF finds that the methodology of INDEC for calculating a new
measure of CPI or GDP is inaccurate, or concludes that its
methodology should be adjusted, that could result in financial and
economic consequences for Argentina, including a lack of access to
financing from IMF. If the IMF adopts any measures that are adverse
to Argentina, the Argentine economy could suffer adverse effects,
either by limiting access to international financial markets or
increasing the financing cost associated therewith, which in turn
would adversely affect our financial condition and results of
operations.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On January 8, 2016,
as a result of the INDEC&#x2019;s historical inability to produce
reliable statistical data, the Macri administration issued an
emergency decree and ceased publication of national statistics. The
INDEC suspended all publications of statistical data until the
technical reorganization process was completed and the
administrative structure of the INDEC was recomposed.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">After this process
of reorganization and recovery, the INDEC began to gradually
publish official data. In this regard, on June 15, 2016, July 13,
2016, August 12, 2016, September 13, 2016 and October 13, 2016 the
INDEC published inflation data of the months of in May, June, July,
August and September reflecting a monthly increase of 4.2%, 3.1%,
2.0%, 0.2% and 1.1%, respectively; however, at the date hereof, the
CPI for the first four months of 2016 has not been
published.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In addition, on
June 29, 2016, the INDEC recalculated historical GDP data dating
back to 2014, and GDP was estimated at 2.3% in 2013, a contraction
of 2.6% in 2014, an increase to 2.4% in 2015 and an increase to
0.5% the first six month of 2016. Uncertainty still remains
regarding the reliability related to the inaccuracy of the economic
indicators remains a factor that negatively affects the economy of
Argentina and our business. However, on October 5, 2016, concluded
the first IMF audit over the Argentine&#x2019;s public accounts,
saying that the new government has achieved an important progress.
As of the date of this annual report, the Argentine government was
waiting for the final report of the IMF, which will possibly
include the lifting of the censure against Argentina.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Notwithstanding
these measures to address appropriate inflation statistics, there
are private reports implying significantly higher inflation rates
than the official reports of the INDEC. Despite the changes adopted
by the INDEC to the measurement procedure with the IPCNu, there are
still some differences between the figures resulting from this
indicator and those recorded by private consultants, the Argentine
Congress and the provincial statistic agencies. If it is determined
that it is necessary to unfavorably adjust the consumer price index
and other INDEC indices, there could be a significant decrease in
confidence in the Argentine economy, which could, in turn, have a
material adverse effect on us.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
<br></font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">7</font></div>
</div>
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<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Continuing high inflation may impact the Argentine economy and
adversely affect our results of operations.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Inflation has, in
the past, materially undermined the Argentine economy and the
government&#x2019;s ability to foster conditions that would permit
stable growth. In recent years, Argentina has confronted
inflationary pressures, evidenced by significantly higher fuel,
energy and food prices, among other factors.&#xA0;&#xA0;According
to data published by the INDEC, the rate of inflation reached 10.9%
in 2010, 9.5% in 2011, 10.8% in 2012, 10.9% in 2013, 23.9% in 2014,
11.9% in the ten-month period ended October, 31 2015. In response,
the prior Argentine administration implemented programs to control
inflation and monitor prices for essential goods and services,
including freezing the prices of key products and services, and
price support arrangements agreed between the Argentine government
and private sector companies in several industries and
markets.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In November 2015,
the INDEC suspended the publication of the CPI. According to the
most recent publicly available information based on data from the
Province of San Luis, the CPI grew by 31.6% in 2015 and the
inflation rate was 6.5%, 4.2%, 2.7%, 3.0% and 3.4% in December 2015
and January, February, March and April 2016, respectively.
According to the most recent publicly available information based
on data from the City of Buenos Aires, the CPI grew by 26.9% in
2015 and the inflation rate was 3.9%, 4.1%, 4.0%, 3.3% and 6.5% in
December 2015 and January, February, March and April 2016,
respectively. After implementing certain methodological reforms and
adjusting certain macroeconomic statistics on the basis of these
reforms, in June 2016 the INDEC resumed its CPI publications.
According to the INDEC, Argentina&#x2019;s rate of inflation rate
was 4.2%, 3.1%, 2.0%, 0.2% and 1.1% in May, June, July, August and
September 2016, respectively.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">A high inflation
environment would undermine Argentina&#x2019;s foreign
competitiveness by diluting the effects of a peso devaluation,
negatively impact the level of economic activity and employment and
undermine confidence in Argentina&#x2019;s banking system, which
could further limit the availability of domestic and international
credit to businesses. In turn, a portion of the Argentine debt is
adjusted by the Stabilization Coefficient (&#x201C;Coeficiente de
Estabilizaci&#xF3;n de Referencia&#x201D;, or &#x201C;CER&#x201D;), a
currency index, that is strongly related to inflation. Therefore,
any significant increase in inflation would cause an increase in
the Argentine external debt and consequently in Argentina&#x2019;s
financial obligations, which could exacerbate the stress on the
Argentine economy. A high level of uncertainty and a general lack
of stability in terms of inflation could also lead to shortened
contractual terms and affect the ability to plan and make
decisions.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Inflation rates
could escalate in the future, and there is uncertainty regarding
the effects that the measures adopted, or that may be adopted in
the future, by the Argentine government to control inflation may
have. If inflation remains high or continues to rise,
Argentina&#x2019;s economy may be negatively impacted and our
results of operations could be materially affected.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Foreign shareholders of companies operating in Argentina have
initiated investment arbitration proceedings against Argentina that
have resulted and could result in arbitral awards and/or
injunctions against Argentina and its assets and, in turn, limit
its financial resources.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In response to the
emergency measures implemented by the Argentine government during
the 2001-2002 economic crisis, a number of claims were filed before
the International Centre for Settlement of Investment Disputes (the
&#x201C;ICSID&#x201D;) against Argentina. Claimants allege that the
emergency measures were inconsistent with the fair and equitable
treatment standards set forth in various bilateral investment
treaties by which Argentina was bound at the time.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As of the date of
this annual report, there are four final awards issued by ICSID
tribunals against Argentina for an aggregate total amount of
US$470.66 million and Argentina is seeking the annulment of four
additional awards for an aggregate total amount of US$831.73
million. There are six ongoing cases against Argentina before ICSID
with claims totaling US$2.15&#xA0;billion (including two cases with
claims for amounts that are currently undetermined), and in three
of these cases (with aggregate claims for US$2.08&#xA0;billion) the
ICSID tribunal has already ruled that it has jurisdiction. There
are eight additional cases with claims totaling
US$6.17&#xA0;billion in which the parties agreed to suspend the
proceedings pending settlement discussions (including the
proceedings initiated by Task Force Argentina, an Italian
bondholder association known as &#x201C;TFA&#x201D;). A successful
completion of these negotiations could lead additional ICSID
claimants to withdraw their claims, although Argentina can offer no
assurance to this effect.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">It is not certain
that Argentina will prevail in having any or all of those cases
dismissed, or that if awards in favor of the plaintiffs are
granted, that it will succeed in having those awards
annulled.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Claimants have also
filed claims before arbitral tribunals under the rules of the
United Nations Commission on International Trade Law
(&#x201C;UNCITRAL&#x201D;) and under the rules of the International
Chamber of Commerce (&#x201C;ICC&#x201D;). As of the date of this
annual report, there are three final awards against Argentina for
an aggregate total amount of US$246.27&#xA0;million and Argentina
is seeking the annulment of an additional award for US$96,509
million. There are three ongoing cases against Argentina before
UNCITRAL and ICC tribunals with claims totaling
US$625.08&#xA0;million, including one case with a
US$507.80&#xA0;million claim in which the tribunal has already
ruled that it has jurisdiction. There is one</font> <font style="font-size: 13px; font-family: Times New Roman">additional case
with a claim of US$168.69&#xA0;million in which the parties agreed
to suspend the proceedings pending settlement
discussions.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">8</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We cannot give any
assurance that Argentina will prevail in having any or all of those
cases dismissed, or that if awards in favor of the plaintiffs are
granted, that it will succeed in having those awards
annulled.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ongoing claims
before the ICSID tribunal and other arbitral tribunals could lead
to new awards against Argentina, which could have a material
adverse effect on our capacity to access to international
credit.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Significant fluctuation in the value of the Peso may adversely
affect the Argentine economy as well as our financial
performance.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Since the
strengthening of exchange controls began in late 2011, and upon the
introduction of measures that have limited access to foreign
currency by private companies and individuals (such as requiring an
authorization of tax authorities to access the foreign currency
exchange market), the implied exchange rate, as reflected in the
quotations for Argentine securities that trade in foreign markets
compared to the corresponding quotations in the local market, has
increased significantly over the official exchange rate. These
measures were lifted on December 16, 2015. However, any reenactment
of these measures may prevent or limit us from offsetting the risk
derived from our exposure to the U.S. dollar and, if so, we cannot
predict the impact of these changes on our financial condition and
results of operations.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">If the Peso
continues to depreciate, all of the negative effects on the
Argentine economy related to such devaluation could reappear, with
adverse consequences on our business. Moreover, it would likely
result in a material adverse effect in our business as a result of
the exposure to financial commitments denominated in U.S. Dollar.
While certain of our office space leases are denominated in U.S.
dollars, we are only partially protected against depreciation of
the Peso as payment is fixed in Pesos and there can be no assurance
we will be able to maintain our U.S. Dollar-denominated
leases.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On the other hand,
a substantial increase in the value of the Peso against the U.S.
Dollar also presents risks for the Argentine economy. The
appreciation of the Peso against the U.S. Dollar negatively impacts
the financial condition of entities whose foreign currency
denominated assets exceed their foreign currency-denominated
liabilities, such as us. In addition, in the short term, a
significant real appreciation of the Peso would adversely affect
exports. This could have a negative effect on GDP growth and
employment as well as reduce the Argentine public sector&#x2019;s
revenues by reducing tax collection in real terms, given its
current heavy reliance on taxes on exports. The appreciation of the
Peso against the U.S. Dollar could have an adverse effect on the
Argentine economy and our business.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Certain measures that may be taken by the Argentine government may
adversely affect the Argentine economy and, as a result, our
business and results of operations</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In the past, the
Argentine government has increased its direct intervention in the
economy through the implementation or change of laws and
regulations, such as, nationalizations or expropriations;
restrictions on production, imports and exports; exchange and/or
transfer restrictions; direct and indirect price controls; tax
increases, changes in the interpretation or application of tax laws
and other retroactive tax claims or challenges; cancellation of
contract rights; or delays or denials of governmental
approvals.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In November 2008,
the Argentine government enacted Law No. 26,425 which provided for
the nationalization of the <font style="font-style: italic">Administradoras de Fondos de Jubilaciones y
Pensiones</font>. More recently, beginning in April 2012, the
Argentine government provided for the nationalization of YPF S.A.
and imposed major changes to the system under which oil companies
operate, principally through the enactment of Law No. 26,741 and
Decree No. 1277/2012. In February 2014, the Argentine government
and Repsol S.A. (the former principal shareholder of YPF S.A.)
announced that they had reached agreement on the terms of the
compensation payable to Repsol for the expropriation of the YPF
S.A. shares. Such compensation totaled US$5 billion, payable by
delivery of Argentine sovereign bonds with various maturities. In
April 23, 2014, the agreement with Repsol was approved by the
Argentine Congress and accordingly, in May 8, 2014, Repsol, S.A.
received the relevant Argentine government bonds.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Additionally, on
December 19, 2012, the Argentine government issued Decree
No.2552/12, which, ordered the expropriation of the &#x201C;Predio
Rural de Palermo.&#x201D; However, on January 4, 2013, the Federal
Civil and Commercial Chamber granted an injunction that momentarily
blocked the enforceability of Decree N&#xB0; 2,552/2012;
notwithstanding the foregoing on June 1, 2015, the injunction was
released. On June 2, 2015, this decision was appealed, and as a
result the aforementioned injuction is still effective and the
effects of the Decree No.2552/12 remain blocked as of the date
hereof. The Argentine government filed a motion to revoke the
injuction which was rejected by the Federal Civil and Commercial
Chamber and as a consequence the Argentine government filed an
extraordinary motion with the Supreme Court, which was rejected and
therefore the injunction remains effective. as of the date of this
annual report the Argentine government has answered the claim and
requested the registration of the litis. The court granted the
registration of the litis and ordered to notify the plaintiff of
the answer of the claim filed by the Argentine Government however
the notification has not been</font> <font style="font-size: 13px; font-family: Times New Roman">received by the
plaintiff. The Decree No.2552/12 may indirectly affect IRSA&#x2019;s
investment in Entertainment Holding S.A.
(&#x201C;EHSA&#x201D;).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">9</font></div>
</div>
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<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Furthermore, on May
18, 2015, we were notified that the <font style="font-style: italic">Agencia de Administraci&#xF3;n de Bienes del
Estado</font> (&#x201C;AABE&#x201D;), revoked the concession
agreement granted to our subsidiary Arcos del Gourmet S.A., through
Resolution No. 170/2014. On June 2, 2015, we filed before the AABE
a request to declare the notification void, as certain formal
proceedings required under Argentine law have not been complied by
the AABE. Furthermore, we filed an administrative appeal requesting
the dismissal of the revocation of the agreement and a lawsuit
seeking to declare the Resolution No. 170/2014 void. We also filed
a lawsuit in order to judicially pay the monthly rental fees of the
property. As of the date of this annual report, the &#x201C;Distrito
Arcos&#x201D; shopping center continues to operate
normally.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">There are other
recent examples of government intervention. In December 2012 and
August 2013, the Argentine Congress established new regulations
relating to domestic capital markets. The new regulations generally
provide for increased intervention in the capital markets by the
government, authorizing, for example, the CNV to appoint observers
with the ability to veto the decisions of the board of directors of
companies admitted to the public offering regime under certain
circumstances and suspend the board of directors for a period of up
to 180 days. Notwithstanding, the new government is working on an
amendment to the Capital Markets Law, which will, among other
things, take off the CNV the authorization to appoint observers
mentioned before.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We cannot assure
you that these or other measures that may be adopted by the
Argentine government, such as expropriation, nationalization,
forced renegotiation or modification of existing contracts, new
taxation policies, changes in laws, regulations and policies
affecting foreign trade, investment, etc., will not have a material
adverse effect on the Argentine economy and, as a consequence,
adversely affect our financial condition, our results of operations
and the market value of our securities.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Argentine
presidential, congressional and certain municipal and state
government elections that were held in October and November 2015
generated political uncertainty as to whether the new Argentine
government, which took office on December 10, 2015, would implement
changes in policy or regulation that could adversely affect the
Argentine economy. As of the date of this annual report, the
Argentine government has adopted a series of economic actions and
foreign exchange regulations whose effects will be seen in the
coming months. The President of Argentina and the Congress each
have considerable power to determine governmental policies and
actions that relate to the Argentine economy and, consequently, may
affect our results of operations or financial condition. We can
offer no assurances that the policies that may be implemented by
the new Argentine government will not adversely affect our
business, results of operations or financial
condition.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
The Argentine government may order salary increases to be paid to
employees in the private sector, which would increase our operating
costs.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In the past, the
Argentine government has passed laws, regulations and decrees
requiring companies in the private sector to maintain minimum wage
levels and provide specified benefits to employees and may do so
again in the future. In the aftermath of the Argentine economic
crisis, employers both in the public and private sectors
experienced significant pressure from their employees and labor
organizations to increase wages and to provide additional employee
benefits. In August 2012, the Argentine government established a
25% increase in minimum monthly salary to Ps.2,875, effective as of
February 2013. The Argentine government increased the minimum
monthly salary to Ps.3,300 in August 2013, to Ps.3,600 in January
2014, to Ps.4,400 in September 2014, to Ps.4,716 in January 2015,
to Ps.5,588 in August 2015 and to Ps.6,060 from January 2016. Due
to ongoing high levels of inflation, employers in both the public
and private sectors continue to experience significant pressure
from unions and their employees to increase salaries. During the
first months of the year 2016, various unions have agreed with
employers&#x2019; associations on salary increases between 30% and
35%.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In the future, the
government could take new measures requiring salary increases or
additional benefits for workers, and the labor force and labor
unions may apply pressure for such measures. As of the date of this
annual report, the government and labor representatives were
engaged in negotiations to set national guidelines for salary
increases during 2016. Any such increase in wage or worker benefit
could result in added costs and reduced results operations for
Argentine companies, including us.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Property values in Argentina could decline
significantly.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Property values are
influenced by multiple factors that are beyond our control, such as
a decrease in the demand for real estate properties due to a
deterioration of macroeconomic conditions or an increase in supply
of real estate properties that could adversely affect the value of
real estate properties. We cannot assure you that property values
will increase or that they will not be reduced. Most of the
properties we own are located in Argentina. As a result, a
reduction in the value of properties in Argentina could materially
affect our business.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">10</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Restrictions on transfers of foreign currency and the repatriation
of capital from Argentina may impair our ability to pay dividends
and distributions.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">According to
current Argentine practices the Argentine government may impose
restrictions on the exchange of Argentine currency into foreign
currencies and on the remittance to foreign investors of proceeds
from investments in Argentina in circumstances where a serious
imbalance develops in Argentina&#x2019;s balance of payments or
where there are reasons to foresee such an imbalance. Beginning in
December 2001, the Argentine government implemented a number of
monetary and foreign exchange control measures that included
restrictions on the free disposition of funds deposited with banks
and on the transfer of funds abroad without prior approval by the
Central Bank, some of which are still in effect. With the
administration of President Macri, many of the ongoing restrictions
were lifted.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On January 7, 2003,
the Central Bank issued communication &#x201C;A&#x201D; 3859, which
is still in force and pursuant to which there are no limitations on
companies&#x2019; ability to purchase foreign currency and transfer
it outside Argentina to pay dividends, provided that those
dividends arise from net earnings corresponding to approved and
audited financial statements. The transfer of funds abroad by local
companies to pay annual dividends only to foreign shareholders,
based on approved and fully audited financial statements, does not
require formal approval by the Central Bank.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Notwithstanding the
above, for many years, and as a consequence of a decrease in
availability of U.S. dollars in Argentina, the previous Argentine
government imposed informal restrictions on certain local companies
and individuals for purchasing foreign currency. These restrictions
on foreign currency purchases started in October 2011 and tightened
thereafter through the date of this annual report. As a result of
these informal restrictions, local residents and companies may be
prevented from purchasing foreign currency through the foreign
exchange market (&#x201C;<font style="font-style: italic">Mercado
&#xDA;nico y Libre de Cambios</font>&#x201D; or &#x201C;Exchange
Market&#x201D;) for the purpose of making payments abroad, such as
dividends, capital reductions, and payment for importation of goods
and services.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Together with the
new government administration, such restrictions and other foreign
exchange control measures were lifted, towards opening
Argentina&#x2019;s foreign exchange market. In this sense, on
December 17, 2015, Communication &#x201C;A&#x201D; 5850 of the
Central Bank reestablished the possibility for non-Argentinean
residents to repatriate their investment capital and, recently,
Communication &#x201C;A&#x201D; 6037 of the Central Bank defined the
new regulations that apply to the acquisition of foreign currency
and the elimination of all other restrictions that impair residents
and non-residents to have access to the FX market.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">However, in the
future, the Argentine government or the Central Bank may impose
formal restrictions to the payment of dividends abroad and
established additional requirements. Any restrictions on
transferring funds abroad imposed by the government could undermine
our ability to pay dividends on our ADSs in U.S.
Dollars.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Exchange controls and restrictions on transfers abroad and capital
inflow restrictions have been limited in the past and may limit the
availability of international credit.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Until December
2015, many foreign exchange restrictions and controls imposed by
the Argentine government had limited the ability of companies and
individuals to access the Exchange Market. On December 16, 2015,
the new authorities issued Communication &#x201C;A&#x201D; 5850 of
the Central Bank, lifting most of the restrictions then in place.
Among these measures, free access to the Exchange Market was
granted for the purchase of foreign currency intended for general
purposes, without the need for the Central Bank&#x2019;s or
AFIP&#x2019;s previous consent, and the requirement to deposit 30%
of certain capital inflows into Argentina was eliminated,
subsequently extended by Communication &#x201C;A&#x201D; 5963 and
5964. Also, on August 8, 2016, the Central Bank issued
Communication &#x201C;A&#x201D; 6037, in which the exchange
regulations, including the obligation was removed substantially
redefined to justify with documentation each change operation, the
daily and monthly to operate caps were removed to internet banking
and exchange freely chosen schedule to operate and Communication a
&#x201C;4805&#x201D; limiting repealed was allowed conducting
derivative transactions with foreign countries, risks denying
coverage to many companies, especially small and medium size
enterprises.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Although these
recent changes in the foreign exchange policies tend to allow free
access by companies and individuals to the Exchange Market, certain
limitations remain in effect including the following:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">The proceeds of
foreign currency sales in the Exchange Market exceeding the peso
equivalent of US$2,500 per month must be credited in pesos in a
checking or savings account with a local financial
institution;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">It is no longer
necessary that the proceeds of external indebtedness be entered or
settled in the local foreign exchange market;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Any external
indebtedness incurred or renewed after December 17, 2015, must
remain in Argentina for a period of at least 120 calendar days from
the date the proceeds were transferred into Argentina;
and</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;<br></font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Capital inflows
into the local foreign exchange market must be credited in an
account opened with a local financial
institution.</font></font></div>
</div>
</div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">11</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Notwithstanding the
measures adopted by the Macri administration, which lifted certain
exchange and capital controls, in the future the Argentine
government could impose further exchange controls or restrictions
on the movement of capital and/or take other measures in response
to capital flight or a significant depreciation of the peso, which
could limit our ability to access the international capital
markets. Such measures could lead to political and social tensions
and undermine the Argentine government&#x2019;s public finances, as
has occurred in the past, which could adversely affect
Argentina&#x2019;s economy and prospects for economic growth. For
more information, see &#x201C;Local Exchange Market and Exchange
Rates.&#x201D;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
The Argentine economy could be adversely affected by political and
economic developments in other global markets.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Argentina&#x2019;s
economy is vulnerable to external shocks that could be caused by
adverse developments affecting its principal trading partners. A
significant decline in the economic growth of any of
Argentina&#x2019;s major trading partners (including Brazil, the
European Union, China and the United States) could have a material
adverse impact on Argentina&#x2019;s balance of trade and adversely
affect Argentina&#x2019;s economic growth. In 2015, there were
declines in exports of 14% with Chile, 26% with MERCOSUR (Brazil)
and 16% with NAFTA (the United States, Mexico and Canada), each as
compared to 2014. Declining demand for Argentine exports could have
a material adverse effect on Argentina&#x2019;s economic growth. For
example, the recent significant depreciation of the Brazilian and
Chinese currencies and the current slowdown of their respective
economies may negatively affect the Argentine economy. Moreover,
the political and social instability in Brazil, which includes the
recent removal of the President Dilma Rousseff from office
following an impeachment vote in the Senate, may have an adversely
impact on Argentine&#x2019;s economy.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In addition,
financial and securities markets in Argentina have been influenced
by economic and market conditions in other markets worldwide. Such
was the case in 2008, when the global economic crisis led to a
sudden economic decline in Argentina in 2009, accompanied by
inflationary pressures, depreciation of the peso and a drop in
consumer and investor confidence. Although economic conditions vary
from country to country, investors&#x2019; perception of the events
occurring in one country may substantially affect capital flows
into other countries. International investors&#x2019; reactions to
events occurring in one market sometimes demonstrate a
&#x201C;contagion&#x201D; effect in which an entire region or class
of investment is disfavored by international investors. Argentina
could be adversely affected by negative economic or financial
developments in other countries, which in turn may have an adverse
effect on our financial condition and results of operations. Lower
capital inflows and declining securities prices negatively affect
the real economy of a country through higher interest rates or
currency volatility. Moreover, Argentina may also be affected by
other countries that have influence over world economic
cycles.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The international
economy is showing contradictory signals of global growth, leading
to significant financial uncertainty. There is growing concern
about the deceleration of growth in China in particular as well as
the significant decline in global commodity prices, particularly
oil and gas. In addition, emerging market economies have been
affected by the recent change in the U.S. monetary policy,
resulting in the unwinding of investments and increased volatility
in the value of their currencies. If interest rates rise
significantly in developed economies, including the United States,
emerging market economies, including Argentina, could find it more
difficult and expensive to borrow capital and refinance existing
debt, which would negatively affect their economic growth. There is
also global uncertainty about the degree of economic recovery in
the United States, with no substantial positive signals from other
developed countries. Moreover, the recent challenges faced by the
European Union to stabilize certain of its member economies, such
as Greece, have had and may continue to have international
implications affecting the stability of global financial markets,
which has hindered economies worldwide.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
The effects of the United Kingdom&#x2019;s vote to exit from the
European Union and its impact on economic conditions in Latin
America and Argentina and, particularly, on
our&#xA0;&#xA0;business, financial condition, results of
operations, prospects and trading of our notes are
uncertain.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On June 23, 2016,
the United Kingdom voted in favor of the United Kingdom exiting the
European Union.&#xA0;&#xA0;As of the date of this annual report,
the actions that the United Kingdom will take to effectively exit
from the European Union or the length of such process are
uncertain.&#xA0;&#xA0;The results of the United Kingdom&#x2019;s
referendum have caused, and are anticipated to continue causing,
volatility in the financial markets, which may in turn have a
material adverse effect on our business, financial condition and
results of operations.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
A decline in the international prices for Argentina&#x2019;s main
commodity exports could have an adverse effect on Argentina&#x2019;s
economic growth and on our business.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">High commodity
prices have contributed significantly to the increase in Argentine
exports since the third quarter of 2002 as well as in governmental
revenues from export taxes (withholdings). However, this reliance
on the export of certain</font> <font style="font-size: 13px; font-family: Times New Roman">commodities, such
as soy, has made the Argentine economy more vulnerable to
fluctuations in their prices. In December 2015, the new Argentine
administration announced a plan to gradually reduce the exports tax
payable by soy growers from January 2018 to December 2019, and
eliminated export taxes on wheat, corn, sorghum and sunflower, in
an attempt to encourage exports.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">12</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">If international
commodity prices decline, the Argentine government&#x2019;s revenues
would decrease significantly affecting Argentina&#x2019;s economic
activity. Accordingly, a decline in international commodity prices
could adversely affect Argentina&#x2019;s economy, which in turn
would produce a negative impact on our financial condition and
results of operations.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In addition,
adverse weather conditions can affect the production of commodities
by the agricultural sector, which account for a significant portion
of Argentina&#x2019;s export revenues. These circumstances would
have a negative impact on the levels of government revenues,
availability of foreign exchange and the government&#x2019;s ability
to service its sovereign debt, and could either generate
recessionary or inflationary pressures, depending on the
government&#x2019;s reaction. Either of these results would
adversely impact Argentina&#x2019;s economy growth and, therefore,
our business, financial condition and results of
operations.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Restrictions on the supply of energy could negatively affect
Argentina&#x2019;s economy.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As a result of
prolonged recession and the forced conversion into Pesos and
subsequent freeze of natural gas and electricity tariffs in
Argentina, there has been a lack of investment in natural gas and
electricity supply and transport capacity in Argentina in recent
years. At the same time, domestic demand for natural gas and
electricity has increased substantially, driven by a recovery in
economic conditions and the implementation of price constraints,
which has prompted the government to adopt a series of measures
that have resulted in industry shortages and/or costs increase. In
particular, Argentina has been importing natural gas in order to
compensate for shortages in local production. In order to pay for
natural gas imports, the Argentine government has frequently used
the Central Bank reserves due to the absence of incoming currencies
from investment. If the government is unable to pay for the natural
gas imported in order to produce electricity, business and
industries may be adversely affected.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Argentine
government has been taking a number of measures to alleviate the
short-term impact of energy shortages on residential and industrial
users. If these measures prove to be insufficient, or if the
investment that is required to increase natural gas production,
transportation capacity and energy generation over the medium-and
long-term fails to materialize on a timely basis, economic activity
in Argentina could be curtailed which may have a significant
adverse effect on our business.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As a first step of
these measures, subsidies on energy tariffs were withdrawn from
industries and high income consumers. Additionally, since 2011, a
series of rate increases and the reduction of subsidies mainly
among industries and high-income consumers were implemented. In
February 2016, the Argentine government revised the tariff schedule
for electricity and gas rates and eliminated the subsidies for
these utilities, (except for tariffs for certain economically
vulnerable sectors). As a result, energy costs are expected to
increase by 500% or more. By correcting tariffs, modifying the
regulatory framework and reducing the federal government&#x2019;s
role as an active market participant, the new administration aims
to correct distortions in the energy sector and stimulate
investment. In July 2016, a federal court in the city of La Plata
suspended the increase in gas tariffs across the Province of Buenos
Aires. In addition, on August 3, 2016, a federal court in San
Martin suspended the increase in gas tariffs across the country
until a public hearing to discuss the electricity tariffs increase
is set. The case was brought before the Supreme Court of Argentina,
and on August 18, 2016, the Supreme Court of Argentina upheld the
suspension of gas tariffs increase to residential customers,
arguing that a tariffs increase could not be established without
public hearings. A public hearing on the increase was held on
September 16, 2016 and as result, the increase in gas tariffs will
be increased by approximately 203% in October 2016, with
semi-annual increases until 2019. In relation to other services
(water, transport and electricity), the government announced that
other public meetings will be held in mid-October.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
High public expenditure could result in long-lasting adverse
consequences for the Argentine economy.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Over the last
several years, the Argentine government has substantially increased
public expenditures. In 2014, public sector expenditures increased
by 43% year-over-year and the government reported a primary fiscal
deficit of 0.9%. During recent years, the Argentine government has
resorted to the Central Bank and to the <font style="font-style: italic">Administraci&#xF3;n Nacional de la Seguridad
Social</font> (Federal Social Security Agency, or
&#x201C;ANSES&#x201D;, as per its acronym in Spanish) to source part
of its funding requirements. In 2015, this trend continued as the
primary fiscal balance showed a deficit of 5.4% as of December 31,
2015.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Recently, the
Argentine government has begun adjusting its subsidy policies,
particularly those related to energy, electricity and gas, water
and public transportation. Changes in these policies could
materially and adversely impact consumer purchase capacity and
economic activity and may lead to an increase in
prices.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">13</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Moreover, the
primary fiscal balance could be negatively affected in the future
if public expenditures continue to increase at a rate higher than
revenues as a result of subsidies to lower-income sectors, social
security benefits, financial assistance to provinces with financial
problems, increased spending on public works and subsidies to the
energy and transportation sectors. A further deterioration in
fiscal accounts could negatively affect the government&#x2019;s
ability to access the long-term financial markets and could in turn
result in more limited access to such markets by Argentine
companies.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
RISKS RELATING TO OUR BUSINESS</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
We are subject to risks inherent to the operation of shopping
centers that may affect our profitability.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Our shopping
centers are subject to various factors that affect their
development, administration and profitability,
including:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">decline in our
lease prices or increases in levels of default by our tenants due
to economic conditions, increases in interest rates and other
factors that we cannot control;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">the accessibility
and the attractiveness of the area where the shopping center is
located;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">the intrinsic
attractiveness of the shopping center;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">the flow of people
and the level of sales of each shopping center rental
unit;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">increasing
competition from internet sales;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">the amount of rent
collected from each shopping center rental
unit;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">changes in consumer
demand and availability of consumer credit (considering the limits
impose by the Central Bank to interest rates charged by financial
institutions), both of which are highly sensitive to general
macroeconomic conditions; and</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">fluctuations in
occupancy levels in our shopping centers.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">An increase in our
operating costs, caused by inflation or by other factors, could
have a material adverse effect on us if our tenants are unable to
pay higher rent due to the increase in expenses. Moreover, the
shopping center business is closely related to consumer spending
and by prevailing economic conditions that affect potential
customers. All of our shopping centers and commercial properties,
under Operations Center in Argentina, are located in Argentina,
and, as a consequence, their business could be seriously affected
by a recession in Argentina. For example, during the economic
crisis in Argentina, spending decreased significantly,
unemployment, political instability and inflation significantly
reduced consumer spending in Argentina, lowering tenants&#x2019;
sales and forcing some tenants to leave our shopping centers.
Persistently poor economic conditions in Argentina will likely have
a material adverse effect on the revenues from shopping center
activity and thus on our business.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Our assets are highly concentrated in certain geographic areas and
an economic downturn in such areas could have a material adverse
effect on our results of operations and financial
condition.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">For the fiscal year
ended June 30, 2016, 78% of our sales from leases and services for
the Operations Center in Argentina were derived from shopping
centers located in the City of Buenos Aires and the Greater Buenos
Aires metropolitan area. In addition, all of our office buildings
are located in the City of Buenos Aires and a substantial portion
of our revenues in Argentina are derived from such properties.
Although we own properties and may acquire or develop additional
properties outside of the City of Buenos Aires and the Greater
Buenos Aires, we expect to continue to depend to a large extent on
economic conditions affecting those areas and therefore an economic
downturn in those areas could have a material adverse effect on our
financial condition and results of operations by reducing our
rental income may adversely affect our ability to meet our debt
obligations.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Our performance is subject to risks associated with our properties
and with the real estate industry.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Our economic
performance and the value of our real estate assets are subject to
the risk that our properties may not be able to generate sufficient
revenues to meet our operating expenses, including debt service and
capital expenditures, our cash flow and ability to service our debt
and to cover other expenses may be adversely affected.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Events or
conditions beyond our control that may adversely affect our
operations or the value of our properties include:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">downturns in the
national, regional and local economic climate;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">volatility and
decline in discretionary spending;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">competition from
other shopping centers and office, and commercial
buildings;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">14</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">local real estate
market conditions, such as oversupply or reduction in demand for
retail, office, or other commercial space;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">decreases in
consumption levels;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">changes in interest
rates and availability of financing;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">the exercise by our
tenants of their legal right to early termination of their
leases;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">vacancies, changes
in market rental rates and the need to periodically repair,
renovate and re-lease space;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">increased operating
costs, including insurance expense, salary increases, utilities,
real estate taxes, state and local taxes and heightened security
costs;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">civil disturbances,
earthquakes and other natural disasters, or terrorist acts or acts
of war which may result in uninsured or underinsured
losses;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">significant
expenditures associated with each investment, such as debt service
payments, real estate taxes, insurance and maintenance
costs;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">declines in the
financial condition of our tenants and our ability to collect rents
from our tenants;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">changes in our
ability or our tenants&#x2019; ability to provide for adequate
maintenance and insurance, possibly decreasing the useful life of
and revenue from property;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">changes in law or
governmental regulations (such as those governing usage, zoning and
real property taxes) or government action such as expropriation,
confiscation or revocation of concessions; and</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">judicial
interpretation of the New Civil and Commercial Code (in force from
August 1, 2015) which may be adverse to our
interests.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">If any one or more
of the foregoing conditions were to affect our business, it could
have a material adverse effect on our financial condition and
results of operations.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
An adverse economic environment for real estate companies such as a
credit crisis may adversely impact our results of operations and
business prospects significantly.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The success of our
business and profitability of our operations depend on continued
investment in the real estate sector and access to capital and debt
financing. A long term crisis of confidence in real estate
investments and lack of credit for acquisitions may constrain our
growth. As part of our business goals, we intend to increase our
properties portfolio though strategic acquisitions of core
properties at advantageous prices, where we believe we can bring
the necessary expertise to enhance property values. In order to
pursue acquisitions, we may need access to equity capital and/or
debt financing. Any disruptions in the financial markets, including
the bankruptcy and restructuring of major financial institutions,
may adversely impact our ability to refinance existing debt and the
availability and cost of credit in the near future. Any
consideration of sales of existing properties or portfolio
interests may be tempered by decreasing property values. Our
ability to make scheduled payments or to refinance our obligations
with respect to indebtedness depends on our operating and financial
performance, which in turn is subject to prevailing economic
conditions. If a recurrence of the disruptions in financial markets
remains or arises in the future, there can be no assurances that
government responses to such disruptions will restore investor
confidence, stabilize the markets or increase liquidity and the
availability of credit.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
We may face risks associated with property
acquisitions.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We have in the past
acquired, and intend to acquire in the future, properties,
including large properties that would increase our size and
potentially alter our capital structure. Although we believe that
the acquisitions that we have completed in the past and that we
expect to undertake in the future have, and will, enhance our
future financial performance, the success of such transactions is
subject to a number of uncertainties, including the risk
that:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">we may not be able
to obtain financing for acquisitions on favorable
terms;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">acquired properties
may fail to perform as expected;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">the actual costs of
repositioning or redeveloping acquired properties may be higher
than our estimates; and</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">acquired properties
may be located in new markets where we may have limited knowledge
and understanding of the local economy, absence of business
relationships in the area or unfamiliarity with local governmental
and permitting procedures.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">15</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">If we acquire new
properties, we may not be able to efficiently integrate acquired
properties, particularly portfolios of properties, into our
organization and to manage new properties in a way that allows us
to realize cost savings and synergies, which could impair our
results of operations.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Our future acquisitions may be unprofitable.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We intend to
acquire additional properties to the extent that we manage to
acquire them on advantageous terms and conditions and they meet our
investment criteria. Acquisitions of commercial properties entail
general investment risks associated with any real estate
investment, including:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">our estimates of
the cost of improvements needed to bring the property up to
established standards for the market may prove to be
inaccurate;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">properties we
acquire may fail to achieve, within the time frames we project, the
occupancy or rental rates we expect to achieve at the time we make
the decision to acquire, which may result in the properties&#x2019;
failure to achieve the returns we projected;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">our pre-acquisition
evaluation of the physical condition of each new investment may not
detect certain defects or identify necessary repairs, which could
significantly increase our total acquisition costs;
and</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">our investigation
of a property or building prior to its acquisition, and any
representations we may receive from the seller of such building or
property, may fail to reveal various liabilities, which could
reduce the cash flow from the property or increase our acquisition
cost.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">If we acquire a
business, we will be required to merge and integrate the
operations, personnel, accounting and information systems of such
acquired business. In addition, acquisitions of or investments in
companies may cause disruptions in our operations and divert
management&#x2019;s attention away from day-to-day operations, which
could impair our relationships with our current tenants and
employees.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Properties we acquire may subject us to unknown
liabilities.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Properties that we
acquire may be subject to unknown liabilities and we would have no
recourse, or only limited recourse to the former owners of the
properties. Thus, if a liability were asserted against us based
upon ownership of an acquired property, we might be required to pay
significant sums to settle it, which could adversely affect our
financial results and cash flow. Unknown liabilities relating to
acquired properties could include:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">liabilities for
clean-up of undisclosed environmental
contamination;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">law reforms and
governmental regulations (such as those governing usage, zoning and
real property taxes); and</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">liabilities
incurred in the ordinary course of business.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Our dependence on rental income may adversely affect our ability to
meet our debt obligations.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">A substantial part
of our income is derived from rental income from real property. As
a result, our performance depends on our ability to collect rent
from tenants. Our income and funds for distribution would be
negatively affected if a significant number of our
tenants:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">delay lease
commencements;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">decline to extend
or renew leases upon expiration;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">fail to make rental
payments when due; or</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">close stores or
declare bankruptcy.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;Any of these
actions could result in the termination of leases and the loss of
rental income attributable to the terminated leases. In addition we
cannot assure you that any tenant whose lease expires will renew
that lease or that we will be able to re-lease space on
economically advantageous terms or at all. The loss of rental
revenues from a number of our tenants and our inability to replace
such tenants may adversely affect our profitability and our ability
to meet debt and other financial obligations.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
It may be difficult to buy and sell real estate quickly and
transfer restrictions may apply to part of our portfolio of
properties.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Real estate
investments are relatively illiquid and this tends to limit our
ability to vary our portfolio in response to changes in the economy
or other conditions. In addition, significant expenditures
associated with each investment, such as mortgage payments, real
estate taxes and maintenance costs, are generally not reduced when
circumstances cause a</font> <font style="font-size: 13px; font-family: Times New Roman">decrease in income
from an investment. If income from a property declines while the
related expenses do not decline, our business would be adversely
affected. Further, if it becomes necessary or desirable for us to
dispose of one or more of our mortgaged properties, we may not be
able to obtain a release of the lien on the mortgaged property
without payment of the associated debt. The foreclosure of a
mortgage on a property or inability to sell a property could
adversely affect our business.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">16</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Some of the land we have purchased is not zoned for development
purposes, and we may be unable to obtain, or may face delays in
obtaining, the necessary zoning permits and other
authorizations.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We own several
plots of land which are not zoned for the type of projects we
intend to develop. In addition, we do not yet have the required
land-use, building, occupancy and other required governmental
permits and authorizations for these properties. We cannot assure
you that we will continue to be successful in our attempts to
rezone land and to obtain all necessary permits and authorizations,
or that rezoning efforts and permit requests will not be
unreasonably delayed or rejected. Moreover, we may be affected by
building moratorium and anti-growth legislation. If we are unable
to obtain all of the governmental permits and authorizations we
need to develop our present and future projects as planned, we may
be forced to make unwanted modifications to such projects or
abandon them altogether.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Our ability to grow will be limited if we cannot obtain additional
financing.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We must maintain
liquidity to fund our working capital, service our outstanding
indebtedness and finance investment opportunities. Without
sufficient liquidity, we could be forced to curtail our operations
or we may not be able to pursue new business
opportunities.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Our growth strategy
is focused on the development and redevelopment of properties we
already own and the acquisition and development of additional
properties. As a result, we are likely to depend to an important
degree on the availability of debt or equity capital, which may or
may not be available on favorable terms or at all. We cannot
guarantee that additional financing, refinancing or other capital
will be available in the amounts we desire or on favorable terms.
Our access to debt or equity capital markets depends on a number of
factors, including the market&#x2019;s perception of our growth
potential, our ability to pay dividends, our financial condition,
our credit rating and our current and potential future earnings.
Depending on these factors, we could experience delays or
difficulties in implementing our growth strategy on satisfactory
terms or at all.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The capital and
credit markets have been experiencing extreme volatility and
disruption since the last credit crisis. If our current resources
do not satisfy our liquidity requirements, we may have to seek
additional financing. The availability of financing will depend on
a variety of factors, such as economic and market conditions, the
availability of credit and our credit ratings, as well as the
possibility that lenders could develop a negative perception of the
prospects of our company or the industry generally. We may not be
able to successfully obtain any necessary additional financing on
favorable terms, or at all.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Serious illnesses and pandemics, such as the 2009 outbreak of
Influenza A H1N1 virus (the &#x201C;Swine Flu&#x201D;) and the
current Zika virus, have in the past adversely affected consumer
and tourist activity, may do so in the future and may adversely
affect our results of operations.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As a result of the
outbreak of Swine Flu during the winter of 2009, consumers and
tourists dramatically changed their spending and travel habits to
avoid contact with crowds. Furthermore, several governments enacted
regulations limiting the operation of schools, cinemas and shopping
centers. Even though the Argentine government only issued public
service recommendations to the population regarding the risks
involved in visiting crowded places, such as shopping centers, and
did not issue specific regulations limiting access to public
places, a significant number of consumers nonetheless changed their
habits vis-a-vis shopping centers and malls. Similarly, the current
zika virus pandemic may result in similar courses and outcomes. We
cannot assure you that a new disease outbreak or health hazard
(such as the Ebola outbreak in recent years) will not occur in the
future, or that such an outbreak or health hazard would not
significantly affect consumer and/or tourist activity, and that
such scenario would not adversely affect our
businesses.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Adverse incidents that occur in our shopping centers may result in
damage to our image and a decrease in the number of
customers.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Given that shopping
centers are open to the public, with ample circulation of people,
accidents, theft, robbery and other incidents may occur in our
facilities, regardless of the preventative measures we adopt. In
the event such an incident or series of incidents occurs, shopping
center customers and visitors may choose to visit other shopping
venues that they believe are safer and less violent, which may
cause a reduction in the sales volume and operating income of our
shopping centers.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
<br></font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">17</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">Argentine
Law governing leases imposes restrictions that limit our
flexibility.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Argentine laws
governing leases impose certain restrictions, including the
following:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">a prohibition on
including automatic price adjustment clauses based on inflation
increases in lease agreements; and</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">the imposition of a
two-year minimum lease term for all purposes, except in particular
cases such as embassy, consulate or international organization
venues, room with furniture for touristic purposes for less than
three months, custody and bailment of goods, exhibition or offering
of goods in fairs or in cases where due to the circumstances, the
subject matter of the lease agreement requires a shorter
term.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As a result of the
foregoing, we are exposed to the risk of increases of inflation
under our leases, and the exercise of rescission rights by our
tenants could materially and adversely affect our business. We
cannot assure you that our tenants will not exercise such right,
especially if rent values stabilize or decline in the future or if
economic conditions deteriorate.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In addition, on
October 1, 2014, the Argentine Congress adopted a new Civil and
Commercial Code (the &#x201C;Civil and Commercial Code&#x201D;) which
became effective on June 30, 2015, and is in force since August 1,
2015, requires that lease agreements provide for a minimum term of
two years, and a maximum term of twenty years for residential
leases and of fifty years for other leases. Furthermore, the Civil
and Commercial Code modifies the regime applicable to contractual
provisions relating to foreign currency payment obligations by
establishing that foreign currency payment obligations may be
discharged in Pesos. This amends the legal framework currently in
force, pursuant to which debtors may only discharge their foreign
currency payment obligations by making payment in the specific
foreign currency agreed upon in their agreements; although the
option to discharge in Pesos a foreign currency obligation may be
waived by the debtor is still under discussion. Although certain
judicial decisions have held that this regulation regarding foreign
currency can be set aside by the parties to an agreement, it is
still too early to determine whether or not this legal provision
can be set aside in an agreement as a general rule. Moreover, and
regarding the new provisions for leases, there are no judicial
decisions on the scope of this amendment and, in particular, in
connection with the ability of the parties to any contract to set
aside the new provision and enforce such agreements before an
Argentine court.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
We may be liable for some defects in our buildings.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">According to the
Argentine Civil Code as previously in effect, the builder of a real
estate development was liable in case of property damage &#x2013;
meaning the damages compromises the structure and/or the defects
render the building no longer useful &#x2013; for a period of 10
years since the possession of the property; on the other hand, the
builder was liable for latent defects, even when those defects did
not imply significant property damage. In addition, the Argentine
Civil Code as previously in effect, provided that such liability
was extended to the technical project manager and the designer of
any given project. Furthermore, in certain cases, such as when
consumer law was involved, the liability could be extended to the
developer. The Civil and Commercial Code, which became effective on
August 1, 2015, has similar provisions and expressly extends the
liability for such damage to real estate developers (<font style="font-style: italic">i.e.</font>, any person who sells real estate
built by either themselves or by a third party contractor), and any
other person involved in the project, in addition to the liability
of the builder, the technical project manager and the designer of
the project. According to the Civil and Commercial Code, the
warranty period for latent defects expires after three years after
the client takes possession of the real estate, and both the
builder and the seller are liable for such defects.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In our real estate
developments we usually act as developers and sellers and we build
through third-party contractors. Absent a specific claim, we cannot
quantify the potential cost of any obligation that may arise as a
result of a future claim, and we have not recorded provisions
associated with them in our financial statements. If we were
required to remedy any defects on completed works, our financial
condition and results of operations could be adversely
affected.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Eviction proceedings in Argentina are difficult and time
consuming.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Although Argentine
law permits a summary proceeding to collect unpaid rent and a
special proceeding to evict tenants, eviction proceedings in
Argentina are difficult and time-consuming. Historically, the heavy
workloads of the courts and the numerous procedural steps required
have generally delayed landlords&#x2019; efforts to evict tenants.
Eviction proceedings generally take between six months and two
years from the date of filing of the suit to the time of actual
eviction.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Historically, we
have sought to negotiate the termination of lease agreements with
defaulting tenants after the first few months of non-payment in
order to avoid legal proceedings. Delinquency may increase
significantly in the future, and such negotiations with tenants may
not be as successful as they have been in the past. Moreover, new
Argentine laws and regulations may forbid or restrict eviction, and
in each such case they would likely have a material and adverse
effect on our financial condition and results of
operation.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">18</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
We are subject to risks inherent to the operation of office
buildings that may affect our profitability.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Office buildings
are subject to various factors that affect their development,
administration and profitability, including:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">a decrease in
demand for office space;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">a deterioration in
the financial condition of our tenants may result in defaults under
leases due to bankruptcy, lack of liquidity or for other
reasons;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">difficulties or
delays renewing leases or re-leasing space;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">decreases in rents
as a result of oversupply, particularly of newer
buildings;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">competition from
developers, owners and operators of office properties and other
commercial real estate, including sublease space available from our
tenants; and</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">maintenance, repair
and renovation costs incurred to maintain the competitiveness of
our office buildings.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">If we are unable to
adequately address these factors, any one of them could adversely
impact our business, which would have an adverse effect on our
financial condition and results of operations.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Our investment in property development and management activities
may be less profitable than we anticipate.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We are engaged in
the development and management of shopping centers, office
buildings and other rental properties, frequently through
third-party contractors. Risks associated with our development and
management activities include the following, among
others:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">abandonment of
development opportunities and renovation
proposals;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">construction costs
of a project may exceed our original estimates for reasons
including raises in interest rates or increases in the costs of
materials and labor, making a project
unprofitable;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">occupancy rates and
rents at newly completed properties may fluctuate depending on a
number of factors, including market and economic conditions,
resulting in lower than projected rental rates and a corresponding
lower return on our investment;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">pre-construction
buyers may default on their purchase contracts or units in new
buildings may remain unsold upon completion of
construction;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">the unavailability
of favorable financing alternatives in the private and public debt
markets;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">aggregate sale
prices of residential units may be insufficient to cover
development costs;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">construction and
lease-up may not be completed on schedule, resulting in increased
debt service expense and construction costs;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">failure or delays
in obtaining necessary zoning, land-use, building, occupancy and
other required governmental permits and authorizations, or building
moratoria and anti-growth legislation;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">significant time
lags between the commencement and completion of projects subjects
us to greater risks due to fluctuation in the general
economy;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">construction may
not be completed on schedule because of a number of factors,
including weather, labor disruptions, construction delays or delays
in receipt of zoning or other regulatory approvals, or man-made or
natural disasters (such as fires, hurricanes, earthquakes or
floods), resulting in increased debt service expense and
construction costs;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">general changes in
our tenants&#x2019; demand for rental properties;
and</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">we may incur
capital expenditures that could result in considerable time
consuming efforts and which may never be completed due to
government restrictions.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In addition, we may
face contractors&#x2019; claims for the enforcement of labor laws in
Argentina (sections 30, 31, 32 under Law No. 20,744), which provide
for joint and several liability. Many companies in Argentina hire
personnel from third-party companies that provide outsourced
services, and sign indemnity agreements in the event of labor
claims from employees of such third company that may affect the
liability of such hiring company. However, in recent years several
courts have denied the existence of independence in those labor
relationships and declared joint and several liabilities for both
companies.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">While our policies
with respect to expansion, renovation and development activities
are intended to limit some of the risks otherwise associated with
such activities, we are nevertheless subject to risks associated
with the construction of properties, such as cost overruns, design
changes and timing delays arising from a lack of availability of
materials and</font> <font style="font-size: 13px; font-family: Times New Roman">labor, weather
conditions and other factors outside of our control, as well as
financing costs, may exceed original estimates, possibly making the
associated investment unprofitable. Any substantial unanticipated
delays or expenses could adversely affect the investment returns
from these redevelopment projects and harm our operating
results.</font><font style="font-size: 13px; font-family: Times New Roman"><br></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">19</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
We are subject to great competitive pressure.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Our real estate
activities&#xA0;&#xA0;are highly concentrated in the Buenos Aires
metropolitan area, where the real estate market is highly
competitive due to a scarcity of properties in sought-after
locations and the increasing number of local and international
competitors. Furthermore, the Argentine real estate industry is
generally highly competitive and fragmented and does not have high
barriers to entry restricting new competitors from entering the
market. The main competitive factors in the real estate development
business include availability and location of land, price, funding,
design, quality, reputation and partnerships with developers. A
number of residential and commercial developers and real estate
services companies compete with us in seeking land for acquisition,
financial resources for development and prospective purchasers and
tenants. Other companies, including joint ventures of foreign and
local companies, have become increasingly active in the real estate
business and shopping center business in Argentina, further
increasing this competition. To the extent that one or more of our
competitors are able to acquire and develop desirable properties,
as a result of greater financial resources or otherwise, our
business could be materially and adversely affected. If we are not
able to respond to such pressures as promptly as our competitors,
or the level of competition increases, our financial condition and
results of our operations could be adversely affected.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">There are other
shopping centers and numerous smaller retail stores and residential
properties within the market area of each of our properties. The
number of competing properties in a particular area could have a
material adverse effect on our ability to lease retail space in our
shopping centers or sell units in our residential complexes and on
the amount of rent or the sale price that we are able to charge. We
cannot assure you that other shopping center operators, including
international shopping center operators, will not invest in
Argentina in the near future. If additional companies become active
in the Argentine shopping center market in the future, such
competition could have a material adverse effect on our results of
operations.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Substantially all
of our offices and other non-shopping center rental properties are
located in developed urban areas. There are many office buildings,
shopping malls, retail and residential premises in the areas where
our properties are located. This is a highly fragmented market, and
the abundance of comparable properties in our vicinity may
adversely affect our ability to rent or sell office space and other
real estate and may affect the sale and lease price of our
premises. In the future, both national and foreign companies may
participate in Argentina&#x2019;s real estate development market,
competing with us for business opportunities.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Some potential losses are not covered by insurance and certain
kinds of insurance coverage may become prohibitively
expensive.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We currently carry
insurance policies that cover potential risks such as civil
liability, fire, loss profit, floods, including extended coverage
and losses from leases on all of our properties. Although we
believe the policy specifications and insured limits of these
policies are generally customary, there are certain types of
losses, such as lease and other contract claims, terrorism and acts
of war that generally are not insured under the insurance policies
offered in the national market. Should an insured loss or a loss in
excess of insured limits occur, we could lose all or a portion of
the capital we have invested in a property, as well as the
anticipated future revenue from the property. In such an event, we
might nevertheless remain obligated for any mortgage debt or other
financial obligations related to the property. We cannot assure you
that material losses in excess of insurance proceeds will not occur
in the future. If any of our properties were to experience a
catastrophic loss, it could seriously disrupt our operations, delay
revenue and result in large expenses to repair or rebuild the
property. If any of our key employees were to die or become
incapacitated, we could experience losses caused by a disruption in
our operations which will not be covered by insurance, and this
could have a material adverse effect on our financial condition and
results of operations.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In addition, we
cannot assure you that we will be able to renew our insurance
coverage in an adequate amount or at reasonable prices. Insurance
companies may no longer offer coverage against certain types of
losses, such as losses due to terrorist acts and mold, or, if
offered, these types of insurance may be prohibitively
expensive.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
An uninsured loss or a loss that exceeds policies on our properties
could subject us to lost capital or revenue on those
properties.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Under the terms and
conditions of the leases currently in force on our properties,
tenants are required to indemnify and hold us harmless from
liabilities resulting from injury to persons, or property, on or
off the premises, due to activities conducted on the properties,
except for claims arising from our negligence or intentional
misconduct or that of our agents. Tenants are generally required,
at the tenant&#x2019;s expense, to obtain and keep in full force
during the term of the lease,</font> <font style="font-size: 13px; font-family: Times New Roman">liability and
property damage insurance policies. In addition, we cannot assure
you that our tenants will properly maintain their insurance
policies or have the ability to pay the deductibles.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">20</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Should a loss occur
that is uninsured or in an amount exceeding the combined aggregate
limits for the policies noted above, or in the event of a loss that
is subject to a substantial deductible under an insurance policy,
we could lose all or part of our capital invested in, and
anticipated revenue from, one or more of the properties, which
could have a material adverse effect on our operating results and
financial condition.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Demand for our premium properties may not be
sufficient.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We have focused on
developing residential projects that cater to affluent individuals
and have entered into property barter agreements pursuant to which
we contribute our undeveloped properties to ventures with
developers who will deliver us units at premium locations. At the
time the developers return these properties to us, demand for
premium residential units could be significantly lower. In such
case, we would be unable to sell these residential units at the
estimated prices or time frame, which could have an adverse effect
on our financial condition and results of operations.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Our level of debt may adversely affect our operations and our
ability to pay our debt as it becomes due.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We had, and expect
to have, substantial liquidity and capital resource requirements to
finance our business. As of June 30, 2016, our consolidated
financial debt amounted to Ps.112,932 million (including
IDBD&#x2019;s debt outstanding as of that date plus accrued and
unpaid interest on such indebtedness and deferred financing costs).
We cannot assure you that we will have sufficient cash flows and
adequate financial capacity in the future. While the commitments
and other covenants applicable to IDBD&#x2019;s debt obligations do
not have apply IRSA since such it is not recourse to IRSA and it is
not guaranteed by IRSA&#x2019;s assets, these covenants and
restrictions may impair or restrict our ability to operate IDBD and
implement our business strategy.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The fact that we
are highly leveraged may affect our ability to refinance existing
debt or borrow additional funds to finance working capital
requirements, acquisitions and capital expenditures. In addition,
the recent disruptions in the global financial markets, including
the bankruptcy and restructuring of major financial institutions,
may adversely impact our ability to refinance existing debt and the
availability and cost of credit in the future. In such conditions,
access to equity and debt financing options may be restricted and
it may be uncertain how long these economic circumstances may last.
This would require us to allocate a substantial portion of cash
flow to repay principal and interest, thereby reducing the amount
of money available to invest in operations, including acquisitions
and capital expenditures. Our leverage could also affect our
competitiveness and limit our ability to changes in market
conditions, changes in the real estate industry and economic
downturns.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We may not be able
to generate sufficient cash flows from operations to satisfy our
debt service requirements or to obtain future financing. If we
cannot satisfy our debt service requirements or if we default on
any financial or other covenants in our debt arrangements, the
lenders and/or holders of our debt will be able to accelerate the
maturity of such debt or cause defaults under the other debt
arrangements. Our ability to service debt obligations or to
refinance them will depend upon our future financial and operating
performance, which will, in part, be subject to factors beyond our
control such as macroeconomic conditions and regulatory changes in
Argentina. If we cannot obtain future financing, we may have to
delay or abandon some or all of our planned capital expenditures,
which could adversely affect our ability to generate cash flows and
repay our obligations as they become due.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
The recurrence of a credit crisis could have a negative impact on
our major customers, which in turn could materially adversely
affect our results of operations and liquidity.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The global credit
crisis that began in 2008 had a significant negative impact on
businesses around the world. The impact of a crisis on our major
tenants cannot be predicted and may be quite severe. A disruption
in the ability of our significant tenants to access liquidity could
cause serious disruptions or an overall deterioration of their
businesses which could lead to a significant reduction in their
future orders of their products and the inability or failure on
their part to meet their payment obligations to us, any of which
could have a material adverse effect on our results of operations
and liquidity.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
We are subject to risks affecting the hotel industry.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The full-service
segment of the lodging industry in which our hotels operate is
highly competitive. The operational success of our hotels is highly
dependent on our ability to compete in areas such as access,
location, quality of accommodations, rates, quality food and
beverage facilities and other services and amenities. Our hotels
may face additional competition if other companies decide to build
new hotels or improve their existing hotels to increase their
attractiveness.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In addition, the
profitability of our hotels depends on:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">our ability to form
successful relationships with international and local operators to
run our hotels;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">21</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">changes in tourism
and travel trends, including seasonal changes and changes due to
pandemic outbreaks, such as the A H1N1 virus, a potential ebola
outbreak, among others, or weather phenomena&#x2019;s or other
natural events, such as the eruption of the Puyehu&#xE9; and the
Calbuco volcano in June 2011 and April 2015,
respectively;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">affluence of
tourists, which can be affected by a slowdown in global economy;
and</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">taxes and
governmental regulations affecting wages, prices, interest rates,
construction procedures and costs.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
The shift of consumers to purchasing goods over the Internet, where
barriers to entry are low, may negatively affect sales at our
shopping centers.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In recent years,
internet retail sales have grown significantly in Argentina, even
although the market share of such sales is still insignificant. The
Internet enables manufacturers and retailers to sell directly to
consumers, diminishing the importance of traditional distribution
channels such as retail stores and shopping centers. We believe
that our target consumers are increasingly using the Internet, from
home, work or elsewhere, to shop electronically for retail goods,
and this trend is likely to continue. If e-commerce and retail
sales through the Internet continue to grow, consumers&#x2019;
reliance on traditional distribution channels such as our shopping
centers could be materially diminished, having a material adverse
effect on our financial condition, results of operations and
business prospects.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Our business is subject to extensive regulation and additional
regulations may be imposed in the future.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Our activities are
subject to Argentine federal, state and municipal laws, and to
regulations, authorizations and licenses required with respect to
construction, zoning, use of the soil, environmental protection and
historical patrimony, consumer protection, antitrust and other
requirements, all of which affect our ability to acquire land,
buildings and shopping centers, develop and build projects and
negotiate with customers. In addition, companies in this industry
are subject to increasing tax rates, the creation of new taxes and
changes in the taxation regime. We are required to obtain licenses
and authorizations with different governmental authorities in order
to carry out our projects. Maintaining our licenses and
authorizations can be a costly provision. In the case of
non-compliance with such laws, regulations, licenses and
authorizations, we may face fines, project shutdowns, and
cancellation of licenses and revocation of
authorizations.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In addition, public
authorities may issue new and stricter standards, or enforce or
construe existing laws and regulations in a more restrictive
manner, which may force us to make expenditures to comply with such
new rules. Development activities are also subject to risks
relating to potential delays in obtaining or an inability to obtain
all necessary zoning, environmental, land-use, development,
building, occupancy and other required governmental permits and
authorizations. Any such delays or failures to obtain such
government approvals may have an adverse effect on our
business.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In the past, the
Argentine government imposed strict and burdensome regulations
regarding leases in response to housing shortages, high rates of
inflation and difficulties in accessing credit. Such regulations
limited or prohibited increases on rental prices and prohibited
eviction of tenants, even for failure to pay rent. Most of our
leases provide that the tenants pay all costs and taxes related to
their respective leased areas. In the event of a significant
increase in the amount of such costs and taxes, the Argentine
government may respond to political pressure to intervene by
regulating this practice, thereby negatively affecting our rental
income. We cannot assure you that the Argentine government will not
impose similar or other regulations in the future. Changes in
existing laws or the enactment of new laws governing the ownership,
operation or leasing of properties in Argentina could negatively
affect the Argentine real estate market and the rental market and
materially and adversely affect our operations and
profitability.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
We face risks associated with our expansion in the United
States.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On July 2, 2008, we
acquired 30% interest in Metropolitan 885 LLC
(&#x201C;Metropolitan&#x201D;), a limited liability company organized
under the laws of Delaware, United States of America. During fiscal
year 2011, an agreement was reached to restructure
Metropolitan&#x2019;s debt; after the consummation of the
aforementioned restructuring, we indirectly hold 49% of New
Lipstick LLC (&#x201C;New Lipstick&#x201D;), a holding company which
is the owner of Metropolitan. Metropolitan&#x2019;s main asset is
the Lipstick Building, a 34-story building located at 885 Third
Avenue between 53 and 54 streets in Manhattan, New York.
Metropolitan has incurred in a secured loan in connection with the
Lipstick Building. For more information, please see &#x201C;Item 5.
Operating and Financial Review and Prospects.&#x201D;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In March 2012,
through our subsidiary Real Estate Strategies, L.P.
(&#x201C;RES&#x201D;), we acquired 3,000,000 Series C convertible
preferred shares issued by Condor in an aggregate amount of US$30
million, a REIT focused in middle-class and long-stay hotels in 20
states in the United States of America.&#xA0;&#xA0;During 2008 and
2009, the U.S. markets experienced extreme dislocations and a
severe contraction in available liquidity globally as important
segments of the credit markets were frozen. Global financial
markets have been disrupted by, among other things, volatility in
securities prices, rating downgrades and declining valuations. This
disruption lead to a decline in business and consumer confidence
and increased unemployment and precipitated an economic recession
throughout the globe. As a consequence, owners and operators of
commercial real estate, including hotels and resorts, and
commercial real estate properties such as offices,
experienced</font> <font style="font-size: 13px; font-family: Times New Roman">dramatic declines
in property values. We are unable to predict if disruptions in the
global financial markets will occur in the future and the impact
that may have on our business, financial condition and results of
operations.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">22</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
If the bankruptcy of Inversora D&#xE1;rsena Norte S.A. is extended
to our subsidiary Puerto Retiro, we will likely lose a significant
investment in a unique waterfront land reserve in the City of
Buenos Aires.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On April 18, 2000,
Puerto Retiro S.A. (&#x201C;Puerto Retiro&#x201D;) was served notice
of a filing made by the Argentine Government, through the Ministry
of Defense, seeking to extend bankruptcy of Inversora D&#xE1;rsena
Norte S.A. (&#x201C;Indarsa&#x201D;) to the Company. Upon filing of
the complaint, the bankruptcy court issued an order restraining the
ability of Puerto Retiro to dispose of, in any manner, the real
property purchased in 1993 from Tandanor. Indarsa had acquired 90%
of the capital stock in Tandanor from the Argentine Government in
1991. Tandanor&#x2019;s main business involved ship repairs
performed in a 19-hectare property located in the vicinity of La
Boca neighborhood and where the Syncrolift is installed. As Indarsa
failed to comply with its payment obligation for acquisition of the
shares of stock in Tandanor, the Ministry of Defense filed a
bankruptcy petition against Indarsa, seeking to extend it to
us.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The evidentiary
stage of the legal proceedings has concluded. We lodged an appeal
from the injunction order, and such order was confirmed by the
Court of Appeals on December 14, 2000. The parties filed the
arguments in due time and proper manner. After the case was set for
judgment, the judge ordered the suspension of the judicial order
requesting the case records for issuance of a decision based on the
alleged existence of pre-judgmental status in relation to the
criminal case against former officials of the Ministry of Defense
and our former executive officers, for which reason the case will
not be adjudicated until a final judgment is entered in respect of
the criminal case.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">It has been made
known to the commercial court that the expiration of the statute of
limitations has been declared in the criminal action and the
criminal defendants have been acquitted. However, this decision was
reversed by the Criminal Court (<font style="font-style: italic">C&#xE1;mara de Casaci&#xF3;n Penal</font>). An
extraordinary appeal was filed and rejected, therefore an appeal
was directly lodged with the Argentine Supreme Court for improper
refusal to permit the appeal, and a decision is still
pending.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Our Management and
external legal counsel believe that there are sufficient legal and
technical arguments to consider that the petition for an extension
of the bankruptcy will be dismissed by the court. However, in view
of the particular features and progress of the case, this position
cannot be held to be conclusive.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In turn, Tandanor
filed a civil action against Puerto Retiro and the other defendants
in the criminal case for violation of Section 174 (5) based on
Section 173 (7) of the Criminal Code. Such action seeks -on the
basis of the nullity of the decree that approved the bidding
process involving the D&#xE1;rsena Norte property- a reimbursement
in favor of Tandanor for all such amounts it has allegedly lost as
a result of a suspected fraudulent transaction involving the sale
of the property disputed in the case.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In July 2013, the
answer to the civil action was filed, which contained a number of
defenses. Tandanor requested the intervention of the Argentine
Government as third party co-litigant in this case, which petition
was granted by the Court. In March 2015, both the Argentine
Government and the criminal complainant answered the asserted
defenses. On July 12, 2016, Puerto Retiro was legally notified of
the decision adopted by the Tribunal Oral Federal N&#xB0; 5 related
to the preliminary objections above mentioned. Two of them were
rejected &#x2013;lack of information and lack of legitimacy
(passive). We filed an appeal with regard to the rejection of these
two objections. But, on the other hand, the other two objections
will be considered at sentencing by the court, which is an
important step in order to obtain a favorable decision. As of the
date hereof, no resolution has been issued in such regard. We
cannot assure you that we will be successful in getting this case
dismissed.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Property ownership through joint ventures or minority participation
may limit our ability to act exclusively in our
interest.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In some cases, we
develop and acquire properties through joint ventures with other
persons or entities when we believe circumstances warrant the use
of such structures. For example, we currently own 80% of
Panamerican Mall S.A. (&#x201C;PAMSA&#x201D;), while another 20% is
owned by Centro Comercial Panamericano S.A., and 50% of Quality
Invest S.A. (&#x201C;Quality Invest&#x201D;).&#xA0;&#xA0;We could
engage in a dispute with one or more of our joint venture partners
that might affect our ability to operate a jointly-owned property.
Moreover, our joint venture partners may, at any time, have
business, economic or other objectives that are inconsistent with
our objectives, including objectives that relate to the timing and
terms of any sale or refinancing of a property. For example, the
approval of certain of the other investors is required with respect
to operating budgets and refinancing, encumbering, expanding or
selling any of these properties. In some instances, our joint
venture partners may have competing interests in our markets that
could create conflicts of interest. If the objectives of our joint
venture partners are inconsistent with our own objectives, we will
not be able to act exclusively in our interests.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">23</font></div>
</div>
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<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">If one or more of
the investors in any of our jointly owned properties were to
experience financial difficulties, including bankruptcy, insolvency
or a general downturn of business, there could be an adverse effect
on the relevant property or properties and in turn, on our
financial performance. Should a joint venture partner declare
bankruptcy, we could be liable for our partner&#x2019;s common share
of joint venture liabilities.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-style: italic; font-weight: bold">Dividend restrictions in
our subsidiaries&#x2019; debt agreements may adversely affect
it.</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Dividends paid by
our subsidiaries are an important source of funds for us as are
other permitted payments from subsidiaries. The debt agreements of
our subsidiaries contain covenants restricting their ability to pay
dividends or make other distributions. If our subsidiaries are
unable to make payments to us, or are able to pay only limited
amounts, we may be unable to make payments on its
indebtedness.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
We are dependent on our Board of Directors.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Our success, to a
significant extent, depends on the continued employment of Eduardo
Sergio Elsztain and certain other members of our board of directors
and senior management, who have significant expertise and knowledge
of our business and industry. The loss or interruption in their
services for any reason could have a material adverse effect on our
business and results of operations. Our future success also depends
in part upon our ability to attract and retain other highly
qualified personnel. We cannot assure you that we will be
successful in hiring or retaining qualified personnel, or that any
of our personnel will remain employed by us.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
We may face potential conflicts of interest relating to our
principal shareholders.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Our largest
beneficial owner is Mr. Eduardo S. Elsztain, through his indirect
shareholding through Cresud S.A.C.I.F.y A. (&#x201C;Cresud&#x201D;).
As of June 30, 2016, such beneficial ownership consisted of: (i)
366,788,251 common shares held by Cresud, and (ii) 900 common
shares held directly by Mr. Elsztain. See Item 7 &#x2013; Major
Shareholders and Related Party Transactions. Conflicts of interest
between our management, Cresud and our affiliates may arise in the
performance of our business activities. As of June 30, 2016, Mr.
Elsztain also beneficially owned (i) approximately 30.9% of
Cresud&#x2019;s common shares and (ii) approximately 94.6% of the
common shares of our subsidiary IRSA Commercial Properties. We
cannot assure you that our principal shareholders and their
affiliates will not limit or cause us to forego business
opportunities that our affiliates may pursue or that the pursuit of
other opportunities will be in our interest.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Due to the currency mismatches between our assets and liabilities,
we have currency exposure.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As of June 30,
2016, the majority of our liabilities in our Operations Center in
Argentina, such as our Series II Notes are denominated in U.S.
dollars while our revenues are mainly denominated in Pesos. This
currency gap exposes us to a risk of volatility in the rate of
exchange between the Peso and the U.S. dollar, and our financial
results are adversely affected when the U.S. dollar appreciates
against the Peso. Any depreciation of the Peso against the U.S.
dollar correspondingly increases the nominal amount of our debt in
Pesos, with further adversely effects our results of operation and
financial condition and may increase the collection risk of our
leases and other receivables from our tenants, most of which
generate Peso-denominated revenues. Because we record the value of
our investment properties in Argentina at acquisition cost plus
capital expenditures less amortization, any depreciation or
devaluation of the Peso will have an adverse effect on our
financial statements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Risks
Related to our Investment in Banco Hipotecario</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As of June 30,
2016, we owned approximately 29.91% of the outstanding capital
stock of Banco Hipotecario S.A. (&#x201C;Banco Hipotecario&#x201D;),
which represented 11% of our consolidated assets from our
operations center in Argentina as of such date. All of Banco
Hipotecario&#x2019;s operations, properties and customers are
located in Argentina. Accordingly, the quality of Banco
Hipotecario&#x2019;s loan portfolio, financial condition and results
of operations depend on economic, regulatory and political
conditions prevailing in Argentina. These conditions include growth
rates, inflation rates, exchange rates, changes to interest rates,
changes to government policies, social instability and other
political, economic or international developments either taking
place in, or otherwise affecting, Argentina.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Risks
Relating to the Argentine Financial System and Banco
Hipotecario</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
The short-term structure of the deposit base of the Argentine
financial system, including Banco Hipotecario, could lead to a
reduction in liquidity levels and limit the long-term expansion of
financial intermediation.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Given the
short-term structure of the deposit base of the Argentine financial
system, credit lines are also predominantly short-term, with the
exception of mortgages, which represent a low proportion of the
existing credit base. Although liquidity levels are currently
reasonable, no assurance can be given that these levels will not be
reduced due to a future negative economic scenario. Therefore,
there is still a risk of low liquidity levels that could increase
funding cost in the event of a withdrawal of a significant amount
of the deposit base of the financial system, and limit the
long-term expansion of financial intermediation including Banco
Hipotecario.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">24</font></div>
</div>
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<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
The stability of the financial system depends upon the ability of
financial institutions, including ours, to maintain and increase
the confidence of depositors.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The measures
implemented by the Argentine government in late 2001 and early
2002, in particular the restrictions imposed on depositors to
withdraw money freely from banks and the &#x201C;pesification&#x201D;
and restructuring of their deposits, were strongly opposed by
depositors due to the losses on their savings and undermined their
confidence in the Argentine financial system and in all financial
institutions operating in Argentina.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">If depositors once
again withdraw their money from banks in the future, there may be a
substantial negative impact on the manner in which financial
institutions, including ours, conduct their business, and on their
ability to operate as financial intermediaries. Loss of confidence
in the international financial markets may also adversely affect
the confidence of Argentine depositors in local banks.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In the future, an
adverse economic situation, even if it is not related to the
financial system, could trigger a massive withdrawal of capital
from local banks by depositors, as an alternative to protect their
assets from potential crises. Any massive withdrawal of deposits
could cause liquidity issues in the financial sector and,
consequently, a contraction in credit supply.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The occurrence of
any of the above could have a material and adverse effect on Banco
Hipotecario&#x2019;s expenses and business, results of operations
and financial condition.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
The asset quality of financial institutions is exposed to the
non-financial public sector&#x2019;s and Central Bank&#x2019;s
indebtedness.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financial
institutions carry significant portfolios of bonds issued by the
Argentine government and by provincial governments as well as loans
granted to these governments. The exposure of the financial system
to the non-financial public sector&#x2019;s indebtedness had been
shrinking steadily, from 48.9% of total assets in 2002 to 10.3% in
2015 and 9.2% for the period of six months ended as June 30, 2016.
To an extent, the value of the assets held by Argentine banks, as
well as their capacity to generate income, is dependent on the
creditworthiness of the non-financial public sector, which is in
turn tied to the government&#x2019;s ability to foster sustainable
long-term growth, generate fiscal revenues and reduce public
expenditure.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In addition,
financial institutions currently carry securities issued by the
Central Bank in their portfolios, which generally are short-term;
as of June 30, 2016, such securities issued by the Central Bank
represented approximately 23.6% of the total assets of the
Argentine financial system. As of June 30, 2016, Banco
Hipotecario&#x2019;s total exposure to the public sector was
Ps.7,517.5 million, which represented 20.3% of its assets as of
that date, and the total exposure to securities issued by the
Central Bank was Ps.1,499.8 million, which represented 4.1% of its
total assets as of June 30, 2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
The Consumer Protection Law may limit some of the rights afforded
to Banco Hipotecario.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Argentine Law
N&#xB0; 24,240 (the &#x201C;Consumer Protection Law&#x201D;) sets
forth a series of rules and principles designed to protect
consumers, which include Banco Hipotecario&#x2019;s customers. The
Consumer Protection Law was amended by Law N&#xB0; 26,361 on March
12, 2008 to expand its applicability and the penalties associated
with violations thereof. Additionally, Law N&#xB0; 25,065 (as
amended by Law N&#xB0; 26,010 and Law N&#xB0; 26,361, the
&#x201C;Credit Card Law&#x201D;) also sets forth public policy
regulations designed to protect credit card holders. Recent Central
Bank regulations, such as Communication &#x201C;A&#x201D; 5388, also
protect consumers of financial services.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In addition, the
Civil and Commercial Code has a chapter on consumer protection,
stressing that the rules governing consumer relations should be
applied and interpreted in accordance with the principle of
consumer protection and that a consumer contract should be
interpreted in the sense most favorable to it.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The application of
both the Consumer Protection Law and the Credit Card Law by
administrative authorities and courts at the federal, provincial
and municipal levels has increased. This trend has increased
general consumer protection levels. If Banco Hipotecario is found
to be liable for violations of any of the provisions of the
Consumer Protection Law or the Credit Card Law, the potential
penalties could limit some of Banco Hipotecario&#x2019;s rights, for
example, with respect to its ability to collect payments due from
services and financing provided by us, and adversely affect Banco
Hipotecario&#x2019;s financial results of operations. We cannot
assure you that court and administrative rulings based on the
newly-enacted regulation or measures adopted by the enforcement
authorities will not increase the degree of protection given to
Banco Hipotecario&#x2019;s debtors and other customers in the
future, or that they will not favor the claims brought by consumer
groups or associations. This may prevent or hinder the collection
of payments resulting from services rendered and financing granted
by us, which may have an adverse effect on Banco
Hipotecario&#x2019;s business and results of
operations.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
<br></font></div>
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<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">25</font></div>
</div>
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<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Class actions against financial institutions for unliquidated
amounts may adversely affect the financial system&#x2019;s
profitability.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Certain public and
private organizations have initiated class actions against
financial institutions in Argentina. The National Constitution and
the Consumer Protection Law contain certain provisions regarding
class actions. However, their guidance with respect to procedural
rules for instituting and trying class action cases is limited.
Nonetheless, through an ad hoc doctrine, Argentine courts have
admitted class actions in some cases, including various lawsuits
against financial entities related to &#x201C;collective
interests&#x201D; such as alleged overcharging on products, interest
rates and advice in the sale of public securities, etc. If class
action plaintiffs were to prevail against financial institutions,
their success could have an adverse effect on the financial
industry in general and indirectly on Banco Hipotecario&#x2019;s
business.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Banco Hipotecario operates in a highly regulated environment, and
its operations are subject to regulations adopted, and measures
taken, by several regulatory agencies.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financial
institutions are subject to a major number of regulations
concerning functions historically determined by the Central Bank
and other regulatory authorities. The Central Bank may penalize
Banco Hipotecario and its directors, members of the Executive
Committee, and members of its Supervisory Committee, in the event
of any breach the applicable regulation. Potential sanctions, for
any breach on the applicable regulations may vary from
administrative and/or disciplinary penalties to criminal sanctions.
Similarly, the CNV, which authorizes securities offerings and
regulates the capital markets in Argentina, has the authority to
impose sanctions on us and Banco Hipotecario&#x2019;s Board of
Directors for breaches of corporate governance established in the
capital markets laws and CNV Rules. The Financial Information Unit
(<font style="font-style: italic">Unidad de Informaci&#xF3;n
Financiera</font>, or &#x201C;UIF&#x201D; as per its acronym in
Spanish) regulates matters relating to the prevention of asset
laundering and has the ability to monitor compliance with any such
regulations by financial institutions and, eventually, impose
sanctions.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We cannot assure
you whether such regulatory authorities will commence proceedings
against Banco Hipotecario, its shareholders or directors, or its
Supervisory Committee, or penalize Banco Hipotecario. This
notwithstanding, and in addition to &#x201C;Know Your
Customer&#x201D; compliance, Banco Hipotecario has implemented other
policies and procedures to comply with its duties under currently
applicable rules and regulations.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In addition to
regulations specific to the banking industry, Banco Hipotecario is
subject to a wide range of federal, provincial and municipal
regulations and supervision generally applicable to businesses
operating in Argentina, including laws and regulations pertaining
to labor, social security, public health, consumer protection, the
environment, competition and price controls. We cannot assure that
existing or future legislation and regulation will not require
material expenditures by Banco Hipotecario or otherwise have a
material adverse effect on Banco Hipotecario&#x2019;s consolidated
operations.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Increased competition and M&amp;A activities in the banking
industry may adversely affect Banco Hipotecario.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Banco Hipotecario
foresees increased competition in the banking sector. If the trend
towards decreasing spreads is not offset by an increase in lending
volumes, the ensuing losses could lead to mergers in the industry.
These mergers could lead to the establishment of larger, stronger
banks with more resources than us. Therefore, although the demand
for financial products and services in the market continues to
grow, competition may adversely affect Banco Hipotecario&#x2019;s
results of operations, resulting in shrinking spreads and
commissions.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Future governmental measures may adversely affect the economy and
the operations of financial institutions.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Argentine
government has historically exercised significant influence over
the economy, and financial institutions, in particular, have
operated in a highly regulated environment. We cannot assure you
that the laws and regulations currently governing the economy or
the banking sector will remain unaltered in the future or that any
such changes will not adversely affect Banco Hipotecario&#x2019;s
business, financial condition or results of operations and Banco
Hipotecario&#x2019;s ability to honor its debt obligations in
foreign currency.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Several legislative
bills to amend the Financial Institutions Law have been sent to the
Argentine Congress. If the law currently in force were to be
comprehensively modified, the financial system as a whole could be
substantially and adversely affected. If any of these legislative
bills were to be enacted or if the Financial Institutions Law were
amended in any other way, the impact of the subsequent amendments
to the regulations on the financial institutions in general, Banco
Hipotecario&#x2019;s business, its financial condition and the
results of operations is uncertain.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Law N&#xB0; 26,739
was enacted to amend the Central Bank&#x2019;s charter, the
principal aspects of which are: (i) to broaden the scope of the
Central Bank&#x2019;s mission (by establishing that such institution
shall be responsible for financial stability and economic
development while pursuing social equity); (ii) to change the
obligation to maintain an equivalent ratio between the monetary
base and the amount of international reserves; (iii) to establish
that the board of directors of the institution will be the
authority responsible for determining the level of reserves
required to guarantee normal operation of the foreign exchange
market based on changes in external accounts; and (iv) to empower
the monetary authority to regulate and provide guidance on credit
through the financial system institutions, so as to &#x201C;promote
long-term production investment&#x201D;.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">26</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In addition, the
Civil and Commercial Code, among other things, modifies the
applicable regime for contractual provisions relating to foreign
currency payment obligations by establishing that foreign currency
payment obligations may be discharged in Pesos. This amends the
legal framework, pursuant to which debtors may only discharge their
foreign currency payment obligations by making payment in the
specific foreign currency agreed upon in their agreements; provided
however that the option to discharge in Pesos a foreign currency
obligation may be waived by the debtor is still under
discussion.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We are not able to
ensure that any current or future laws and regulations (including,
in particular, the amendment to the Financial Institutions Law and
the amendment to the Central Bank&#x2019;s charter) will not result
in significant costs to us, or will otherwise have an adverse
effect on Banco Hipotecario&#x2019;s operations.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Risks
Relating to Banco Hipotecario&#x2019;s Business</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
The quality of Banco Hipotecario&#x2019;s loan portfolio could be
impaired if the Argentine private sector continues to be affected
in the event of a decrease in the level of activity.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Banco
Hipotecario&#x2019;s loan portfolio is concentrated on
recession-sensitive segments and it is to a large extent dependent
upon local and international economic conditions. This in turn
might affect the creditworthiness of Banco Hipotecario&#x2019;s loan
portfolio and its results of operations.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Reduced spreads without corresponding increases in lending volumes
could adversely affect Banco Hipotecario&#x2019;s
profitability.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The spread for
Argentina&#x2019;s financial system between the interest rates on
loans and deposits could be affected as a result of increased
competition in the banking sector and the Argentine
government&#x2019;s tightening of monetary policy in response to
inflation concerns. Since 2009, the interest rate spreads
throughout the Argentine financial system have generally increased.
This increase was sustained by a steady demand for consumer loans
in recent years. In 2013 and 2014, borrowing and lending rates
increased significantly. However, the net interest margin of the
financial system remained stable due to a substantial growth both
in the loan and deposit portfolios. In June 2014, the Central Bank
established a system of maximum active benchmark rates for consumer
loans and secured loans and additionally, in October 2014,
established a new mechanism of regulation by setting a minimum
deposit rate for certain deposits of natural persons.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We cannot guarantee
that interest rate spreads will remain stable unless increases in
lending or additional cost-cutting occurs. A reversal of this
trend, or a new regulation imposing maximum active benchmark rates,
could adversely affect Banco Hipotecario&#x2019;s
profitability.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-style: italic; font-weight: bold">Banco
Hipotecario&#x2019;s</font> <font style="font-style: italic; font-weight: bold">obligations as trustee of
the Programa de Cr&#xE9;dito Argentino del Bicentenario para la
Vivienda &#xDA;nica Familiar (&#x201C;PROCREAR&#x201D;) trust are
limited.</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Banco Hipotecario
currently acts as trustee of the PROCREAR Trust, which aims to
facilitate access to housing solutions by providing mortgage loans
for construction and developing housing complexes across Argentina.
Under the terms and conditions of the PROCREAR Trust, all the
duties and obligations under the trust have to be settled with the
trust estate. Notwithstanding, if the aforementioned is not met,
Banco Hipotecario could have its reputation affected. In addition,
if the Argentine government decides to terminate the PROCREAR Trust
and/or terminate Banco Hipotecario&#x2019;s role as trustee of the
PROCREAR Trust, this may adversely affect Banco Hipotecario&#x2019;s
results of operations.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
The Argentine Government might prevail at Banco Hipotecario&#x2019;s
General Shareholders&#x2019; Meetings.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">By virtue of Law
N&#xB0; 23,696 (the &#x201C;Privatization Law&#x201D;), there are no
restrictions on the Argentine Government&#x2019;s ability to dispose
of its Class A shares and all those shares minus one could be sold
to third parties through public offering. Banco Hipotecario&#x2019;s
By-laws set forth that if at any time Class A shares were to
represent less than 42% of Banco Hipotecario&#x2019;s shares with
right to vote, Class D shares automatically lose their triple vote
right, which could result in the principal shareholders losing
control of Banco Hipotecario. Should any such situation materialize
and should the Argentine Government retain a sufficient number of
Class A shares, the Argentine Government could prevail in
Shareholders&#x2019; Meetings (except for some decisions that call
for qualified majorities) and could thus exert actual control on
the decisions that must be submitted to consideration by the
Shareholders&#x2019; Meeting.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-style: italic; font-weight: bold">Cybersecurity events could
negatively affect Banco Hipotecario&#x2019;s</font> <font style="font-style: italic; font-weight: bold">reputation, its financial
condition and results of operations.</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Banco Hipotecario
has access to large amounts of confidential financial information
and control substantial financial assets belonging to the customers
as well as to Banco Hipotecario. In addition, Banco Hipotecario
provides its customers with continuous remote access to their
accounts and the possibility of transferring substantial financial
assets by electronic means. Accordingly, cybersecurity is a
material risk for Banco Hipotecario. Cybersecurity incidents, such
as computer break-ins, phishing, identity theft and other
disruptions could negatively affect the security of information
stored in and</font> <font style="font-size: 13px; font-family: Times New Roman">transmitted through
Banco Hipotecario &#x2018;s computer systems and network
infrastructure and may cause existing and potential customers to
refrain from doing business with Banco Hipotecario.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">27</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In addition,
contingency plans in place may not be sufficient to cover
liabilities associated with any such events and, therefore,
applicable insurance coverage may be deemed inadequate, preventing
Banco Hipotecario from receiving full compensation for the losses
sustained because of such a disruption.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Although Banco
Hipotecario intends to continue to implement security technology
devices and establish operational procedures to prevent such
damage, we cannot assure you that all of Banco Hipotecario&#x2019;s
systems are entirely free from vulnerability and these security
measures will be successful. If any of these events occur, it could
damage Banco Hipotecario&#x2019;s reputation, entail serious costs
and affect Banco Hipotecario&#x2019;s transactions, as well as its
results of operations and financial condition.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-style: italic; font-weight: bold">A disruption or failure in
any of Banco Hipotecario&#x2019;s</font> <font style="font-style: italic; font-weight: bold">information technology
systems could adversely affect its business.</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Banco Hipotecario
depends on the efficient and uninterrupted operation of
internet-based data processing, communication and information
exchange platforms and networks, including those systems related to
the operation of Banco Hipotecario&#x2019;s ATM network. Banco
Hipotecario&#x2019;s operations depend on its ability to manage its
information technology systems and communications efficiently and
without interruption. Banco Hipotecario&#x2019;s communications,
systems or transactions could be harmed or disrupted by fire,
floods, power failures, defective telecommunications, computer
viruses, electronic or physical theft and similar events or
disruptions. In addition, Banco Hipotecario&#x2019;s information
technology systems and operations may suffer if its suppliers do
not meet the delivery of products in a timely manner or decide to
end the relationship with Banco Hipotecario.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Any of the
foregoing events may cause disruptions in Banco Hipotecario&#x2019;s
information technology systems, delays and the loss of critical
data, and could prevent Banco Hipotecario from operating at optimal
levels. In addition, the contingency plans in place may not be
sufficient to cover all those events and, therefore, this may mean
that the applicable insurance coverage is limited or inadequate,
preventing Banco Hipotecario from receiving full compensation for
the losses sustained because of such a disruption. Also, Banco
Hipotecario&#x2019;s recovery of losses plan may not be enough to
prevent damage resulting from all the cases and Banco
Hipotecario&#x2019;s insurance coverage could be inadequate to cover
losses from interruptions. If any of these assumptions occur Banco
Hipotecario&#x2019;s reputation, business, results of operations and
financial condition could be adversely affected.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Differences in the accounting standards between Argentina and
certain countries with developed capital markets, such as the
United States, may make it difficult to compare Banco
Hipotecario&#x2019;s financial statements and those prepared by
companies from these other countries.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Publicly available
information about Banco Hipotecario in Argentina is presented
differently from the information available for registered public
companies in certain countries with highly developed capital
markets, such as the United States. Except as otherwise described
herein, Banco Hipotecario prepares its financial statements in
accordance with Central Bank GAAP, which differ in certain
significant respects from Argentine GAAP and from U.S.
GAAP.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
<font style="text-decoration: underline">Operations Center in
Israel</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Risks
related to Israel</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 19px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Conditions in Israel could adversely affect our subsidiary
IDBD.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Our subsidiary IDB
Development Corporation is incorporated and operates in Israel.
Accordingly, political, economic and military conditions in Israel
directly affect IDBD&#x2019;s business. Since the State of Israel
was established in 1948, a number of armed conflicts have occurred
between Israel, the Palestinian Authority and Israel&#x2019;s Arab
neighbors. Although Israel has entered into various agreements with
Egypt, Jordan and the Palestinian Authority, there has been an
increase in unrest and terrorist activity, which began in September
2000 and has continued with varying levels of severity. Starting in
December 2008, for approximately three weeks, Israel engaged in an
armed conflict with Hamas in the Gaza Strip, which involved missile
strikes against civilian targets in various parts of Israel and
negatively affected business conditions in Israel. In November
2012, for approximately one week, Israel experienced a similar
armed conflict, resulting in hundreds of rockets being fired from
the Gaza Strip and disrupting most day-to-day civilian activity in
southern Israel. Due to these conflicts, political, economic and
military conditions in Israel may directly affect IDBD and could
result in physical damage to its related facilities or the
interruption or curtailment of trade between Israel and its present
trading partners. If IDBD&#x2019;s assets are damaged as a result of
hostile action or hostilities otherwise disrupt its ongoing
operations, IDBD&#x2019;s business could be materially adversely
affected. We do not believe that the political and security
situation has had</font> <font style="font-size: 13px; font-family: Times New Roman">any material impact
on IDBD to date; however, we can give no assurance that security
and political conditions will not have such effect in the future.
Any armed conflict, political instability or continued violence in
the region, or the interruption or curtailment of trade between
Israel and its present trading partners may have a negative effect
on the Israeli economy and IDBD and adversely affect the results of
operations, business, and financial condition, thereby negatively
impacting its ability to generate revenue.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">28</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 19px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Israel&#x2019;s economy may become unstable.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Over the years, the
Israeli economy has been subject to periods of inflation, low
foreign exchange reserves, fluctuations in world commodity prices,
military conflicts and civil unrest. For these and other reasons,
the government of Israel has, from time to time, intervened in the
economy employing fiscal and monetary policies. The Israeli
government has periodically changed its policies in these areas.
Reoccurrence of previous destabilizing factors could make it more
difficult for IDBD to operate its business and could adversely
affect its financial results.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In the years in
which there is strong economic activity and positive growth in the
Israeli economy, there is an increase in demand. Conversely, in
times of financial crisis, demand decreases, which would adversely
affect the results of IDBD and, in turn, adversely affect our
consolidated results.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
The compliance of the new provisions of the Reduced Centralization
Act may have an adverse material impact in IDBD&#x2019;s results of
operations.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In December 2013,
the official &#x201C;Reshumot&#x201D; published in Israel the
Promotion of Competition and Reduction of Centralization Law,
5774-2013 (the &#x201C;Reduced Centralization Act&#x201D;), which
imposes certain limits in the ownership and control of reporting
companies.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">One provision
limits the pyramidal structure (or multiholding companies) of
control in reporting companies (in special entities whose
securities are held by public shareholders) to two layers of
entities (with the holding company in the first layer not including
a reporting entity that has no controlling shareholder). In case
Discount Investment is considered a second-tier company, it would
be prohibited to control publicly held companies. IDBD may be
required to merge Discount Investments in order to enable continued
control of IDBD and/or Discount Investments in other
companies.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In connection with
evaluating the application of the Law, in August 2014, IDBD&#x2019;s
Board of Directors appointed an advisory committee to examine
various alternatives to address the implications of the Law to
comply with the provisions that apply to control in a pyramid o
multiholding company structure in order to enable continued control
of IDBD and/or Discount Investments in &#x201C;other tier
companies&#x201D; (currently held directly by Discount Investments)
as of December 2019. The advisory committee has recommended the
following alternatives:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 72px">
<font><font style="font-size: 13px; font-family: Times New Roman">(a)&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Taking either IDBD
or Discount Investments private thereby removing the requirement
that they be reporting entities (and as a result not a &#x201C;tier
company&#x201D;); and</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 72px">
<font><font style="font-size: 13px; font-family: Times New Roman">(b)&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Merge IDBD and
Discount Investments.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Board of
Directors of Discount Investments has appointed an advisory
committee with a similar function. As of the date of this Annual
Report, no specific alternatives have been identified. The
implementation of an alternative that would be adopted is likely to
take several years.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Based on these
analyses, IDBD considers it more likely that the completion of one
of the specified alternatives will be adopted to comply with the
restrictions of the Law regarding pyramidal holdings, while
allowing IDBD to continue to control Discount Investments, and
Discount Investments to continue to control Cellcom after December
2019. PBC, which currently is a third-tier company that controls
each of Gav-Yam, Ispro and Mehadrin, has preliminarily evaluated
application of the Law on its holding structure and determined that
it will be able to maintain said control, as it has concluded that
the Law has no effect over its financial statements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Another new
provision determines the separation of significant affiliates and
significant financial institutions. In May 2015, companies of Clal
Holdings Insurance Enterprises (except Clal Holdings Insurance
Enterprises), including Clal Insurance and Epsilon Investment House
Ltd. (held by Discount Investments) were included in the list of
the significant financial institutions published in the website
Ministry of Finance and the official gazette in connection with the
Reduced Centralization Act. Clal Holdings Insurance Enterprises was
included in the list as a significant corporation. The
classification of Clal Holdings Insurance Enterprises as a
significant corporation directly impacts its control over Clal
Insurance.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In December 2014,
Israel&#x2019;s concentration committee issued directives for the
appointment of a trustee in Clal Holdings Insurance Enterprises to
hold the control currently held by IDBD. In addition, in December
30, 2014, the committee delivered a notification requesting IDBD to
sell its interest in Clal Holdings Insurance Enterprises. The sale
arrangement outlined in the letter involves IDBD&#x2019;s and the
Trustee&#x2019;s interests in the sale process under different
options and timeframes. As of June 30, 2016, the current sale
arrangement involved the sale of the interest in the stock exchange
or by over-the-counter trades, as per the following detail and by
the following dates:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">a. &#xA0; &#xA0;
&#xA0; &#xA0;IDBD would have to sell at least 5% of its equity
interest in Clal from May 7, 2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">b. &#xA0; &#xA0;
&#xA0; &#xA0;During each of the subsequent four-month periods, IDBD
would have to sell at least an additional 5% of its equity interest
in Clal.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">c. &#xA0; &#xA0;
&#xA0; &#xA0;If IDBD sells more than 5% of its equity interest in
Clal in any given four-month period, the percentage in excess of
the required 5% would be offset against the percentage required in
the following period.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As a result we
record our investment in CLAL as a financial asset at market value
through profit or loss. The request to sell the shares of CLAL in
5% tranches could cause a negative impact on the market price. A
decrease in the market price of Clal&#x2019;s shares would cause an
immediate effect in our income statements and financial
results.&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Clal Holdings
Insurance Enterprises appealed to the committee, requesting a
reclassification of its status of significant corporation. Dolphin
filed an appeal before the Supreme Court of Justice of Israel on
the Tel Aviv-Jaffo Court&#x2019;s Decision.&#xA0; We cannot assure
that we will be successful in our appealing with the concentration
committee.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The compliance of
the Reduced Centralization Act, in particular the provisions
related to reporting companies in pyramid structure (or
multiholding companies) and separation of significant corporations
and significant financial corporations, may have a material adverse
impact on IDBD&#x2019;s business and results of operations and, as a
consequence, a negative effect on the value of our investment in
IDBD. For more information about the Reduced Centralization Act and
potential implications of its provisions on IDBD and its
subsidiaries, see &#x201C;Item 4 &#x2013; Information on the
Company&#x201D;.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 19px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
IDBD&#x2019;s operations may be disrupted by the obligations of
personnel to perform military service.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">IDBD&#x2019;s
Israeli employees may be called upon to perform up to 36 days (and
in some cases more) of annual military reserve duty until they
reach the age of 40 (and in some cases, up to the age of 45 or
older) and, in emergency circumstances, could be called to
permanent active duty. In response to increased tension and
hostilities, there have been occasional call-ups of military
reservists, including in connection with the mid-2006 war in
Lebanon and the December 2008 and November 2012 conflicts with
Hamas in the Gaza Strip. It is possible that there will be
additional call-ups in the future. IDBD could be disrupted by the
absence of a significant number of employees or the absence of one
or more key employees for extended periods of times due to military
service. Such disruption could materially adversely affect
IDBD&#x2019;s business and its results of operations. Additionally,
the absence of a significant number of the employees of
IDBD&#x2019;s Israeli suppliers and contractors or the absence of
one or more key employees for extended periods of time due to
military service may disrupt their operations and thereby
materially adversely affect IDBD&#x2019;s ability to generate
revenue and, in turn, adversely affect our consolidated
results.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 19px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Political relations could limit IDBD&#x2019;s ability to do business
internationally.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Several countries,
principally in the Middle East, restrict doing business with Israel
and Israeli companies, and additional countries may impose
restrictions on doing business with Israel and Israeli companies if
hostilities in Israel or political instability in the region
continues or increases. These restrictions may materially limit
IDBD&#x2019;s ability to export or import certain services, or
reduce the domestic demand for its products and services as a
result of the interruption or curtailment of trade between Israel
and its present trading partners, which could adversely affect
IDBD&#x2019;s ability to generate revenue and, in turn, adversely
affect our consolidated results.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 19px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
IDBD may face difficulties in exporting offshore.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Israel&#x2019;s
export policy currently sets forth certain restrictions that may be
unfavorable to IDBD&#x2019;s activities. Changes in customs tariffs
for goods and in policy on protecting local production may impact
the results of some IDBD&#x2019;s subsidiaries and/ or associates.
In addition, the possibility of exportation and sales in Israel
depends on several factors, such as establishment of export and
transportation facilities, obtaining regulatory approvals, the
economic viability of exports, geopolitical challenges,
identification of potential customers in the international market,
and financing investments in development and establishment of the
export projects. In view of the complexity and potential limited
ability to export, IDBD may be unable to export surplus supply and
this may materially adversely affect the its financial
results.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 19px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
IDBD&#x2019;s business is subject to substantial regulation and
permit requirements in Israel and may be materially adversely
affected if it is unable to comply with existing regulations or
requirements, or changes in applicable regulations or
requirements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Our subsidiary IDBD
is subject to a number of laws and regulations affecting many
aspects of its present and future operations, as well as permits
from Israeli government authorities. Such laws and regulations
generally require that IDBD obtain and comply with a wide variety
of licenses, permits and other approvals.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In recent years
there is a trend of increased legislation, standards and
regulations in various sectors of Israel&#x2019;s economy.
Legislative changes in various areas in Israel, such as reducing
economic concentration, promoting competition and laws concerning
anti-trust, taxation, mandatory tender offers, regulation of the
communications market, supervision of insurance business, corporate
law and securities law, laws concerning supervision of prices of
goods and services, consumer protection laws, environmental
protection laws, planning and construction laws. This trend may
impact the business and financial results of IDBD and its
subsidiaries, their financial results and trading price of their
securities. Furthermore, changes in policy applied by various
Israeli authorities pursuant to these laws may also have similar
impact.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Under these and
other laws and regulations, IDBD could be subject to business
restructurings, changes in its corporate structure, business
strategy and other corporate adaptations. Failure to comply with
these laws and regulations may also result in the suspension or
termination of IDBD&#x2019;s operations and subject them to
administrative, civil and criminal penalties. Moreover, these laws
and regulations could change in ways that could substantially
increase its costs. Any such liabilities, penalties, suspensions,
terminations or regulatory changes could have a material adverse
effect on IDBD&#x2019;s financial condition and results of
operations. Stricter regulation applicable to IDBD&#x2019;s
business, restrictive trade practices, control of prices and
similar factors, may materially adversely affect IDBD&#x2019;s
businesses.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">IDBD&#x2019;s
activities are subject to approvals, permits and licenses awarded
to them by law by various authorities (such as: the Commissioner of
Capital Market, Ministry of Communications, Ministry of
Environmental Protection, Petroleum Supervisor at the Ministry of
Energy and Water). Failure to comply with terms and conditions of
such approvals, permits or licenses may result in sanctions being
imposed (including criminal sanctions) on the companies in breach,
including</font> <font style="font-size: 13px; font-family: Times New Roman">fines and/or
termination of the relevant approvals, permits or licenses. Some of
the aforementioned licenses are for a limited term and may be
renewed from time to time, all subject to terms and conditions
thereof and to statutory provisions. As of the date hereof, we
cannot predict what changes (if any) will be made with respect to
future licensing and other regulatory matters. Furthermore, there
is no certainty that IDBD&#x2019;s existing licenses will be renewed
at the end of their terms or that there will not be a change in the
licenses&#x2019; conditions.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">29</font></div>
</div>
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<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We cannot assure
that the existing laws and regulations will not be revised or
reinterpreted, that new laws and regulations will not be adopted or
become applicable to IDBD, or that future changes in laws and
regulations will not have a detrimental effect on its business.
Although not currently required, additional regulatory approvals
may be required in the future due to a change in laws and
regulations or for other reasons. We cannot assure that IDBD will
be able to obtain all required regulatory approvals that may be
required in the future, or any necessary modifications to existing
regulatory approvals, or maintain all required regulatory
approvals.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Changes in
regulations, licensing or any other regulatory matters could
adversely affect IDBD&#x2019;s ability to generate revenues. This,
in turn, could represent a negative effect in our consolidated
results.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
IDBD may be adversely affected by class actions on consumer-related
matters and environmental protection-related matters</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The nature of the
business developed by certain IDBD&#x2019;s subsidiaries, namely
Cellcom and Shufersal, the investment in Clal and the associate
Adama, exposes these companies to class actions with regard to
consumer issues and issues related to environmental protection,
such as ionizing radiation from cellular devices, emissions, water,
noise and smell pollution. Moreover, in most cases, our patients
may benefit from Israeli consumer protection laws, which provide
special procedural rules, such as the shifting of the burden of
proof, strict liability and joint and several liability for damage
caused by companies outsourced by us to provide specific services.
The amount involved in this type of class action can be sumptuous,
in special in issues related to environmental protection, and might
even exceed IDBD&#x2019;s shareholders equity, and must defend
against such lawsuits at significant cost, even if such lawsuits
are unfounded. If the decisions in any such actions are unfavorable
to IDBD, it might be required to pay heavy fines to cover damages.
Any proceeding involving consumer complaints may also adversely
affect IDBD&#x2019;s reputation and, consequently, its client base.
Class actions may adversely affect IDBD&#x2019;s financial condition
and materially adversely affect its reputation. As a result,
IDBD&#x2019;s is subject to a potential decrease in the number of
clients and in its gross operating revenue. Consequently,
IDBD&#x2019;s business, results of operations, financial condition
and the market price of its securities may be adversely
affected.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Risks
related to IDBD and IDBD&#x2019;s subsidiaries and/ or
associates</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Most of our revenues are generated by IDBD, an entity incorporated
and operating in Israel.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">IDBD is
incorporated in Israel, where it operates the totality of its
business. As of June 30, 2016, IDBD&#x2019;s revenues corresponded
to approximately 86.4% of our total revenues for our fiscal year
then ended. IDBD&#x2019;s activities are subject to Israel&#x2019;s
political, economic and military conditions and also to extensive
Israeli regulation related to, among other matters, licensing,
competition, rates and environmental practices. There can be no
assurance that governmental policies in Israel or the current
regulations will not change in the future and adversely affect
IDBD&#x2019;s business. We are unable to predict whether
IDBD&#x2019;s success will continue to prosper in Israeli markets.
For more information, please refer to the risk factors under
&#x201C;&#x2014;Risks Related to Israel.&#x201D;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
IDBD may not be able to comply with financial commitments with its
creditors and to fully comply with Israeli laws, which would have a
material adverse effect on its financial condition and on its
ability to continue as a going concern.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On October 11,
2015, we gained effective control over IDBD and started
consolidating IDBD&#x2019;s results of operations.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">IDBD&#x2019;s
activities were materially affected with the promulgation of the
Promotion of Competition and Reduction of Centralization Law
N&#xBA; 5.774-13 (the &#x201C;Reduced Centralization Act&#x201D;)
published in December 2013. In order to fully comply with this law,
IDBD could be forced to adopt some adverse measures, such as
dispose its controlling interest in Clal or to merge with
DIC.&#xA0;For more information about the Reduced Centralization Act
and potential implications of its provisions on IDBD and its
subsidiaries, see &#x201C;Item 4 &#x2013; Information on the
Company&#x201D;.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">IDBD is also
subject to compliance with certain covenants under its debt
arrangements. Although IDBD has successfully negotiated waivers to
these covenants with its creditors valid until December 2016, we
cannot assure that it will be successful in renegotiating an
extension or other new terms. If IDBD is unable to renegotiate or,
as an alternative, to raise additional capital, the original
covenants of such arrangements will become effective again and
creditors could require immediate repayment of the
debt.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">30</font></div>
</div>
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<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">All factors
mentioned above raise significant uncertainties as to IDBD&#x2019;s
capacity to continue as a going-concern. IDBD&#x2019;s ability to
continue as a going concern will depend on its ability in
renegotiating the terms of its arrangements, in raising additional
funds and also its ability to fully comply with Israel
authority&#x2019;s demands.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">IDBD is currently
exploring alternative measures to meet its future liquidity
requirements and is making payments to significant creditors as
cash flow permits. IDBD is in ongoing contact with its creditors
regarding future payments, and is attempting to resolve issues
regarding its late payments or non-payments. Based on its future
cash flow projections, IDBD expects to have the required liquidity
to meet its commitments by issuing new debt in Israel, selling
financial assets such as Clal and dividend payouts by Clal. IDBD
could also secure additional financing through the private issuance
of equity securities. However, there can be no assurance that IDBD
will be able to resolve these matters satisfactorily, and if it is
unable to do so, it may be unable to pay out debts as they become
due and could be subject to litigation regarding non-payment that
could have a material adverse effect on its business, financial
condition, and results of operations.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Our independent
registered public accounting firm has included an explanatory
paragraph in their opinion that makes references to Note 1 of the
consolidated financial statements as of and for the year ended June
30, 2016, which discloses the existence of risks and uncertainties
in relation to IDBD and indicating that our financial statements do
not include any adjustments related to the valuation of
IDBD&#x2019;s assets and liabilities that would be required if IDBD
were not able to continue as a going-concern.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
The outcome of the arbitration proceedings between Dolphin and ETH
is uncertain and may have an adverse effect on our
business.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The arbitration
process between Dolphin an ETH (a non-related company established
under the laws of the State of Israel, which was presented to
Dolphin as a company controlled by Mordechay Ben Mosh&#xE9;)
regarding certain matters related to the acquisition and obtainment
of control of IDBD, though partially resolved, is still
pending.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On September 24,
2015, the competent arbitrator resolved that: (i) Dolphin and IFISA
were entitled to act as buyers in the BMBY process, and ETH had to
sell all of the IDBD shares held by it at a price of NIS 1.64 per
share; (ii) The buyer had to fulfill all of the commitments
included in the Arrangement, including the commitment to carry out
Tender Offers; (iii) The buyer had to pledge in favor of the
Arrangement Trustees the shares that were previously pledged in
favor of the Arrangement Trustees by the seller.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">However, Dolphin
and ETH still have counterclaims of different kinds which are
subject to such arbitration proceeding, which, as of the filing
date of this Annual Report, is still being heard. There can be no
assurances of the final outcome of this process. Should the
arbitrator rule in favor of ETH, the value of our investment in
IDBD could be severely affected and therefore would likely have a
significant adverse effect on our business, financial condition and
results of operations.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
IDBD&#x2019;s subsidiaries do business abroad and might be subject
to foreign regulation and, therefore, are subject to substantial
foreign regulations and permit requirements and may be materially
adversely affected if it is unable to comply with existing
regulations or requirements, or changes in applicable regulations
or requirements</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Some of IDBD
subsidiaries do business overseas or their securities are traded on
foreign stock exchanges. Changes in legislation and regulatory
policy in foreign countries as well as characteristics of the
business environment in the operating country may impact the
financial results and business standing of those
companies.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">31</font></div>
</div>
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<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Changes in
international financial reporting standards or in accounting
principles applicable to IDBD and its subsidiaries may impact
various data (including equity attributable to equity holders and
earnings) reported on the financial statements of IDBD and its
subsidiaries, their compliance with financial covenants, if any,
their compliance with terms and conditions of permits and licenses
awarded to them and their capacity to distribute dividends. We
cannot assure that the existing laws and regulations in the
countries where IDBD&#x2019;s subsidiaries and/ or associates have
operations will not be revised or reinterpreted, that new laws and
regulations will not be adopted or become applicable to
IDBD&#x2019;s subsidiaries and/ or associates, or that future
changes in laws and regulations will not have a detrimental effect
on its business. Although not currently required, additional
regulatory approvals may be required in the future due to a change
in laws and regulations or for other reasons. We cannot assure that
IDBD&#x2019;s subsidiaries and/ or associates will be able to obtain
all required regulatory approvals that may be required in the
future, or any necessary modifications to existing regulatory
approvals, or maintain all required regulatory approvals in the
countries in which they operate.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Changes in
regulations, licensing or any other regulatory matters in the
countries where IDBD&#x2019;s subsidiaries and/ or associates
operate could adversely affect their ability to generate revenues.
This, in turn, could represent a negative effect in IDBD&#x2019;s
and, as consequence, in our consolidated results.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
IDBD&#x2019;s subsidiary Property and Building (&#x201C;PBC&#x201D;)
operates in real estate industry, and is exposed to the risks
inherent to that industry.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As part of the real
estate industry, PBC face similar risks as described above,
regarding our Operation Center in Argentina, such as:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
&#x201C;Our performance is subject to risks associated with our
properties and with the real estate
industry.&#x201D;</font></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
&#x201C;An adverse economic environment for real estate companies
such as a credit crisis may adversely impact our results of
operations and business prospects
significantly&#x201D;</font></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
&#x201C;We may face risks associated with property
acquisitions.&#x201D;</font></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
&#x201C;Our future acquisitions may be
unprofitable.&#x201D;</font></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
&#x201C;Properties we acquire may subject us to unknown
liabilities.&#x201D;</font></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
&#x201C;Our dependence on rental income may adversely affect our
ability to meet our debt obligations.&#x201D;</font></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
&#x201C;It may be difficult to buy and sell real estate quickly and
transfer restrictions may apply to part of our portfolio of
properties.&#x201D;</font></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
&#x201C;We are subject to risks inherent to the operation of office
buildings that may affect our
profitability.&#x201D;</font></font></div>
</div>
</div>
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<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
&#x201C;The recurrence of a credit crisis could have a negative
impact on our major customers, which in turn could materially
adversely affect our results of operations and
liquidity.&#x201D;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
IDBD&#x2019;s subsidiary Shufersal operates in the retail industry,
which is a highly regulated industry in Israel.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Israeli legislation
with respect to sanitation licensing, as well as new consumer
legislation which confers extensive authority upon the Israel
Consumer Protection and Fair Trade Authority, consumer legislation
and the increased enforcement thereof, and increased oversight of
prices or increases in the minimum wage, may adversely affect the
business affairs of Shufersal, its financial position and its
results of operations. An increase in the minimum wage may
adversely affect the financial results of Shufersal, including its
profitability. Additionally, the regulator&#x2019;s determinations
regarding the rules for conduct between the large marketing chains,
of which Shufersal is one, and dominant suppliers in the food
supply segment, including by virtue of the provisions of the Food
Law, and regarding the merger of Shufersal with Clubmarket, which
is one of the largest retail chains in Israel, may adversely affect
Shufersal&#x2019;s business, financial condition and results of
operations.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Shufersal faces intense competition in all aspects of its
business.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Shufersal closely
monitors the developments in the retail sector, and adjusts its
operations, if and insofar as is required, in accordance with those
developments. Shufersal faces intense competition, especially as it
proceeds with full implementation of its business plan. Competitive
pressures, including the responses of competitors to
Shufersal&#x2019;s strategy and the manner of its implementation,
may adversely affect Shufersal&#x2019;s ability to deal with
competition, and may lead to lower pricing and the loss of market
share in a manner which may have an adverse effect on
Shufersal&#x2019;s business, financial condition and results of
operations. The entry of new competitors into markets in which
Shufersal is engaged, or the entry of existing competitors into
segments in which they were not previously active, could adversely
affect Shufersal&#x2019;s business.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">An ineffective
wholesale market for retail, the offering of services not in
accordance with the criteria of the wholesale market, or the
pricing thereof by competitors in order to expand market share
could harm Shufersal&#x2019;s ability to offer competitive services
and its competitive position. If Shufersal is unable to manage its
competition in an effective manner, its future results might be
adversely affected.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
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<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">32</font></div>
</div>
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<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
The sale of Adama is subject to Chinese regulatory and antitrust
approvals and the sale transaction may not be
completed.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On July 17, 2016,
our indirect subsidiary DIC, agreed to sell its remaining 40% in
Adama to ChemChina for cash consideration of US$ 230 million and
cancellation of a loan due to a Chinese bank. It is expected that
the sale transaction be consummated by the first week of November
2016, subject to the fulfillment of certain conditions, including
the receipt of Chinese regulatory and antitrust approvals. Upon
completion of the transaction, each party will waive all claims and
demands against each other. If the sale transaction is not
completed for any reason, the value of our investment in IDBD could
be materially adversely affected and therefore would likely have a
significant adverse effect on our business, financial condition and
results of operations.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-style: italic; font-weight: bold">IDBD&#x2019;s subsidiary
Cellcom operates in telecommunications industry, which is a highly
regulated industry in Israel. In recent years, regulation in Israel
has materially adversely affected Cellcom&#x2019;s
results.</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">A substantial part
of Cellcom&#x2019;s operations is subject to the Israeli
Communications Law No. 1982, the Israeli Wireless Telegraph
Ordinance (New Version) No. 1972, the regulations promulgated
thereunder and the licenses for the provision of different
telecommunications services that Cellcom received from the Ministry
of Communications in accordance with the Communications Law. The
interpretation and implementation of the Communications Law,
Wireless Telegraph Ordinance and regulations and the provisions of
its general licenses, as well as its other licenses, are not
certain and subject to change, and disagreements have arisen and
may arise in the future between the Ministry of Communications and
us. The Communications Law and regulations thereunder grant the
Ministry of Communications extensive regulatory and supervisory
authority with regard to its activities, as well as the authority
to impose substantial sanctions in the event of a breach of its
licenses or the applicable laws and regulations. Further, in the
event that Cellcom materially violate the terms of its licenses,
the Ministry of Communications has the authority to revoke them.
Cellcom&#x2019;s operations are also subject to the regulatory and
supervisory authority of other Israeli regulators which have the
authority to impose criminal and administrative sanctions against
us.&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cellcom&#x2019;s
general cellular license is valid until February 2022. It may be
extended for additional six-year periods upon request to the
Ministry of Communications and confirmation from the Ministry of
Communications that Cellcom has complied with the provisions of its
license and applicable law, has invested in the improvement of its
service and network and has demonstrated the ability to do so in
the future. Netvision&#x2019;s unified licenses (granted in July
2015 and amended in February 2016) under which Netvision is
providing landline telephony services, internet connectivity
services, or ISP, and international long distance services, or ILD,
are valid until March 2026 and February 2022, respectively, and may
be extended for additional ten year periods, on terms similar to
those provided in its cellular license. Cellcom&#x2019;s other
licenses are also limited in time. Cellcom&#x2019;s licenses may not
be extended when requested, or, if extended, the extensions may be
granted on terms that are less favorable to Cellcom. In addition,
the Ministry of Communications has interpreted and may interpret
its licenses and has modified and may modify its licenses without
Cellcom&#x2019;s consent and in a manner that could limit its
ability to conduct its business and harm its results of operations.
Possible changes to its licenses and legislation which would
require us to change its pricing plans and information systems
frequently or on a timetable Cellcom cannot meet, can increase the
risk of noncompliance with its licenses or violation of such
legislation and its exposure to lawsuits and regulatory
sanctions.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
IDBD&#x2019;s subsidiary Cellcom faces intense competition in all
aspects of its business.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Israeli
telecommunications market is highly competitive in many of its
elements, including the cellular and landline service markets. The
competition level has increased substantially in recent years,
following the entry of additional competitors and regulatory
changes alleviating entry barriers and transfer barriers. Also,
there is a continued increase of competition in the end user
equipment market. In the last year, Cellcom entered both the TV
market through its OTT TV service and the landline infrastructure
market, through the landline wholesale market (VDSL). In the other
markets Cellcom operates in and specifically in the cellular
market, the intensified competition led to price competition, the
adverse effects of which include a high churn rate and high
subscriber acquisition costs, in addition to continued price
erosion, all of which have ultimately led to a material decrease in
revenues and profitability for us and other MNOs. The current level
of competition in all the markets in which Cellcom operates and
aggressive price plan offerings by its competitors are expected to
continue. The entry of new competitors into markets in which
Cellcom is engaged, or the entry of existing competitors into
segments in which they were not previously active, or were
partially active, as a result of regulatory changes, would allow
other operators to provide services currently provided only by
Cellcom to its subscribers.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">An ineffective
wholesale market for landline communication, including due to the
exclusion of telephony services from the wholesale market, the
offering of services not in accordance with the criteria of the
wholesale market, or the pricing</font> <font style="font-size: 13px; font-family: Times New Roman">thereof in a manner
which could harm Cellcom&#x2019;s ability to offer competitive
services packages, and competition on the part of Bezeq and Hot
(due to their dominant status in the landline communication
market), particularly if the cancellation or easement of the
structural separation which applies to the Bezeq and Hot groups is
implemented before the creation of an effective wholesale market in
the landline communication market. We are unable to foresee if the
current high level of competition and trends will continue in the
future or if it will continue to affect Cellcom results of
operations. In case Cellcom is unable to manage its competition in
an effective manner, its future results might be adversely
affected.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">33</font></div>
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<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font style="font-style: italic">
Cellcom</font> <font style="font-style: italic">may be adversely
affected by the significant technological and other changes in the
cellular communications industry.</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The
telecommunications market is known for rapid and significant
technological changes and requires ongoing investments in advanced
technologies in order to remain competitive. In recent years
Cellcom has witnessed a growing demand for Internet, content and
data through advanced third and fourth generation cellular phones,
smartphones, modems, tablets and other devices using cellular data
that resulted in a rapid and immense growth of data traffic on
cellular networks and required cellular operators to upgrade their
networks to accord such demand. Transfer of subscribers to
unlimited packages of services and national roaming on its network,
have contributed to the substantially growing demand for data
traffic on its network, as well as to voice and text
messages.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We estimate that
data traffic will continue to rapidly grow in the future. To meet
the growing demand for cellular data traffic, Cellcom is required,
among others, to continue its investment in its 4G network and
upgrading its transmission network, to allow larger capacity and
higher data speed rates. In addition, as in order to provide
optimal performance, its LTE network requires additional
frequencies to those allocated to us under the LTE frequencies
tender (as the Ministry of Communications expects us to evacuate 12
1800MHz which were allocated to us for its 2G network, to be used
by its LTE network), Cellcom is in the process of allocating
additional 1800MHz to its LTE network, in areas where lower usage
of its 2G network, together with advanced and modern equipment and
software features, allows such allocation, with negligible adverse
effect to its 2G network performance. Nonetheless, such limited
quantity of frequencies may adversely affect its network
performance, specifically if Cellcom cannot use additional
frequencies under network sharing agreements, as its 4G network
will have 15MHz at most (similar to Pelephone&#x2019;s network,
unless Pelephone enters a network sharing agreement), whereas
Partner and Hot&#x2019;s 4G combined network enjoys
20MHz.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
If Cellcom fails to obtain or maintain favorable arrangements with
foreign telecommunications operators, its services may be less
attractive or less profitable.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cellcom relies on
agreements with cellular providers outside Israel to provide
roaming capabilities to its cellular subscribers in many areas
outside Israel. Cellcom cannot control or compel the improvement of
the quality of the service that they provide and it may be inferior
or less advanced than the service that it provides. Some of
Cellcom&#x2019;s competitors may be able to obtain lower roaming
rates than it does because they may have larger call volumes or can
use more favorable agreements of their overseas affiliates. If
Cellcom&#x2019;s competitors&#x2019; providers can deliver a higher
quality, more advanced or a more cost effective roaming service,
then subscribers may migrate to those competitors and its results
of operation could be adversely affected, more so if the proposed
amendment to its license, allowing other operators to provide
roaming services to its subscribers, will be adopted.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In recent years,
roaming tariffs for Cellcom&#x2019;s subscribers have decreased. If
roaming tariffs continue to decrease including as a result of the
increasing competition or the changing regulation, this could
adversely affect its profitability and results of operations.
Inbound roaming to its network is also influenced by its ability to
maintain favorable roaming arrangements. The entry of additional
UMTS providers has not only increased competition regarding
outgoing roaming services but also increased competition on inbound
roaming services. Additional operators or the abovementioned
proposed amendment to its license, may increase such competition
further. Cellcom also relies on agreements with foreign carriers to
provide ILD services by Netvision as well as its international
voice hubbing (providing ILD services to foreign operators)
services. The risks detailed above in relation to roaming services
and possible effects of such risks, apply to Netvision&#x2019;s ILD
and hubbing services as well.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cellcom&#x2019;s
substantial debt increases its exposure to market risks, may limit
its ability to incur additional debt that may be necessary to fund
its operations and could adversely affect its financial stability;
regulatory change, market terms and its financial results may
affect its possibilities to raise debt.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
IDBD&#x2019;s investment Clal operates in the insurance industry,
which is a highly regulated industry in Israel. Therefore, Clal is
subject to substantial regulations and permit requirements in the
insurance area and may be materially adversely affected if it is
unable to comply with existing regulations or requirements, or
changes in applicable regulations or requirements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Clal is exposed to
changes in legislation and regulation which pertain to its
operating segments. In particular, some of the regulatory changes
which were recently implemented and proposed, may adversely affect
components of the business</font> <font style="font-size: 13px; font-family: Times New Roman">model in the
sector. Additionally, changes in legislation and regulation,
including circulars, determinations in principle, position papers
and provisions which the Commissioner of Capital Markets is
authorized to impose in connection with changes to policy terms,
including policy premiums which may affect Clal, including with
reference to products which were sold in the past, both by way of
retroactive application and due to their effect on the
interpretation of agreements which were signed in the
past.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">34</font></div>
</div>
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<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Significant
operations in Clal are subject to detailed and complex regulation.
In particular, the insurance and long-term savings activities are
subject to regulatory directives which change from time to time,
with respect to products which were sold over many years, and which
have long insurance coverage periods and/or savings periods.
Non-compliance with the regulatory requirements, including by
mistake, may lead to sanctions, including the revocation of
licenses and permits and monetary fines, against Clal, also as part
of audits on behalf of oversight entities, and may serve as a basis
for claims against it.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Risks
Related to the GDSs and the Common Shares</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Shares eligible for sale could adversely affect the price of our
common shares and GDSs.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The market prices
of our common shares and GDS could decline as a result of sales by
our existing shareholders of common shares or GDSs in the market,
or the perception that these sales could occur. These sales also
might make it difficult for us to sell equity securities in the
future at a time and at a price that we deem
appropriate.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The GDSs are freely
transferable under U.S. securities laws, including common shares
sold to our affiliates. Cresud, which as of June 30, 2016, owned
approximately 63.38% of our common shares (or approximately
366,788,251 common shares which may be exchanged for an aggregate
of 36,678,825 GDSs), is free to dispose of any or all of its common
shares or GDSs at any time in its discretion. Sales of a large
number of our common shares and/or GDSs would likely have an
adverse effect on the market price of our common shares and
GDSs.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
If we issue additional equity securities in the future, you may
suffer dilution, and trading prices for our equity securities may
decline.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We may issue
additional shares of our common stock for financing future
acquisitions or new projects or for other general corporate
purposes, although there is no present intention to do so. Any such
issuance could result in a dilution of your ownership stake and/or
the perception of any such issuances could have an adverse impact
on the market price of the GDSs.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
We are subject to certain different corporate disclosure
requirements and accounting standards than domestic issuers of
listed securities in the United States</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">There may be less
publicly available information about the issuers of securities
listed on the Buenos Aires Stock Market (&#x201C;<font style="font-style: italic">Mercado de Valores de Buenos
Aires</font>&#x201D; or &#x201C;MERVAL&#x201D; as per its acronym in
spanish) than is regularly published by or about domestic issuers
of listed securities in the United States and certain other
countries.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We are exempt from
the rules under the Securities Exchange Act of 1934, as amended
(the &#x201C;Exchange Act&#x201D;) prescribing the furnishing and
content of proxy statements, and our officers, directors and
principal shareholders are exempt from the reporting and
short-swing profit recovery provisions contained in Section 16 of
the Exchange Act.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
<font style="background-color: #ffffff">The identification of a
material weakness in our internal controls over financial reporting
could negative affect the trading price of our shares or
GDSs</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Our management is
responsible for establishing and maintaining adequate Internal
Control over Financial Reporting (as defined in Rules 13a-15(f) and
15d-15(f) under the Exchange Act). Our Internal Control over
Financial Reporting includes a series of procedures designed to
provide reasonable assurance regarding the reliability of financial
reporting and the preparation of consolidated financial statements
for external purposes, in accordance with IFRS and includes those
policies and procedures that (1) pertain to the maintenance of
records that, in reasonable detail, accurately and fairly reflect
the transactions and dispositions of our assets, (2) provide
reasonable assurance that transactions are recorded as necessary to
permit preparation of consolidated financial statements in
accordance with IFRS and that the relevant entity&#x2019;s or
division&#x2019;s receipts and expenditures are being made only in
accordance with authorizations of our management and directors, and
(3) provide reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use, or disposition of our
assets that could have a material effect on our consolidated
financial statements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="background-color: #ffffff">Our management concluded that our
disclosure controls and procedures as of the end of fiscal year
2014 were not effective given to a material weakness in our
internal control over financial reporting. This material weakness
was related to the accounting for derivative financial instruments
derived from non-routine complex contractual provisions in the
context of the acquisition of an associate and was already
remediated. Under this concept, a material weakness is a
deficiency, or</font></font> <font style="font-size: 13px; font-family: Times New Roman"><font style="background-color: #ffffff">combination of deficiencies, in the
internal control over financial reporting that may reasonably cause
that a material misstatement of our annual or interim financial
statements will not be prevented or detected on a timely basis. See
&#x201C;Controls and Procedures - A. Disclosure Controls and
Procedures.&#x201D;</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
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<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="background-color: #ffffff">Any failure to implement and/ or
maintain improvements in the controls over our financial reporting,
or any difficulties encountered in the implementation of such
improvements, could result in a material misstatement in our annual
or interim financial statements that: (i) may not be prevented or
detected; and/or, (ii) may cause us to fail to meet our reporting
obligations under the applicable securities laws. This situation
may also cause investors to lose confidence in our reported
financial information, and this could have an adverse impact on the
trading price of our shares or GDSs.</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Investors may not be able to effect service of process within the
U.S., limiting their recovery of any foreign judgment.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We are a publicly
held stock corporation (sociedad an&#xF3;nima) organized under the
laws of Argentina. Most of our directors and our senior managers,
are located in Argentina. As a result, it may not be possible for
investors to effect service of process within the United States
upon us or such persons or to enforce against us or them in United
States court judgments obtained in such courts predicated upon the
civil liability provisions of the United States federal securities
laws. There is doubt whether the Argentine courts will enforce, to
the same extent and in as timely a manner as a U.S. or foreign
court, an action predicated solely upon the civil liability
provisions of the United States federal securities laws or other
foreign regulations brought against such persons or against
us.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
If we are considered to be a passive foreign investment company for
United States federal income tax purposes, U.S. Holders of our
common shares or GDSs would suffer negative
consequences.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Based on the
current and projected composition of our income and valuation of
our assets, including goodwill, we do not believe we were a passive
foreign investment company (&#x201C;PFIC&#x201D;) for United States
federal income tax purposes for the taxable year ending June 30,
2016, and we do not currently expect to become a PFIC, although
there can be no assurance in this regard. The determination of
whether we are a PFIC is made annually. Accordingly, it is possible
that we may be a PFIC in the current or any future taxable year due
to changes in our asset or income composition or if our projections
are not accurate. The volatility and instability of
Argentina&#x2019;s economic and financial system may substantially
affect the composition of our income and assets and the accuracy of
our projections. In addition, this determination is based on the
interpretation of certain U.S. Treasury regulations relating to
rental income, which regulations are potentially subject to
differing interpretation. If we become a PFIC, U.S. Holders (as
defined in &#x201C;Taxation&#x2014;United States Taxation&#x201D;) of
our common shares or GDSs will be subject to certain United States
federal income tax rules that have negative consequences for U.S.
Holders such as additional tax and an interest charge upon certain
distributions by us or upon a sale or other disposition of our
common shares or GDSs at a gain, as well as reporting requirements.
Please see &#x2018;&#x2018;Taxation&#x2014;United States
Taxation&#x2014;Passive Foreign Investment Company&#x201D; for a more
detailed discussion of the consequences if we are deemed a PFIC.
You should consult your own tax advisors regarding the application
of the PFIC rules to your particular circumstances.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Changes in Argentine tax laws may adversely affect the tax
treatment of our common shares or GDSs.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On September 23,
2013, the Argentine income tax law was amended by the passage of
Law N&#xB0; 26,893. Under the amended law, the distribution of
dividends is subject to income tax at a rate of 10%, unless the
dividends are distributed to Argentine corporate entities. In
addition, the amended law establishes that the sale, exchange or
other transfer of shares and other securities is subject to a
capital gain tax at a rate of 15% for Argentine resident
individuals and foreign beneficiaries. There is an exemption for
Argentine resident individuals if certain requirements are met;
however, there is no such exemption for non-Argentine residents.
See &#x201C;Item 10.E - Taxation &#x2014;Argentine Taxation&#x201D;.
However, as of the date hereof many aspects of the amended tax law
remain unclear and, pursuant to certain announcements made by
Argentine tax authorities, they are subject to further rulemaking
and interpretation, which may adversely affect the tax treatment of
our common shares and/or GDSs.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The income tax
treatment of income derived from the sale of GDSs, dividends or
exchanges of shares from the GDS facility may not be uniform under
the revised Argentine income tax law. The possibly varying
treatment of source income could impact both Argentine resident
holders as well as non-Argentine resident holders. In addition,
should a sale of GDSs be deemed to give rise to Argentine source
income, as of the date of this annual report no regulations have
been issued regarding the mechanism for paying the Argentine
capital gains tax when the sale exclusively involves non-Argentine
parties. However, as of the date of this annual report, no
administrative or judicial rulings have clarified the ambiguity in
the law.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Therefore, holders
of our common shares, including in the form of GDSs, are encouraged
to consult their tax advisors as to the particular Argentine income
tax consequences under their specific facts.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
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</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Holders of our GDSs may be unable to exercise voting rights with
respect to the common shares underlying the GDSs at our
shareholders&#x2019; meetings.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We will not treat
the holders of our GDSs as one of our shareholders and the holders
of our GDSs will not have shareholder rights. The GDS depositary
will be the holder of the common shares underlying your GDSs and
GDS holders may exercise voting rights with respect to the common
shares represented by the GDSs only in accordance with the deposit
agreement relating to the GDSs. There are no provisions under
Argentine law or under our by-laws that limit the exercise by GDS
holders of their voting rights through the GDS depositary with
respect to the underlying common shares. However, there are
practical limitations on the ability of GDS holders to exercise
their voting rights due to the additional procedural steps involved
in communicating with these holders. For example, holders of our
common shares will receive notice of shareholders&#x2019; meetings
through publication of a notice in an Official Gazette in
Argentina, an Argentine newspaper of general circulation and the
bulletin of the Buenos Aires Stock Exchange (&#x201C;BCBA&#x201D;),
and will be able to exercise their voting rights by either
attending the meeting in person or voting by proxy. GDS holders, by
comparison, will not receive notice directly from us. Instead, in
accordance with the deposit agreement, we will provide the notice
to the GDS depositary. If requested by us, the GDS depositary will
mail to holders of GDSs the notice of the meeting and a statement
as to the manner in which instructions may be given by holders. To
exercise their voting rights, GDS holders must then instruct the
GDS depositary as to voting the common shares represented by their
GDSs. Due to these procedural steps involving the GDS depositary,
the process for exercising voting rights may take longer for GDS
holders than for holders of common shares and common shares
represented by GDSs may not be voted as GDS holders
desire.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Under Argentine law, shareholder rights may be more limited or less
well defined than in other jurisdictions.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Our corporate
affairs are governed by our by-laws and by Argentine corporate law,
which differ from the legal principles that would apply if we were
incorporated in a jurisdiction in the United States, such as the
States of Delaware or New York, or in other jurisdictions outside
Argentina. In addition, your rights or the rights of holders of our
common shares to protect your or their interests in connection with
actions by our board of directors may be fewer and less well
defined under Argentine corporate law than under the laws of those
other jurisdictions. Although insider trading and price
manipulation are illegal under Argentine law, the Argentine
securities markets are not as highly regulated or supervised as the
U.S. securities markets or markets in some other jurisdictions. In
addition, rules and policies against self&#x2014;dealing and
regarding the preservation of shareholder interests may be less
well defined and enforced in Argentina than in the United States,
putting holders of our common shares and GDSs at a potential
disadvantage.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
The protections afforded to minority shareholders in Argentina are
different from and more limited than those in the United States and
may be more difficult to enforce.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Under Argentine
law, the protections afforded to minority shareholders are
different from, and much more limited than, those in the United
States and some other Latin American countries. For example, the
legal framework with respect to shareholder disputes, such as
derivative lawsuits and class actions, is less developed under
Argentine law than under U.S. law as a result of Argentina&#x2019;s
short history with these types of claims and few successful cases.
In addition, there are different procedural requirements for
bringing these types of shareholder lawsuits. As a result, it may
be more difficult for our minority shareholders to enforce their
rights against our directors or us or controlling shareholder than
it would be for shareholders of a U.S. company.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
The majority of our shareholders may determine to not pay any
dividends.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In accordance with
Argentine corporate law, we may pay dividends to shareholders out
of net and realized profits, if any, as set forth in our Audited
Financial Statements prepared in accordance with IFRS. The
approval, amount and payment of dividends are subject to the
approval by our shareholders at our annual ordinary shareholders
meeting. The approval of dividends requires the affirmative vote of
a majority of the shareholders entitled to vote at the meeting. As
a result, we cannot assure you that we will be able to generate
enough net and realized profits so as to pay dividends or that our
shareholders will decide that dividends will be paid.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Our ability to pay dividends is limited by law and economic
conditions.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In accordance with
Argentine corporate law, we may pay dividends in Pesos out of
retained earnings, if any, to the extent set forth in our Audited
Financial Statements. Our ability to generate retained earnings is
subject to the results of our operations.. The uncertainty
surrounding future rates of inflation may affect our results of
operations and consequently our ability to pay dividends. If the
Peso continues to devaluate significantly, all of the negative
effects on the Argentine economy related to such devaluation could
recur, with adverse consequences on our business and as a result on
the results of our operations and our ability to pay
dividends.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
<br></font></div>
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<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
The ability of holders of the GDSs to receive cash dividends may be
limited.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The ability of GDS
holders to receive cash dividends may be limited by the ability of
the GDS depositary to convert cash dividends paid in Pesos into
U.S. Dollars. Under the terms of our deposit agreement with the GDS
depositary for the GDSs, to the extent that the GDS depositary can
in its judgment, and in accordance with local exchange regulations,
convert Pesos (or any other foreign currency) into U.S. Dollars on
a reasonable basis and transfer the resulting U.S. Dollars abroad,
the GDS depositary will as promptly as practicable convert or cause
to be converted all cash dividends received by it in Pesos on the
deposited securities common shares into U.S. Dollars. If, in the
judgment of the GDS depositary, this conversion is not possible on
a reasonable basis (or is not permitted by applicable Argentine
laws, regulations and approval requirements), the GDS depositary
may distribute the foreign currency received by it in Pesos in
Argentina or in its discretion hold such currency uninvested for
the respective accounts of the owners entitled to receive the same.
As a result, if the exchange rate fluctuates significantly during a
time when the GDS depositary cannot or does not convert the foreign
currency, you may lose some or all of the value of the dividend
distribution. For further information see &#x201C;Risks Relating to
Argentina&#x2014;Restrictions on transfers of foreign currency and
the repatriation of capital from Argentina may impair our ability
to pay dividends and distributions.&#x201D;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Our ability to pay dividends is limited by law and our
by-laws.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In accordance with
Argentine corporate law, we may pay dividends in Pesos out of
retained earnings, if any, to the extent set forth in our audited
financial statements. Our ability to generate retained earnings is
subject to the results of our operations. During 2014 inflation
accelerated mainly due to the devaluation process carried out by
the Central Bank. The uncertainty surrounding future inflation may
affect our results and as a result our ability to pay dividends. If
the Peso continues to devaluate significantly, all of the negative
effects on the Argentine economy related to such devaluation could
recur, with adverse consequences on our business and as a result on
the results of our operations and our ability to pay
dividends.</font></div>
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ITEM
4.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;INFORMATION
ON THE COMPANY</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">A.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;History
and Development of the Company</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
General Information</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Our legal and
commercial name is IRSA Inversiones y Representaciones Sociedad
An&#xF3;nima. We were incorporated and organized on April 30, 1943,
under Argentine law as a stock corporation (<font style="font-style: italic">Sociedad An&#xF3;nima</font>), and we were
registered with the Public Registry of Commerce of the City of
Buenos Aires (<font style="font-style: italic">Inspecci&#xF3;n
General de Justicia</font> or &#x201C;IGJ&#x201D;) on June 23, 1943,
under number 284, on page 291, book 46 of volume A. Pursuant to our
bylaws, our term of duration expires on April 5, 2043. Our common
shares are listed and traded on the MERVAL through the BCBA and our
GDSs representing our common shares are listed on the New York
Stock Exchange (&#x201C;NYSE&#x201D;). Our principal executive
offices are located at Bolivar 108 1st floor, Ciudad Aut&#xF3;noma
de Buenos Aires (C1066AAD), Argentina. Our headquarters are located
at Moreno 877, (C1091AAQ), Ciudad Aut&#xF3;noma de Buenos Aires.
Our telephone is +54 (11) 4323-7400. Information contained in or
accessible through our website is not a part of this annual report.
All references in this annual report to this or other internet
sites are inactive textual references to these URLs, or
&#x201C;uniform resource locators&#x201D; and are for your
information reference only. We assume no responsibility for the
information contained on these sites. Our Depositary Agent for the
GDSs in the United States is The Bank of New York whose address is
P.O. Box 358516 Pittsburgh, PA 15252-8516, and whose telephones are
+ 1-888-BNY-ADR for U. S. calls and + 1 - 201-680-6825 for calls
outside U.S.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
History</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We have been
actively engaged in a range of diversified real estate activities
in Argentina since 1991. After our global public offering in 1994,
we launched our real estate activities in the office rental market
by acquiring three office towers located in prime office zones of
Buenos Aires.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Since 1996, through
our subsidiary IRSA Commercial Properties, we have expanded our
real estate activities in the Shopping Centers segment through the
acquisition of controlling interests in sixteen shopping centers:
Paseo Alcorta, Alto Palermo Shopping, Buenos Aires Design, Alto
Avellaneda, Alto NOA, Abasto Shopping, Patio Bullrich, Mendoza
Plaza Shopping, Alto Rosario, C&#xF3;rdoba Shopping Villa Cabrera,
Dot Baires, Soleil Premium Outlet, La Ribera Shopping, Distrito
Arcos, Alto Comahue Sopping and Patio Olmos. Since 1996, we have
also expanded our operations into the residential real estate
market through the development and construction of multi-tower
apartment complex in the City of Buenos Aires and through the
development of private residential communities in the greatest
Buenos Aires metropolitan area.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In 1997, we entered
the hotel market through the acquisition of a 50% interest in the
Llao Llao Hotel near Bariloche and the Intercontinental Hotel in
the City of Buenos Aires. In 1998, we also acquired Libertador
Hotel in the City of Buenos Aires and subsequently sold a 20%
interest to an affiliate of Sheraton Hotels.</font></div>
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<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In 1999, we
acquired 2.9% of the shares of Banco Hipotecario. Over the years,
we have acquired additional common shares increasing our interest
to 29.91% as of the date of this annual report.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In 2005, we opened
Alto Rosario Shopping, which through the years had become in the
most important shopping center in Rosario. Also, in such year, we
increased our interest in Mendoza Plaza Shopping S.A.
(&#x201C;Mendoza Plaza&#x201D;) from 68.8% to 85.4% through our
subsidiary IRSA Commercial Properties. Attractive prospects in our
Office business led us to make an important investment in this
segment by acquiring Bouchard 710 building in fiscal year 2005,
covering 15,014 square meters of rentable premium
space.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In December 2006,
we started the operation of C&#xF3;rdoba Shopping, a shopping
center located in the neighborhood of Villa Cabrera in the City of
C&#xF3;rdoba, Province of C&#xF3;rdoba. C&#xF3;rdoba Shopping has a
total area of &#x200B;&#x200B;35,000 square meters with 106 stores,
12 movie theaters and parking for 1,500 vehicles. Also, through our
subsidiaries, we started in 2007 the construction of one of our
most important projects, a shopping center and an office building
located in the neighborhood of Saavedra, at the intersection
between Panamericana Highway and General Paz Avenue.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">During 2007, we
made several significant acquisitions in the Shopping Centers and
Offices segments. In 2007, we purchased Bouchard Plaza building,
also known as &#x201C;Edificio La Naci&#xF3;n&#x201D;, a 23 floor AAA
office building with a total leasable area of 33,324 square meters,
located in the downtown of the City of Buenos Aires. During 2015,
we completed selling all of the floors in Edificio La Naci&#xF3;n,
remaining in the portfolio 115 parking spaces for rent. In 2007, we
bought Dock del Plata building with a gross leasable area of 7,921
square meters, located in the exclusive area of
&#x200B;&#x200B;Puerto Madero, already sold in its entirety. We also
launched the development of an office building at Dock IV of Puerto
Madero, opened in May 2009, which was entirely sold in December
2015. In addition, we acquired a 50% interest in an office building
including current leases with a gross leasable area of 31,670
square meters, known as Torre BankBoston, which is located in
Carlos Maria Della Paolera 265, Buenos Aires, and was designed by
the recognized architect Cesar Pelli (who also designed the World
Financial Center in New York and the Petronas Towers in Kuala
Lumpur).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In March 2008, we
launched a residential project through a partnership with Cyrela
Brazil Realty to develop a new homebuilding concept in Argentina
accompanied by an innovative sale and financing policy. The
partnership&#x2019;s first project named &#x201C;Horizons&#x201D; is
located in the Vicente L&#xF3;pez neighborhood, Province of Buenos
Aires. The project was a commercial success, all the units were
sold in record time.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In April 2008, we
acquired a building known as &#x201C;Edificio Rep&#xFA;blica&#x201D;,
in the City of Buenos Aires. This property, designed by the
architect C&#xE9;sar Pelli, is a premium office building in the
downtown area of the City of Buenos Aires, which added
approximately 19,533 gross leasable square meters to our portfolio.
In June 2008, our subsidiary IRSA Commercial Properties acquired a
land located in Beruti 3351/3359, between Bulnes and Coronel Diaz
Avenue, in Palermo, a neighborhood of the City of Buenos Aires next
to our mall &#x201C;Alto Palermo Shopping&#x201D;, in which our
affiliate TGLT is developing a residential building named
&#x201C;Astor Berutti&#x201D;.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In July 2008, we
decided to expand internationally into the United States, taking
advantage of certain investment opportunities generated after the
global financial crisis. We acquired a 30% interest in Metropolitan
885 LLC (&#x201C;Metropolitan&#x201D;),&#xA0;&#xA0;a limited
liability company incorporated under the laws of Delaware. Its main
asset is a 34-story building named Lipstick Building, located at
885 Third Avenue, New York. In addition to this asset, the acquired
company also includes debt associated with the building. The
purchase price paid was US$22.6 million. The property has
approximately 59,000 square meters of leasable area. Also, we
acquired a 50% put right related to stake acquired over a period
beginning at six months from closing of the transaction until the
third anniversary at a price equal to the amount paid for the
acquisition plus interest at a rate of 4.5% per annum. Moreover, we
acquired the right of first offer for the 5% interest currently
held by other shareholder of Metropolitan. During fiscal year 2011,
as a result of successful negotiations, we reached an agreement to
restructure the debt of Metropolitan, which was completed on
December 30, 2010, the date on which a principal payment of US$15.0
million for the new restructured mortgage financing, reducing it
from US$130.0 million to US$115.0 million. As a result we own
indirectly 49% of New Lipstick LLC (&#x201C;New Lipstick&#x201D;), a
holding company that owns Metropolitan, and as part of those
agreements the 50% put option was terminated.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In May 2009, we
opened the Dot Baires Shopping Mall, which has four levels and
basement levels, consisting of a total area of 173,000 square
meters, 49,179 square meters of which is gross leasable area. Dot
Baires Shopping, has 153 retail stores, a hypermarket, a cinema
complex and parking spaces for 2,200 vehicles.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On August 4, 2009,
we acquired a 12.86% interest of Hersha Hospitality Trust
(&#x201C;Hersha&#x201D;) for approximately US$60.0 million. Hersha is
a U.S. Real Estate Investment Trust (&#x201C;REIT&#x201D;), listed in
NYSE, which owned at that time participations in 77 hotels
throughout the northeast cost of the United States, which contain
approximately 9,800 rooms. By 2014, we had sold most of our
interest in Hersha at prices by common share that almost doubled
the amount invested.</font></div>
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<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">During 2010, we
acquired from Parque Arauco S.A. a 31.6% stake in IRSA Commercial
Properties, for a total purchase price of US$126 million, as a
consequence of which we increased our shareholding in IRSA
Commercial Properties from 63.4% to 94.9%.&#xA0;&#xA0;As of June
30, 2016, our holding was 94.61%.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In December 2010,
we acquired a 49% interest in the entity that then owned the
building located at 183 Madison Avenue, New York, for a purchase
price of US$85.1 million. In November 2012, we increased our
participation by an additional 25.5%, to 74.50% of the share
capital outstanding. In September 2014, we completed the sale of
183 Madison Avenue, for a sale price of US$185
million.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In March 2011, we
bought the Nobleza Piccardo warehouse, through a subsidiary in
which we have a 50% stake. This property is located in the city of
San Martin, Province of Buenos Aires, and due to its size and
location represents an excellent venue for the future development
of different segments. The total plot area is 160,000 square meters
with floor area of 81,786 square meters. Under the terms of the
agreement, Nobleza Piccardo rents the property during the first
year, releasing it partially until the third year, at which time it
releases the entire building. We are working on the design of a
master plan to apply to the authorities of San Mart&#xED;n that
allow us to develop a mixed-use project.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In August 2011, we
acquired through our subsidiary IRSA Commercial Properties, the 50%
of Nuevo Puerto Santa Fe S.A. (&#x201C;NPSF&#x201D;) common shares, a
corporation that is tenant of a building in which La Ribera
Shopping was built and currently operates, a mall of approximately
8,000 square meters of gross leasable area, located within Dique I
of the port of the city Santa Fe.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In March 2012, we
entered into an agreement with Supertel Hospitality Inc.
(&#x201C;Supertel&#x201D;) whereby we acquired 3,000,000 convertible
preferred shares in which we invested approximately US$20 million.
Supertel is a U.S. REIT listed on Nasdaq, which began operations in
late 70s and in 1994 completed its initial public offering. The
company was focused on mid-range and extended stays hotels in 23
states in the United States, which are operated by different
operators and franchises. During 2015, it appointed a new CEO who
is working on the relaunching of the company. It has also changed
its name to &#x201C;Condor Hospitality Trust&#x201D; and its symbol
on Nasdaq to &#x201C;CDOR&#x201D; (&#x201C;Condor&#x201D;). During
March 2016, Supertel exchanged its Class C preferred shares for a
new class of preferred Class D shares issued by Condor. In this new
issue it has joined the firm &#x201C;Stepstone Real Estate&#x201D; as
a new investment partner contributing US$30 million, which were
intended to cancel the Preferred Series A and B and the acquisition
of new hotels. The new preferred shares series D will accrue an
annual interest of 6.25% and will be convertible into common stock
at a price of US$1.60 per share at any time maintaining a
conversion obligation in the event of future capitalization of the
company. Condor&#x2019;s board is composed of four directors
appointed by Supertel, 3 from Stepstone and 2 Independents. Also,
Supertel&#x2019;s voting power in Condor amounts to
49%.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In December 2014,
we renamed Alto Palermo into IRSA Commercial Properties, an
exclusive vehicle of commercial real estate in Argentina with more
than 430,000 premium square meters of properties, to capture all
growth opportunities arising in the future. We transferred 83,789
square meters of five buildings of our Premium office portfolio to
our subsidiary Alto Palermo S.A. (APSA) (currently IRSA Commercial
Properties), of which we own 94.61% of its shares and decided to
change its name to IRSA Commercial Properties, which is listed on
the MERVAL and on Nasdaq, under the symbol
&#x201C;IRCP&#x201D;.&#xA0;&#xA0;The Premium office buildings
transferred included Edificio Rep&#xFA;blica, Torre Bank Boston,
Edificio Intercontinental Plaza, Edificio Bouchard 710 and Edificio
Suipacha. We also transferred to IRSA Commercial Properties the
reserve of land known as Intercontinental II, adjoining Edificio
Intercontinental Plaza, which has potential for the development of
19,597 m2.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In December 2014,
we opened a new shopping center, &#x201C;Distrito Arcos, Premium
Outlet&#x201D;. Located in Palermo (City of Buenos Aires), this new
project of approximately 13,000 square meters of gross leasable
area, 52 shops and 15 stands was established as an outlet with
variety of premium brands in an open-air environment.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In March 2015, we
inaugurated the sixteenth mall of our portfolio. Alto Comahue
Shopping, located in the center of the city of Neuqu&#xE9;n, which
has an area of 9,500 square meter gross leasable area, about 1,000
parking spaces between indoor and outdoor and a major entertainment
and leisure space. The mall has 130 retail shops that feature the
most prestigious brands in the country. The project is part of a
mixed-use complex, to be complemented by a supermarket and two
additional land plots. One of them is for the development of a
hotel, and the other of 18,000 square meters, is for future
residential development.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">40</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In October 11,
2015, continuing with our strategy of expansion and diversification
in the international markets, we gained control of the Israeli
conglomerate IDBD. IDBD is one of the largest and most diversified
conglomerates in Israel which participates through its subsidiaries
in numerous markets and industry sectors, such as: real estate
(Property &amp; Building Corporation), supermarkets (Shufersal),
agrochemicals (Adama), insurance (Clal Holdings Insurance
Enterprises), and telecommunications (Cellcom), among others.
IDBD&#x2019;s shares ceased to be listed on the Stock Exchange of
Tel Aviv (&#x201C;TASE&#x201D;). For more information about the
control obtainment of IDBD please see &#x201C;Significant
acquisitions, dispositions and development of business -
<font style="font-style: italic">Acquisition of control of
IDBD</font>&#x201D;.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><img src="operationscenter.jpg"></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Significant acquisitions, dispositions and development of
business</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Acquisitions</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Acquisition of control of IDBD</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On May 7, 2014, the
Company, acting indirectly through Dolphin, acquired jointly with
ETH, an aggregate of 106.6 million common shares in IDBD,
representing 53.30% of IDBD&#x2019;s stock capital, in the context
of a restructuring Arrangement of IDBH, IDBD&#x2019;s parent
company. Under the terms of the agreement, Dolphin and ETH (the
&#x201C;Shareholders&#x2019; Agreement&#x201D;)<font style="vertical-align: super; font-size: 70%">1</font>, Dolphin acquired
50% interest in this investment, and ETH acquired a 50% equity
stake in IDBH. The initial investment amount was NIS 950 million,
equivalent to approximately US$272 million at the exchange rate
prevailing on that date.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On May 28, 2015, in
accordance to the requirements under existing shareholder
arrangements, ETH launched a tender offer to acquire all the shares
of IDBD held by minority shareholders, at a fixed
price.&#xA0;&#xA0;The obligation to consummate this acquisition was
assumed by the buyers.&#xA0;&#xA0;On June 10 and 11, 2015, Dolphin
gave notice to ETH of its intention to buy all the shares of IDBD
held by ETH.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">After certain
aspects of the offer were resolved in arbitration brought by
Dolphin and ETH, on September 24, 2015, the arbitration panel
resolved that: (i) Dolphin and IFISA were entitled to act as buyers
in the tender offer and ETH had to sell all IDBD shares held by it
(92,665,925 shares) at a price of NIS 1.64 per share; (ii)&#xA0;the
buyer was obligated to fulfill the</font> <font style="font-size: 13px; font-family: Times New Roman">commitments assumed
by ETH, including the commitment to carry out the tender offers;
and (iii)&#xA0;the buyer was obligated to pledge the shares of
acquired from ERT to the Agreement Trustees.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="vertical-align: super; font-size: 70%">1</font> Note that the
shareholders&#x2019; agreement was originally signed between Dolphin
and ETH MBA Extra Holdings. On April 2014, Dolphin and CAA Extra
Holding received the rights to become holders of the
shares.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">41</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On October 11,
2015, the BMBY process concluded, and IFISA acquired all
IDBD&#x2019;s shares from ETH. Consequently, the Shareholders&#x2019;
Agreement was terminated and members of IDBD&#x2019;s board of
directors appointed by ETH tendered their resignations, leaving
Dolphin with the authority to appoint new members to the Board.
Additionally, Dolphin pledged additional shares as collateral to
secure compliance with the IDBD stock purchase agreement, thereby
increasing the number of pledged shares to 64,067,710. As a
consequence, IRSA acquired control of IDBD and started to
consolidate financial statements as from that date.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In addition to the
arbitration decision issued on September 24, 2016, ETH and Dolphin
have counterclaims that remain unresolved in such arbitration
proceeding. As of the date of this Annual Report, the proceeding is
still pending.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Subsequently
following the exercise of BMBY, Dolphin has entered into an option
agreement with IFISA that grants Dolphin the right for a period of
two years to acquire the 92,665,925 shares in IDBD owned by IFISA
at a price per share of NIS 1.64 plus an annual interest rate of
8.5%. The exercise date for the option extends for two
years.&#xA0;&#xA0;Dolphin also has a first refusal if IFISA agrees
to sell these shares to a third party. The value of the option
agreement as of June 30, 2016 is zero.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Acquisition of non-controlling interest</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Dolphin was
required to carry out the first tranche of tender offers in
December 2015. Before expiration of such first tranche, Dolphin and
the arrangement trustees (the &#x201C;Trustees&#x201D;) entered into
an extension agreement (the &#x201C;Extension Agreement&#x201D;),
which was replaced by the final agreement approved by approximately
95% of the non-controlling shareholders of IDBD (excluding IFISA)
and by warrants holders of IDBD on March 2, 2016 and by the
competent court on March 10, 2016. The major amendments to the
Arrangement were:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px">
<font><font style="font-size: 13px; font-family: Times New Roman">(i)&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Replacement of the
obligation to conduct tender offers as previously established under
the Arrangement whereby Dolphin would purchase all the shares
outstanding on March 29, 2016 from non-controlling shareholders of
IDBD (except for those held by IFISA) on March 31, 2016. On March
29, 2016, all IDBD shares would be delisted from the TASE. On that
date, all IDBD warrants held by non-controlling shareholders would
expire and Dolphin would make capital contributions to IDBD or
grant subordinate loans, as described
hereafter.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px">
<font><font style="font-size: 13px; font-family: Times New Roman">(ii)&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">The price to be
paid for each IDBD share held by non-controlling shareholders on
March 29, 2016 would be NIS 1.25 payable in cash, plus NIS 1.20
adjusted nominal value in bonds of the IDBD Series 9 (the
&#x201C;IDBD Bonds&#x201D;), which IDBD will issue directly to
non-controlling shareholders and holders of warrants, and Dolphin
will inject funds into IDBD equal to the adjusted nominal value of
IDBD Bonds. Additionally, Dolphin would undertake to pay NIS 1.05
per share (subject to adjustments) in cash if Dolphin, either
directly or indirectly, gains control of Clal, or if IDBD sells a
controlling stake in Clal under certain parameters (the &#x201C;Clal
payment&#x201D;), which refers mainly to Clal&#x2019;s sale price (at
a price which exceeds 75% of its book value upon execution of the
sale agreement, subject to adjustments) and, under certain
circumstances, the proportion of ownership of Clal shares sold by
IDBD.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px">
<font><font style="font-size: 13px; font-family: Times New Roman">(iii)&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">The warrants held
by non-controlling shareholders that have not been exercised until
March 28, 2016 expired on March 31, 2016. Each warrant holder was
entitled to elect whether: (a) to receive IDBD bonds (based on the
adjusted nominal value) in an amount equal to the difference
between NIS 2.45 and the exercise price of the warrants and be
entitled to the Clal payment; or (b) to receive a payment
determined by an independent appraiser and approved by
Court.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px">
<font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-family: Times New Roman; font-size: 13px">Regarding warrant
holders choosing this second alternative of payment, the District
Court has rejected the experts opinion with respect to the
evaluation of the Clal payment and one of the warrants holders has
decided to file an appeal before the Supreme Court. As of the date
of this filing, the process has not been ended and the Supreme
Court has not rendered a decision yet.</font> <font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell">
<font><br></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px">
<font><font style="font-size: 13px; font-family: Times New Roman">(iv)&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Dolphin committed
to providing IDBD a total of NIS 515 million (the
&#x201C;Contribution to IDBD&#x201D;), of which Dolphin contributed
NIS 15 million in February 2016 and NIS 85 million in March 2016.
The amount injected to IDBD would be reduced by any capital
contribution resulting from the exercise of warrants held by
non-controlling shareholders (maximum amount of approximately NIS
37.5 million). The contribution to IDBD would further cover the
IDBD Bonds necessary to comply with the transactions described
above (between NIS 166.5 million and NIS 178 million), and the
balance would be contributed until completing the amount committed
by Dolphin either as a capital contribution or as a subordinated
loan which amounted to NIS 248.45.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px">
<font><font style="font-size: 13px; font-family: Times New Roman">(v)&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Dolphin had to
pledge 28% of its IDBD shares, as well as all rights held by
Dolphin in relation to the subordinated loan granted in the amount
of NIS 210 million in December 2015, until the payment obligation
for Clal has been completed or has expired, after which the pledge
will be discharged.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">42</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Should new shares
be issued by IDBD, Dolphin will be required to pledge additional
shares until completing the 28% of all IDBD share capital. This
pledge supersedes the existing pledge on approximately 64 million
shares of IDBD and all Dolphin&#x2019;s rights in relation to the
Subordinated Loan.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px">
<font><font style="font-size: 13px; font-family: Times New Roman">(vi)&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Additionally,
Dolphin agreed not to exercise its right to convert the
subordinated loans into shares of IDBD until the pledge described
above has been released. Should the pledge on subordinated loans be
exercised by the Trustees, then those trustees may convert the
subordinated loans into shares; however, in such case, the maximum
percentage of the IDBD capital that may be pledged is 35%, and any
shares in excess of such amount will be released from the
pledge.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On March 31, 2016:
(i) Dolphin acquired all shares from IDBD&#x2019; minority
shareholders (except for IFISA), (ii) all warrants held by IDBDs
minority shareholders expired, and (iii) Dolphin made additional
contributions to IDBD via subordinated loans pursuant. All
commitments to invest in IDBD by Dolphin have been satisfied; only
obligation to make a payment to Clal is outstanding, provided
certain conditions are met. Additionally, Dolphin is obligated to
exercise its warrants if both of the following conditions
occur:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 36px">
<font><font style="font-size: 13px; font-family: Times New Roman">(i)</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">An agreement is
reached to renegotiate the debt covenants applicable to IDBD and
its subsidiaries; and</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 36px">
<font><font style="font-size: 13px; font-family: Times New Roman">(ii)</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Control over Clal
is obtained.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The obligation
would amount to NIS 391 million. The warrants mature on February
10, 2018.&#xA0;&#xA0;As of June 30, 2016, IRSA&#x2019;s indirect
interest in IDBD was 68.28% without considering
dilution.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The transaction
described above represented the acquisition of an additional
interest of 19.28% in IDBD for a total amount of Ps.1,249 million.
As a result of this transaction, the non-controlling interest was
increased by Ps.346 million and the interest attributable to the
shareholders&#x2019; of the controlling parents was increased by
Ps.234 million.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Acquisition and sale of investment properties</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">During the fiscal
year ended June 30, 2016, IRSA sold certain floors corresponding to
Maip&#xFA; 1300 Building, Intercontinental Plaza, all the floors
corresponding to Dique IV and Isla Sirgadero, among others. All
sales mentioned above led to a combined profit for the Company of
Ps.1,113 million.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">During the fiscal
year ended June 30, 2015, IRSA acquired five plots of farmlands in
Luj&#xE1;n for Ps.210 million and, through IRSA CP, a plot of land
in C&#xF3;rdoba in the amount of Ps.3.1 million, and has sold
floors corresponding to Maip&#xFA; 1300 building, Intercontinental
Plaza, Bouchard 551, the entire Madison 183 building and parking
spaces in Bouchard 551, Libertador 498 and Maip&#xFA; 1300. All
sales mentioned above led to a combined profit for the Company of
Ps.1,163 million.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">During the fiscal
year ended June 30, 2014, IRSA acquired, through IRSA CP, a
building next to Alto Palermo Shopping for US$3.8 million and sold
floors corresponding to Maip&#xFA; 1300 building, Bouchard 551 and
the entire buildings Mayo 589, Rivadavia 565, Costeros Dique IV
Constituci&#xF3;n 1159 and parking spaces in Maip&#xFA; 1300,
Bouchard 551 and Libertador 498 buildings. All sales mentioned
above led to a combined profit for the Company of Ps.236
million.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Acquisition of additional interest in BHSA</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">During the year
ended June 30, 2015, IRSA acquired 3,289,029 additional shares of
BHSA for Ps.14.2 million, thereby increasing its equity stake from
29.77% to 29.99%. During the year ended June 30, 2016 IRSA sold
1,115,165 shares of BHSA in a total amount of Ps.7.7 million,
thereby decreasing its interest to 29.91%.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Disposal of financial assets</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">During August 2014,
IRSA, through its subsidiary REIG IV, sold the balance of one
million shares of Hersha Hospitality Trust, at an average price of
US$6.74 per share.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Sale of Associates</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On February 5,
2014, IRSA, through Ritelco, sold its interest in Bitania,
representing 49% of its capital stock, for US$4.2 million. Such
transaction generated a net gain of approximately Ps.13.3
million.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Acquisition of BACS</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Company through
Tyrus, subscribed a purchase-sale agreement of shares of BACS,
representing an interest of 6.125%, for US$1.35 million. This
operation is yet to be approved by the BCRA as of June 30, 2016,
according to regulations in force. The advance payment related to
this transaction is disclosed in &#x201C;Trade receivables and Other
receivables&#x201D;. On August 24, 2016 the operation was approved
by the BCRA.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">43</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On June 17, 2015,
subscribed Convertible Notes, issued by BACS with or a nominal
value of Ps.100,000,000, which are convertible into common
stock.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On June 21, 2016,
we notified BACS on their right to convert all of the convertible
subordinated Notes into common shares.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As a consequence,
BACS initiated the relevant diligence before the Argentine Central
Bank in order to secure the authorization to issue the shares in
our favor.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Rigby capital reduction</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">During fiscal year
2015, Rigby reduced its capital stock by distributing among
existing shareholders, proportionally to their shareholdings, the
gain made on the sale of Madison building. The total amount
distributed is US$103.8 million, of which the Company received
US$77.4 million (US$26.5 million through IRSA International and
US$50.9 million through IMadison LLC) and US$26.4 million were
distributed to other shareholders. As a result of such reduction,
the Company has decided to reverse the corresponding accumulated
conversion difference on a pro rata basis, which amounted to
Ps.188.3 million.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Capital Expenditures</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-style: italic; font-size: 13px">Fiscal Year
2016</font>.<font style="font-style: italic; font-weight: bold">&#xA0;</font>During the
fiscal year ended June 30, 2016, we invested Ps.2,369 million,
mainly related to: (a) acquisitions and improvements in property,
plant and equipment for Ps.1,172 million, primarily i) Ps.378
million in buildings and facilities, mainly in our operation center
in Israel&#x2019;s supermarkets, ii) Ps.310 million in communication
networks, and iii) Ps.291 million in machinery and equipment; (b)
improvements in our rental properties of Ps.260 million, primarily
in our shopping centers in Argentina; and (c) the development of
properties for Ps.919 million, mainly in our Operations Center in
Israel.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-style: italic">Fiscal Year 2015.</font> During the fiscal
year ended June 30, 2015, we invested Ps.532 million, as follows:
(a) to fund improvements in our Sheraton Libertador,
Intercontinental and Llao Llao hotels (Ps.1.2 million, Ps.9 million
and Ps.4.5 million, respectively), (b) Ps.14 million allocated to
advances for the acquisition of investments in general, (c) Ps.35
million related to the acquisition of furniture and fixtures,
machinery, equipment, and facilities, (d) Ps.186.5 million related
to the development of properties, of which Ps.1.5 million are
related to Distrito Arcos and Ps.185 million are related to Alto
Comahue, (e) Ps.60.4 million related to improvements in our
shopping centers, (f) Ps.5.6 million related to improvements to our
offices and other rental properties; (g) Ps.214.6 million related
to the acquisition of the &#x201C;La Adela&#x201D; project, and (h)
Ps.1.6 million related to the acquisition of land
reserves.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-style: italic">Fiscal Year 2014.</font> During the fiscal
year ended June 30, 2014, we invested Ps.318 million, as follows:
(a) to fund improvements in our Sheraton Libertador,
Intercontinental and Llao Llao hotels (Ps.5.6 million, Ps.2.1
million and Ps.2.3 million, respectively), (b) Ps.9.5 million
related to the acquisition of furniture and fixtures, machinery,
equipment and facilities, (c) to fund improvements in our shopping
centers for Ps.61.1 million, (d) Ps.179.3 million allocated to the
development of properties, Ps.99.9 million corresponding to the
&#x201C;Distrito Arcos&#x201D; project and Ps.79.4 million to the
&#x201C;Shopping Neuqu&#xE9;n&#x201D; project, (e) Ps.29.6 million
allocated to advances for the acquisition of investments in
general, (f) Ps.24 million allocated to improvements of our offices
and other rental properties, and (g) Ps.0.5 million related to the
acquisition of land reserves.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Recent Developments:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
<font style="background-color: #ffffff">Annual Shareholders
Meeting.</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Our Ordinary and
Extraordinary Shareholders&#x2019; Meeting has been called for
October 31, 2016, at 1:00 p.m., to address the following agenda:
(i) Consideration of documents contemplated in Section 234,
paragraph 1, of the Argentine Companies Law No. 19,550 for the
fiscal year ended June 30, 2016; (ii) Consideration of the fiscal
year&#x2019;s results, consisting of a Ps.1,254 million net loss.
Ratification of the Board of Directors&#x2019; decision dated May
12, 2016, as to funding the legal reserve with funds from the
future dividends reserve, in accordance with Art. 5, Chapter III,
Title IV of CNV Rules; (iii) Consideration of Board of
Directors&#x2019; performance; (iv) Consideration of Supervisory
Committee&#x2019;s performance; (v) Consideration of compensation
payable to the Board of Directors for Ps.24 million for the fiscal
year ended June 30, 2016; (vi) Consideration of compensation
payable to the Supervisory Committee for the fiscal year ended June
30, 2016; (vii) Determination of the number and election of Regular
Directors and Alternate Directors, as applicable; (viii)
Appointment of Regular and Alternate Members of the Supervisory
Committee; (ix) Appointment of Certifying Accountant for the next
fiscal year and determination of its compensation. Delegation of
powers; (x) Updating of report on Shared Services Agreement; (xi)
Treatment of amounts paid as personal assets tax levied on the
shareholders; (xii) Consideration of (i) request for extension of
the Global Note Program for up to US$300 million currently
outstanding, in accordance with the resolutions adopted at the
Shareholders&#x2019; Meeting dated October 31, 2011, for a further 5
years or more, if applicable; (ii) request for extension of the
Program for an additional US$200 million; (xiii) Consideration of
(i) delegation on the Board</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">44</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">of Directors of
powers to implement the time and amount extension requests of the
Global Note Program and/or its reduction, and to determine the
terms and conditions of the Program not expressly approved by the
shareholders&#x2019; meeting, such as time and currency of issue and
further terms and conditions of the notes to be issued under the
Global Note Program&#xA0;; (ii) authorization to Board of Directors
to (a) approve, celebrate, enter into and/or subscribe any
agreement, contract, document, instrument and/or note related to
the time extension of the Program and/or the implementation of the
amount increase and/or the issuance of notes and/or series of notes
under the Program; (b) request to the Argentine Securities
Commission the authorization for the public offering of such notes;
(c) request to the applicable stock Exchange, local or foreign, the
authorization for the listing of such notes; and (d) undertake any
action or take any necessary step in order to the time extension
request of the Program and/or its amount increase and/or the
issuance of notes and/or series of notes under the Program; and
(iii) authorization to the Board of Directors to delegate the
powers and authorizations granted in (i) and (ii) to one or many of
its members; (xiv) Consideration of the granting of indemnity to
current and former members of the Board of Directors, members of
the Supervisory Committee and the Senior Management of the Company,
in subsidy of the D&amp;O policies; (xv) Consideration of reform of
article 24 of the by-laws in order to include distance
meetings.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Operations Center in Argentina</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Issuance of Series VII and Series VIII Notes.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On September 8,
2016, we issued the Series VII Notes, in an aggregate principal
amount of Ps.384,233,262, bearing an adjustable interest rate of
BADLAR + 2.99% per year and the Series VIII Notes, in an aggregate
principal amount of US$184,507,138, bearing interest at a fixed
rate of 7% per year. Both Series mature on September 9, 2019. The
use of proceeds was mainly to repay debt.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Redemption of Series I Notes.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On September 9,
2016, we announced our intention to redeem all outstanding Series I
Notes for a total amount of US$74.55 million. The redemption took
place on October 11, 2016, and the redemption price was equal to
100% of the aggregate principal amount of the outstanding Notes
plus accrued interest, as a result of the redemption, the
outstanding amount of the Notes was cancelled in full.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Dolphin Netherlands shares subscription.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On August 10, 2016,
through a subsidiary, we subscribed additional shares of Dolphin
Netherlands B.V. for a subscription price of US$3.2 million. As of
June 30, 2016 we owned 98.6% of Dolphin Netherlands
B.V.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Operations Center in Israel</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Acquisition of DIC shares from IDBD.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On September 23,
2016, we acquired from IDBD 8,888,888 shares of Discount Investment
Corporation (&#x201C;DIC&#x201D;) (DISI:TASE) for NIS 100 million
(approximately US$26.7 million), equivalent to 8.8% of DIC&#x2019;s
shares outstanding.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
ChemChina&#x2019;s offer for Adama Agricultural Solutions
Ltd.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On July 17, 2016,
our indirect subsidiary DIC, agreed to sell its remaining 40% in
Adama to ChemChina for cash consideration of US$ 230 million and
cancellation of a loan due to a Chinese bank. It is expected that
the sale transaction be consummated by the first week of November
2016, subject to the fulfillment of certain conditions, including
the receipt of Chinese regulatory and antitrust
approvals.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Dismissal of liquidation request of IDBD.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On July 18, 2016,
the Tel Aviv District Court dismissed the request for liquidation
of IDBD and appointment of interim liquidator put forward by
Hermetic Trust (1975) Ltd. on behalf of IDBD&#x2019;s Series 9
bondholders.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Issuance of Notes by IDBD and DIC.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On August 2, 2016
IDBD issued a new Series of Debentures in the Israeli market for an
amount of NIS 325 million due November 2019 at an annual interest
rate adjustable by CPI plus 4.25%. The notes are pledged by shares
of Clal Insurance Enterprise Holdings Ltd (&#x201C;Clal&#x201D;),
subject to the approval of the Commissioner of Capital Markets,
Insurance and Savings. IDBD is working to get the authorization to
constitute the guarantee through the filing of an application to
the Supreme Court asking for such approval. In case IDBD does not
get the required approval, funds must be repaid with interest plus
a penalty. on September 15, 2016, the High Court of Justice gave a
partial judgment and decision, according to which it was decided,
to reject the petition&#xA0;&#xA0;for the most part and to grant an
order which instructs the Commissioner to appear and show a reason
for her opposition to the request of the company to pledge up to 5%
of the shares of Clal Holdings, subject to an</font> <font style="font-size: 13px; font-family: Times New Roman">outline agreed to
at the time by the company. Furthermore, the company maintains the
right to accede to a proposal for compromise which was raised in
the context of the discussion. A hearing date was set for January
2017.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">45</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Furthermore, DIC
re-opened its issuance of Notes due 2025 for an additional
principal amount of NIS 360 million.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Notes in IDBD and subsidiaries.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In July 2016,
Shufersal acquired Notes Series B shares with a Nominal Value of
NIS 511 million by way of an additional issue of Notes Series F
shares at a ratio of 1.175 for each NIS 1 nominal value of the
Series B shares outstanding. The Notes Series B shares acquired by
Shufersal were cancelled and delisted.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
B.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Business
Overview</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Operations and principal activities</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Founded in 1943,
IRSA Inversiones y Representaciones is one of Argentina&#x2019;s
leading real estate companies in terms of total assets and the only
Argentine real estate company whose shares are listed on both the
MERVAL and on the NYSE.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We are engaged,
directly and indirectly through subsidiaries and joint ventures, in
a range of diversified activities, primarily in real estate, in
Argentina and abroad, including:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 72px">
<font><font style="font-size: 13px; font-family: Times New Roman">i.&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">the acquisition,
development and operation of shopping centers,</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 72px">
<font><font style="font-size: 13px; font-family: Times New Roman">ii.&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">the acquisition and
development of office and other non-shopping center properties
primarily for rental purposes,</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 72px">
<font><font style="font-size: 13px; font-family: Times New Roman">iii.&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">the development and
sale of residential properties,</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 72px">
<font><font style="font-size: 13px; font-family: Times New Roman">iv.&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">the acquisition and
operation of luxury hotels,</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 72px">
<font><font style="font-size: 13px; font-family: Times New Roman">v.&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">the acquisition of
undeveloped land reserves for future development or sale,
and</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 72px">
<font><font style="font-size: 13px; font-family: Times New Roman">vi.&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">selective
investments outside Argentina.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As of June 30,
2016, we owned 94.61% of IRSA Commercial Properties, 29.91% of
Banco Hipotecario, one of the leading financial institutions in
Argentina, 49.9% interest in a US company whose main asset is the
&#x201C;Lipstick Building in New York City,&#x201D; 49.0% of the
voting stock of the US Real Estate Investment Trust
(&#x201C;REIT&#x201D;) named Condor (formerly known as Hospitality
Inc.) and indirectly, 68.3% of the IDBD.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On October 11,
2015, we gained effective control of IDBD and it began to include
it in our consolidated financial statements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">IDBD is one of the
largest and most diversified holding companies in Israel. Through
its subsidiaries, associates, joint ventures and other investments,
IDBD is engaged in numerous markets and industry sectors in Israel
and other countries, including real estate (Property and Building
Corporation), supermarkets (Shufersal), agroindustry (Adama),
insurance (Clal Holdings Insurance Enterprises, hereinafter Clal),
and telecommunications (Cellcom), among others. On March 31, 2016,
IDBD&#x2019;s shares were delisted from the Tel Aviv Stock Exchange.
However, IDBD will continue to be registered with the TASE as a
&#x201C;Debentures Company&#x201D; pursuant to Israeli law, as it has
bonds listed on such exchange.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We have decided to
break down reporting into an Operations Center in Argentina and an
Operations Center in Israel. From the Operations Center in
Argentina, through IRSA and our subsidiaries, we manage the
businesses in Argentina and the international investments in the
Lipstick Building in New York and the Condor hotel REIT. From our
Operations Center in Israel, we manage IDBD.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
<font style="text-decoration: underline">Operations Center in
Argentina</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We operate our
business in Argentina through six reportable segments, namely
&#x201C;Shopping Centers&#x201D;, &#x201C;Offices and Others&#x201D;,
&#x201C;Sales and Developments&#x201D;, &#x201C;Hotels&#x201D;,
&#x201C;International&#x201D; and &#x201C;Financial Operations and
Others&#x201D; as further described below:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Our &#x201C;Shopping
Centers&#x201D; segment includes the operating results from our
portfolio of shopping centers principally comprised of lease and
service revenue from tenants. Our Shopping Centers segment had
assets of Ps.2,337 million and Ps.2,371 million as of June 30, 2016
and 2015, respectively, representing 46% and 37% of our operating
assets for the Operations Center in Argentina at such dates,
respectively. Our Shopping Centers segment generated operating
income of Ps.1,638 million and Ps.1,190 million for the fiscal
years ended June 30, 2016 and 2015, respectively, representing 60%
and 47% of our consolidated operating income in Argentina for such
years, respectively.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Our &#x201C;Offices
and Others&#x201D; segment includes the operating results of our
lease and service revenues of office space and other non-retail
building properties principally comprised of lease and service
revenue from tenants. Our Offices and</font> <font style="font-size: 13px; font-family: Times New Roman">Others segment had
assets of Ps.911 million and Ps.992 million as of June 30, 2016 and
2015, respectively, representing 18% and 15% of our operating
assets for the Operations Center in Argentina at such dates,
respectively. Our Offices and Others segment generated operating
income of Ps.221 million and Ps.102 million for the fiscal years
ended June 30, 2016 and 2015, respectively, representing 8% and 4%
of our consolidated operating income for the Operations Center in
Argentina for such years, respectively.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">46</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Our &#x201C;Sales
and Developments&#x201D; segment includes the operating results of
our acquisition and/or construction of housing and other properties
for sale in the ordinary course of business. Our Sales and
Developments segment had assets of Ps.742 million and Ps.612
million as of June 30, 2016 and 2015, respectively, representing
15% and 9% of our operating assets for the Operations Center in
Argentina at such dates, respectively. Our Sales and Developments
segment generated operating income of Ps.881 million and Ps.1,113
million for the financial years ended June 30, 2016 and 2015,
respectively, representing 32% and 44% of our consolidated
operating income for the Operations Center in Argentina for such
years, respectively.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Our
&#x201C;Hotels&#x201D; segment includes the operating results of our
hotels mainly comprised of room, catering and restaurant revenues.
Our Hotels segment had assets of Ps.164 million and Ps.172 million
as of June 30, 2016 and 2015, respectively, representing 3% of our
operating assets for the Operations Center in Argentina for both
years. Our Hotels segment generated operating losses of Ps.1
million and operating losses of Ps.12 million for the fiscal years
ended June 30, 2016 and 2015, respectively, representing 0.04% and
0.47% of our consolidated operating income for the Operations
Center in Argentina for such years.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Our
&#x201C;International&#x201D; segment includes investments 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 the investment in IDBD at fair value until October 11,
2015. We intend to continue evaluating investment opportunities
outside Argentina as long as they offer attractive investment and
development options. Our International segment generated operating
losses of Ps.3 million and operating income of Ps.146 million for
the fiscal years ended June 30, 2016 and 2015, respectively,
representing 0.1% and 6% of our consolidated operating income for
the Operations Center in Argentina for such years,
respectively.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Our
&#x201C;Financial Operations and Others&#x201D; segment includes
principally the income or loss generated by our associates Banco
Hipotecario, BACS and Tarshop, and the residual financial
operations of Metroshop carried on through Apsamedia. During fiscal
year 2015, we decreased equity interest in Banco Hipotecario from
29.99% to 29.91%, held in the form of Class D shares, which are
currently entitled to three votes per share. As of June 30, 2016,
our investment in Banco Hipotecario generated income of Ps.259
million. Tarshop&#x2019;s operations consist primarily of lending
and servicing activities related to the credit card offered to
consumers at retail venues. Our Financial Operations and Others
segment had assets of Ps.1,703 million and Ps.1,404 million as of
June 30, 2016 and 2015, respectively, representing 34% and 22% of
our operating assets for the Operations Center in Argentina at such
dates, respectively. Our Financial Operations and Others segment
generated operating losses of less than Ps.1 million and Ps.2
million for the fiscal years ended June 30, 2016 and 2015,
respectively, representing less than 1% of our consolidated
operating income for the Operations Center in Argentina for such
years.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
<font style="text-decoration: underline">Operations Center in
Israel</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We operate our
business in Israel through six reportable segments, namely
&#x201C;Real Estate&#x201D;, &#x201C;Supermarkets&#x201D;,
&#x201C;Agrochemicals&#x201D;, &#x201C;Telecommunications&#x201D;,
&#x201C;Insurances&#x201D; and &#x201C;Others&#x201D; as further
described below:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Our &#x201C;Real
Estate&#x201D; segment includes mainly assets and operating income
derived from business related to the subsidiary PBC. Through PBC,
the Company operates rental properties and residential properties
in Israel, United States and other parts of the world and carries
out commercial projects in Las Vegas. Our Real Estate segment had
assets of Ps.60,197 million as of June 30, 2016, representing 41%
of our operating assets for the Operations Center in Israel at such
date. Our Real Estate segment generated operating income of Ps.617
million for the fiscal year ended June 30, 2016, representing 86%
of our consolidated operating income for the Operations Center in
Israel for such year.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Our
&#x201C;Supermarkets&#x201D; segment includes assets and operating
income derived from the business related to the subsidiary
Shufersal. Through Shufersal, the Company mainly operates a
supermarket chain in Israel. Our Supermarkets segment had assets of
Ps.29,440 million as of June 30, 2016, representing 20% of our
operating assets for the Operations Center in Israel at such date.
Our Supermarkets segment generated operating income of Ps.424
million for the fiscal year ended June 30, 2016, representing 59%
of our consolidated operating income for the Operations Center in
Israel for such year.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Our
&#x201C;Agrochemicals&#x201D; segment includes the income derived
from the associate Adama. Adama is a company specialized in
agrochemicals, particularly for the production of crops. Our
Agrochemicals segment generated an income of Ps.334 million from
the investment in Adama for the fiscal year ended June 30,
2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">47</font></div>
</div>
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<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Our
&#x201C;Telecommunications&#x201D; segment includes assets and
operating income derived from the business related to the
subsidiary Cellcom. Cellcom is a provider of telecommunication
services and its main activities include the provision of mobile
phone services, fixed line phone services, data and Internet, among
others. Our Telecommunications segment had assets of Ps.27,345
million as of June 30, 2016, representing 19% of our operating
assets for the Operations Center in Israel at such date. Our
Telecommunications segment generated operating losses of Ps.71
million for the fiscal year ended June 30, 2016, representing 10%
of our consolidated operating income for the Operations Center in
Israel for such year.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Our
&#x201C;Insurance&#x201D; segment includes the investment in Clal.
Clal is one of the most important insurance groups in Israel, and
is mainly engaged in pension and social security insurance, among
others. As indicated in Note 16 of the Financial Statements, 51% of
the controlling shares of Clal are held in a trust following the
instructions of the Israel Securities Commission in order to comply
with the sale of the controlling shares of Clal; as a result, Clal
is not fully consolidated on a line-by-line basis but rather in a
single line as a financial instrument at fair value, as required by
the IFRS under the current circumstances where no control is
exercised. Our Insurance segment had assets of Ps.4,602 million as
of June 30, 2016, representing 3% of our operating assets for the
Operations Center in Israel at such date.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Our
&#x201C;Others&#x201D; segment includes the assets and income derived
from other diverse business activities, such as technological
developments, tourism, oil and gas assets, electronics, and others.
Our Others segment had operating assets of Ps.25,405 million as of
June 30, 2016, representing 17% of our operating assets for the
Operations Center in Israel at such date. Our Others segment
generated operating losses of Ps.250 million for the fiscal year
ended June 30, 2016, representing 35%, of our consolidated
operating income for the Operations Center in Israel for such
year.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Business Strategy</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As a leading
company in Argentina engaged to acquiring, developing and managing
real estate, we seek to (i) generate stable cash flows through the
operation of our real estate rental assets (shopping centers,
office buildings, hotels), (ii) achieve long-term appreciation of
our asset portfolio by taking advantage of development
opportunities, (iii) increase the productivity of our land reserves
and enhance the margins of our development and sale of properties
segment through partnerships with other developers, and (iv) look
for opportunities abroad offering capital gain
potential.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Operations Center in Argentina</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Shopping
Centers</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Our main purpose is
to maximize our shareholders&#x2019; profitability. By using our
know-how in the shopping centers industry in Argentina as well as
our leading position, we seek to generate a sustainable growth of
cash flow and to increase the long-term value of our real estate
assets.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We attempt to take
advantage of the unsatisfied demand for purchase in different urban
areas of the region, as well as of our customers&#x2019; purchase
experience. Therefore, we seek to develop new shopping centers in
urban areas with attractive prospects for growth, including Buenos
Aires&#x2019; Metropolitan area, some cities in the provinces of
Argentina and possibly, other places abroad. To achieve this
strategy, the close business relationship we have had for years
with more than 1,000 retail companies and trademarks composing our
selected group of tenants is of utmost importance, as it allows us
to offer an adequate mix of tenants for each particular
case.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">During the fiscal
years ended June 30, 2014, 2015 and 2016, our Shopping Centers
segment had revenues of Ps.1,383 million, Ps.1,778 million and
Ps.2,406 million, respectively.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Offices
and Others</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We seek to purchase
and develop premium office buildings in strategically-located
business districts in the City of Buenos Aires and other strategic
locations that we believe offer return and potential for long-term
capital gain. We expect to continue our focus on attracting premium
corporate tenants to our office buildings. Furthermore, we intend
to consider new opportunities on a selective basis to acquire or
construct new rental office buildings.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">During the fiscal
years ended June 30, 2014, 2015 and 2016, our Offices and Others
segment had revenues of Ps.271 million, Ps.333 million and Ps.340
million, respectively.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Sales
and Developments</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We seek to purchase
undeveloped properties in densely-populated areas and build
apartment complexes offering green spaces for recreational
activities. We also seek to develop residential communities by
acquiring undeveloped properties with convenient access to the City
of Buenos Aires, developing roads and other basic infrastructure
such as electric power and water, and then selling lots for the
construction of residential units. The scarcity of mortgage
financing restricted the growth in low class home purchases, and as
a result, we mainly focused on the development of residential
communities for middle and high-income individuals, who do not need
to finance their home purchases. Furthermore, we seek to
continue</font> <font style="font-size: 13px; font-family: Times New Roman">to acquire
undeveloped land at attractive locations inside and outside Buenos
Aires for the purpose of their appreciation for subsequent sale. We
believe that holding a portfolio of desirable undeveloped plots of
land enhances our ability to make strategic long-term investments
and affords us a valuable &#x201C;pipeline&#x201D; of new development
projects for upcoming years.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">During the fiscal
years ended June 30, 2014, 2015 and 2016, our Sales and
Developments segment had revenues of Ps.85 million, Ps.15 million
and Ps.8 million, respectively, and recognized net gains from the
sale of investment properties (primarily offices and parking
spaces) of Ps.236 million, Ps.1,163 million and Ps.1,068 million,
respectively.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Hotels</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We believe our
portfolio of three luxury hotels is positioned to take advantage of
future growth in tourism and travel in Argentina. We seek to
continue with our strategy to invest in high-quality properties
which are operated by leading international hotel companies to
capitalize on their operating experience and international
reputation.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">During the fiscal
years ended June 30, 2014, 2015 and 2016, our Hotels segment had
revenues of Ps.332 million, Ps.396 million and Ps.534
million.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">International</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In this segment, we
seek investments that represent an opportunity of capital
appreciation potential in the long term. After the international
financial crisis in 2008, we took advantage of the price
opportunity in the real estate sector in the United States and
invested in two office buildings in Manhattan, New York. In 2015,
we sold the Madison building and we hold a 49.9% interest in a US
company, whose main asset is the so-called &#x201C;Lipstick&#x201D;
office building located in the City of New York. In addition,
jointly with subsidiaries, we hold 49.0% of the voting securities
of Condor Hospitality Trust REIT (NASDAQ: CDOR). We intend to
continue evaluating -on a selective basis- investment opportunities
outside Argentina as long as they offer attractive investment and
development options.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">During the fiscal
years ended June 30, 2014, 2015 and 2016, our International segment
had revenues of Ps.84 million, Ps.26 million and Ps.0 million,
respectively.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Financial
Operations and Others</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Through our
investment in Banco Hipotecario, the main mortgage-lending bank in
Argentina, we believe that we are able to achieve good synergies in
the long term with a developed mortgage market. For the fiscal
years ended June 30, 2014, 2015 and 2016, our investment in Banco
Hipotecario generated a gain of Ps.184 million, Ps.143 million and
Ps.257 million, respectively.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Operations Center in Israel</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We hold, through
Dolphin, 68.3% of IDBD, which is one of the largest and most
diversified investment groups in Israel, which participates,
through its subsidiaries, associates and joint ventures, in
numerous markets and industry sectors, including real estate,
retail, agricultural industry, insurance, telecommunications, among
others. We seek to continue to reduce IDBD&#x2019;s indebtedness
level, simplifying its capital structure and nurturing a strategy
in each business unit aimed at improving operating margins and the
results of our investment.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Real
Estate</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">PBC has partnered
with IDBD in two projects based in Las Vegas, through IDBG Ltd.,
including commercial and office building project (Tivoli). The
first stage of this project has been fully completed. The second
stage of the project is undergoing the building and marketing
stages, and will include commercial areas with a surface area of
approximately 16,000 square meters and office areas with a surface
area of approximately 12,000 square meters. We have already entered
into lease agreements with an anchor tenant and other tenants
covering approximately 66% of the commercial area included in the
second stage of the project and around 8% of the office areas. We
also expect to develop an additional project encompassing, two
residential buildings and, during the year under review, have sold
all the remaining residential units of these
buildings.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Supermarkets</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Shufersal continued
developing its business plan, with a focus on building a commercial
and operating infrastructure to enable growth in the coming years;
strengthening its competitive edge; offering more value to
customers; and improving its service. Under its business plan,
Shufersal continues expanding and strengthening its brand; boosting
the development of its digital platforms, with &#x201C;Shufersal
Online&#x201D; at the core; fostering new and supplementary
operations in the sectors in which it currently operates; and
streamlining its real property, including the closure and
downsizing of existing branches and the opening of new
ones.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">49</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Agrochemicals</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As a part of
Adama&#x2019;s long-term strategy, in December 2015, Adama entered
into a commercial cooperation agreement, according to which Adama
will gradually become the sole distributor of formulated
agrochemical products in China of several agrochemical companies
controlled by China National Chemical Corporation
(&#x201C;ChemChina&#x201D;). This cooperation is expected to support
the strengthening of Adama&#x2019;s status in the Chinese market, by
combining sales of Adama&#x2019;s products with products of
ChemChina&#x2019;s companies and setting up a significant
distribution platform in China, starting at the beginning of 2016.
On July 17, 2016, DIC, reported that it had accepted
ChemChina&#x2019;s offer for 40% of Adama Agricultural Solutions
Ltd.&#x2019;s shares, indirectly controlled by IDBD through DIC. For
more information see &#x201C;Recent
Developments&#x201D;.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Telecommunications</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cellcom operates in
a highly competitive environment. The main elements of
Cellcom&#x2019;s business strategy are: offering comprehensive
solutions to expand landline and mobile communication services,
optimization of costs and expenses, including by means of carrying
out streamlining measures.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Insurance</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The investment
managers make use of an advanced research department and an
effective trading execution, to ensure a competitive advantage in
order to achieve a fair long-term yield for policy holders,
maximizing income from investments in accordance with the
company&#x2019;s risk appetite and the structure of liabilities in
the portfolios.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Others</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Includes the assets
and income from other miscellaneous businesses, such as
technological developments, tourism, oil and gas assets,
electronics, and other sundry activities.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Overview</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Operations Center in Argentina</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Shopping
Centers</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As of June&#xA0;30,
2016, we operated and owned a majority interest in a portfolio of
16 shopping centers in Argentina, seven of which are located in the
City of Buenos Aires (Abasto, Alcorta Shopping, Alto Palermo
Shopping, Patio Bullrich, Buenos Aires Design, Dot Baires Shopping
and Distrito Arcos), two are located in the greater Buenos Aires
area (Alto Avellaneda and Soleil Premium Outlet), and the rest are
located in different provinces of Argentina (Alto Noa in the City
of Salta, Alto Rosario in the City of Rosario, Mendoza Plaza in the
City of Mendoza, C&#xF3;rdoba Shopping Villa Cabrera and Patio
Olmos (operated by a third party) in the City of C&#xF3;rdoba, La
Ribera Shopping in Santa Fe (through a joint venture) and Alto
Comahue in the City of Neuqu&#xE9;n).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The shopping
centers operated by us comprise a total of 333,155 square meters of
GLA (excluding certain spaces occupied by hypermarkets which are
not our tenants). Total tenant sales in our shopping centers, as
reported by retailers, were Ps.28,904.5 million for fiscal year
2016 and Ps.21,527 million for fiscal year 2015, which implies an
increase of 34.3%, including Distrito Arcos and Alto Comahue.
Tenant sales at our shopping centers are relevant to our revenues
and profitability because they are one of the factors that
determine the amount of rent that we charge our tenants. They also
affect the tenants&#x2019; overall occupancy costs as a percentage
of the tenant&#x2019;s sales.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">50</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The following table
shows certain information concerning our shopping centers as of
June 30, 2016:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; padding-top: 0px; padding-bottom: 0px; margin-left: auto; margin-right: auto; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Date
of Acquisition</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Location</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">GLA
in square meters <font style="vertical-align: super; font-size: 70%">(1)</font></font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Stores</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Occupancy
rate <font style="vertical-align: super; font-size: 70%">(2)</font></font></div>
</td>
<td style="width: 12%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Commercial Properties&#x2019; Interest <font style="vertical-align: super; font-size: 70%">(3)</font></font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Book
Value <font style="vertical-align: super; font-size: 70%">(4)</font></font></div>
</td>
</tr><tr>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Shopping
Centers</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Abasto <font style="vertical-align: super; font-size: 70%">(6)</font></font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Jul-94</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">City of Buenos
Aires, Argentina</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">36,738</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">170</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">99.8%</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">100%</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">245</font></div>
</td>
</tr><tr>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Alto
Palermo</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Nov-97</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">City of Buenos
Aires, Argentina</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">18,966</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">142</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">99.6%</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">100%</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">208</font></div>
</td>
</tr><tr>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Alto
Avellaneda</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Dec-97</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Province of Buenos
Aires, Argentina</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">35,887</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">134</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">100.0%</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">100%</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">127</font></div>
</td>
</tr><tr>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Alcorta
Shopping</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Jun-97</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">City of Buenos
Aires, Argentina</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">15,877</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">112</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">89.1%</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">100%</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">116<font style="vertical-align: super; font-size: 70%">(5)</font></font></div>
</td>
</tr><tr>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Patio
Bullrich</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Oct-98</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">City of Buenos
Aires, Argentina</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">11,783</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">88</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">99.1%</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">100%</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">109</font></div>
</td>
</tr><tr>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Alto
Noa</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Mar-95</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Salta,
Argentina</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">19,040</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">89</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">100.0%</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">100%</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">32</font></div>
</td>
</tr><tr>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Buenos Aires
Design</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Nov-97</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">City of Buenos
Aires, Argentina</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">13,903</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">62</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">95.7%</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">53.7%</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">7</font></div>
</td>
</tr><tr>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Mendoza
Plaza</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Dec-94</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Mendoza,
Argentina</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">42,043</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">139</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">95.2%</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">100%</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">92</font></div>
</td>
</tr><tr>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Alto
Rosario<font style="vertical-align: super; font-size: 70%">(6)</font></font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Nov-04</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Santa Fe,
Argentina</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">28,796</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">143</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">100.0%</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">100%</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">127</font></div>
</td>
</tr><tr>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">C&#xF3;rdoba
Shopping &#x2013;Villa Cabrera</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Dec-06</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">C&#xF3;rdoba,
Argentina</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">15,582</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">110</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">99.2%</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">100%</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">53</font></div>
</td>
</tr><tr>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Dot Baires
Shopping</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">May-09</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">City of Buenos
Aires, Argentina</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">49,641</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">150</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">100.0%</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">80%</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">368</font></div>
</td>
</tr><tr>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Soleil Premium
Outlet</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Jul-10</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Province of Buenos
Aires, Argentina</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">13,991</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">78</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">100.0%</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">100%</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">80</font></div>
</td>
</tr><tr>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">La Ribera
Shopping</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Aug-11</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Santa Fe,
Argentina</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">9,851</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">63</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">99.3%</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">50%</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">24</font></div>
</td>
</tr><tr>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Distrito Arcos
<font style="vertical-align: super; font-size: 70%">(7)</font></font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Dec-14</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">City of Buenos
Aires, Argentina</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">11,170</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">60</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">97.0%</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">90.0%</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">280</font></div>
</td>
</tr><tr>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Alto Comahue
<font style="vertical-align: super; font-size: 70%">(8)</font></font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Mar-15</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Neuqu&#xE9;n,
Argentina</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">9,890</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">102</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">96.6%</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">99.1%</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">318</font></div>
</td>
</tr><tr>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Patio Olmos
<font style="vertical-align: super; font-size: 70%">(9)</font></font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Sep-07</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">C&#xF3;rdoba,
Argentina</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">100%</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">26</font></div>
</td>
</tr><tr>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">TOTAL
GENERAL</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">333,158</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,642</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">98.4%</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">98.4%</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,212</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">_______________</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1) Corresponds to
the total leasable surface area of each property. Excludes common
areas and parking spaces.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2) Calculated by
dividing square meters under leases in effect by gross leasable
area as of fiscal year end.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(3) Our effective
interest in each of its business units.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(4) Cost of
acquisition, plus improvements, less accumulated depreciation.
Values in millions of Pesos.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(5) Includes
Ps.13,454,000 from Ocampo parking space.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(6) Excludes Museo
de los Ni&#xF1;os (3,732 sqm in Abasto and 1,261 sqm in Alto
Rosario).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(7) Opening was on
December 18, 2014.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(8) Opening was on
March 17, 2015.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(9) IRSA CP owns
the historic building of the Patio Olmos shopping center in the
province of Cordoba, operated by a third party.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">51</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Accumulated Rental Income as of June 30, 2016, 2015 and
2014</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The following table
shows certain information concerning Accumulated Rental Income as
of June 30, 2016, 2015 and 2014 of our IRSA Commercial Properties
subsidiary&#x2019;s shopping centers:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="width: 27%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">As
of June 30,</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td colspan="2" style="width: 10%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td colspan="2" style="width: 8%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="width: 27%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(In
millions of Ps.)</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Abasto</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">384</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">302</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">238</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Alto
Palermo</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">392</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">295</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">244</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Alto
Avellaneda</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">265</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">200</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">161</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Alcorta
Shopping</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">187</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">141</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">106</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Patio
Bullrich</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">118</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">98</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">79</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Alto
Noa</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">73</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">51</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">39</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Buenos Aires
Design</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">45</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">35</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">27</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Mendoza
Plaza</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">119</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">92</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">74</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Alto
Rosario</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">182</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">138</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">C&#xF3;rdoba
Shopping &#x2013;Villa Cabrera</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">68</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">54</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">40</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Dot Baires
Shopping</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">261</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">199</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">158</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Soleil Premium
Outlet</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">80</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">59</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">44</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">La Ribera
Shopping</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">21</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">13</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">9</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Distrito Arcos
<font style="vertical-align: super; font-size: 70%">(1)</font></font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">78</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">23</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Alto Comahue
<font style="vertical-align: super; font-size: 70%">(2)</font></font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">48</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">12</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Sales</font></div>
</td>
<td colspan="2" style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,321</font></div>
</td>
<td colspan="2" style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,712</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,319</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">_______________</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1) Opening was on
December 18, 2014.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2) Opening was on
March 17, 2015.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(3) Does not
include income neither from Fibesa nor from Patio
Olmos.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Tenant Retail Sales<font style="vertical-align: super; font-size: 70%">(1)(2)</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The following table
contains a breakdown of approximate total tenant retail sales in
millions of Pesos at the shopping centers in which we had an
interest for the fiscal years shown:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="width: 27%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">As
of June 30,</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td colspan="2" style="width: 10%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td colspan="2" style="width: 8%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="width: 27%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(In
millions of Ps.)</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Abasto</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">4,043</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">3,150</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2,447</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Alto
Palermo</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">3,499</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2,662</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2,111</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Alto
Avellaneda</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">3,781</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2,913</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2,334</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Alcorta
Shopping</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1,900</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1,475</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1,120</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Patio
Bullrich</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1,061</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">889</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">689</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Alto
Noa</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1,369</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1,069</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">766</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Buenos Aires
Design</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">414</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">326</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">272</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Mendoza
Plaza</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2,369</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1,907</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1,515</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Alto
Rosario</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2,628</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1,952</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1,378</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">C&#xF3;rdoba
Shopping- Villa Cabrera</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">991</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">756</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">547</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Dot Baires
Shopping</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">3,254</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2,571</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2,008</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Soleil Premium
Outlet</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1,282</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">938</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">664</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">La Ribera
Shopping</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">634</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">398</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">281</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Distrito Arcos
<font style="vertical-align: super; font-size: 70%">(2)</font></font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">962</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">340</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Alto Comahue
<font style="vertical-align: super; font-size: 70%">(3)</font></font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">717</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">182</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Sales</font></div>
</td>
<td colspan="2" style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">28,904</font></div>
</td>
<td colspan="2" style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">21,527</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">16,132</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">_______________</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1) Retail sales
based upon information provided to us by retailers and prior
owners. The amounts shown reflect 100% of the retail sales of each
shopping center, although in certain cases we own less than 100% of
such shopping centers. Excludes sales from stands and spaces used
for special exhibitions.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2) Opening was on
December 18, 2014.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(3) Opening was on
March 17, 2015.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">52</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Accumulated Sales per type of Business</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 31%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">As
of June 30,</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 31%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(In millions of
Ps.)</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Anchor
Store</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,591</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,299</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,098</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Clothes and
footwear</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">15,201</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11,125</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7,940</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Entertainment</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,026</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">741</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">547</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Home and
decoration</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">784</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">617</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">486</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Home
Appliances</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,862</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,994</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,527</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Restaurant</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,722</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,938</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,477</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Miscellaneous</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,368</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,589</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,922</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Services</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">352</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">223</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">136</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">28,906</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">21,526</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">16,133</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Occupancy Rate</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The following table
sets forth the occupancy rate expressed as a percentage of the
gross leasable area as of the dates stated at the end of the
following fiscal years:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 30%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">As
of June 30,</font></div>
</td>
</tr><tr>
<td style="width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
</tr><tr>
<td style="width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Abasto</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">99.8%</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100.0%</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">99.4%</font></div>
</td>
</tr><tr>
<td style="width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Alto
Palermo</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">99.6%</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">99.7%</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">98.9%</font></div>
</td>
</tr><tr>
<td style="width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Alto
Avellaneda</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100.0%</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">99.9%</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">99.5%</font></div>
</td>
</tr><tr>
<td style="width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Alcorta
Shopping</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">89.1%</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100.0%</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">99.8%</font></div>
</td>
</tr><tr>
<td style="width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Patio
Bullrich</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">99.1%</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100.0%</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">99.6%</font></div>
</td>
</tr><tr>
<td style="width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Alto
Noa</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100.0%</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100.0%</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">99.7%</font></div>
</td>
</tr><tr>
<td style="width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Buenos Aires
Design</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">95.7%</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">94.6%</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">92.3%</font></div>
</td>
</tr><tr>
<td style="width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Mendoza
Plaza</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">95.2%</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">96.1%</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">95.0%</font></div>
</td>
</tr><tr>
<td style="width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Alto
Rosario</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100.0%</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">97.9%</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">97.0%</font></div>
</td>
</tr><tr>
<td style="width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">C&#xF3;rdoba
Shopping Villa Cabrera</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">99.2%</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">99.8%</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">99.8%</font></div>
</td>
</tr><tr>
<td style="width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Dot Baires
Shopping</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100.0%</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">99.7%</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">99.7%</font></div>
</td>
</tr><tr>
<td style="width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Soleil Premium
Outlet</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100.0%</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">99.4%</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100.0%</font></div>
</td>
</tr><tr>
<td style="width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">La Ribera
Shopping</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">99.3%</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">99.3%</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">99.6%</font></div>
</td>
</tr><tr>
<td style="width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Distrito
Arcos</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">97.0%</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">97.3%</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Alto
Comahue</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">96.6%</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">94.2%</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Percentage</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">98.4%</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">98.7%</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">98.4%</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Rental Price</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The following table
shows the annual average rental price per square meter for the
fiscal years ended June 30, 2016, 2015 and 2014:<font style="vertical-align: super; font-size: 70%">(1)</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 32%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">As
of June 30,</font></div>
</td>
</tr><tr>
<td style="width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="width: 12%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
</tr><tr>
<td style="width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Abasto</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">10,456.4</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8,227.2</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6,254.6</font></div>
</td>
</tr><tr>
<td style="width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Alto
Palermo</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">20,663.9</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">15,107.9</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">12,618.5</font></div>
</td>
</tr><tr>
<td style="width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Alto
Avellaneda</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7,389.7</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5,443.2</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,400.3</font></div>
</td>
</tr><tr>
<td style="width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Alcorta
Shopping</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11,759.4</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9,106.1</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7,000.2</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">53</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 32%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">As
of June 30,</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
</div>
</td>
</tr><tr>
<td style="width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="width: 12%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
</tr><tr>
<td style="width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Patio
Bullrich</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">10,056.9</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8,452.8</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6,762.3</font></div>
</td>
</tr><tr>
<td style="width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Alto
Noa</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,814.7</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,656.6</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,022.5</font></div>
</td>
</tr><tr>
<td style="width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Buenos Aires
Design</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,264.2</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,543.2</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,874.9</font></div>
</td>
</tr><tr>
<td style="width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Mendoza
Plaza</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,831.3</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,181.1</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,802.8</font></div>
</td>
</tr><tr>
<td style="width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Alto
Rosario</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6,303.1</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,847.2</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,390.4</font></div>
</td>
</tr><tr>
<td style="width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">C&#xF3;rdoba
Shopping Villa Cabrera</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,367.3</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,552.0</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,503.8</font></div>
</td>
</tr><tr>
<td style="width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Dot Baires
Shopping</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5,265.1</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,001.7</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,389.3</font></div>
</td>
</tr><tr>
<td style="width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Soleil Premium
Outlet</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5,726.0</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,242.5</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,908.4</font></div>
</td>
</tr><tr>
<td style="width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">La Ribera
Shopping</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,109.4</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,340.3</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,129.7</font></div>
</td>
</tr><tr>
<td style="width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Distrito Arcos
<font style="vertical-align: super; font-size: 70%">(2)</font></font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6,993.8</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,891.1</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Alto Comahue
<font style="vertical-align: super; font-size: 70%">(3)</font></font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,832.1</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,236.1</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">_______________</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)&#xA0;Corresponds
to consolidated annual accumulated rental prices according to the
IFRS divided by gross leasable square meters. Does not include
income from Fibesa or Patio Olmos.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2) Opening was on
December 18, 2014.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(3) Opening was on
March 17, 2015.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Lease Expirations</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The following table
sets forth the schedule of estimated lease expirations for our
shopping centers for leases in effect as of June 30, 2016, assuming
that none of the tenants exercise renewal options or terminate
their leases earlier:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td colspan="6" style="width: 78%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">As
of June 30, 2016</font></div>
</td>
</tr><tr>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Year
of expiration</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Number
of Agreements</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Square
meters to expire</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Percentage
to expire</font></div>
</td>
<td style="width: 17%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Amount</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(In
millions of Ps.)<font style="vertical-align: super; font-size: 70%">(3)</font></font></div>
</td>
<td style="width: 14%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Percentage
of Agreements</font></div>
</td>
</tr><tr>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">171<font style="vertical-align: super; font-size: 70%">(1)</font></font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">33,155.2<font style="vertical-align: super; font-size: 70%">(1)</font></font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">10%<font style="vertical-align: super; font-size: 70%">(1)</font></font></div>
</td>
<td style="width: 17%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">96.29</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8%</font></div>
</td>
</tr><tr>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2017</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">487</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">83,781.3</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">25%</font></div>
</td>
<td style="width: 17%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">356.83</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">30%</font></div>
</td>
</tr><tr>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2018</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">403</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">69,906.2</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">21%</font></div>
</td>
<td style="width: 17%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">308.86</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">26%</font></div>
</td>
</tr><tr>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2019 and subsequent
years</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">581</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">146,312.7</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">44%</font></div>
</td>
<td style="width: 17%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">409.13</font></div>
</td>
<td style="width: 14%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">35%</font></div>
</td>
</tr><tr>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
(2)</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,642</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">333,155.4</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">100%</font></div>
</td>
<td style="width: 17%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,171.11</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">100%</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">_______________</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1) Including
vacant stores relating to leases expired as of June 30, 2016. A
lease may be associated to one or more stores.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2) Does not
reflect our ownership interest in each property.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(3) Annual base
rent of each agreement as in effect as of June 30,
2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
New Agreements and Renewals:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The following table
shows certain information about lease agreements as of June 30,
2016:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td rowspan="2" style="width: 14%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Type
of Business</font></div>
</td>
<td rowspan="2" style="width: 9%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Number of
Agreements</font></div>
</td>
<td rowspan="2" style="width: 10%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Annual Base Rent
Amount</font></div>
</td>
<td rowspan="2" style="width: 9%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Annual Admission
Rights Amount</font></div>
</td>
<td colspan="2" style="width: 16%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Average Annual Base
Rent per sqm (Ps.)</font></div>
</td>
<td rowspan="2" style="width: 10%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Number of
non-renewed agreements<font style="vertical-align: super; font-size: 70%">(1)</font></font></div>
</td>
<td rowspan="2" style="width: 10%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Non-renewed
agreements<font style="vertical-align: super; font-weight: bold; font-size: 70%">(1)</font>
Annual Base Rent Amount</font></div>
</td>
</tr><tr>
<td style="width: 14%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">New and
renewed</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Former
agreements</font></div>
</td>
</tr><tr>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Clothing and
footwear</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">456</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">345.3</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">95.9</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">6,394.0</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">4,029.7</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">515</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">366.1</font></div>
</td>
</tr><tr>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Miscellaneous<font style="vertical-align: super; font-size: 70%">(2)</font></font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">103</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">76.1</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">25.0</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">3,622.4</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2,904.1</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">118</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">91.6</font></div>
</td>
</tr><tr>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Restaurant</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">86</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">45.0</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">8.3</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">3,990.2</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">3,381.3</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">130</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">74.5</font></div>
</td>
</tr><tr>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Home &amp;
d&#xE9;cor</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">43</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">19.5</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">5.4</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">3,735.3</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2,480.8</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">48</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">26.4</font></div>
</td>
</tr><tr>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Houseware</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">26</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">39.5</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">4.0</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">4,997.9</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">3,216.9</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">25</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">29.2</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">54</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; padding-top: 0px; padding-bottom: 0px; margin-left: auto; margin-right: auto; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td rowspan="2" style="width: 14%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Type
of Business</font></div>
</td>
<td rowspan="2" style="width: 9%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Number of
Agreements</font></div>
</td>
<td rowspan="2" style="width: 10%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Annual Base Rent
Amount</font></div>
</td>
<td rowspan="2" style="width: 9%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Annual Admission
Rights Amount</font></div>
</td>
<td colspan="2" style="width: 16%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Average Annual Base
Rent per sqm (Ps.)</font></div>
</td>
<td rowspan="2" style="width: 10%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Number of
non-renewed agreements<font style="vertical-align: super; font-size: 70%">(1)</font></font></div>
</td>
<td rowspan="2" style="width: 10%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Non-renewed
agreements<font style="vertical-align: super; font-weight: bold; font-size: 70%">(1)</font>
Annual Base Rent Amount</font></div>
</td>
</tr><tr>
<td style="width: 14%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">New and
renewed</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Former
agreements</font></div>
</td>
</tr><tr>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Entertainment</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">9</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">13.5</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1.1</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">673.3</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">322.9</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">23</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">17.2</font></div>
</td>
</tr><tr>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Services</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">12</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">6.4</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">0.5</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1,867.2</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1,702.2</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">48</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">20.7</font></div>
</td>
</tr><tr>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">735</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">545.2</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">140.3</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">4,435.8</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2,550.3</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">907</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">625.9</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">_______________</font></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(1)</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Includes vacant
stores as of June 30, 2016. Leasable Area with respect to such
vacant stores is included under the type of business of the last
tenant to occupy such stores.</font></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(2)</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Miscellaneous
includes Anchor Store.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Depreciation</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Depreciation, based
on a component approach, is calculated using the straight-line
method to allocate the cost over the assets&#x2019; estimated useful
lives.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Principal Terms of our Leases</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Under the Civil and
Commercial Code, lease terms may not exceed fifty years, except for
leases regulated by Law No.25,248. See Item. Key Information.
&#x201C;Risk Factors&#x2014;Risks Relating to Our Business.&#x201D;
Generally, our lease agreements provide terms of three to ten
years.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Leasable space in
our shopping centers is marketed through an exclusive arrangement
with our wholly owned subsidiary and real estate brokers Fibesa. We
have a standard lease agreement, the terms and conditions of which
are described below, which we use for most tenants. However, our
largest tenants generally negotiate better terms for their
respective leases. No assurance can be given that lease terms will
be as set forth in the standard lease agreement.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The rent consists
of the higher of (i) a monthly base rent (the &#x201C;Base
Rent&#x201D;) and (ii) a specified percentage of the tenant&#x2019;s
monthly gross sales in the store (the &#x201C;Percentage
Rent&#x201D;) (which generally ranges between 4% and 12% of
tenant&#x2019;s gross sales). Furthermore, pursuant to the rent
escalation clause in most of our leases, a tenant&#x2019;s Base Rent
generally increases between 18% and 27% on an annual and cumulative
basis from the thirteenth (13<font style="vertical-align: super; font-size: 70%">th</font>) month of
effectiveness of the lease. Although many of our lease agreements
contain readjustment clauses, these are not based on an official
index nor do they reflect the inflation index. In the event of
litigation, there can be no assurance that we may be able to
enforce such clauses contained in our lease
agreements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In addition to
rent, we charge most of our tenants an admission right, which is
required to be paid upon entering into a lease agreement and upon a
lease agreement renewal. The admission right is normally paid in
one lump sum or in a small number of monthly installments, which
range between three and six. If the tenant pays this fee in
installments, it is the tenant&#x2019;s responsibility to pay for
the balance of any such amount unpaid in the event the tenant
terminates its lease prior to its expiration. In the event of
unilateral termination and/or resolution for breach of duties by
the tenant, a tenant will not be refunded its admission right
without our consent.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We are responsible
for supplying each shopping center with electricity, a main
telephone switchboard, central air conditioning and a connection to
a general fire detection system. Each rental unit at our properties
is connected to these systems. We also provide food court tenants
with sanitation and with gas connections. Each tenant is
responsible for completing all the necessary installations within
its own rental unit, in addition to the direct expenses generated
by these items within each rental unit. These direct expenses
generally include: electricity, water, gas, telephone and air
conditioning. Tenants must also pay for a percentage of total
charges and general taxes related to the maintenance of the common
areas. We determine this percentage based on different factors. The
common area expenses include, among others, administration,
security, operations, maintenance, cleaning and taxes.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We carry out
promotional and marketing activities to increase consumer traffic
at our shopping centers. These activities are paid for with the
tenants&#x2019; contributions to the Common Promotional Fund
(&#x201C;CPF&#x201D;), which is administered by us. Every month,
tenants contribute to the CPF an amount equal to approximately 15%
of their total rent (Base Rent plus Percentage Rent), in addition
to rent and expense payments. We may increase the percentage that
tenants must contribute to the CPF, but the increase cannot exceed
25% of the original amount set in the corresponding lease for the
contributions to the CPF. We may also require tenants to make
extraordinary contributions to the CPF to fund special promotional
and marketing campaigns or to cover the costs of special
promotional events that benefit all tenants. We may require tenants
to make these extraordinary contributions up to four times a year
provided that each such extraordinary contribution may not exceed
25% of the preceding monthly rental payment of the
tenant.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">55</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Each tenant leases
its rental unit as a shell without any fixtures. Each tenant is
responsible for the interior design of its rental unit. Any
modifications and additions to the rental units must be
pre-approved by us. We have the option to decide tenants&#x2019;
responsibility for all costs incurred in remodeling the rental
units and for removing any additions made to the rental unit when
the lease expires. Furthermore, tenants are responsible for
obtaining adequate insurance for their rental units, which must
include, among other things, coverage for fire, glass breakage,
theft, flood, civil liability and workers&#x2019;
compensation.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Sources of Shopping Center Sales</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Set forth below is
a breakdown of the sources of sales by tenants of the shopping
centers stated in millions of Pesos for our fiscal years ended June
30, 2016, 2015 and 2014:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">As
of June 30,</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Anchor
Store</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,590.5</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,299.3</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,098.4</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Clothing and
footwear</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">15,201.4</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11,124.8</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7,940.1</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Entertainment</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,025.7</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">740.6</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">546.5</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Home</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">783.9</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">617.1</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">486.4</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Home
Appliances</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,861.5</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,994.2</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,526.5</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Restaurants</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,722.2</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,938.4</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,476.8</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Miscellaneous</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,368.2</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,589.4</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,922.3</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Services</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">351.5</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">223.1</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">135.8</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">28,904.9</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">21,526.9</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">16,132.8</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Competition</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Given that most of
our shopping centers are located in densely populated areas, there
are competing shopping centers within, or in close proximity to,
our targeted areas. The number of shopping centers in a particular
area could have a material effect on our ability to lease space in
our shopping centers and on the amount of rent that we are able to
charge. We believe that due to the limited availability of large
plots of land and zoning restrictions in the City of Buenos Aires,
it is difficult for other companies to compete with us in areas
through the development of new shopping centers. Our principal
competitor is Cencosud S.A. which owns and operates Unicenter
Shopping and the Jumbo hypermarket chain, among
others.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The following table
shows certain information concerning the most significant owners
and operators of shopping centers in Argentina.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Company</font></div>
</td>
<td style="width: 14%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Shopping
Center</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Location</font> <font style="vertical-align: super; font-size: 70%">(1)</font></font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Gross Leasable Area</font><font style="vertical-align: super; font-size: 70%">(2)</font>(sq.
m.)</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Stores</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">National GLA Percentage</font> <font style="vertical-align: super; font-size: 70%">(2)</font></font></div>
</td>
<td style="width: 14%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Stores Percentage</font> <font style="vertical-align: super; font-size: 70%">(2)</font></font></div>
</td>
</tr><tr>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">IRSA Commercial
Properties</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Dot Baires
Shopping</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">CABA</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">49,641</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">150</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2.14%</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2.16%</font></div>
</td>
</tr><tr>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Mendoza Plaza
Shopping</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Mendoza</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">42,043</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">139</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1.81%</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2.00%</font></div>
</td>
</tr><tr>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Abasto de Buenos
Aires</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">CABA</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">40,470</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">170</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1.74%</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2.45%</font></div>
</td>
</tr><tr>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Alto
Avellaneda</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">GBA</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">35,887</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">134</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1.54%</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1.93%</font></div>
</td>
</tr><tr>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Alto
Rosario</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Rosario</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">30,057</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">143</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1.29%</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2.06%</font></div>
</td>
</tr><tr>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Alto Palermo
Shopping</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">CABA</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">18,966</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">142</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">0.82%</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2.05%</font></div>
</td>
</tr><tr>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Alto
Noa</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Salta</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">19,040</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">89</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">0.82%</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1.28%</font></div>
</td>
</tr><tr>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Alcorta
Shopping</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">CABA</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">15,877</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">112</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">0.68%</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1.62%</font></div>
</td>
</tr><tr>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">C&#xF3;rdoba
Shopping</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">C&#xF3;rdoba</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">15,582</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">110</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">0.67%</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1.59%</font></div>
</td>
</tr><tr>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Soleil Premium
Outlet</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">GBA</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">13,991</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">78</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">0.60%</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1.12%</font></div>
</td>
</tr><tr>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Buenos Aires
Design</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">CABA</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">13,903</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">62</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">0.62%</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">0.89%</font></div>
</td>
</tr><tr>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Distrito
Arcos</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">CABA</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">11,170</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">60</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">0.48%</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">0.87%</font></div>
</td>
</tr><tr>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Patio
Bullrich</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">CABA</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">11,738</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">88</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">0.51%</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1.27%</font></div>
</td>
</tr><tr>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">La Ribera
Shopping</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Santa
Fe</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">9,851</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">63</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">0.42%</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">0.91%</font></div>
</td>
</tr><tr>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Alto
Comahue</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Neuquen</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">9,890</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">102</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">0.43%</font></div>
</td>
<td style="width: 14%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1.47%</font></div>
</td>
</tr><tr>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Subtotal</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">338,198</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,642</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">14.55%</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">23.67%</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cencosud
S.A.</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Subtotal</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">650,256</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,456</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">28.01%</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">21.02%</font></div>
</td>
</tr><tr>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Operators</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Subtotal</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,334,846</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3,836</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">57.44%</font></div>
</td>
<td style="width: 14%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">55.32%</font></div>
</td>
</tr><tr>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,323,278</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">6,934</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">100%</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">100%</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">______________</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)
&#x201C;GBA&#x201D; means Greater Buenos Aires, the Buenos Aires
metropolitan area, and &#x201C;CABA&#x201D; means the City of Buenos
Aires.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;<br></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2) Percentage over
total shopping centers in Argentina that are members of the
Argentine Chamber of Shopping Centers (C&#xE1;mara Argentina de
Shopping Centers, CASC).&#xA0;&#xA0;Figures may not sum due to
rounding.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Source: Argentine
Chamber of Shopping Centers.</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">56</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Seasonality</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Our business is
affected by seasonality, influencing the level of our
tenants&#x2019; sales. During summer holidays (January and February)
our tenants&#x2019; sales typically reach their minimum level,
whereas during winter holidays (July) and in December (Christmas)
they reach their maximum level. Clothing retailers generally change
their collections in spring and autumn, positively affecting our
shopping centers&#x2019; sales. Sales at discount prices at the end
of each season are also one of the main seasonal factors affecting
our business.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Offices
and Others</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">According to
Colliers International, as of June 30, 2016, the A+ and A office
inventory remained stable since end of 2015 at 1,655,954 sqm. In
terms of rental availability, there was a 1% decrease in the
vacancy rate to 6.4% during the second quarter of 2016 compared to
the same period the previous year. Thus, the vacancy rate has
remained stable between 6% and 8% since 2010. These values indicate
that the market is healthy in terms of its operations, allowing an
optimum level of supply with balanced values. According to the
market segments, class A properties show a vacancy rate of 7% for
the entire stock, while A+ properties buildings show a vacancy rate
of 5%.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">During the second
quarter of 2016, net absorption was negative at 400 sqm, i.e., more
meters have become vacant than the ones which have been occupied, a
situation that had not be seen since 2012. This behavior of demand
is mainly explained by the sub-market Zona Norte GBA, which
concentrates most of the spaces that have become vacant. On the
other hand, that area has experienced vacancies in A+ properties
(-2,908 sqm) which mainly migrated to class A properties (as it
increased by 2,474 sqm).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">During the second
quarter of 2016, rental prices remained steady as compared to the
general average prices seen over the past ten years (US$24.80 per
square meter). Compared to the previous quarter, a 2.5% increase
was recorded (from US$24.10 per square meter to US$24.70 per square
meter). This slight increase shows a 1.4% increase in rental prices
for A+ properties (US$27.20 per square meter in the second quarter
against US$26.80 per square meter in the first quarter) and a 2.4%
increase in rental prices for A properties (US$23.40 per square
meter in the second quarter against US$22.90 per square meter in
the first quarter). The spread between both categories is US$3.80
and reached US$12 in low vacancy periods.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;In turn, the
sub-market Catalinas currently features the lowest prices in the
market. The average value of the properties in such area is
US$27.90 per square meter. This value is expected to increase over
the next few months due to the addition of new towers with prices
already over US$35 per square meter in the inventory.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">At June 30, 2016,
the sub-market Zona Norte GBA shows average rental prices of
US$23.30, comparable to values reported in June 2015. Moreover,
during the same month, the vacancy rate was 8.9%, compared to 9.5%
in June 2015.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We are engaged in
the acquisition and management of office buildings and other rental
properties in Argentina. As of June 30, 2016, we directly and
indirectly owned interests in office and other rental properties,
which comprised 333,962 square meters of gross leaseable area. Out
of these properties, eight were office properties, which comprised
81,020 square meters of gross leaseable area. For fiscal year 2016,
we had revenues from Offices and other non-shopping center rental
properties of Ps.340 million.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">All our office
rental properties in Argentina are located in the City of Buenos
Aires. For the year ended June 30, 2016, the average occupancy rate
for all our properties in the Offices and Others segment was
approximately 84.7%.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Management</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We generally act as
the managing agent of the office properties in which we own an
interest. These interests consist primarily of the ownership of
entire buildings or a substantial number of floors in a building.
The buildings in which we own floors are generally managed pursuant
to the terms of a condominium agreement that typically provides for
control by a simple majority of the interests (based on the area
owned) in the building. As the managing agent of operations, we are
responsible for handling services, such as security, maintenance
and housekeeping. These services are generally outsourced. The cost
of the services is passed-through and paid for by the tenants,
except in the case of our units not rented, in which case we absorb
the cost. Our leaseable space is marketed through commissioned
brokers, the media and directly by us.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">57</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">Leases</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We usually lease
our offices and other rental properties by using contracts with an
average term of three years, with the exception of a few contracts
with terms of five years. These contracts are renewable for two or
three years at the tenant&#x2019;s option. Contracts for the rental
of office buildings and other commercial properties are generally
stated in U.S. dollars, and in accordance with Argentine law they
are not subject to inflation adjustment. Rental rates for renewed
periods are negotiated at market value.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Properties</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The following table
sets forth certain information regarding our direct and indirect
ownership interest in offices and other non-shopping center rental
properties:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px"><font><font style="font-size: 13px; font-family: Times New Roman">Date of
Acquisition</font></font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px"><font><font style="font-size: 13px; font-family: Times New Roman">Gross Leasable Area
(sqm) <font style="vertical-align: super; font-size: 70%">(1)</font></font></font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px"><font><font style="font-size: 13px; font-family: Times New Roman">Occupancy
<font style="vertical-align: super; font-size: 70%">(2)</font>rate</font></font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px"><font><font style="font-size: 13px; font-family: Times New Roman">IRSA&#x2019;s
Effective Interest</font></font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px"><font><font style="font-size: 13px; font-family: Times New Roman">Monthly Rental
Income (in thousands of Ps.)<font style="vertical-align: super; font-size: 70%">(3)</font></font></font></div>
</td>
<td colspan="3" style="width: 19%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px"><font><font style="font-size: 13px; font-family: Times New Roman">Annual accumulated
rental income as of June 30,</font></font></div>
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px"><font><font style="font-size: 13px; font-family: Times New Roman">(in millions of
Ps.)<font style="vertical-align: super; font-size: 70%">(4)</font></font></font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px"><font><font style="font-size: 13px; font-family: Times New Roman">Book Value (in
millions of Ps.)</font></font></div>
</td>
</tr><tr>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
</td>
<td style="width: 5%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px"><font><font style="font-size: 13px; font-family: Times New Roman">2016</font></font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px"><font><font style="font-size: 13px; font-family: Times New Roman">2015</font></font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px"><font><font style="font-size: 13px; font-family: Times New Roman">2014</font></font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="width: 14%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Offices</font></font></font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
</td>
<td style="width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="width: 14%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">Edificio
Rep&#xFA;blica<font style="vertical-align: super; font-size: 70%;">(5)</font></font></font></div>
</td>
<td style="width: 8%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">04/28/08</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">19,885</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">100.0%</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">100.0%</font></font></div>
</td>
<td style="width: 8%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">7,637</font></font></div>
</td>
<td style="width: 5%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">72</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">62</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">46</font></font></div>
</td>
<td style="width: 8%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">189</font></font></div>
</td>
</tr><tr>
<td style="width: 14%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">Torre
Bankboston<font style="vertical-align: super; font-size: 70%;">(5)</font></font></font></div>
</td>
<td style="width: 8%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">08/27/07</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">14,873</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">100.0%</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">100.0%</font></font></div>
</td>
<td style="width: 8%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">5,098</font></font></div>
</td>
<td style="width: 5%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">56</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">42</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">35</font></font></div>
</td>
<td style="width: 8%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">134</font></font></div>
</td>
</tr><tr>
<td style="width: 14%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">Bouchard
551</font></font></div>
</td>
<td style="width: 8%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">03/15/07</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">-</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">-</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">100.0%</font></font></div>
</td>
<td style="width: 8%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">-</font></font></div>
</td>
<td style="width: 5%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">3</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">10</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">24</font></font></div>
</td>
<td style="width: 8%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">8</font></font></div>
</td>
</tr><tr>
<td style="width: 14%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">Intercontinental
Plaza<font style="vertical-align: super; font-size: 70%;">(5)</font></font></font></div>
</td>
<td style="width: 8%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">11/18/97</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">6,569</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">100.0%</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">100.0%</font></font></div>
</td>
<td style="width: 8%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">2,036</font></font></div>
</td>
<td style="width: 5%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">28</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">56</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">40</font></font></div>
</td>
<td style="width: 8%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">10</font></font></div>
</td>
</tr><tr>
<td style="width: 14%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">Bouchard
710<font style="vertical-align: super; font-size: 70%;">(5)(6)</font></font></font></div>
</td>
<td style="width: 8%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">06/01/05</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">15,014</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">100.0%</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">100.0%</font></font></div>
</td>
<td style="width: 8%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">7,020</font></font></div>
</td>
<td style="width: 5%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">68</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">48</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">34</font></font></div>
</td>
<td style="width: 8%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">60</font></font></div>
</td>
</tr><tr>
<td style="width: 14%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">Dique
IV<font style="vertical-align: super; font-size: 70%;">(9)</font></font></font></div>
</td>
<td style="width: 8%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">12/02/97</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">-</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">-</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">-</font></font></div>
</td>
<td style="width: 8%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">-</font></font></div>
</td>
<td style="width: 5%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">15</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">32</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">25</font></font></div>
</td>
<td style="width: 8%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">-</font></font></div>
</td>
</tr><tr>
<td style="width: 14%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">Maip&#xFA;
1300</font></font></div>
</td>
<td style="width: 8%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">09/28/95</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">1,353</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">100.0%</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">100.0%</font></font></div>
</td>
<td style="width: 8%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">486</font></font></div>
</td>
<td style="width: 5%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">6</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">16</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">15</font></font></div>
</td>
<td style="width: 8%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">5</font></font></div>
</td>
</tr><tr>
<td style="width: 14%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">Libertador
498</font></font></div>
</td>
<td style="width: 8%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">12/20/95</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">620</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">100.0%</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">100.0%</font></font></div>
</td>
<td style="width: 8%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">611</font></font></div>
</td>
<td style="width: 5%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">6</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">2</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">3</font></font></div>
</td>
<td style="width: 8%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">3</font></font></div>
</td>
</tr><tr>
<td style="width: 14%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">Suipacha
652/64<font style="vertical-align: super; font-size: 70%;">(5)</font></font></font></div>
</td>
<td style="width: 8%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">11/22/91</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">11,465</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">90.7%</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">100.0%</font></font></div>
</td>
<td style="width: 8%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">2,085</font></font></div>
</td>
<td style="width: 5%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">22</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">16</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">13</font></font></div>
</td>
<td style="width: 8%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">8</font></font></div>
</td>
</tr><tr>
<td style="width: 14%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">Dot
Building<font style="vertical-align: super; font-size: 70%;">(5)</font></font></font></div>
</td>
<td style="width: 8%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">11/28/06</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">11,242</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">100.0%</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">80.0%</font></font></div>
</td>
<td style="width: 8%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">3,521</font></font></div>
</td>
<td style="width: 5%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">31</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">27</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">19</font></font></div>
</td>
<td style="width: 8%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">122</font></font></div>
</td>
</tr><tr>
<td style="width: 14%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">Subtotal
Offices</font></font></div>
</td>
<td style="width: 8%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">81,021</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">98.7%</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">N/A</font></font></div>
</td>
<td style="width: 8%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">28,494</font></font></div>
</td>
<td style="width: 5%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">307</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">311</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">254</font></font></div>
</td>
<td style="width: 8%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">539</font></font></div>
</td>
</tr><tr>
<td style="width: 14%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="width: 8%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="width: 8%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="width: 5%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="width: 8%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="width: 14%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">Other
Properties</font></font></div>
</td>
<td style="width: 8%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="width: 8%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="width: 5%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="width: 8%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="width: 14%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">Santa Mar&#xED;a
del Plata</font></font></div>
</td>
<td style="width: 8%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">10/17/97</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">106,610</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">100.0%</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">100.0%</font></font></div>
</td>
<td style="width: 8%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">676</font></font></div>
</td>
<td style="width: 5%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">12</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">-&#xA0;</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">-&#xA0;</font></font></div>
</td>
<td style="width: 8%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">13</font></font></div>
</td>
</tr><tr>
<td style="width: 14%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">Nobleza
Picardo<font style="vertical-align: super; font-size: 70%;">(7)</font></font></font></div>
</td>
<td style="width: 8%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">05/31/11</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">109,610</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">74.8%</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">50.0%</font></font></div>
</td>
<td style="width: 8%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">185</font></font></div>
</td>
<td style="width: 5%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">2</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">8</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">8</font></font></div>
</td>
<td style="width: 8%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">60</font></font></div>
</td>
</tr><tr>
<td style="width: 14%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">Other
Properties<font style="vertical-align: super; font-size: 70%;">(8)</font></font></font></div>
</td>
<td style="width: 8%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">N/A</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">38,646</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">42.8%</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">N/A</font></font></div>
</td>
<td style="width: 8%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">1,714</font></font></div>
</td>
<td style="width: 5%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">11</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">7</font></font></div>
</td>
<td style="width: 7%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">3</font></font></div>
</td>
<td style="width: 8%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px;"><font><font style="font-size: 13px; font-family: Times New Roman;">241</font></font></div>
</td>
</tr><tr>
<td style="width: 14%; border-bottom: 2px solid black; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px"><font><font style="font-size: 13px; font-family: Times New Roman">Total Offices and
Others</font></font></div>
</td>
<td style="width: 8%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px"><font><font style="font-size: 13px; font-family: Times New Roman">335,887</font></font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px"><font><font style="font-size: 13px; font-family: Times New Roman">84.7%</font></font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px"><font><font style="font-size: 13px; font-family: Times New Roman">N/A</font></font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px"><font><font style="font-size: 13px; font-family: Times New Roman">31,069</font></font></div>
</td>
<td style="width: 5%; border-bottom: 2px solid black; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px"><font><font style="font-size: 13px; font-family: Times New Roman">332</font></font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px"><font><font style="font-size: 13px; font-family: Times New Roman">326</font></font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px"><font><font style="font-size: 13px; font-family: Times New Roman">265</font></font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 36px"><font><font style="font-size: 13px; font-family: Times New Roman">853</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">_______________</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1) Corresponds to
the total leaseable surface area of each property as of June 30,
2016. Excludes common areas and parking spaces.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2) Calculated by
dividing occupied square meters by leaseable area as of June 30,
2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(3) The lease
agreements in effect as of June 30, 2016 were computed for each
property.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(4) Corresponds to
total consolidated lease agreements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(5) Through IRSA
CP.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(6) On July 29,
2016, we executed a bill of sale for 1,702 square meters
corresponding to two office floors and 16 parking units to an
unrelated party, for a total amount of US$6.01 million, US$1.60
million which has already been paid, while the remaining balance
will be paid upon execution of the deed of conveyance and delivery
of possession.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(7) Through Quality
Invest S.A.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(8) Includes the
following properties: Ferro, Dot Adjoining Plot, Anchorena 665,
Anchorena 545 (Chanta IV) and La Adela, among others.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(9) On December 10,
2015, we sold the &#x201C;Juana Manso 295&#x201D; office building
located in the &#x201C;Puerto Madero&#x201D; area of the City of
Buenos Aires, composed of 8 office floors and 116 parking spaces.
The transaction amount was Ps.649 million, which has been fully
paid and the gross profit from the transaction amounts to
approximately Ps.586.8 million.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">58</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The following table
shows a schedule of the lease expirations of our office and other
properties for leases outstanding as of June 30, 2016, assuming
that none of the tenants exercise renewal options or terminate
their lease early. Most tenants have renewal clauses in their
leases.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td colspan="6" style="width: 78%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;<font style="font-weight: bold">As of June 30, 2016</font></font></div>
</td>
</tr><tr>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Year
of Expiration</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Number
of Leases</font></div>
</td>
<td style="width: 16%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Surface
area subject to expiration (sqm)</font></div>
</td>
<td style="width: 16%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Percentage
subject to expiration</font></div>
</td>
<td style="width: 19%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Amount
(Ps.)</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Percentage
of Leases</font></div>
</td>
</tr><tr>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">29</font></div>
</td>
<td style="width: 16%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">34,947</font></div>
</td>
<td style="width: 16%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">12%</font></div>
</td>
<td style="width: 19%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">34,508,797</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">10%</font></div>
</td>
</tr><tr>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2017</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">20</font></div>
</td>
<td style="width: 16%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">23,455</font></div>
</td>
<td style="width: 16%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">8%</font></div>
</td>
<td style="width: 19%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">74,530,611</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">22%</font></div>
</td>
</tr><tr>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2018</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">40</font></div>
</td>
<td style="width: 16%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">43,627</font></div>
</td>
<td style="width: 16%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">15%</font></div>
</td>
<td style="width: 19%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">148,854,011</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">43%</font></div>
</td>
</tr><tr>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2019+</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">29</font></div>
</td>
<td style="width: 16%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">185,540</font></div>
</td>
<td style="width: 16%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">65%</font></div>
</td>
<td style="width: 19%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">85,548,601</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">25%</font></div>
</td>
</tr><tr>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">118</font></div>
</td>
<td style="width: 16%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">287,569</font></div>
</td>
<td style="width: 16%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">100%</font></div>
</td>
<td style="width: 19%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">343,442,020</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">100%</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">____________________</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Includes Offices
whose lease agreement has not yet been renewed as of June 30,
2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Does not include
vacant leased square meters.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Does not include
square meters or revenues from parking spaces.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The following table
shows our offices occupancy percentage as of the end of fiscal
years of June 30, 2016, 2015 and 2014:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 54%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 23%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Occupancy
Rate<font style="vertical-align: super; font-size: 70%">(1)</font></font></div>
</td>
</tr><tr>
<td style="width: 54%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
</tr><tr>
<td style="width: 54%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Offices</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 54%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Edificio
Rep&#xFA;blica</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100.0%</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">93.6%</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">94.0%</font></div>
</td>
</tr><tr>
<td style="width: 54%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Torre
Bankboston</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100.0%</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100.0%</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100.0%</font></div>
</td>
</tr><tr>
<td style="width: 54%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Intercontinental
Plaza</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100.0%</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100.0%</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100.0%</font></div>
</td>
</tr><tr>
<td style="width: 54%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Bouchard
710</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100.0%</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100.0%</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">99.8%</font></div>
</td>
</tr><tr>
<td style="width: 54%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Suipacha
652/64</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">90.7%</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">96.7%</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100.0%</font></div>
</td>
</tr><tr>
<td style="width: 54%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">DOT
Building</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100.0%</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100.0%</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100.0%</font></div>
</td>
</tr><tr>
<td style="width: 54%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Maip&#xFA;
1300</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100.0%</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">90.9%</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">87.3%</font></div>
</td>
</tr><tr>
<td style="width: 54%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Libertador
498</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100.0%</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100.0%</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100.0%</font></div>
</td>
</tr><tr>
<td style="width: 54%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Juana Manso 295
(Dique IV)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">99.5%</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">94.4%</font></div>
</td>
</tr><tr>
<td style="width: 54%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Offices</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">98.7%</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">98.1%</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">97.7%</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">_______________</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1) Leased surface
area in accordance with agreements in effect as of June 30, 2016
and 2015 considering the total leaseable office area for the same
periods.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><br>
&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The following table
sets forth the annual average income per square meter for our
offices during fiscal years ended June 30, 2016, 2015 and
2014.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Annual average income per surface area as of June 30, 2016, 2015
and 2014.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 50%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Annual
average income per square meter<font style="vertical-align: super; font-size: 70%">(1)</font></font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 18%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="width: 17%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="width: 15%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Offices</font></div>
</td>
<td style="width: 18%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 15%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Edificio
Rep&#xFA;blica</font></div>
</td>
<td style="width: 18%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,615</font></div>
</td>
<td style="width: 17%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,115</font></div>
</td>
<td style="width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,075</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Torre
Bankboston</font></div>
</td>
<td style="width: 18%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,778</font></div>
</td>
<td style="width: 17%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,819</font></div>
</td>
<td style="width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,467</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Bouchard
551</font></div>
</td>
<td style="width: 18%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 17%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,565</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Intercontinental
Plaza</font></div>
</td>
<td style="width: 18%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,291</font></div>
</td>
<td style="width: 17%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,484</font></div>
</td>
<td style="width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,402</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Bouchard
710</font></div>
</td>
<td style="width: 18%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,539</font></div>
</td>
<td style="width: 17%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,219</font></div>
</td>
<td style="width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,844</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Juana Manso 295
(Dique IV)</font></div>
</td>
<td style="width: 18%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 17%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,847</font></div>
</td>
<td style="width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,722</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Maip&#xFA;
1300</font></div>
</td>
<td style="width: 18%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,790</font></div>
</td>
<td style="width: 17%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,330</font></div>
</td>
<td style="width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,000</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Libertador
498</font></div>
</td>
<td style="width: 18%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">10,464</font></div>
</td>
<td style="width: 17%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,149</font></div>
</td>
<td style="width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5,227</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Suipacha
652/64</font></div>
</td>
<td style="width: 18%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,961</font></div>
</td>
<td style="width: 17%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,399</font></div>
</td>
<td style="width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,512</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">DOT
Building</font></div>
</td>
<td style="width: 18%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,778</font></div>
</td>
<td style="width: 17%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,439</font></div>
</td>
<td style="width: 15%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,410</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">_______________</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font>(1)&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Calculated by
dividing annual rental income by the gross leaseable area of
offices based on our interest in each building as of June 30 for
each fiscal year.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">59</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
New agreements and renewals</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The following table
sets forth certain information on lease agreements as of June 30,
2016:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 13%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Property</font></div>
</td>
<td style="width: 14%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Number
of Agreements<font style="vertical-align: super; font-size: 70%">(1)(5)</font></font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Annual
Rental income</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;(in
millions of Ps.) <font style="vertical-align: super; font-size: 70%">(2)</font></font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Rental
income per sqm New and Renewed <font style="vertical-align: super; font-size: 70%">(3)</font></font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Previous
rental income per sqm <font style="vertical-align: super; font-size: 70%">(3)</font></font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">N&#xB0;
of non-renewed agreements</font></div>
</td>
<td style="width: 14%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Non-renewed
agreements Annual rental income <font style="vertical-align: super; font-size: 70%">(4)</font></font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(in
millions of Ps.)</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Maip&#xFA;
1300</font></div>
</td>
<td style="width: 14%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">3</font></div>
</td>
<td style="width: 12%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3.4</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">269.8</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">385.0</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 14%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Av. Del Libertador
498</font></div>
</td>
<td style="width: 14%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 12%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3.2</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">427.8</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">413.6</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 14%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Intercontinental
Plaza</font></div>
</td>
<td style="width: 14%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 12%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2.5</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">232.5</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">232.5</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 14%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Bouchard
710</font></div>
</td>
<td style="width: 14%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">3</font></div>
</td>
<td style="width: 12%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">12.9</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">399.2</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">331.8</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 14%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Torre
BankBoston</font></div>
</td>
<td style="width: 14%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">3</font></div>
</td>
<td style="width: 12%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11.2</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">375.5</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">283.5</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 14%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">32</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Edificio
Rep&#xFA;blica</font></div>
</td>
<td style="width: 14%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
<td style="width: 12%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">18.5</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">399.8</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">477.4</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 14%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Dot
Building</font></div>
</td>
<td style="width: 14%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 12%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3.7</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">374.1</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">327.3</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
<td style="width: 14%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Suipacha
664</font></div>
</td>
<td style="width: 14%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">3</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6.5</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">151.0</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">143.3</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3</font></div>
</td>
<td style="width: 14%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Offices</font></div>
</td>
<td style="width: 14%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">19</font></div>
</td>
<td style="width: 12%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">61,9</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">312.9</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">299.5</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7</font></div>
</td>
<td style="width: 14%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">53</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">_______________</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="background-color: #ffffff"><font style="font-size: 13px; font-family: Times New Roman"><font style="background-color: #ffffff">(1)</font>&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Includes new and
renewed agreements executed in fiscal year
2016.</font></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(2)&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Agreements stated
in US dollars converted into Pesos at the exchange rate prevailing
in the initial month of the agreement multiplied by 12
months.</font></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(3)&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Monthly
value.</font></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(4)&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Agreements stated
in US dollars converted into Pesos at the exchange rate prevailing
in the last month of the agreement, multiplied by 12
months.</font></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(5)&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Does not include
agreements of parking spaces, antennas or terrace
space.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><br>
&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Sale
and Development of Properties and Land Reserves</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Residential Development Properties</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The acquisition and
development of residential apartment complexes and residential
communities for sale is one of our core activities. Our development
of residential apartment complexes consists of the new construction
of high-rise towers or the conversion and renovation of existing
structures such as factories or warehouses. In connection with our
development of residential communities, we frequently acquire
vacant land, develop infrastructure such as roads, utilities and
common areas, and sell plots of land for construction of
single-family homes. We may also develop or sell portions of land
for others to develop complementary facilities such as shopping
areas within residential developments.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">During the fiscal
year ended June 30, 2016, revenues from the development and sale of
properties segment amounted to Ps.<font style="text-decoration: underline; border-bottom: 1px double #000000">8</font>
million, compared to Ps.<font style="text-decoration: underline; border-bottom: 1px double #000000">15</font>
million in the fiscal year ended June 30, 2015.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Construction and
renovation works on our residential development properties are
currently performed, under our supervision, by independent
Argentine construction companies that are selected through a
bidding process. We enter into turnkey contracts with the selected
company for the construction of residential development properties
pursuant to which the selected company agrees to build and deliver
the development for a fixed price and at a fixed date. We are
generally not responsible for any additional costs based upon the
turnkey contract. All other aspects of the construction, including
architectural design, are performed by third parties.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Another modality
for the development of residential undertakings is the exchange of
land for constructed square meters. In this way, we deliver
undeveloped pieces of land and another firm is in charge of
building the project. In this case, we receive finished square
meters for commercialization, without taking part in the
construction works.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The following table
shows certain information and gives an overview regarding our sales
and development properties as of June 30, 2016, 2015 and
2014:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; padding-top: 0px; padding-bottom: 0px; margin-left: auto; margin-right: auto; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 52%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">As
of June 30,</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 52%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
</tr><tr>
<td style="width: 52%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 52%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Residential
apartments</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 52%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Caballito
Nuevo</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
</tr><tr>
<td style="width: 52%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Condominios I y II
<font style="vertical-align: super; font-size: 70%">(1)</font></font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">52</font></div>
</td>
</tr><tr>
<td style="width: 52%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Horizons
<font style="vertical-align: super; font-size: 70%">(2)</font></font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">23</font></div>
</td>
</tr><tr>
<td style="width: 52%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other Residential
Apartments<font style="vertical-align: super; font-size: 70%">(3)</font></font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 52%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Subtotal
Residential Apartments</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">7</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">14</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">76</font></div>
</td>
</tr><tr>
<td style="width: 52%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Residential
Communities</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 52%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Abril <font style="vertical-align: super; font-size: 70%">(4)</font></font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">60</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 52%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">As
of June 30,</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 52%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
</tr><tr>
<td style="width: 52%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">El
Encuentro</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8</font></div>
</td>
</tr><tr>
<td style="width: 52%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Subtotal
Residential Communities</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">10</font></div>
</td>
</tr><tr>
<td style="width: 52%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Land
Reserve</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 52%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Neuqu&#xE9;n</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">13</font></div>
</td>
</tr><tr>
<td style="width: 52%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Subtotal
Land Reserve</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">13</font></div>
</td>
</tr><tr>
<td style="width: 52%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">TOTAL</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">7</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">15</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">99</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1) Through IRSA
Propiedades Comerciales S.A.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2) Belongs to
CYRSA S.A.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(3) Refers to Entre
R&#xED;os 465 and Caballito Plot.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(4) Includes sales
of shares in April.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Sale of Investment Properties in Fiscal Year 2016 (in millions of
Ps.)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">FY
2016</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">FY
2015</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">FY
2014</font></div>
</td>
</tr><tr>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Revenues</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1,175</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2,517</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">402</font></div>
</td>
</tr><tr>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Costs</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(107)</font></div>
</div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(1,354)</font></div>
</div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(166)</font></div>
</div>
</td>
</tr><tr>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Profit</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,068</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,163</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">236</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Partial sales of &#x201C;Maip&#xFA; 1300&#x201D;
building</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In July and August
2015, 1,761 sqm were sold in the Maip&#xFA; 1300 building,
consisting of four floors, at a gain of Ps.57.1 million. In
November and December 2015, 1,690 additional sqm were sold in this
building, consisting of four additional floors, generating a profit
of Ps.52.9 million.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Sale of Isla Sirgadero Land Reserve (Santa Fe)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On September 3,
2015, this 8,262,600 sqm parcel of land was sold for a total amount
of US$4 million, for a gain of Ps.32.3 million.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Partial Sale of Intercontinental Plaza (through IRSA Propiedades
Comerciales)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On September 10,
2015, our subsidiary IRSA CP sold 5,963 sqm consisting of seven
office floors, 56 parking spaces and 3 storage units, for a total
amount of Ps.324.5 million, at a gain of Ps.300 million. Moreover,
on February 4, 2016, our subsidiary IRSA CP sold 851 sqm consisting
of one office floor and 8 parking spaces, at a gain of Ps.39.2
million.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Sale of &#x201C;Dique IV&#x201D; building</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On December 10,
2015, we sold to a non-related party the &#x201C;Juana Manso
295&#x201D; office building located in the &#x201C;Puerto
Madero&#x201D; area of the City of Buenos Aires, consisting of 8
office floors and 116 parking spaces for Ps.649 million, which has
been fully paid as of the date of this annual report. The gross
profit from this sale was approximately Ps.586.8
million.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Partial sale of the building to be developed in Catalinas (no
impact on results for this fiscal year)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On December 4,
2015, the company sold to Globant S.A. 4,896 sqm corresponding to
four office floors of a building to be developed in the
&#x201C;Catalinas&#x201D; area in the City of Buenos Aires and 44
parking spaces located in the same building. Surrender of
possession is expected within 48 months and the execution of the
title deed within 60 months, in both cases counted as from even
date. The transaction amount was Ps.180.3 million and US$12.3
million payable as follows: (i) Ps.180.3 million paid on even date,
(ii) US$8.6 million payable in 12 quarterly installments during a
period of 3 years beginning in June 2016; and (iii) the remaining
US$3.7 million upon execution of the title deed.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Partial sale of the building to be developed in
&#x201C;Catalinas&#x201D; (no impact on results for this fiscal
year)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On April 7, 2016,
the company sold to its subsidiary IRSA Propiedades Comerciales
S.A. (&#x201C;IRSA CP&#x201D;), controlled by a 94.61% interest,
16,012 square meters, consisting of 14 floors (from 13 to 16 and
from 21 to 30) intended for long term lease and 142 parking spaces
of the building to be built in the &#x201C;Catalinas&#x201D; area,
City of Buenos Aires. The building to be built will have a gross
leaseable area of 35,468 square meters distributed over 30 office
floors and 316 parking spaces in 4 underground levels. Surrender of
possession is expected to take place in December 2019, and the deed
of conveyance is planned to be executed in December
2020.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The transaction
price was set considering two components: a &#x201C;Fixed&#x201D;
portion, relating to the incidence of the land over the square
meters purchased by IRSA CP, for a total amount of Ps.455.7 million
(approximately US$1,600 + VAT per square meter), which was paid on
that date, and a &#x201C;Determinable&#x201D; portion, as to which
IRSA will pass through to IRSA CP only the actual cost of the works
per square meter.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">61</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The remaining
14,820 sqm of gross leaseable area corresponding to the first 12
floors of the building are held the company since no decision has
been made between development intended for rent and/or
sale.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Estimated
Capital Expenditures</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 46%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Developments</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 33%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Greenfields</font></div>
</div>
</td>
<td style="width: 13%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Expansions</font></div>
</div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 16%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Polo Dot (First
Stage)</font></div>
</td>
<td style="width: 16%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Catalinas<font style="vertical-align: super; font-size: 70%">(1)</font></font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Alto
Palermo</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Beginning of
Works</font></div>
</td>
<td style="width: 16%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">FY
2017</font></div>
</td>
<td style="width: 16%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">FY
2017</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">FY
2017</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Estimated opening
date</font></div>
</td>
<td style="width: 16%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">FY
2019</font></div>
</td>
<td style="width: 16%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">FY
2020</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">FY
2018</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Total GLA
(sqm)</font></div>
</td>
<td style="width: 16%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">31,635</font></div>
</td>
<td style="width: 16%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">35,468</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">3,884</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Investment amount
at 100% (million US$)<font style="vertical-align: super; font-size: 70%">(2)</font></font></div>
</td>
<td style="width: 16%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">54</font></div>
</td>
<td style="width: 16%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">101</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">28.5</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Investment amount
at 100% (million Ps.)<font style="vertical-align: super; font-size: 70%">(3)</font></font></div>
</td>
<td style="width: 16%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">812.16</font></div>
</td>
<td style="width: 16%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1,
519.04</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">428.64</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Work progress
(%)</font></div>
</td>
<td style="width: 16%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">0%</font></div>
</td>
<td style="width: 16%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">0%</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">0%</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">________________</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)&#xA0;&#xA0;&#xA0;45%
of the development corresponds to our subsidiary IRSA Propiedades
Comerciales S.A.</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(2)&#xA0;<br></font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">The amount
corresponds to the expected total amount of the project, not only
for the Fiscal Year 17.</font></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(3)&#xA0;<br></font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">We have translated
U.S. dollars into Pesos at the offer exchange rate quoted by Banco
de la Naci&#xF3;n Argentina for June 30, 2016, which was
Ps.15.04=U.S.$1.00.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Alto Palermo Expansion</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The expansion
project for the Alto Palermo shopping center adds approximately
4,000 square meters of GLA to the shopping center, which has the
highest sales per square meter and consists of moving the food
court to a third level using the area of an adjacent building
acquired in 2015. Construction works are estimated to be completed
in between 18 and 24 months.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
First stage of Polo Dot</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The project called
&#x201C;Polo Dot&#x201D;, located in the commercial complex adjacent
to our Dot Baires shopping center, has experienced significant
growth since our first investments in the area. The total project
will consist of three new office buildings (one of them could
include a hotel) in land reserves we own and the expansion of the
shopping center by approximately 15,000 square meters of gross
leaseable area. In the first phase of the project, we will develop
an 11-floor office building with an area of approximately 30,000
square meters on an existing building, in respect of which we have
already executed a lease agreement for approximately half the
available square footage, before starting the works. Construction
will begin during the next fiscal period and is estimated to last
between 18 and 24 months before the building is operational. The
second phase of the project will include two office/hotel buildings
that will add 38,400 square meters of gross leaseable area to the
complex. We have seen a significant demand for Premium office space
in our new commercial complex and we believe that we will be able
to open these buildings with attractive rent levels and full
occupancy. As of June 30, 2016, 75% of the building has already
leased.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Catalinas Building</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The
&#x201C;Catalinas&#x201D; project is located in one of the most
sought-after spots for office development in Argentina. The
building to be constructed will have 35,468 square meters of gross
leaseable area in 30 office floors and 316 parking spaces.
Construction is scheduled to begin towards the end of the current
calendar year and will take approximately three years to be
completed.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">62</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 13%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Company</font></div>
</td>
<td style="width: 5%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Interest</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Date
of Acquisition</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Surface
area sqm</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Area
intended for sale sqm (1)</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Area
intended for construction</font></div>
</td>
<td colspan="2" style="width: 5%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Sold
(2)</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Location</font></div>
</td>
<td colspan="2" style="width: 8%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Accumulated
Income as of June 2016</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Accumulated
Income as of June 2015</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Book
Value (ARS MM)</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Residential properties</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Available-for-sale</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Condominios del
Alto I</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">IRSA
CP</font></div>
</td>
<td style="width: 5%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">100%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">04/30/1999</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2,082</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 5%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">100%</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Santa
Fe</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">7</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Condominios del
Alto II</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">IRSA
CP</font></div>
</td>
<td style="width: 5%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">100%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">04/30/1999</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">4,082</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 5%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">100%</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Santa
Fe</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Caballito
Nuevo</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">IRSA</font></div>
</td>
<td style="width: 5%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">100%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">11/03/1997</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">7,323</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 5%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">100%</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">CABA</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Barrio
Chico</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">IRSA</font></div>
</td>
<td style="width: 5%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">100%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">03/01/2003</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2,872</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 5%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">100%</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">CABA</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">El
Encuentro</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">IRSA</font></div>
</td>
<td style="width: 5%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">100%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">11/18/1997</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">127,748</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 5%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">100%</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Buenos
Aires</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Abril Club de Campo
&#x2013; Plots</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">IRSA</font></div>
</td>
<td style="width: 5%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">100%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">01/03/1995</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">5,135</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 5%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">100%</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Buenos
Aires</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Abril Club de Campo
&#x2013; Manor House <font style="vertical-align: super; font-size: 70%">(3)</font></font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">IRSA</font></div>
</td>
<td style="width: 5%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">100%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">01/03/1995</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">31,224</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">34,605</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 5%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">100%</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Buenos
Aires</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Torres
Jard&#xED;n</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">IRSA</font></div>
</td>
<td style="width: 5%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">100%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">07/18/1996</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 5%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">CABA</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Departamento Entre
R&#xED;os 465/9</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">IRSA
CP</font></div>
</td>
<td style="width: 5%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">100%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 5%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">100%</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Buenos
Aires</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Horizons</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">IRSA</font></div>
</td>
<td style="width: 5%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">50%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">01/16/2007</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">60,232</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 5%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">100%</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Buenos
Aires</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">5</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">5</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Intangible &#x2013;
Receivable units</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Beruti (Astor
Palermo) <font style="vertical-align: super; font-size: 70%">(4)</font></font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">IRSA
CP</font></div>
</td>
<td style="width: 5%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">100%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">06/24/2008</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2,170</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 5%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">CABA</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">33</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Caballito Manzana
35</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">IRSA</font></div>
</td>
<td style="width: 5%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">100%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">10/22/1998</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">6,952</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 5%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">CABA</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">52</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">CONIL - G&#xFC;emes
836 &#x2013; Mz. 99 and&#xA0;&#xA0;G&#xFC;emes 902 &#x2013; Mz.
95</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">and Retail
Stores</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">IRSA
CP</font></div>
</td>
<td style="width: 5%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">100%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">07/19/1996</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1,389</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">5,994</font></div>
</td>
<td colspan="2" style="width: 5%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Buenos
Aires</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">5</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Canteras Natal
Crespo (2 commercial parcels)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">IRSA</font></div>
</td>
<td style="width: 5%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">40,333</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 5%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Buenos
Aires</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Isla
Sirgadero<font style="vertical-align: super; font-size: 70%">(10)</font></font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">IRSA</font></div>
</td>
<td style="width: 5%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">100%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">02/16/2007</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">826,276</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 5%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Santa
Fe</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Pereiraola
(Greenville)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">IRSA</font></div>
</td>
<td style="width: 5%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">100%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">04/21/2010</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">39,634</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 5%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Buenos
Aires</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">8</font></div>
</td>
</tr><tr>
<td style="width: 13%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Subtotal Residential properties</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">899,222</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">292,835</font></div>
</td>
<td colspan="2" style="width: 13%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">5,994</font></div>
</td>
<td style="width: 5%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">6</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">15</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">102</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Land Reserves</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Pilar R8 Km
53</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">IRSA</font></div>
</td>
<td style="width: 5%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">100%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">05/29/1997</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">74,828</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Buenos
Aires</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Pontevedra</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">IRSA</font></div>
</td>
<td style="width: 5%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">100%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">02/28/1998</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">730,994</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Buenos
Aires</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Mariano
Acosta</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">IRSA</font></div>
</td>
<td style="width: 5%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">100%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">02/28/1998</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">967,290</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Buenos
Aires</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Merlo</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">IRSA</font></div>
</td>
<td style="width: 5%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">100%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">02/28/1998</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1,004,987</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 5%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Buenos
Aires</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
</tr><tr>
<td style="width: 13%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">San Luis
Plot</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">IRSA</font></div>
</td>
<td style="width: 5%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">50%</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">03/31/2008</font></div>
</td>
<td colspan="2" style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">3,250,523</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 5%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">San
Luis</font></div>
</td>
<td colspan="2" style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
</tr><tr>
<td style="width: 13%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Subtotal Land reserves</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">6,028,622</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 5%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">5</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Future Developments</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Mixed
Use</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">UOM Luj&#xE1;n
<font style="vertical-align: super; font-size: 70%">(5)</font></font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">IRSA
CP</font></div>
</td>
<td style="width: 5%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">100%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">05/31/2008</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1,160,000</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 5%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">N/A</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Buenos
Aires</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">42</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">La
Adela</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">IRSA</font></div>
</td>
<td style="width: 5%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">100%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">08/01/2014</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">10,580,000</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 5%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">N/A</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Buenos
Aires</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">215</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Predio San Martin
(Ex Nobleza Piccardo) <font style="vertical-align: super; font-size: 70%">(6)</font></font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">IRSA
CP</font></div>
</td>
<td style="width: 5%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">50%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">05/31/2011</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">159,995</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">127,996</font></div>
</td>
<td style="width: 5%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">N/A</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Buenos
Aires</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">60</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Puerto
Retiro</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">IRSA</font></div>
</td>
<td style="width: 5%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">50%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">05/18/1997</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">82,051</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 5%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">N/A</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">CABA</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">22</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">63</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 13%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Company</font></div>
</td>
<td style="width: 5%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Interest</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Date
of Acquisition</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Surface
area sqm</font></div>
</td>
<td colspan="3" style="width: 9%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Area
intended for sale sqm (1)</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Area
intended for construction</font></div>
</td>
<td colspan="2" style="width: 5%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Sold
(2)</font></div>
</td>
<td colspan="2" style="width: 10%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Location</font></div>
</td>
<td colspan="3" style="width: 8%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Accumulated
Income as of June 2016</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Accumulated
Income as of June 2015</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Book
Value (ARS MM)</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Santa Mar&#xED;a
del Plata<font style="vertical-align: super; font-size: 70%">(7)</font></font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">IRSA</font></div>
</td>
<td style="width: 5%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">100%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">07/10/1997</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">716,058</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 5%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">N/A</font></div>
</td>
<td colspan="3" style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">CABA</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">159</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Residential</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Coto Abasto Air
Space</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">IRSA
CP</font></div>
</td>
<td style="width: 5%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">100%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">09/24/1997</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">21,536</font></div>
</td>
<td style="width: 5%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">N/A</font></div>
</td>
<td colspan="3" style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">CABA</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">9</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Neuqu&#xE9;n
&#x2013; Residential parcel</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">IRSA
CP</font></div>
</td>
<td style="width: 5%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">100%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">07/06/1999</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">13,000</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">18,000</font></div>
</td>
<td style="width: 5%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">N/A</font></div>
</td>
<td colspan="3" style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Neuqu&#xE9;n</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Uruguay
Zetol</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">IRSA</font></div>
</td>
<td style="width: 5%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">90%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">06/01/2009</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">152,977</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">62,756</font></div>
</td>
<td colspan="2" style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 5%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">N/A</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Uruguay</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">92</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Uruguay Vista al
Muelle</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">IRSA</font></div>
</td>
<td style="width: 5%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">90%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">06/01/2009</font></div>
</td>
<td colspan="3" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">102,216</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">62,737</font></div>
</td>
<td colspan="2" style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 5%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">N/A</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Uruguay</font></div>
</td>
<td colspan="3" style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">64</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Retail</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Caballito Shopping
plot <font style="vertical-align: super; font-size: 70%">(8)</font></font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">IRSA
CP</font></div>
</td>
<td style="width: 5%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">100%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="3" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">23,791</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">no
data</font></div>
</td>
<td style="width: 5%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">N/A</font></div>
</td>
<td colspan="3" style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">CABA</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">46</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Dot potential
expansion</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">IRSA
CP</font></div>
</td>
<td style="width: 5%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">80%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="3" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">15,881</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">47,643</font></div>
</td>
<td colspan="2" style="width: 5%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">N/A</font></div>
</td>
<td colspan="3" style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">CABA</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Offices</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Philips Adjoining
plots - Offices 1 and 2</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">IRSA
CP</font></div>
</td>
<td style="width: 5%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">80%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">11/28/2006</font></div>
</td>
<td colspan="3" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">12,800</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">38,400</font></div>
</td>
<td colspan="2" style="width: 5%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">N/A</font></div>
</td>
<td colspan="3" style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">CABA</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">25</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Baicom</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">IRSA</font></div>
</td>
<td style="width: 5%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">50%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">12/23/2009</font></div>
</td>
<td colspan="3" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">6,905</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">34,500</font></div>
</td>
<td colspan="2" style="width: 5%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">N/A</font></div>
</td>
<td colspan="3" style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">CABA</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Intercontinental
Plaza II <font style="vertical-align: super; font-size: 70%">(9)</font></font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">IRSA
CP</font></div>
</td>
<td style="width: 5%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">100%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">02/28/1998</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">6,135</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">19,598</font></div>
</td>
<td colspan="2" style="width: 5%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">N/A</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">CABA</font></div>
</td>
<td colspan="3" style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Catalinas Norte
Plot</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">IRSA</font></div>
</td>
<td style="width: 5%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">100%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">12/17/2009</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">3,649</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">35,468</font></div>
</td>
<td colspan="2" style="width: 5%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">13%</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">CABA</font></div>
</td>
<td colspan="3" style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">48</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">C&#xF3;rdoba
Plot</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">IRSA
CP</font></div>
</td>
<td style="width: 5%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">100%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 5%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">N/A</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">C&#xF3;rdoba</font></div>
</td>
<td colspan="3" style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">7</font></div>
</td>
</tr><tr>
<td style="width: 13%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">PH Office
Park</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">IRSA
CP</font></div>
</td>
<td style="width: 5%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">100%</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 13%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 5%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">N/A</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">CABA</font></div>
</td>
<td colspan="3" style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">7</font></div>
</td>
</tr><tr>
<td style="width: 13%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Subtotal Future Developments</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">13,035,458</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">125,493</font></div>
</td>
<td colspan="2" style="width: 13%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">343,141</font></div>
</td>
<td colspan="2" style="width: 5%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">883</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Land Reserves</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">19,963,302</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">418,328</font></div>
</td>
<td colspan="2" style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">349,135</font></div>
</td>
<td colspan="2" style="width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">7</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">15</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">990</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">_______________</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">(1)&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Saleable Area means
the housing square meters proper, excluding parking and storage
spaces. It is recorded at 100%, before making any
sales.</font></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">(2)&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">% Sold includes
those sale transactions for which there is a Preliminary Sales
Agreement, Possession or a Title Deed executed. Includes housing
square meters only, excludes parking and storage
spaces.</font></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">(3)&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Saleable Area
includes 31,224 sqm of the plot and 4,712.81 total sqm of the Manor
House (not including 1,331.76 sqm of Ground
Floor).</font></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">(4)&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Saleable Area
excludes 171 commercial parking spaces to be received and the units
as compensation.</font></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">(5)&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Mixed Used
Feasibility requested, pending provincial
approval.</font></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">(6)&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">127,996 sqm arise
from current laws, a draft project is being made for 479,415
buildable square meters (pending approval).</font></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">(7)&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Feasibility
requested for 716,058 buildable square meters, pending approval
from the Legislative body of the City of Buenos
Aires.</font></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">(8)&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Draft project of
71,374 buildable square meters, pending approval of zoning
parameters.</font></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">(9)&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">6,135 sqm of
surface area correspond to the parcel, which includes
Intercontinental I and II.</font></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">(10)&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">On September 3,
2015, the entire property was sold for US$ 3.9 million, payable in
16 quarterly installments, plus an installment in kind, land
resulting from the final blueprint, equivalent to 10% of the
surface area.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">64</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Residential Apartments and Lofts.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In the residential
market, we acquire undeveloped properties strategically located in
densely populated areas mainly in the City of Buenos Aires,
particularly properties located near shopping centers and
hypermarkets or those to be developed. We then develop
multi-building high-rise complexes targeting the middle- and high-
income market. These are equipped with modern comforts and
services, such as open &#x201C;green areas,&#x201D; swimming pools,
sports and recreation facilities and 24-hour security. In the loft
buildings market, our strategy is to acquire old buildings no
longer in use located in areas with a significant middle and
upper-income population. The properties are then renovated into
unfinished lofts allowing buyers the opportunity to design and
decorate them according to their preferences.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Residential Properties (available for Sale)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Condominios
del Alto II &#x2013;City of Rosario, Province of Santa Fe (IRSA
CP)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As of June 30,
2016, works in parcel H have been completed and all the units
subject to the barter agreement have been received, with 13 parking
spaces available for sale.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Barrio
Chico &#x2013; City of Buenos Aires</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">This is a unique
Project located in Barrio Parque, an exclusive residential area in
the City of Buenos Aires. During May 2006, the commercialization of
the project was launched with successful results. The image of the
product was originally developed under the name &#x201C;Barrio
Chico&#x201D; through advertisements in the most important media. As
of June 30, 2016, the project is completed and there are 2 parking
spaces yet to be sold.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Abril
&#x2013; Hudson &#x2013; Province of Buenos Aires</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Abril is a
312-hectare private residential community located near Hudson City,
approximately 34 kilometers south of the City of Buenos Aires. We
have developed this property into a private residential community
for the construction of single-family homes targeting the
upper-middle income market. The project includes 20 neighborhoods
subdivided into 1,273 lots of approximately 1,107 square meters
each. Abril also includes an 18-hole golf course, 130 hectares of
woodlands, a 4,000-square meter mansion and entertainment and
recreational facilities. A bilingual school, horse stables and
sports centers and the construction of the shopping center were
concluded in 1999. The project is highly consolidated, and as of
June 30, 2016, there are no lots pending execution of the relevant
title deed.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#x201C;La Casona
Abril&#x201D; is located in the heart of the project. It is the
antique manor of &#x201C;Estancia Pereyra Iraola,&#x201D; which was
built in the 1930s by architect Jos&#xE9; Mille. This French-style
palace of the XIX century has 4,700 sqm distributed over four
floors and a manicured garden of approximately 30,000
sqm.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Horizons,
Vicente L&#xF3;pez, Olivos, Province of Buenos Aires</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The IRSA-CYRELA
Project, developed over two adjacent blocks, was launched in March
2008 under the name Horizons. Horizons is one of the most
significant developments in Greater Buenos Aires, featuring a new
concept in residential complexes given its emphasis on the use of
common spaces. This project includes two complexes with a total of
six buildings: one complex faces the river and consists of three
14-floor buildings, the &#x201C;R&#xED;o&#x201D; complex, and the
other one, facing Libertador Avenue, consists of three 17-floor
buildings, the &#x201C;Parque&#x201D; complex, encompassing 59,000
square meters of saleable area distributed over 467 units
(excluding the units to be delivered as consideration for the
purchase of the lands). Horizons is a unique and style-innovating
residential complex offering 32 amenities, including a meeting
room, work zone, heated swimming pools, community center with spa,
sauna, gym, children&#x2019;s room, teen room, thematically
landscaped areas, and aerobic trail. The showroom was opened to the
public in March 2008 with great success. As of June 30, 2016, the
project was fully built and two apartments and two parking spaces
are pending execution of the title deed. The stock available for
sale consists of two parking spaces and 40 storage
spaces.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Intangibles - Units to be received under barter
agreements</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Beruti
Plot &#x2013; City of Buenos Aires (IRSA CP)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On October 13,
2010, through our subsidiary IRSA CP, and TGLT S.A.
(&#x201C;TGLT&#x201D;), we entered into an exchange agreement in
connection with a plot of land located at Beruti 3351/59 in the
City of Buenos Aires for cash and 2,170 square meters in future
residential apartments to be constructed by TGLT on the plot. In
addition, TGLT will deliver 32 residential parking spaces and 171
commercial parking spaces to us.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Caballito
Plot &#x2013; City of Buenos Aires</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On June 29, 2011,
we and TGLT, a residential developer, entered into a barter
agreement for a plot of land located on Mendez de Andes street in
the neighborhood of Caballito in the City of Buenos Aires for cash
and future residential apartments to be constructed by TGLT. The
transaction was agreed upon at US$12.8 million. TGLT plans to
construct an</font> <font style="font-size: 13px; font-family: Times New Roman">apartment building
with parking spaces. As consideration, TGLT paid US$159,375 in cash
and will transfer to IRSA: (i) a number of apartments to be
determined representing 23.10% of total square meters of
residential space developed; (ii) a number of parking spaces to be
determined representing 21.10% of total square meters of parking
spaces; and (iii) if TGLT builds complementary storage rooms, such
number of storage rooms representing 21.10% of square meters of
storage spaces developed. TGLT is committed to build, finish and
obtain authorization for the three buildings making up the project
within 36 to 48 months. TGLT mortgaged the land in favor of IRSA as
guarantee.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">65</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">A neighborhood
association named <font style="font-style: italic">Asociaci&#xF3;n
Civil y Vecinal SOS Caballito</font> secured a preliminary
injunction which suspended the works to be developed by TGLT in the
abovementioned property. Once said preliminary injunction was
deemed final, the Government of the City of Buenos Aires and TGLT
were served notice of the complaint. Both first and second
instance, ruled against TGLT&#xB4;s arguments. In consequence, the
permission granted to TGLT in order to build in the area was
declared null and void. TGLT and the Government of the City of
Buenos Aires filed a federal appeal on The Supreme Court of Buenos
Aires. Up to the date, the Court has not reached a decision
yet.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">CONIL
&#x2013; Avellaneda, Province of Buenos Aires (IRSA CP)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">These plots face
Alto Avellaneda shopping center, totaling 2,398 sqm distributed in
two opposite corners and according to urban planning standards,
approximately 6,000 sqm may be built. Its intended use, either
through an owned development or sale to a third party, is
residential with the possibility of a retail space as well. In
November 2014, a Barter Deed was executed to carry out a
residential project and as consideration, we will receive 1,365 sqm
of retail stores located on the ground floors of blocks 99 and 95,
at G&#xFC;emes 836 and G&#xFC;emes 902, respectively. Delivery of
the consideration for block 95 is expected to take place in January
2018, and consideration corresponding to block 99 is scheduled for
September 2018. The barter was valued at US$0.7
million.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Pereiraola
(Greenville), Hudson &#x2013; Province of Buenos Aires</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In April 2010, we
sold Pereiraola S.A., which owns certain lands adjacent to the
Abril Club de Campo that comprises 130 hectares, for US$11.7
million. The purchaser would develop a project that would include
the fractioning into lots, a condo-hotel, two polo fields, and
apartment buildings. The delivery to us of 39,634 square meters of
lots with a value of approximately US$3 million was included in the
sale price. At present the project is at an advanced stage, and the
52 lots are expected to be received by the end of
2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Canteras
Natal Crespo, La Calera &#x2013; Province of
C&#xF3;rdoba</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On June 26, 2013,
we sold 100% of our interest in Canteras Natal Crespo S.A.
representing 50% of its capital stock, to Euromayor S.A. de
Inversiones for US$4,215,000 according to the following payment
schedule: US$3,815,000 in cash and US$400,000 through the transfer
of approximately 40,000 sqm for business purposes within the
project to be developed on the site known as Laguna Azul. Delivery
of the non-monetary consideration is expected in March
2017.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Land Reserves and development properties</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Other
Land Reserves &#x2013; Pilar, Pontevedra, Mariano Acosta, Merlo and
San Luis Plot</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We grouped plots of
land with a significant surface area the development of which is
not feasible in the short term either due to their current urban
and zoning parameters, their legal status or the lack of
consolidation of their immediate environment. This group totals
approximately 14 million sqm.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Isla
Sirgadero</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On September 3,
2015, this property was sold to several companies for US$3.9
million, payable in 16 quarterly installments, plus an installment
in kind, consisting of land resulting from the final blueprint,
equivalent to 10% of the surface area of the property.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Future Developments</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Mixed Uses</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Ex
UOM &#x2013; Luj&#xE1;n, Province of Buenos Aires (IRSA
CP)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">This 116-hectare
plot is located at kilometer 62 of the West Highway, at the
intersection with Route 5 and was originally purchased by Cresud on
May 31, 2008. In May 2012, we acquired the property through a
purchase and sale agreement entered with a related party. Our
current intention is to carry out a mixed-use project, taking
advantage of the environment consolidation and the strategic
location of the plot. At present, negotiations are underway to
change the zoning parameters, which would potentially make the
project feasible.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">66</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Ex
Nobleza Piccardo Plant &#x2013; San Mart&#xED;n, Province of Buenos
Aires (IRSA CP)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On March 31, 2011,
Quality Invest S.A. and Nobleza Piccardo S.A.I.C. y F. (Nobleza)
executed the title deed for the purchase of a plot of land
extending over 160,000 square meters located in the District of San
Mart&#xED;n, Province of Buenos Aires, currently intended for
industrial purposes and suitable in terms of characteristics and
scales for mixed-use developments. The price for the property was
US$33 million, 30% of which was paid at signing. A promissory note
and a first-priority mortgage was issued for the balance of the
purchase price of the property, in favor of Nobleza. The balance
plus interest at a nominal annual rate of 7.5% on the outstanding
balance was paid in full&#x2013;principal plus interest&#x2013;in
March 2013.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Simultaneously with
execution of the title deed, the parties entered into a lease
agreement whereby Nobleza leased the whole property for a term of
up to 36 months as from May 2011. This lease agreement contained a
clause providing for partial return of the property from month
eight to month fourteen after the date of execution thereof. Prior
to expiration, an extension was executed for two to six months
which expired in December 2012, and Quality Invest S.A. obtained
usufructary rights over half the plot. The return of the remaining
area set forth in the lease agreement, set forth in May 2014 was
once again extended until December 31, 2014. On March 2, 2015, a
Certificate was executed by Nobleza and Quality Invest S.A. for
full return of the property, and the contract relationship between
the parties was terminated.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On May 16, 2012,
the Municipality of San Mart&#xED;n granted a pre-feasibility
permit for commercial use, entertainment, events, offices, etc.,
which would enable performance of a mixed-use development
thereon.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Pursuant to an
Ordinance enacted on December 30, 2014, a process was initiated to
obtain a rezoning permit for the plot of land to be used mainly for
commercial purposes, which considerably expands the uses and
potential buildable square meters through new urban indicators. On
January 5, 2016, a Provincial Decree was published in the Official
Gazette, through which zoning parameters and the rezoning permit
previously obtained became effective.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As approved in the
Ordinance, on January 20, 2015, Quality Invest S.A. entered into a
Zoning Agreement with the Municipality of San Mart&#xED;n which
governs various issues related to applicable regulations and
provides for a mandatory assignment of square meters in exchange
for monetary contributions subject to fulfillment of certain
administrative milestones of the rezoning process. The first
monetary contribution (which amounted to Ps.20,000,000) was paid to
the Municipality ten days after execution of the above mentioned
agreement.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Moreover, on June
27, 2016, the subdivision of the property was submitted to the
Municipality, in compliance with another relevant aspect of the
Zoning Agreement.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Solares
de Santa Mar&#xED;a &#x2013; City of Buenos Aires</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Solares de Santa
Mar&#xED;a is a 70-hectare property facing the R&#xED;o de la Plata
in the south of Puerto Madero, 10 minutes from downtown Buenos
Aires. We are owners of this property in which we intend to develop
an entrepreneurship for mixed purposes, i.e. our development
project involves residential complexes as well as offices, stores,
hotels, sports and sailing clubs, services areas with schools,
supermarkets and parking lots.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In 2000, we
submitted a master plan for the Santa Mar&#xED;a del Plata site,
which was assessed by the Environmental Urban Plan Council (Consejo
del Plan Urbano Ambiental, &#x201C;COPUA&#x201D;) and submitted to
the Town Treasurer&#x2019;s Office for consideration. In 2002, the
Government of the City of Buenos Aires issued a notice of public
hearing and in July 2006, the COPUA made recommendations. In
response to these recommendations, on December 13, 2006, we filed
an amendment to satisfy these recommendations, making material
amendments to our development plan, which amendments included the
donation of 50% of the site to the City of Buenos Aires for public
use and a pedestrian walkway along the entire site on the banks of
the river.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In March 2007, a
committee of the Government of the City of Buenos Aires, composed
of representatives from the Legislative and Executive Branches
issued a report stating that such Committee had no objections to
our development plan and requested that the General Treasury render
a decision concerning the scope of the development plan submitted
for the project. In November 2007, 15 years after the Legislative
Branch of the City of Buenos Aires granted the general zoning
standards for the site, the authorities of the City of Buenos Aires
executed Decree No. 1584/07, which passed the specific ruling, set
forth certain rules for the urban development of the project,
including types of permitted constructions and the obligation to
assign certain spaces for public use and convenience.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Notwithstanding the
approval of Decree No. 1584/07 in 2007, several municipal approvals
are still pending and in December 2007, a municipal court rendered
a decision restricting the implementation of our proposed
development plan, as a result of objections lodged by a legislator
of the City of Buenos Aires, alleging the suspension of Decree No.
1584/07, and each construction project and/or the municipal permits
granted for business purposes. Notwithstanding the legality and
validity of Decree No. 1584/07, we entered into an agreement with
the Government of the City of Buenos Aires, which was sent with a
legislative bill to the Legislature of the City of Buenos Aires
under number 976-J-2010, for approval.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">67</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On October 30,
2012, a new agreement was executed with the Government of the City
of Buenos Aires, replacing all prior arrangements, whereby new
obligations were agreed. To that end, such Agreement &#x2013; as
well as the previous ones &#x2013; shall be countersigned and
approved by the Legislative Branch of the City of Buenos Aires. The
docket containing the Bill of Law was reserved and is pending such
legislative treatment. The Agreement provided that if by February
28, 2014, the Bill of Law was not enacted, it would become
invalidated -current status to date. In order to secure the desired
rules, a new Agreement must be executed with the Government of the
City of Buenos Aires, to be subsequently confirmed by the
Legislature; currently we have resumed conversations with the
Executive Branch through the Transportation and Urban Development
Ministry in order to discuss the subscription of a new Agreement
(which will also append the Bill of Law).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Puerto
Retiro &#x2013; City of Buenos Aires</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Puerto Retiro is an
8.2 hectare undeveloped riverside property bounded by the Catalinas
and Puerto Madero office zones to the west, the Retiro railway
station to the north and the R&#xED;o de la Plata to the south and
east. One of the only two significant privately owned waterfront
properties in the City of Buenos Aires, Puerto Retiro may currently
be utilized only for port activities. Consequently, we have
initiated negotiations with municipal authorities in order to
rezone the area. We own a 50% interest in Puerto Retiro,
S.A.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On April 18, 2000,
Puerto Retiro S.A. was served with notice of a filing made by the
National Government, through the Ministry of Defense, to extend the
petition in bankruptcy of Inversora D&#xE1;rsena Norte S.A.
(Indarsa) to the Company. Upon request of petitioner, the court
hearing the bankruptcy case issued an injunction preventing us from
selling or otherwise disposing of the Puerto Retiro
land.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Indarsa had
acquired 90% of the capital stock in Tandanor from the National
Government in 1991. Tandanor&#x2019;s main business involved ship
repairs performed in a 19-hectare property located in the vicinity
of La Boca neighborhood and where the Syncrolift is installed. As
Indarsa failed to comply with its payment obligation for
acquisition of the shares of stock in Tandanor, the Ministry of
Defense filed a bankruptcy petition against Indarsa, seeking to
extend it to us.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The evidentiary
stage of the legal proceedings has concluded. We lodged an appeal
from the injunction order, and such order was confirmed by the
Court of Appeals on December 14, 2000. The parties filed the
arguments in due time and proper manner. After the case was set for
judgment, the judge ordered the suspension of the judicial order
requesting the case records for issuance of a decision based on the
alleged existence of pre-judgmental status in relation to the
criminal case against former officials of the Ministry of Defense
and our former executive officers, for which reason the case will
not be adjudicated until a final judgment is entered in respect of
the criminal case.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">It has been made
known to the commercial court that the expiration of the statute of
limitations has been declared in the criminal action and the
criminal defendants have been acquitted. However, this decision was
reversed by the Criminal Court (<font style="font-style: italic">C&#xE1;mara de Casaci&#xF3;n Penal</font>). An
extraordinary appeal was filed and rejected, therefore an appeal
was directly lodged with the Argentine Supreme Court for improper
refusal to permit the appeal, and a decision is still
pending.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Our Management and
external legal counsel to Puerto Retiro believe that there are
sufficient legal and technical arguments to consider that the
petition for an extension of the bankruptcy will be dismissed by
the court. However, in view of the current status of the case, its
result cannot be predicted.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Under the records
of the proceedings for the extension of bankruptcy, Puerto Retiro
S.A. requested authorization to execute both leases with the
companies Los Cipreses S.A. and Flight Express S.A. for certain
areas of the property acquired for a term of five years each. While
authorization was granted by the lower court, the Court of Appeals
in Commercial Matters reversed such decision upon request of the
National Government and the receiver of INDARSA. Puerto Retiro S.A.
filed an extraordinary appeal that was denied.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In turn, Tandanor
filed a civil action against Puerto Retiro S.A. and the other
defendants in the criminal case for violation of Section 174 (5)
based on Section 173 (7) of the Criminal Code. Such action seeks
-on the basis of the nullity of the decree that approved the
bidding process involving the D&#xE1;rsena Norte property- a
reimbursement in favor of Tandanor for all such amounts it has
allegedly lost as a result of a suspected fraudulent transaction
involving the sale of the property disputed in the
case.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The answer to the
civil action was filed in due time, which contained a number of
defenses. Tandanor requested the intervention of the National
Government as third party co-litigant in this case, which petition
was granted by the Court. In March 2015 both the National
Government and the criminal complainant answered the asserted
defenses.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On July 12, 2016,
Puerto Retiro S.A. was served with notice of the decision issued by
the Federal Court (<font style="font-style: italic">Tribunal Oral
Federal</font>) No. 5 on the defenses asserted by all codefendants
in the civil action. As regards the defenses asserted by Puerto
Retiro S.A., the court rejected the defenses of legal defect and
lack of legal standing to be sued, while with regard to the
defenses of lack of legal standing to sue and the expiration of the
statute of limitations, it decided to postpone discussion thereof
to the time of entering judgment on the merits of the case. It
should be pointed out that the defense of legal defect</font>
<font style="font-size: 13px; font-family: Times New Roman">so
dismissed is a dilatory defense, i.e. it does not determine a
substantive matter but refers to procedural issues and may be
cured. On the contrary, the defense of lack of legal standing to be
sued, if accepted, determines the outcome of the dispute, because
such admission would establish that Puerto Retiro S.A. should not
be a party to these proceedings. Puerto Retiro S.A. has filed an
appeal (<font style="font-style: italic">recurso de
reposici&#xF3;n</font>) from such decision &#x2013;reserving the
right to file a new appeal (<font style="font-style: italic">recurso de casaci&#xF3;n</font>) against
dismissal of both defenses. As regards the defenses of lack of
legal standing to sue and the statute of limitations, they are
central to the defense strategy, and because they were not
dismissed by the court, a possible consideration of the merits of
the case in our favor could be determinative.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">68</font></div>
</div>
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<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Residential</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Coto
Residential Project (IRSA CP)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We own
approximately 23,000 sqm of air space above the Coto hypermarket
that is close to the Abasto Shopping Center in the heart of the
City of Buenos Aires. We and Coto Centro Integral de
Comercializaci&#xF3;n S.A. (Coto) executed and delivered a deed
dated September 24, 1997, whereby we acquired the rights to receive
parking units and the rights to build above the premises located in
the block formed by Ag&#xFC;ero, Lavalle, Guardia Vieja and Gallo
streets, in the Abasto neighborhood.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In June 2016, a
preliminary barter agreement was signed, subject to certain
conditions, for a term of one year, at the end of which the deed
will be executed. The project will be a residential development
and, as consideration, we expect to receive 3,621 square meters in
apartments plus a cash payment of US$1 million. The consideration
for Torre I will be delivered by June 2021, while the consideration
for Torre II will be delivered by September 2022. The value of the
barter was set at US$7.5 million.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">C&#xF3;rdoba
Shopping Center Project (IRSA CP)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We own a few plots
adjacent to the C&#xF3;rdoba Shopping Center with a construction
capacity of approximately 17,300 square meters in the center of the
City of C&#xF3;rdoba.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In May 2016, a
preliminary barter agreement was signed for 13,500 square meters of
the total construction capacity, subject to certain conditions, for
a term of one year, at the end of which the deed will be executed.
It will be a mixed residential and office project and, as part of
the consideration, we will receive 2,160 square meters in
apartments, parking spaces, plus the management of permits,
unifications and subdivisions in three plots. The consideration
will be delivered by May 2021 for Torre I and by July 2023 for
Torre II. The value of the barter was US$4 million.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Neuqu&#xE9;n
Residential parcels&#x2013; Neuqu&#xE9;n, Province of Neuqu&#xE9;n
(IRSA CP)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Through Shopping
Neuqu&#xE9;n S.A., we own a 13,000 sqm plot with construction
capacity per FOT of 18,000 sqm of residential properties in an area
with significant growth potential. This area is located proximate
to the recently inaugurated shopping center, a recently opened
hypermarket and a hotel to be completed in approximately
months.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Zetol
S.A. and Vista al Muelle S.A. &#x2013; District of Canelones &#x2013;
Uruguay</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In the course of
fiscal year 2009, we acquired 100% of the equity of Liveck S.A., a
company organized under the laws of Uruguay. In June 2009, Liveck
had acquired a 90% stake of the capital stock of Vista al Muelle
S.A. and Zetol S.A., two companies incorporated under the laws of
Uruguay, for US$7.8 million. The remaining 10% interest in both
companies is owned by Banzey S.A. These companies have undeveloped
lands in Canelones, Uruguay, close to the capital city of Uruguay,
Montevideo.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We intend to carry
out an urban project consisting of the development and
commercialization of 13 apartment buildings. This project has the
&#x201C;urban feasibility&#x201D; status for the construction of
approximately 200,000 sqm for a term of 10 years, which was granted
by the Mayor&#x2019;s Office of the Canelones department and by its
Local Legislature. Zetol S.A. and Vista al Muelle S.A. agreed to
carry out the infrastructure works for US$8 million as well as
delivery of a minimum amount of sqm of properties. The satisfaction
of this commitment under the terms and conditions agreed upon will
grant an additional 10-year effective term to the urban feasibility
status.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The total purchase
price for Zetol S.A. was US$7 million; of which US$2 million have
been paid. Sellers may opt to receive the balance in cash or
through the delivery of units in the buildings to be constructed in
the land owned by Zetol S.A. equivalent to 12% of the total
marketable meters to be constructed.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In addition, Vista
al Muelle S.A. owned since September 2008 a plot of land purchased
for US$0.83 million. In February 2010, other plots were acquired
for US$1 million, the balance of which was US$0.28 million plus
interest and will be repaid in December 2014. In December 2010,
Vista al Muelle S.A. executed the title deed of other plots for a
total amount of US$2.66 million, of which US$0.3 million were paid.
The balance will be repaid by delivering 2,334 sqm of units and/or
retail stores to be constructed or in cash.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">69</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On June 30, 2009,
we sold a 50% stake in Liveck S.A. to Cyrela Brazil Realty S.A. for
US$1.3 million. On December 17, 2010, together with Cyrela Brazil
Realty S.A. we executed a stock purchase agreement pursuant to
which we repurchased from Cyrela Brazil Realty S.A. a 50%
shareholding in Liveck S.A. for US$2.7 million. Accordingly, as of
June 30, 2016, our stake, through Tyrus, in Liveck is
100%.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As a result of the
plot barter agreements executed in due time between the IMC, Zetol
S.A. and Vista al Muelle S.A. in March 2014, the parcel
redistribution dealing was concluded. This milestone, as set forth
in the amendment to the Master Agreement executed in 2013,
initiates the 10-year term for the investment in infrastructure and
construction of the buildings mentioned above. At present, the
urban project and the design of the first tower are being
developed.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Retail</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Caballito
Plot &#x2013; City of Buenos Aires (IRSA CP)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">This is a property
of approximately 23,791 sqm in the City of Buenos Aires,
neighborhood of Caballito, one of the most densely populated of the
city, which we purchased in November 1997. This plot would allow to
develop up to 71,000 sqm distributed in several uses including a
shopping center , a hypermarket, a cinema complex, and several
recreation and entertainment activity areas. At present, the
Legislature of the City of Buenos Aires has received from the
Executive Branch a legislative bill project to approve the zoning
parameters corresponding to this property, currently the project is
being reviewed by several committees within the Legislature in
order to be submitted to approval through voting.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Dot
Adjoining Plot &#x2013; City of Buenos Aires (IRSA CP)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On May 3, 2012, the
Government of the City of Buenos Aires, through the General Office
of Zoning Interpretation (Direcci&#xF3;n General de
Interpretaci&#xF3;n Urban&#xED;stica) approved, through a
pre-feasibility study, the parcel subdivision of the Ex-Philips
plot contingent upon the observance of the applicable building
regulations in each of the resulting parcels. In addition, all the
uses and parameters established under the municipal ordinance
previously issued by the above mentioned authority are being
observed.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On June 3, 2013, we
were given notice that the Government of the City of Buenos Aires
had approved the requested parcel subdivision of the ex-Philips
plot. As a result, the property was divided into three parcels: two
parcels of approximately 6,400 sqm each and a parcel adjoining DOT
Shopping of 15,900 sqm intended for the future extension of the
shopping center in 47,000 sqm.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Offices</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Philips
Adjoining Plots 1 and 2 &#x2013; City of Buenos Aires (IRSA
CP)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">These two parcels
of 6,400 sqm with construction capacity of 19,200 sqm each, are at
present a significant land reserve jointly with a plot where the
extension of Dot Baires Shopping is planned. As a result of major
developments, the intersection of Av. General Paz and the
Panamerican Highway has experienced a significant growth in recent
years. The project of theses parcels will conclude the
consolidation of this area.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Baicom
Plot - City of Buenos Aires</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On December 23,
2009, we acquired 50% of a parcel located in the surroundings of
the Buenos Aires Port, for a purchase price of Ps.4.5 million. The
property&#x2019;s total surface area is 6,905 square meters and
there is a construction permit associated for 34,500 square meters
in accordance with the City of Buenos Aires urban construction
rules and regulations.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On December 21,
2015, a purchase option was executed in favor of Argencons
amounting to US$0.5 million, plus maintenance expenses, for a term
of 12 months. The real property price at the time of execution
amounted to US$14 million.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Intercontinental
Plaza II Plot - City of Buenos Aires (IRSA CP)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The
Intercontinental Plaza complex is located in the heart of the
Monserrat district, situated a few meters away from the most
important avenue in the city and the financial district. It
consists of an office tower and the exclusive Intercontinental
Hotel. In the 6,135 square meter plot, it would be feasible to
develop a second office tower, including 19,600 square meters and
25 stories, that would supplement the one already erected in the
intersection of Moreno and Tacuar&#xED; streets.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Hotels</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">According to the
Hotel Vacancy Survey (EOH) prepared by INDEC, at June 2016, stays
at hotel and parahotel establishments were estimated at 2.7
million, 6.8% lower than the same month the previous year. Stays by
resident and nonresident travelers decreased by 11.2% and 8.0%,
respectively. Total travelers who stayed at hotels during June were
1.2 million. The number of resident and nonresident travelers
increased by 1.1% and deceased by 4.6%, respectively. Out of the
total number of travelers who stayed at hotels, 81.4% were
residents, reaching 1.0 million. The Room Occupancy</font>
<font style="font-size: 13px; font-family: Times New Roman">Rate in
June was 34.5%, showing a slight decline compared to the same month
the previous year, and, as shown in the following chart, our
Hotel&#x2019;s occupancy was over this rate.&#xA0;&#xA0;Moreover,
the Bed Occupancy Rate for the same period was 24.8%, which
represents a slight decrease compared to June 2015.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">70</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">During fiscal year
2016, we kept our 76.34% interest in Intercontinental hotel, 80.00%
interest in Sheraton Libertador hotel and 50.00% interest in Llao
Llao. We observed a decrease in the occupancy of our hotels due to
a lower inflow of foreign and corporate tourists.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The following chart
shows certain information regarding our luxury hotels:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 13%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Hotels</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Date
of Acquisition</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA&#x2019;s
Interest</font></div>
</td>
<td style="width: 6%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Number
of rooms</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Occupancy<font style="vertical-align: super; font-size: 70%">(1)</font></font></div>
</td>
<td style="width: 6%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Average
Price per Room Ps.<font style="vertical-align: super; font-size: 70%">(2)</font></font></div>
</td>
<td colspan="3" style="width: 22%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Fiscal
Year Sales as of June 30,</font></div>
</td>
<td style="width: 6%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Book
Value</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Intercontinental
<font style="vertical-align: super; font-size: 70%">(3)</font></font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">11/01/1997</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">76.34%</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">309</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">70.58%</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,694</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">195</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">143</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">124</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">51</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Sheraton Libertador
<font style="vertical-align: super; font-size: 70%">(4)</font></font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">03/01/1998</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">80.00%</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">200</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">73.42%</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,506</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">119</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">94</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">74</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">28</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Llao Llao
<font style="vertical-align: super; font-size: 70%">(5)</font></font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">06/01/1997</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">50.00%</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">205</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">51.15%</font></div>
</td>
<td style="width: 6%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,784</font></div>
</td>
<td style="width: 6%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">220</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">159</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">134</font></div>
</td>
<td style="width: 6%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">77</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">714</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">65.79%</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,102</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">534</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">396</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">332</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">156</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">_______________</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1) Accumulated
average in the twelve-month period.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2) Accumulated
average in the twelve-month period.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(3) Through Nuevas
Fronteras S.A. (Subsidiary of IRSA).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(4) Through Hoteles
Argentinos S.A.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(5) Through Llao
Llao Resorts S.A.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Hotel Llao Llao, San Carlos de Bariloche, Province of Rio
Negro</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In June 1997 we
acquired the Hotel Llao Llao from Llao Llao Holding S.A. Fifty
percent is currently owned by the Sutton Group. The Hotel Llao Llao
is located on the Llao Llao peninsula, 25 kilometers from San
Carlos de Bariloche, it is one of the most important tourist hotels
in Argentina. Surrounded by mountains and lakes, this hotel was
designed and built by the famous architect Bustillo in a
traditional alpine style and first opened in 1938. The hotel was
renovated between 1990 and 1993 and has a total constructed surface
area of 15,000 sqm and 158 original rooms. The hotel-resort also
includes an 18-hole golf course, tennis courts, fitness facility,
spa, game room and swimming pool. The hotel is a member of The
Leading Hotels of the World, Ltd., a prestigious luxury hospitality
organization representing 430 of the world&#x2019;s finest hotels,
resorts and spas. The Hotel Llao Llao is currently being managed by
Compa&#xF1;&#xED;a de Servicios Hoteleros S.A., operator, among
others, of the Alvear Palace Hotel, a luxury hotel located in the
Recoleta neighborhood of Buenos Aires. During 2007, the hotel was
subject to an expansion and the number of suites in the hotel rose
to 201 rooms.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Bariloche Plot, &#x201C;El Rancho,&#x201D; San Carlos de Bariloche,
Province of R&#xED;o Negro</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On December 14,
2006, through our hotel operator subsidiary, Llao Llao Resorts
S.A., we acquired a land covering 129,533 sqm of surface area in
the City of San Carlos de Bariloche in the Province of R&#xED;o
Negro. The total price of the transaction was US$7 million, of
which US$4.2 million were paid in cash and the balance of US$2.8
million was financed by means of a mortgage to be paid in 36
monthly, equal and consecutive installments of US$0.086 million
each. The land is in the border of the Lago Guti&#xE9;rrez, close
to the Llao Llao Hotel in an outstanding natural environment and it
has a large cottage covering 1,000 sqm of surface area designed by
the architect Ezequiel Bustillo.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Hotel Intercontinental, City of Buenos Aires</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In November 1997,
we acquired 51% of the Hotel Intercontinental from P&#xE9;rez
Companc S.A. The Hotel Intercontinental is located in the downtown
City of Buenos Aires neighborhood of Montserrat, near the
Intercontinental Plaza office building. Intercontinental Hotels
Corporation, a United States corporation, currently owns 24% of the
Hotel Intercontinental. The hotel&#x2019;s meeting facilities
include eight meeting rooms, a convention center and a divisible
588 sqm ballroom. Other amenities include a restaurant, a business
center, a sauna and a fitness facility with swimming pool. The
hotel was completed in December 1994 and has 309
rooms.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Hotel Sheraton Libertador, City of Buenos Aires</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In March 1998, we
acquired 100% of the Hotel Sheraton Libertador from Citicorp Equity
Investment for an aggregate purchase price of US$23 million. This
hotel is located in downtown Buenos Aires. The hotel contains 193
rooms and 7 suites, eight meeting rooms, a restaurant, a business
center, a spa and fitness facilities with a swimming pool. In March
1999, we sold 20% of our interest in the Sheraton Libertador Hotel
for US$4.7 million to Hoteles Sheraton de Argentina. The hotel is
currently managed by Sheraton Overseas Management Corporation, a
United States corporation.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">71</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
International Segment</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 3px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Lipstick
Building, New York, United States</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Lipstick
Building is a landmark building in the City of New York, located on
Third Avenue and 53rd Street, in Midtown Manhattan, New York. It
was designed by architects John Burgee and Philip Johnson (Glass
House and Seagram Buildings among other remarkable works) and it
has been named for its original elliptic form and the reddish color
of its fa&#xE7;ade. Its gross leaseable area is approximately
57,500 sqm distributed over 34 stories.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 3px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As of June 30,
2016, this building had an occupancy rate of 97.33% generating
average revenues of US$66.67 per sqm.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 32%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Lipstick
Building</font></div>
</td>
<td style="width: 17%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Jun-16</font></div>
</td>
<td style="width: 17%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Jun-15</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">YoY
Var</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Gross Leasable Area
(sqm)</font></div>
</td>
<td style="width: 17%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">58,094</font></div>
</td>
<td style="width: 17%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">58,094</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Occupancy</font></div>
</td>
<td style="width: 17%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">97.33%</font></div>
</td>
<td style="width: 17%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">91.86%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">5.47
pp</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Rent
(US$/sqm)</font></div>
</td>
<td style="width: 17%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">66.67</font></div>
</td>
<td style="width: 17%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">64.74</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2.98%</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In March 2016, two
lease agreements were executed: one for the lease of the entire
Floor 28 and another for a portion of the basement floor, at an
average rental price of US$85 per square meter. This caused
occupancy to rise to over 97% of the total surface
area.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Moreover, we
successfully completed the building&#x2019;s certification process
and obtained the LEED EB: O&amp;M Gold certification. The
implementation of this project started in July 2015, and it
successfully achieved a certification that certifies compliance
with the best environmental practices, transforming the
building&#x2019;s operational standards.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Finally, in the
southern wing of the lobby there is an exhibition since September
2014 showcasing part of the work and life of the celebrated
Argentine architect C&#xE9;sar Pelli. The exhibition has been
conceived, designed and executed in close cooperation with
C&#xE9;sar Pelli&#x2019;s architectural firm.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 3px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Investment
in Condor Hospitality Trust</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We hold our
investment in the Condor Hospitality Trust hotel REIT (NASDAQ:CDOR)
through our subsidiary Real Estate Strategies, L.P.
(&#x201C;RES&#x201D;), in which we hold a 66.3% interest. Condor is a
REIT listed on Nasdaq and is focused on middle-class and long-stay
hotels, in various states throughout the United States, which are
operated by various operators and franchises such as Comfort Inn,
Days Inn, Hampton Inn, Holiday Inn, Sleep Inn and Super 8, among
others.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">During recent
months, Condor&#x2019;s results have shown an improvement in
operating levels and it has continued to deploy its strategy of
selectively disposing of lower-class hotels at very attractive
prices and replacing them with higher-class hotels.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In March 2016,
Condor exchanged its Class C preferred shares for newly issued
Class D preferred shares. In this new issue, &#x201C;Stepstone Real
Estate&#x201D; joined as new partner to the investment by
contributing US$30 million, which were used to retire the Class A
and B Preferred shares and to acquire new hotels. The new Class D
preferred shares accrue interest at an annual rate of 6.25% and
will be convertible into common shares at a price of US$1.60 per
share at any time upon the occurrence of an event of capitalization
with respect to Condor.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Condor&#x2019;s
board of directors will be composed of four directors nominated by
the Company, three by Stepstone and two independent directors.
Moreover, our voting rights in Condor represent 49% of its total
voting rights as of the date of this annual report.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Financial Operations and Others</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Our
interest in Banco Hipotecario</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As of June 30,
2016, we held a 29.91% interest in Banco Hipotecario. Established
in 1886 by the argentine government and privatized in 1999, Banco
Hipotecario has historically been Argentina&#x2019;s leading
mortgage lender, provider of mortgage-related insurance and
mortgage loan services. All of its operations are located in
Argentina where it operates a nationwide network of 62 branches in
the 23 Argentine provinces and the City of Buenos Aires, and 15
additional sales offices. Additionally, its subsidiary Tarshop S.A.
has 24 sales offices.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Banco Hipotecario
is an inclusive commercial bank that provides universal banking
services, offering a wide variety of banking products and
activities, including a wide range of individual and corporate
loans, deposits, credit and debit cards and related financial
services to individuals, small-and medium-sized companies and large
corporations. As of June 30, 2016, Banco Hipotecario ranked
fifteenth in the Argentine financial system in terms of
shareholders&#x2019; equity and in terms of total assets. As of June
30, 2016, Banco Hipotecario&#x2019;s shareholders&#x2019; equity was
Ps.5,816.2 million, its consolidated assets were Ps.40,527.3
million, and its net income for the twelve-month period ended June
30, 2016 was Ps.1,115.3</font> <font style="font-size: 13px; font-family: Times New Roman">million. Since
1999, Banco Hipotecario&#x2019;s shares have been listed on the
Buenos Aires Stock Exchange in Argentina, and since 2006 it has had
a Level I ADR program.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">72</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Banco Hipotecario
continues to deploy its business strategy of diversifying its loan
portfolio. As a result, non-mortgage loans increased from Ps.10,708
million as of December 31, 2013 to Ps.14,845.9 million as of
December 31, 2014, Ps.17,944.7 million as of December 31, 2015 and
Ps.19,339.6 million as of June 30, 2016, increasing the composition
of its aggregate loan portfolio to the non-financial private sector
from 82.8% as of December 31, 2013 to 88.7% as of June 30, 2016.
Non-performing loans represented 2.1% of its total portfolio as of
June 30, 2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Furthermore, Banco
Hipotecario has diversified its funding sources, by developing its
presence in the local and international capital markets and
increasing its deposit base. Its financial debt represented 35.2%
of the total financing as of June 30, 2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Its subsidiaries
include BACS Banco de Cr&#xE9;dito y Securitizaci&#xF3;n S.A., a
bank specialized in investment banking, securitization and asset
management, BHN Vida S.A., a life insurance company, BHN Seguros
Generales S.A., a fire insurance company for home owners and
Tarshop S.A., a company specialized in the sale of consumer
financing products and cash advances to non-banking
customers.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
<font style="text-decoration: underline">Operations Center in
Israel</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 3px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Investment
in IDB Development Corporation</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Acquisition of Control of IDBD</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On May 7, 2014, the
Company, acting indirectly through Dolphin, acquired, jointly with
E.T.H.M.B.M. Extra Holdings Ltd. (&#x201C;ETH&#x201D;, company
incorporated under the laws of the State of Israel) controlled by
Mordechay Ben Mosh&#xE9;, entered into a transaction to acquire an
aggregate of 106.6 million common shares in IDBD representing
53.30% of its stock capital, in the context of a debt restructuring
transaction related to IDBD&#x2019;s holding company,
IDBH.&#xA0;&#xA0;Under the terms of the agreement, Dolphin and ETH
executed a Shareholders&#x2019; Agreement and Dolphin and ETH each
acquired a 50% interest in IDBD. The initial amount invested by
each Company was NIS 950 million, equivalent to approximately
US$272 million at the exchange rate prevailing on that date. On
October 11, 2015, IFISA (a company indirectly controlled by Eduardo
S. Elsztain) acquired ETH, and the directors appointed by ETH in
IDBD tendered their irrevocable resignation from the Board of
Directors and Dolphin became entitled to appoint new board members.
Since that date, we started to consolidate IDBD into our results of
operations As of the date of this annual report, the investment
made from IRSA in IDBD is US$515 million, and IRSA&#x2019;s indirect
equity interest reached 68.3% of IDBD&#x2019;s undiluted stock
capital.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Tender Offers</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On March 31, 2016,
Dolphin satisfied its commitments under the amendment to the debt
restructuring agreement of IDBD&#x2019;s controlling company, IDBH,
with its creditors (the &#x201C;Arrangement&#x201D;). Such amendment
was approved by 95% of IDBD&#x2019;s minority shareholders on March
2, 2016 and by the competent court on March 10, 2016. As a result,
as of March 3, 2016: (i) Dolphin purchased all the shares held by
IDBD&#x2019;s minority shareholders; (ii) all the warrants held by
IDBD&#x2019;s minority shareholders expired; and (iii) Dolphin made
additional contributions to IDBD in the form of a subordinated
loan, as described below.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The price paid for
each IDBD share to holders of record as of March 29, 2016 was: (i)
NIS 1.25 million in cash, resulting in a total payment of NIS 159.6
million (US$42.2 million); (ii) NIS 1.20 per share through the
subscription and delivery of IDBD&#x2019;s Series 9 bonds
(&#x201C;IDBD Bonds&#x201D;) that was paid by Dolphin at par;
therefore, it subscribed bonds for NIS 166.5 million, including the
payments due to warrant holders (as detailed below); and (iii) the
commitment to pay NIS 1.05 million (subject to adjustment) in cash
if Dolphin receives authorization to assume control of Clal
Insurance Company Ltd. and Clal Insurance Business Holdings Ltd. or
IDBD sells its interest in Clal for a sale price per Clal share in
excess of 75% of its book value Dolphin being would be required to
pay approximately NIS 155.8 million (approximately US$40.8 million)
in aggregate.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Any warrants held
by minority shareholders that were not exercised as of March 28,
2016, would be convertible at a price equal to the difference (if
positive) between NIS 2.45 and the warrant exercise price, and
payable in IDBD Bonds.&#xA0;&#xA0;In addition, Dolphin made a
capital contribution of NIS 348.4 million into IDBD, in exchange
for a subordinated loan, convertible into shares.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As security for
payment of each cash due to Clal shareholders, on March 31, 2016,
Dolphin gave a pledge over 28% of the stock capital in IDBD it owns
and its rights under a NIS 210 million subordinated loan made on
December 1, 2015 due from IDBD. If IDBD issues new shares,
additional shares shall be pledged until reaching 28% of
IDBD&#x2019;s total stock capital.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">73</font></div>
</div>
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<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Dolphin has
committed to abstain from exercising its right to convert the
subordinated loan into IDBD shares until the above mentioned pledge
is released. However, if the pledge is enforced, the
representatives of IDBH&#x2019;s creditors will be entitled to
convert the subordinated debt into IDBD shares, up to a maximum of
35% of all IDBD shares outstanding.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On April 3, 2016,
IDBD&#x2019;s shares were delisted from the TASE and all the
minority warrants were cancelled. IDBD continues to be listed on
TASE as a &#x201C;Debentures Company&#x201D; pursuant to Israeli law,
as it has bonds listed on such exchange.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Within the
Operations Center in Israel, the Company operates in the following
segments.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Real Estate</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Includes the assets
and operating income generated by PBC and its subsidiaries. PBC is
mainly engaged in the operation of income producing properties and
in residential construction primarily in Israel and other parts of
the world. In rental properties, PBC is the exclusive owner of the
HSBC building located on Fifth Avenue in Manhattan. The building
has an area of approximately 80,000 square meters. At present, the
building is fully occupied by renowned tenants who have lease
agreements in place for periods ranging from 10 to 15 years. In
addition, PBC has partnered with IDBD in two projects based in Las
Vegas (through IDBG Ltd.), including a commercial and office
project known as Tivoli.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The PBC group is
one of the largest and most experienced real estate developers in
Israel. Most of its activities involve income generating assets and
residential entrepreneurship in Israel and overseas, with
additional activity in the agriculture sector, through its
subsidiary Mehadrin. In this regard, PBC engages in: (i) income
producing properties, consisting of development, construction,
rental and management of hi-tech parks, business and industrial
parks, office buildings, commercial centers and industrial
buildings, storage facilities and parking lots in high demand areas
throughout Israel; and (ii) residential</font> <font style="font-size: 13px; font-family: Times New Roman">entrepreneurship,
consisting of the development, planning, construction and sale of
quality residential projects and neighborhoods in high demand areas
throughout Israel. PBC also has reserves of land for construction.
Our Real Estate segment generated operating income of Ps.617
million for the fiscal year ended June 30, 2016, representing 86%
of our consolidated operating income for the Operations Center in
Israel for such year.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">PBC owns
approximately&#xA0;&#xA0;1.13 million square meters of
income-producing properties in Israel, with an occupancy rate of
97%, with most tenants being quality tenants with long-term leases
that provide PBC with a strong and steady cash flow. In addition,
PBC owns land reserves of approximately 700,000 square meters with
building rights for the construction of income-producing properies
in Israel. In the Residential Construction Segment in Israel, PBC
operates, as of June 30, 2016 (in some of the projects together
with partners) in 9 sites around the country, on which 1,320
residential units are in various stages of marketing and
construction and 820 have been sold.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">PBC owns several
subsidiaries, the largest of which are: Gav-Yam, Nave-Gad, Ispro
and the joint venture Mehadrin.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Gav-Yam
(approximately 69% ownership stake) is one of Israel&#x2019;s
largest and longest-standing real estate companies. Gav-Yam, itself
and through its subsidiaries, deals in income-producing property,
initiating, planning, developing, building, marketing, leasing,
maintaining and managing hi-tech parks, commercial and industrial
parks, office buildings, retail areas, storage buildings, and
parking lots in high-demand locations throughout
Israel.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Nave-Gad
(wholly-owned) is engaged in the planning, development and
construction of quality residential neighborhoods. All
neighborhoods are developed as unique all-inclusive
&#x201C;residential parks&#x201D; that include various components of
full environmental development and associated community services
(public parks, trails, pavements and parking
lots).</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Ispro
(wholly-owned) is engaged in the management, maintenance and
development of commercial centers and malls, primarily power
centers in areas of high demand. Ispro initiates various commercial
projects on land it owns.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Mehadrin
(approximately 45% ownership stake) is Israel&#x2019;s largest
exporter of citrus fruit. In addition, Mehadrin is engaged in a
wide range of agriculture-related activities including planting,
cultivating, packing and processing fruits and vegetables,
refrigeration services, storage and marketing.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">PBC&#x2019;s foreign
operations consist of income generating assets and residential
properties in the United States, India and England. In India, it
develops and markets residential neighborhoods, together with
partners, in the Indian city of Chennai. In addition, PBC is a
partner in three Hilton hotels in the cities of London, Birmingham
and Cardiff, England, together totaling 2,050 hotel rooms and
conference facilities. All foreign operations are executed in
cooperation with local partners in such a manner that allows
efficient utilization of PBC&#x2019;s extensive experience and
capabilities, combined with the familiarity with relevant markets
and advantages of the local partners.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">74</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As at June 30,
2016, PBC engages in marketing, construction and planning income
producing properties in Israel of which the main projects are the
following:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">MATAM-Yam.</font> MATAM, a subsidiary of Gav
Yam, is developing a new project with an above-ground space of
10,000 sqm, on a lot acquired in 2015, at the south-western edge of
the MATAM Haifa Park. In addition, MATAM is expanding the
above-ground parking lot. This expansion, which will add 22,000
square meters of space, will accommodate 815 parking spaces. After
completion of this phase, the above-ground parking structure in
MATAM Park will accommodate 2,100 parking spaces, with a total area
of 56,000 sqm.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Gav Yam Park, Rehovot.</font> Gav Yam and the
Weizmann Institute are the joint owners Gav Yam Park in Rehovot
(PBC 72% and the Weizmann Institute 28%). In light of the existing
demand in the park, in the first quarter of 2016 Gav Yam started
marketing and construction of an additional building in the park
(the fourth building), with an above ground area of 15,000 sqm and
13,000 sqm of underground parking area.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Ispro Planet.</font> This is an entertainment
and retail project in Beer-Sheva being built in two phases. The
first phase includes a Cinema Multiplex and a large entertainment
facility, restaurants and retail shops and the second phase
consists of a Power Center. During the first half of 2016, the
leasing and the construction of Stage A of the project
continued.&#xA0;&#xA0;This stage consists of 18 cinema halls for
the Yes Planet chain, with 3,400 seats and an IMAX screen, as well
as commercial areas and Big Boxes, with total GLA of approximately
28,000 sqm of which approximately 86% have been leased up and was
opened to the public at the end of June 2016.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Modi&#x2019;in &#x2013; logistics
building.</font> In July 2016, Gav-Yam completed the construction
of a logistics building with an area of approximately 7,000 sqm
above ground, which is fully rented.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Totzeret Ha&#x2019;Aretz &#x2013;
Tel-Aviv.</font> Gav Yam and Amot Investments Ltd.
(&#x201C;Amot&#x201D;), jointly own the rights (in equal shares) in
adjacent plots of land with an overall area of approximately 17
dunams (approximately 15,000 sqm)&#xA0; on Totzeret Ha&#x2019;Aretz,
Yigal Alon and Derech Shalom Streets in Tel-Aviv, which include
existing rights for the construction of a project with
approximately 53,000 sqm of constructed floor space. During the
second quarter of 2016, construction and marketing of the Phase A
building with an above ground area of 53,000 sqm. started and the
construction of the underground parking area, with an overall area
of approximately 31,600 sqm, providing approximately 950 parking
places, continued. At the same time, and according to an agreement
that was signed with the Tel Aviv Municipality, Gav-Yam and Amot
filed a building plan under district committee jurisdiction for the
addition of rights for 130,000 square meters (gross) above-ground
on 70 floors, the addition of 2,000 parking spaces and approval of
the designation of offices, commercial space and hotel
areas.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Gav-Yam Negev Park &#x2013; The third
building.</font> Gav-Yam is developing the third building in the
park with an above ground area of 15,000 sqm. The two first
buildings in the park, with an area of 33,000 sqm are completed and
rented.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Second office tower at the Kiryat Ono
Mall.</font> In the first half of 2016, PBC and Amot (in joint
venture) continued the construction of a second office tower above
the Kiryat Ono Mall, with an area of approximately 7,400 sqm of
office space and 1,500 sqm of commercial space. The construction is
expected to be completed during the third quarter of
2016.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The following are
the main overseas activities in which PBC is involved:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-style: italic">HSBC Tower in New York.</font> The HSBC tower,
with an area of 80,000 square meters, is located on Fifth Avenue in
Manhattan, New York. The tower is leased to quality tenants, such
as HSBC, the law firm Baker Mckenzie and various financial
entities, for long periods. The tower is 100%
leased.&#xA0;&#xA0;HSBC Bank is considering alternative leasing
possibilities, including extending its lease in the
Tower.&#xA0;&#xA0;At the end of 2015, we presented a proposal for
the extension of HSBC Bank&#x2019;s lease agreement, which is being
reviewed by the parties.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-style: italic">GW project (&#x201C;Tivoli&#x201D;) in Las
Vegas.</font> A commercial and office project (we own a 50%
interest through IDBG) that is divided into three stages &#x2013;
the first stage (Triad A) of the Tivoli project includes about
19,000 square meters of commercial areas and about 15,000 square
meters of offices. As at June 30, 2016, the occupation rate was
84%. The second part of the project (Triad B) is under construction
and marketing and it is planned to include 14,000 square meters of
commercial areas and 14,000 square meters of offices. To date,
lease agreements have been signed in Triad B with an anchor lessee
and other lessees with respect to 11,000 square meters of available
area. The opening of triad B is expected in November 2016. The
construction of Triad B is currently financed by US$50 million
credit facility granted at December 2015 by the company to IDBG,
based on the approval in September 2015 at the General Meeting of
the Shareholders of the Company.&#xA0;&#xA0;As of the date of their
annual report, US$38 million of the said facility has been
disbursed.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">75</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-style: italic">India.</font> PBC&#x2019;s activity in India is
conducted together with partners (PBC&#x2019;s share is 45%). The
activity presently focuses on a residential project in Chennai,
being built in stages.&#xA0;&#xA0;As of the date of their annual
report, three buildings were offered for sale &#x2013; two buildings
including 390 units, of which 340 units were sold, are to be
delivered in the second half of 2017 and the third building, which
includes 160 units, of which 40 units were sold, is expected to be
delivered during 2018. In the first half of 2016, 65 units had been
sold in the project in Chennai compared with 50 units in the
corresponding period in 2015. In January 2016, the remaining rights
in the Hyderabad project were sold for a consideration of US$34
million.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The following are
the main Investment Properties of PBC as of June 30,
2016:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">76</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Initial
costs</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Subsequent
costs</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="width: 16%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Costs
at end of the year</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 4%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 4%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 3%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Name</font></div>
</td>
<td style="width: 5%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Encum-brances</font></div>
</td>
<td style="width: 4%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Plot
of land</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Buildings,
facilities and improvement</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Improve-ments
/ Additions</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 3%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Plot
of land</font></div>
</td>
<td style="width: 2%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Buildings,
facilities and improvements</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 4%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Accumu-lated
depreciation</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 4%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Net
book amount</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Date
of construction</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Date
of acquisition</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Useful
life as of 06.30.16</font></div>
</td>
</tr><tr>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Tivoli</font></div>
</td>
<td style="width: 5%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Mortgage</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">171</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,241</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 3%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">124</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,969</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,093</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(46)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,047</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">apr-2011</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">oct-2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">35</font></div>
</td>
</tr><tr>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Kiryat Ono
Mall</font></div>
</td>
<td style="width: 5%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Mortgage</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">316</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">696</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 3%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">502</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,115</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,617</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(19)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,598</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">nov-2007</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">oct-2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">72</font></div>
</td>
</tr><tr>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Shopping Center
Modi&#x2019;in A</font></div>
</td>
<td style="width: 5%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Mortgage</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">223</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">289</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 3%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">354</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">459</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">813</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(8)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">805</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">aug-2005</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">oct-2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">81</font></div>
</td>
</tr><tr>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">HSBC</font></div>
</td>
<td style="width: 5%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Mortgage</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5,471</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,778</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 3%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8,337</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,962</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11,299</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(74)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11,225</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1927-1984</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">oct-2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">35</font></div>
</td>
</tr><tr>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Matam park -
Haifa</font></div>
</td>
<td style="width: 5%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Mortgage</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">544</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,685</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">480</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 3%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">910</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,842</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5,752</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(90)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5,662</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1979-2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">oct-2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">63</font></div>
</td>
</tr><tr>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Caesarea -
Maichaley Carmel</font></div>
</td>
<td style="width: 5%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">142</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">230</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 3%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">226</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">365</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">591</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(8)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">583</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">jun-1905</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">oct-2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">76</font></div>
</td>
</tr><tr>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Herzeliya
North</font></div>
</td>
<td style="width: 5%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">777</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,025</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">856</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 3%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,498</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,662</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,160</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(35)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,125</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1996-2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">oct-2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">89</font></div>
</td>
</tr><tr>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Gav-Yam Center -
Herzeliya</font></div>
</td>
<td style="width: 5%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Mortgage</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">748</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">817</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 3%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,187</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,297</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,484</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(35)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,449</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1997-2006</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">oct-2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">64</font></div>
</td>
</tr><tr>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Neyar Hadera
Modi&#x2019;in</font></div>
</td>
<td style="width: 5%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">186</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">248</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 3%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">295</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">393</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">688</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(8)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">680</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">jun-1905</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">oct-2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">84</font></div>
</td>
</tr><tr>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Gav yam park - Beer
Sheva</font></div>
</td>
<td style="width: 5%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Mortgage</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">34</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">402</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">16</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 3%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">54</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">658</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">712</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(12)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">700</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">jul-1905</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">oct-2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">97</font></div>
</td>
</tr><tr>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Hazomet Kfar
Saba</font></div>
</td>
<td style="width: 5%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">74</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 3%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">117</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">117</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">117</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">jun-1905</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">oct-2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">50</font></div>
</td>
</tr><tr>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Bilu</font></div>
</td>
<td style="width: 5%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">54</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 3%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">86</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">86</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">86</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">jun-1905</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">oct-2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">35</font></div>
</td>
</tr><tr>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Mazkeret
Batia</font></div>
</td>
<td style="width: 5%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">69</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 3%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">109</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">109</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">109</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">jul-1905</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">oct-2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">50</font></div>
</td>
</tr><tr>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Netania</font></div>
</td>
<td style="width: 5%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">525</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">23</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 3%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">861</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">861</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(12)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">849</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">jun-1905</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">oct-2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">31</font></div>
</td>
</tr><tr>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Rishon Le
Zion</font></div>
</td>
<td style="width: 5%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">44</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 3%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">70</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">70</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">70</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">may-1905</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">oct-2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">35</font></div>
</td>
</tr><tr>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Rehovot</font></div>
</td>
<td style="width: 5%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">69</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">13</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 3%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">125</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">125</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">125</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">jun-1905</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">oct-2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">35</font></div>
</td>
</tr><tr>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Mizpe
Sapir</font></div>
</td>
<td style="width: 5%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">78</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 3%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">128</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">128</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(4)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">124</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">jun-1905</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">oct-2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">35</font></div>
</td>
</tr><tr>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Holon</font></div>
</td>
<td style="width: 5%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">191</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">15</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 3%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">303</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">24</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">327</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">327</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">jan-1969</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">oct-2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">25</font></div>
</td>
</tr><tr>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Haifa</font></div>
</td>
<td style="width: 5%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">15</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 3%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">24</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">24</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">24</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">jan-1970</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">oct-2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">25</font></div>
</td>
</tr><tr>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Others</font></div>
</td>
<td style="width: 5%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 4%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,781</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,938</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">195</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 3%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,018</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5,830</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 4%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8,848</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(89)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 4%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8,759</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">N/A</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">oct-2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">N/A</font></div>
</td>
</tr><tr>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Rental properties</font></div>
</td>
<td style="width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">10,599</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14,277</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,591</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 3%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">16,832</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">24,072</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">40,904</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(440)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">40,464</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Undeveloped
parcels of land</font></div>
</td>
<td style="width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 3%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Tivoli</font></div>
</td>
<td style="width: 5%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">15</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 3%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">24</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">24</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">24</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">apr-2011</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">oct-2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Queensridge
Towers</font></div>
</td>
<td style="width: 5%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">223</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 3%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">266</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">266</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">266</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">apr-2011</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">oct-2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Zarchini
Raanana</font></div>
</td>
<td style="width: 5%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">49</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 3%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">78</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">78</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">78</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">oct-2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Kurdani</font></div>
</td>
<td style="width: 5%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 3%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">oct-2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Others</font></div>
</td>
<td style="width: 5%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 4%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,056</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 3%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,785</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 4%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,785</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(8)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 4%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,777</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">N/A</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">oct-2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">N/A</font></div>
</td>
</tr><tr>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
undeveloped parcels of land</font></div>
</td>
<td style="width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,294</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">54</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 3%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,075</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">78</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,153</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(8)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,145</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Tivoli</font></div>
</td>
<td style="width: 5%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,170</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">103</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 3%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,981</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,981</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,981</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">in
progress</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">oct-2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ispro Planet
&#x2013; Beer Sheva &#x2013; Phase 1</font></div>
</td>
<td style="width: 5%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">154</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">294</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">296</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 3%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">245</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">817</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,062</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,062</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">in
progress</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">oct-2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Others</font></div>
</td>
<td style="width: 5%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 4%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">149</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">245</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 3%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">191</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">689</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 4%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">880</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 4%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">880</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">in
progress</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">oct-2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">N/A</font></div>
</td>
</tr><tr>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
properties under development</font></div>
</td>
<td style="width: 5%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">303</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,709</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">399</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 3%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">436</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,487</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 4%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,923</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 4%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,923</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">77</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Supermarkets</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">This division
includes the assets and operating income of Shufersal. Shufersal,
established in 1958, is Israel&#x2019;s largest retail
chain&#xA0;and the owner of the largest supermarket chain in Israel
in terms of sales volume, operating 270 supermarkets nationwide,
within an approximate aggregate area of 503,000 square
meters.&#xA0;&#xA0;Shufersal employs approximately 12,300
employees. In recent years, Shufersal has introduced and continues
developing strategic processes and structural changes seeking to
optimize profitability, strengthen its market leading position, and
address the challenges of the business and regulatory environment
where it operates. Shufersal separated its real estate business
from its retail business, and formed Shufersal Real Estate Ltd., a
wholly-owned subsidiary whose assets include branches that are
leased to Shufersal and real estate property leased to third
parties.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Our Supermarkets
segment generated operating income of Ps.424 million for the fiscal
year ended June 30, 2016, representing 59% of our consolidated
operating income for the Operations Center in Israel for such
year.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Shufersal operates
five different retail formats throughout Israel:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 72px">
<font><font style="font-size: 13px; font-family: Times New Roman">(i)&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Shufersal Sheli: a
chain of 107 neighborhood stores providing customer shopping needs,
while vigilantly maintaining convenience, availability, freshness
and service;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 72px">
<font><font style="font-size: 13px; font-family: Times New Roman">(ii)&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Shufersal Deal: a
chain of&#xA0;74 discount stores that offers low-priced products
throughout the year;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 72px">
<font><font style="font-size: 13px; font-family: Times New Roman">(iii)&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Yesh: a chain of 54
competitive discount stores addressing different populations by
matching products to customers, and by offering special
kashruth;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 72px">
<font><font style="font-size: 13px; font-family: Times New Roman">(iv)&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Shufersal Express:
a chain of&#xA0;13 convenience stores; and</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 72px">
<font><font style="font-size: 13px; font-family: Times New Roman">(v)&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Shufersal Online
(former Shufersal Yashir): a service that markets products directly
to the customer&#x2019;s home or office, with orders taken via the
internet, phone or fax.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Shufersal puts
great effort into producing its private label to provide customers
with a brand that meets high quality standards, is competitively
priced and is adapted to Israeli consumer tastes. The brand
currently includes about 1,400 products. Shufersal&#x2019;s Loyalty
Club is the leading loyalty club in Israel with 1.4 million
members. Club members enjoy cash coupons, accumulated bonuses,
discounts and special offers.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As part of its
strategic plan, Shufersal, together with Leumi card and Paz,
launched the Shufersal credit card in October 2006. The card
provides customers with a non-banking credit framework, as well as
special offers and benefits. &#x201C;Yesh&#x201D; Credit Card for
&#x201C;Yesh&#x201D; customers was launched in August 2009 and offers
the same benefits.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Shufersal also owns
a 40,000 sqm logistics center in Rishon Lezion in addition to
distribution centers in Kfar Vitkin, Ramle, and
Kadima.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Shufersal engages
in income-generating real estate, leasing commercial centers and
other properties through several subsidiaries: Shufersal Bailsol
Investments Ltd. (50% owned); Merkaz Hakirya (Ashdod 1995) Ltd.
(50%); and Lev Hamifratz Ltd. (37%).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Although
Shufersal&#x2019;s main operations is retail, as mentioned above, it
also operates in two other sectors: real estate and credit card
customer&#x2019;s club management. In income-generating real estate
activity, Shufersal engages in leasing commercial centers and other
properties. As part of its strategic plan, Shufersal is also active
in managing a customer credit club through which it offers credit
cards to the public that provide a non-bank credit framework, as
well as special offers and benefits to customers.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">During 2016,
Shufersal continued to carry out its business plan, which is
intended to create a growth-oriented commercial and operational
infrastructure for the years to come, to reinforce its
competitiveness, to improve value offered to customers, and to
improve service. As its main distribution center, Shufersal owns a
sophisticated 40,000 m2 logistics center in Rishon Lezion in
addition to distribution centers in Kfar Vitkin, Ramle, and
Kadima.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In recent years,
Shufersal has performed, and continues performing, strategic
processes and structural changes, with the aim of optimizing its
operations, strengthening its market leadership, and dealing with
challenges it faces in its business and regulatory environment. As
part of its strategies, Shufersal is focused in the development of
its digital market platforms, of which the main one is Shufersal
Online. During 2016, there was a significant increase in
Shufersal&#x2019;s sales through Shufersal Online.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">During 2015,
Shufersal continued to implement its business plan, as approved by
its Board of Directors in July 2014, as follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">The developments in
the Mega chain led, in addition to the sale of Mega stores that
operated in the discount format to various third parties, the
closing of its online platform and a one-off closing of all of its
branches by Mega&#x2019;s employees, led to the loss of consumers.
Shufersal adapted its operations to these changes at the Mega
chain, and the impact of the competitive landscape. Shufersal
continues to monitor the effects on Mega&#x2019;s
results,</font></font> <font style="font-size: 13px; font-family: Times New Roman">and is preparing to
address multiple scenarios, including increased competition in the
discount market and a potential purchase of Mega&#x2019;s stores in
city centers by chains that operate in the discount market, which
may lead to greater competition. In the first half of 2016,
Shufersal continued to monitor and prepare various scenarios
regarding the change in ownership of Mega city center
stores.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">78</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">The continued
expansion and strengthening of Shufersal&#x2019;s private label
brand as a part of its strategy, including the launch of new
products in leading categories, such as the milk and meat. Sales of
Shufersal&#x2019;s own branded products in 2015 were approximately
15% of all retail sales, an increase of 11.5% compared with sales
in 2014.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">The continued
development of Shufersal&#x2019;s digital platforms, of which the
main one is &#x201C;Shufersal Online&#x201D; and the cellular
application, and the streamlining of the operating processes with
regard to the distribution system of &#x201C;Shufersal
Online.&#x201D; There has been a significant increase in
Shufersal&#x2019;s sales through Shufersal Online, and they
constituted approximately 6% of total sales in 2015 (compared with
approximately 4% in 2014). During the first half of 2016, Shufersal
continued to accelerate the development of its digital platform and
to open special warehouses to support those sales. In the first
half of 2016, Shufersal Online sales accounted for approximately
8.6% of Shufersal&#x2019;s total sales.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">The continued
streamlining of real estate in accordance with the business plan,
which includes the closing and downsizing of retail
stores.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">In 2015, Shufersal
continued its efforts to complete the change in the supply chain
system, and during the first quarter of 2016 it began the gradual
operation of its new logistics center in Shoham, that began
operating on February 2016.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Various regulatory
developments, such as an increase in the minimum wage, the first
installment of which came into effect in April
2015.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Shufersal performed
a renewed evaluation of branches with operational and cash flow
losses, and concluded that 15 stores out of all evaluated branches
(which are mainly leased through operational leases) no longer
contribute or make a viable contribution, either in operational
and/or strategic terms, to the geographical region (the cash
generating unit) with which they are
associated.&#xA0;&#xA0;Shufersal decided to close 14 stores, and to
reduce the size of the store network it owns.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">For the purpose of
the impairment test, Shufersal branches are combined into
geographical regions which constitute separate cash generating
units. Based on Shufersal&#x2019;s strategy, the closure of stores
may result in a reduction in profitability of other stores located
in the same geographical area. In light of the foregoing, the
impairment test for retail activity is performed on a regional
level, and the recoverable amount is calculated for the cash
generating unit.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Agrochemicals</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Includes income
from the associate of IDBD, Adama. Adama is a worldwide leader in
active ingredients used in agricultural production. Adama became a
private company owned by ChemChina (60%) and Koor
(40%).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama is one of the
leading generic brand crop protection companies in the world. Adama
has a heritage dating back 70 years and strives to develop products
to simplify and optimize agricultural production, offering farmers
products and services that optimize crop yields. Adama has a
comprehensive range of high-quality, innovative and effective crop
protection products, including herbicides, insecticides,
fungicides, plant growth regulators and seed treatments, designed
to improve the quality and quantity of crop yields by preventing or
controlling harmful, insects and disease. Adamas&#x2019;
comprehensive product portfolio includes more than 270 active
ingredients and more than 1,000 end-use products. Our Agrochemicals
segment generated an income of Ps.334 million from the investment
in Adama for the fiscal year ended June 30, 2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama&#x2019;s 4,900
employees reach farmers in more than 120 countries with its main
customers in Europe, North America, Latin America, Asia-Pacific,
India, the Middle East and Africa. As of the date of this annual
report, Adama is ranked as the leading company in the world
focusing on non-patent protected active materials used crop
protection products. Adama has 19 production facilities for
synthesis and formulation of its product and seven global products
development centers.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adamas&#x2019; range
of products include crop protection solutions and other related
products that leverage its core expertise, including dietary
supplements and food additives, aromatic products and industrial
products. Accordingly, Adama organizes and manages its business in
two segments: crop protection and other operations. The crop
protection business focuses on the research, development,
production and marketing of products that enhance crop yields by
protecting against</font> <font style="font-size: 13px; font-family: Times New Roman">the damaging and
destructive effects of a variety of weeds, pests and disease. Adama
markets (mostly directly and through third parties) the products it
develops and produces, as well as other crop protection products it
sources from third parties. Crop protection products in the global
market are divided into (i)&#xA0;patent-protected and legacy,
branded off-patent products, most of which were originally
developed by leading companies in the field; and (ii)&#xA0;newly
introduced, branded off-patent products, such as our products,
which are similar to patent-expired products (in terms of
composition) and are produced by off-patent focused
companies.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">79</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama manufactures
and sells a broad range of crop protection products that are
divided into three main categories based on their uses:
(i)&#xA0;herbicides, (ii)&#xA0;insecticides and
(iii)&#xA0;fungicides. These solutions offer protection for all
sorts of crops including corn, cotton, oil seed rape, soybean and
cereal, and are developed and adapted for use in seed treatment as
well as for non-crop uses such as protection against weeds, pests
and disease in roadsides, forests, lawns, parks, institutions, the
wood and paint industry, animal health and private facilities,
homes and gardens. Adama has a unique positioning and access to the
Chinese markets, principally through ChemChina.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In August, 2016,
DIC reported that it had accepted ChemChina&#x2019;s offer to
acquire 40% of Adama Agricultural Solutions Ltd.&#x2019;s shares,
indirectly controlled by IDBD through DIC. For more information see
&#x201C;Recent Developments&#x201D;.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Telecommunications</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">This division
includes the assets and operating income derived from Cellcom.
Cellcom is Israel&#x2019;s leading mobile communications operator.
Cellcom has more than 2.8 million subscribers, with an estimated
market share of 27%. Through its independent transmission network,
Cellcom provides services to its customers with a broad range of
value added services including cellular and landline telephony,
roaming services for tourists in Israel and for its customers
abroad, and additional services including music, video, mobile
office etc. With a technologically advanced infrastructure, Cellcom
provides internet connectivity services and international calling
services, as well as landline telephone communication, cloud,
hosting services and information security in Israel, in addition to
data communication services. Our Telecommunications segment
generated operating losses of Ps.71 million for the fiscal year
ended June 30, 2016, representing 10% of our consolidated operating
income for the Operations Center in Israel for such
year.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cellcom has
launched television services over the internet
(&#x201C;over-the-top&#x201D; TV or OTT TV) which currently has
87,000 subscribers representing a 5.7% market share. IDBD believes
that there is an opportunity for further penetration in television
services over the internet and thus it plans to expand its
activities in this business, as part of its strategies. Cellcom
provides a &#x201C;triple play package&#x201D;, which combines
television services, internet infrastructure and supplier services
and home telephone services. Cellcom operates powerful generation
networks (LTE 4 and HSPA 3.5) enabling advanced high speed
broadband multimedia services, in addition to the regular networks
(GSM/GPRS/EDGE).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On November 2015,
Cellcom entered into an agreement with Golan Telecom Ltd.
(&#x201C;Golan&#x201D;) to purchase all of the shares of Golan, one
of the four cell phone carriers in Israel, in addition to Cellcom,
for a consideration of NIS 1,170 million. If Golan&#x2019;s
acquisition is approved, Cellcom&#x2019;s market share and revenues
will increase and Cellcom will be able to offer additional bundled
and separate services and products which will result in
opportunities for leveraging cost-synergies.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The following table
presents our number of cellular subscribers and revenues for each
of the last five years:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 46%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="19" style="width: 32%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Year
Ended December 31,</font></div>
</td>
</tr><tr>
<td style="width: 46%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2011</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2012</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2013</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
</tr><tr>
<td style="width: 46%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 46%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: -24px;"><font style="font-size: 13px; font-family: Times New Roman">Cellular
subscribers (end of period)<font style="vertical-align: super; font-size: 70%">(1)</font> (in
thousands)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,349</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,199</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,092</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,967</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,835</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(1)&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Subscriber data
refers to active cellular subscribers. Cellcom uses a six-month
method to calculate cellular subscriber base, which means that
Cellcom deducts subscribers from its cellular subscriber base after
six months of no revenue generation and activity on its network by
or in relation to the post-paid subscriber, no revenue generating
calls or SMS for pre-paid subscriber and no data usage or less than
NIS 1 of accumulated revenues for M2M (machine to machine)
subscribers. The six-month method is, to the best of our knowledge,
consistent with the methodology used by other cellular providers in
Israel. During the fourth quarter of 2011, Cellcom removed
approximately 52,000 subscribers from our subscribers base, which
included its subscribers using its TDMA network who had not
requested a transfer to its other networks following the shutdown
of its TDMA network as of December 31, 2011, and subscribers who
ceased using services following a change to Cellcom&#x2019;s policy
which previously allowed subscribers to change from post to prepaid
subscription as a result of the reduction of Early Termination Fees
in the cellular market in early 2011. These changes affected other
key performance indicators. In the fourth quarter of 2012, Cellcom
removed approximately 138,000 M2M subscribers from its subscriber
base, following the addition of the above revenue generation
criterion for M2M subscribers. This change had an immaterial effect
on Cellcom&#x2019;s ARPU for 2012. In the fourth quarter of 2013 we
removed approximately 64,000 subscribers from our subscribers base,
following a change to our prepaid subscribers counting mechanism.
As a result of such change, we add a prepaid subscriber to our
subscribers base only upon charging a prepaid card and remove them
from our subscribers base after six months of no revenue generating
calls or SMS. Following each of these changes, we have not restated
prior subscriber data to conform to such
changes.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">80</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We present bellow a
detailed description about each of the segments in
telecommunications operated by IDBD&#x2019;s subsidiary
Cellcom:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Television Market</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Our offer to the
Israeli Market includes:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Linear channels
including the Israeli Digital terrestrial
broadcasting</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Video on Demand
library</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Live and catch up
sports channels</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Access to internet
video content from selected internet sites</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Music streaming
service</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">An improved and
advanced user experience</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Highly competitive
pricing</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Cellular Services and
Products</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cellcom offers its
cellular subscribers a variety of usage and sector pricing plans
and bundles combining cellular services with other communications
services that the group offers, such as Internet infrastructure and
ISP, landline, ILD and OTT TV services for home and IP switchboard,
Internet infrastructure and ISP landline and ILD services for the
office. Cellcom offers two methods of payment: pre-paid and
post-paid. Pre-paid services are offered to subscribers who pay for
its services prior to obtaining them, usually by purchasing their
&#x201C;Talkman&#x201D; pre-paid cards or &#x201C;virtual&#x201D;
Talkman cards. Post-paid services are offered to subscribers
willing to pay for their services through banking and credit
arrangements, such as credit cards and direct debits. Price erosion
and the marketing of unlimited packages, have resulted to a decline
in our pre-paid subscriber base. In line with regulation, our
pricing plans do not include a commitment to purchase their
services for a predefined period, other than in large business
agreements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Basic cellular
services</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Its principal
cellular service is basic cellular telephony and data transfer,
upload and download (in supporting handsets). Both are included in
the &#x201C;unlimited packages&#x201D;. In addition, Cellcom offers
many other services with enhancements and additional features to
their basic cellular telephony service, including voice mail,
cellular fax, call waiting, call forwarding, caller identification
and conference calling. Data services can be used with handsets (in
supporting models), cellular modems, laptops and tablets. Cellcom
provides their customers with a variety of &#x201C;internet surfing
packages&#x201D; for that purpose. Cellcom also offers both an
outbound roaming service to subscribers traveling outside of Israel
and an inbound roaming service to visitors to Israel who can
&#x201C;roam&#x201D; into their network.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Value-added
services</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In addition to
basic cellular telephony and data services, Cellcom offers many
value-added services, such as SMS and MMS, cloud backup content
services such as music downloads and &#x201C;Cellcom TV&#x201D;
application. SMS is included in the &#x201C;unlimited
packages&#x201D;. Cellcom offers services that are likely to be
popular with subscribers and complement Cellcom&#x2019;s business.
Some of these value-added services are available only to
subscribers who have supporting handset models and some are offered
only to business subscribers.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Business
subscribers, also may receive multi SMS, M2M, &#x201C;Double
Net&#x201D; services allowing combined usage of cellular and
landline networks in order to ensure uninterrupted service, work
force management and vehicles management applications.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Handsets</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cellcom sells a
wide selection of handsets (which for purposes of this report may
include other types of communications end-user equipment, such as
tablets) designed to meet individual preferences. Prices of
handsets vary based on handset features and special promotions.
Cellcom offers a variety of installment plans for handsets and
discounts for short term installment plans.&#xA0;&#xA0;In most
cases, handsets are to be paid in 36 monthly installments. Cellcom
offers a variety of handsets from world-leading brands such as
Apple, LG, Nokia, Samsung, Sony, HTC, ZTE and Alcatel. The vast
majority of handset sales in 2015 have been of Apple and Samsung
models. The handset models Cellcom sells offer Hebrew language
displays in addition to English, Arabic and Russian (in most of the
models). Cellcom is also required to provide cellular services to
subscribers who did not purchase their handsets from us, provided
that the handset model complies with the standards set by the
Ministry of Communications. Cellcom offers subscribers repair
services for most handsets, in approximately 28 locations,
including through their wholly owned dealer, as well as by dispatch
service. See also &#x201C;Customer Care&#x201D; below.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
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<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">81</font></div>
</div>
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<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
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</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cellcom also sells
modems, tablets and smart watches to promote data services. In
addition,&#xA0;&#xA0;it sells added value products to its
customers, such as smart watches. Samsung International Co. Ltd.
provides us Samsung products and spare parts for such products,
under terms, including price of products, agreed between us and
Samsung from time to time.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In 2013, Cellcom
entered into an agreement with Apple Sales International for the
purchase and distribution of iPhone products in Israel. Under the
terms of the agreement, Cellcom has committed to purchase a minimum
quantity of&#xA0;&#xA0;iPhone products over a period of three
years, which have represented a significant portion of total
cellular handset sales over that period.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Landline services</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In addition to
cellular services, Cellcom provides landline telephony,
transmission and data services, using approximately 1,780
kilometers of inland fiber-optic infrastructure and complementary
microwave links. Cellcom has offered transmission and data services
since 2001, landline telephone service since July 2006, and
advanced, voice and data landline services since 2008, both to
selected business customers. Since May 2015 Cellcom (and Netvision)
have offered internet infrastructure services through the landline
wholesale market, using Bezeq&#x2019;s VDSL infrastructure.
Netvision also offers landline services to both private and
business customers, focusing on the private sector.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As of December
2014, Cellcom offers OTT-TV services, branded &#x201C;Cellcom
tv&#x201D; to private customers using Netvision&#x2019;s systems.
Cellcom tv is a hybrid OTT-DTT TV service provided to the Israeli
market. The service includes a set-top box that enables linear
channels, including channels based on the Israeli Digital
terrestrial television (DTT) broadcasting, Video on Demand library
subscription (SVoD) that can be accessed from smartphones and
tablets (TV anywhere), access to internet video content from
selected internet sites, music streaming service and additional
advanced features such as personal video recorder, VoD playlist
channels and connection to social networks, at highly competitive
prices. Cellcom&#x2019;s VoD catalogue and linear channels offer
international and local content from top content
suppliers.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Network and
Technology</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cellcom&#x2019;s
cellular network has developed over the years since it commenced
operations in 1994, and we now have dual cellular and wireline
capabilities.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The &#x201C;fourth
generation&#x201D; LTE, or Long Term Evolution technology, was
launched in August 2014 and offers data throughput of up to 112
Mbps on the downlink path and up to 37 Mbps on the uplink path
(voice services are provided through our 3G network). The LTE
network covers most of the population of Israel and in 2016 it
continued to deploy this network and allocate additional spectrum
in the 1800 band (where possible) in order to enable higher data
throughput rate.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The &#x201C;third
generation&#x201D; UMTS/HSPA+, or high-speed packet data access,
technology, offers full interactive multimedia capabilities with
current data rates of up to 42 Mbps on the downlink path and up to
5 Mbps on the uplink path. In 2016, Cellcom intends to continue to
support the increasing demand for data traffic, while maintaining
its quality of services. This network, considered to be a
&#x201C;3.9&#x201D; technology, uses the same core as Cellcom&#x2019;s
GSM/GPRS/EDGE network and covers substantially all of the populated
territory in Israel. Moreover, Cellcom&#x2019;s UMTS/HSPA+ network
supports types of services that require higher throughput and lower
delay, such as video conferencing and provides an adequate fallback
for our LTE network by means of smart features and network load
sharing.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cellcom&#x2019;s
&#x201C;second generation&#x201D; GSM/GPRS/EDGE 1800MHz network
allows for voice calls, data transmission and multimedia services,
although at slower speeds than the LTE and UMTS/HSPA+ networks.
Cellcom&#x2019;s GSM/GPRS/EDGE technology is an advanced
second-generation technology considered to be a &#x201C;2.75G&#x201D;
technology. It enables Cellcom to deliver multimedia and services
at speeds that are higher than the rates offered through regular
&#x201C;second generation&#x201D; digital cellular technology. Packet
data rates vary from 50 Kbps to 200 Kbps, depending mainly on
handset capabilities. In addition, in the case of coverage gaps and
for voice services supported by their GSM/GPRS/EDGE technology, the
network provides an adequate voice fallback for their LTE and UMTS
networks. Most of Cellcom&#x2019;s traffic uses the UMTS/HSPA+
network with a continuous growth of data using Cellcom&#x2019;s LTE
network.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cellcom&#x2019;s
transmission network is comprised of approximately 1,780 kilometers
of inland advanced fiber-optic cables that, together with
Cellcom&#x2019;s microwave infrastructure, enable them to provide
their customers with telephony and high speed and high quality
transmission and data services. Cellcom&#x2019;s transmission
network is strategically deployed in order to cover the major
portion of Israel&#x2019;s business parks and permits them to
provide their own backhaul services while reducing their need to
lease capacity from Bezeq, the incumbent landline operator in
Israel.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cellcom&#x2019;s
system for the provision of advanced centrex services based on
cloud solutions to our business landline customers, is by Broadsoft
Ltd.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Netvision&#x2019;s
platform by LM Ericsson, allows the provision of our OTT TV
services, together with the Israeli DTT
infrastructure.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">82</font></div>
</div>
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<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Infrastructure</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cellcom has built
an extensive, durable and advanced cellular network system,
enabling them to offer high-quality services to substantially the
entire Israeli populated territory. They seek to satisfy quality
standards that are important to their subscribers, such as high
voice quality, high data rate packet sessions, low &#x201C;blocked
call&#x201D; rate (average rate of call attempts that fail due to
insufficient network resources), low &#x201C;dropped call&#x201D;
rate (average rate of calls that are terminated not in the ordinary
course) and deep indoor coverage. Therefore, they have made
substantial capital expenditures and expect to continue to make
substantial capital expenditures on their network
system.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cellcom&#x2019;s LTE
network is covering most of the population of Israel and they cover
substantially all of the populated areas of Israel with both our
UMTS/HSPA+ network and our GSM/GPRS/EDGE network. Our LTE and
UMTS/HSPA+ networks are mostly co-located with our GSM/GPRS/EDGE
network.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Cellular Network
design</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cellcom has
designed the GSM/GPRS/EDGE, UMTS/HSPA+ and LTE networks in order to
provide high quality and reliability in-line with the requirements
set forth in their license while using a cost-effective design,
utilizing shared components for the networks, where
applicable.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cellcom has a DRP
for its engineering systems, aimed at increasing its
network&#x2019;s survivability in case of damage to any of its
component systems. The DRP also provides the network with
additional advantages, including increased capacity and advanced
qualities in line with our license requirements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cellcom&#x2019;s
primary goal is to continue deploying its LTE network while
allocating a smaller amount of our 1800MGz frequencies to our 2G
network, where possible, through advanced and modern equipment and
software features, and to continue to support the increasing demand
for data traffic of their high speed UMTS/HSPA+ network. At the
same time they intend to continue to perform extensive optimization
work to provide their subscribers with maximum capability to
support video and other broad-bandwidth content.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Cellular Network
performance</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cellcom continually
seeks to optimize its entire network in order to meet the key
performance indicators for its services, including dropped calls,
voice quality, accessibility, availability and packet success rate.
Cellcom uses advanced planning, monitoring and analyzing tools and
introduced advanced and modern equipment and software features in
order to achieve performance goals efficiently and with minimal
faults.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The main indicators
use to measure network performance for voice and packet data are
the &#x201C;blocked call&#x201D; rate, the &#x201C;dropped call&#x201D;
rate and average throughput. The average rates of blocked and
dropped calls meet those required by Cellcom&#x2019;s operating
license. The average throughput indicator is not a license
requirement.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Spectrum
allocation</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Spectrum
availability in Israel is limited and is allocated by the Ministry
of Communications through a licensing process. Cellcom has been
allocated 2x10 MHz in the 850 MHz frequency band previously used by
their TDMA network and currently by their UMTS/HSPA base stations,
2x20 MHz in the 1800 MHz frequency band, 5 - 15 MHz (varying
dependent on usage required in different areas) of which are used
by our LTE network and the remaining is used by their GSM/GPRS/EDGE
network (again varying dependent on usage required in different
areas) and 2 x 10 MHz 2100 MHz frequency band used by their
UMTS/HSPA network. Cellcom believes that its available spectrum is
sufficient for its current needs.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Of the 20 1800 MHz
spectra, three were allocated to Cellcom in August 2015 by the
Israeli Ministry of Communications, for 4G technologies (such as
LTE, LTE Advanced) . Unlike Cellcom&#x2019;s other frequencies,
these frequencies were awarded for a period of just ten
years.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Cell site construction and
licensing</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cellcom develops
cell sites based on a strategy to expand the geographical coverage
and improve the quality of its network and as necessary to replace
cell sites as needed. Cellcom&#x2019;s acquisition teams survey the
area in order to identify optimal locations for a cell site. In
urban areas, this would normally be building rooftops. In rural
areas, masts are usually constructed. The transmission teams also
identify the best means of connecting the base station to our
network, based on Cellcom&#x2019;s independent transmission network,
either by physical optical fiber, microwave link or Bezeq
landlines. Once a preferred site has been identified and the exact
equipment configuration for that site decided, Cellcom begins the
process of obtaining all necessary consents and permits. The
construction of cell sites requires building permits from local or
regional authorities, or an applicable exemption, as well as a
number of additional permits from governmental and regulatory
authorities, such as construction and operating permits from the
Ministry of Environmental Protection in all</font> <font style="font-size: 13px; font-family: Times New Roman">cases, permits from
the Civil Aviation Authority in most cases and permits from the
Israeli Defense Forces in some cases. In special circumstances,
additional licenses are required.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">83</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Transmission
network</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cellcom&#x2019;s
transmission network provides them with wireline connectivity for
their cellular and landline network in substantially all of the
populated territory of Israel. It is based on their fiber-optic
network and complementary microwave infrastructure. Cellcom&#x2019;s
transmission network includes links to their internal cellular
network and to their landline and transmission
subscribers.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cellcom&#x2019;s
optical transmission network is deployed from Nahariya in the north
to Beer Sheva in the south and Afula and Jerusalem in the east,
consisting of approximately 1,780 kilometers. The fiber-optic
network reaches most of the business parks in the country and is
monitored by a fault-management system that performs real-time
monitoring in order to enable them to provide our subscribers with
high quality service. In order to efficiently complete their
transmission network&#x2019;s coverage to substantially the entire
country, they use a microwave network as a complementary solution
in those areas that are not served by their fiber-optic
network.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Information
technology</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cellcom maintains a
variety of information systems that enable it to deliver superior
customer service while enhancing our internal
processes.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Sales</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As part of
Cellcom&#x2019;s strategy to fully penetrate every part of the
Israeli market, it seeks to make the purchase of its services and
products as easy and accessible as possible, while seeks to
optimize costs. These efforts to adapt sales operations to market
conditions include optimizing points of sale and transferring
operations more cost effective channels. Cellcom offer pricing
plans, value-added services, handsets, accessories and related
services through a broad network of direct and indirect sales
personnel. Cellcom designs pricing plans and promotional campaigns
aimed at attracting new subscribers and enhancing customer
retention strategies. Cellcom pays independent dealers commissions
on sales, while employee sales personnel receive base salaries plus
performance-based incentives. All sales and other customer-facing
staff go through extensive training prior to commencing their work.
Cellcom&#x2019;s distribution and sales efforts for subscribers are
conducted primarily through four channels:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Points of sale.</font> Cellcom distribute
products and services through a broad network of physical points of
sale providing them with nationwide coverage of their existing and
potential subscriber base. Cellcom operate directly approximately
28 physical points of sale and service located in central and other
frequently visited locations. In 2015, Cellcom reduced the space of
several additional points of sale, in line with its operating
strategy, which continued in 2016 on a selective
basis.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cellcom also
distributes products and services indirectly through a chain of
dozens of dealers (including its wholly-owned dealer, Dynamica)
which operates at approximately 150 points of sale throughout
Israel. These dealers are compensated for each sale based on
qualitative and quantitative measures. Cellcom closely monitors the
quality of service provided to their subscribers by Cellcom&#x2019;s
dealers. In Cellcom&#x2019;s efforts to penetrate certain sectors of
their potential subscriber base, Cellcom selects dealers with
proven expertise in marketing to such sectors.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Telephonic sales.</font> Telephonic sales
efforts target existing and potential subscribers who are
interested in buying or upgrading handsets and services.
Cellcom&#x2019;s sales representatives (both in-house and
outsourced) offer customers a variety of products and services,
tailored to their needs.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;<font style="font-weight: bold">Account managers.</font> Cellcom&#x2019;s direct
sales force for business customers maintains regular contact with
mid-sized and large accounts, focusing on sales of cellular and
wireline services, customer retention and tailor-made solutions for
the specific needs of such customers. Cellcom provides small- and
mid-sized business customers one point for both sales and services
by phone. Cellcom&#x2019;s account managers are aided by various
back office experts in determining customers&#x2019; needs and
making suitable offers. Sales to larger business customers or
governmental and local authorities sometimes involves participation
in requests for proposals.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Online sales.</font> Cellcom offers customers
the ability to purchase products and services through
Cellcom&#x2019;s internet site and Cellcom&#x2019;s smartphone
application and invest efforts in directing customers toward
self-service channels. Cellcom has established a dedicated internet
site for the marketing and sales their OTT TV service.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Cellcom Fixed Line
Opportunities</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Key advantages of
Cellcom which are expected to facilitate expansion in the landline
business:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Triple play package
&#x2013; the first of its kind in Israel providing Cellcom
television, Internet access and infrastructure and telephony at a
highly competitive pricing</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">84</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Large subscriber
base: approximately 2.8 million cellular subscribers, representing
a 27% market share in the ISP market and approximately 138,000 VOB
subscribers</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Leveraging the
fiber network infrastructure (approximately 1,780 KM of fiber optic
infrastructure) together with the wholesale market aiming to
increase market share in the business sector</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Insurance</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">This division
includes the assets from Clal Insurance Business Holdings. Clal is
one of the largest insurance groups in Israel, whose businesses
mainly comprise pension and social security insurance and other
insurance lines. Clal, through its subsidiaries, primarily issues
insurance policies, provides pension fund management services,
including provident funds, and holds assets and other businesses
(including holdings in insurance agencies). In 2015, Clal was one
of the largest insurance groups operating in Israel. Clal Insurance
Enterprises&#x2019; offers (1) long-term savings plans; (2) non-life
insurance products; and (3) health insurance. Clal Insurance
Enterprises&#x2019; other operations are carried out principally
through holdings of its Clal Insurance Company Ltd. subsidiary
(&#x201C;Clal Insurance&#x201D;). We refer to Clal Credit Insurance
Ltd. (&#x201C;Clal Credit Insurance&#x201D;) and the management
companies that manage the pension funds and insurance agencies
(Clal Insurance Business Holdings Ltd., and the companies held by
it), as &#x201C;Clal Insurance Business Holdings Group&#x201D;). 51%
of Clal&#x2019;s controlling shares are held in trust be managed by
a trustee in compliance with the order issued by the Capital
Markets Commission of Israel requiring that Clal&#x2019;s
controlling stake; therefore, Clal&#x2019;s results are not fully
consolidated on a line-by-line basis in IDBD&#x2019;s financial
statements, but under a single line as a financial instrument at
fair value, as required under IFRS when no control is
exercised.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Diagram of
holdings</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Presented below is
a diagram illustrating the structure of the company&#x2019;s primary
holdings, as of March 6, 2016:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><img src="clal.jpg"></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Clal Holdings
Insurance Enterprises is one of the leading insurance and pension
companies in Israel. As of June 30, 2016, Clal held a 20% market
share in the insurance market and managed over US$43 billion in
assets. Clal offers a wide range of services and products to
private and corporate customers, such as non-life insurance, health
insurance, travel insurance, education funds, provident funds,
pension funds, among others. Clal employs over 4,000 people and
markets its products through 2,000 insurance agents, to provide
service and professional support to their customers. Our Insurance
segment had total assets of Ps.4,602 million as of June 30, 2016,
representing 3% of our operating assets for the Operations Center
in Israel at such date.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><br></font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">85</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Clal&#x2019;s
operations consist of three main insurance divisions:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(i) <font style="text-decoration: underline">non-life insurance</font>: the general
insurance domain in Clal is among the largest in Israel. The
division holds a 15% market share in this segment and offers
coverage to private and corporate customers. The non-life insurance
division offers a wide range of insurance plans: automotive,
property, liability, marine insurance, personal accidents,
guarantees and additional services. The division&#x2019;s strategy
is to grow their private customer base - automotive, private
residences and small businesses, while professionally understanding
the unique needs of its diverse customers. Its vision is to provide
professional and high-level service to company&#x2019;s agents and
customers, through constant improvements and new product
development;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(ii) <font style="text-decoration: underline">life insurance and long-term
savings</font>: this division holds a 15% market share of the
long-term savings market, as defined by the Commissioner of
Insurance. The division manages long-term assets, including life
insurance, pension and provident funds. The division also provides
comprehensive solutions to private and corporate customers in all
sectors of the Israeli economy. Among the division&#x2019;s
customers are large corporations and many residents of the State of
Israel. Its objectives are to support the company&#x2019;s
distribution channels and become a professional benchmark, helping
to improve company business results, profitability and value, while
emphasizing&#xA0;&#xA0;quality of service. The division offers a
variety of savings options, enabling its customers to maintain a
strong, solid economic foundation in the event of death, accident
or loss of earning capacity. It also offers a variety of pension
funds designed to guarantee a monthly income for life in the event
of retirement, disability, or death, enabling economic stability
for the future even in difficult times. Clal takes full
responsibility for managing its member&#x2019;s. Members enjoy high
returns, among the highest in the Israeli market, as well as peace
of mind, knowing a large, professional, industry-leading
corporation manages their money; and</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(iii) <font style="text-decoration: underline">health insurance</font>: The health
insurance division offers a wide range of products for individuals,
families and groups, specializing in comprehensive solutions for
specific market segments such as women and children. Clal holds a
21% market share of the health insurance market in Israel and
offers health insurance products such as surgeries in Israel and
overseas, transplants, medications, critical illness, long-term
care, personal accidents, travel and more. Health insurance
division vision is to establish Clal as a leading, innovative and
professional company in the field of health and nursing care
insurance, while providing a professional and timely service to its
agents and customers. The division focuses on technological
innovation as well as on developing a range of innovative health
insurance products, enabling flexibility in creating health
insurance packages tailored for each client, based on his needs and
financial status. Each package is either derived from existing
packages, or custom-built for each customer. The division is
constantly growing, and is proud to provide quality service to
400,000 members insured under private insurance plans as well as an
additional 2,000,000 members insured under group insurance
plans.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In addition, Clal
operates in the investments business through its wholly owned
subsidiary Canaf, which manages assets worth more than
US$&#xA0;44,256 million, including members&#x2019; pension funds,
provident funds, insurance executives and also Clal&#x2019;s balance
sheet assets and insurance reserves. The size of assets managed by
Canaf provides a significant competitive advantage. This is
reflected in its accessibility to companies and their executives,
information on special transactions, cooperation with relevant
independent bodies inside and outside of Israel and the development
of mutual strategic relationships with international bodies that
specialize in long-term financial management. Canaf has a staff of
approximately 80 employees, of whom about 30 are professional
investment managers specializing in various aspects of asset and
investment management.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The following is a
description of the Products and Services offered by
Clal:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Description of the Areas of Activity
and Insurance Coverages</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Products in this
sector mainly consist of retirement solutions for salaried and
self-employed individuals, private investment solutions and life
insurance, and disability insurance.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xB7;</font><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Life insurance products.</font> Consist of
contractual obligations between insurer and policyholder, and
include insurance plans that allow accumulation of savings and
insurance plans and/or combinations in insurance plans that include
coverage for death, work disability and disability. A policyholder
who reaches the end of the insurance period is entitled to
insurance benefits (the amounts accrued in the savings component of
the policy) in accordance with the policy terms. The policyholder
may receive these amounts as a one-time amount (&#x201C;Capital
Payment&#x201D;), in lifetime installments (&#x201C;Annuity&#x201D;)
or a combination of the two, according to the terms of the policy;
in some of the annuity products the policyholder benefits from an
annuity coefficient protected against extended life expectancy,
which is established on the purchasing date of the policy or on the
commencement date of the annuity payment to the policyholder, or
which can be purchased once the policyholder reaches the age of at
least 60.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xB7;</font><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Pension funds.</font> Constitute mutual
insurance funds, and operate according to regulations which may
change from time to time. From the date of retirement, a pension
fund member is entitled to receive lifetime annuity payments based
on annuity coefficients that do not guarantee life expectancy, and
the annuity is likely to change from time to time according</font>
<font style="font-size: 13px; font-family: Times New Roman">to the
actuarial balance of the fund.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">86</font></div>
</div>
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<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xB7;</font><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Comprehensive pension funds.</font> Allow
pension savings for an annuity and death and disability insurance
coverage; benefit from designated bonds; and deposits can be made
into them up to the maximum set out in law; general (supplementary)
pension funds do not benefit from designated bonds, but allow
pension savings for an annuity, and deposits may be made into them
beyond the maximum stipulated by law. In some general funds, there
is no insurance coverage beyond an old age annuity; provident funds
provide savings solutions for the long term (such as provident
funds for severance pay and compensation to salaried employees) and
medium term (study funds), without insurance coverage. A provident
fund member is entitled to withdraw the amounts accumulated in his
favor in the capital based provident funds, with respect to
deposits made until December 31, 2007, in a one-time amount,
whereas the amounts accumulated in his favor which were deposited
as from January 1, 2008 may be withdrawn by means of an annuity or
annuity capitalization. Until the Control of Financial Services
(Provident Funds) (Amendment No. 13) Law, 2015 (&#x201C;Amendment 13
to the Provident Fund Law&#x201D;) entered into effect, withdrawal
by means of an annuity could have been made from an annuity paying
provident fund only (currently known as &#x201C;a provident fund for
annuities&#x201D;), subject to determined exceptions. In this
amendment, the option is given to withdraw directly from a
provident fund for savings (that was a non-annuity paying provident
fund).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">How Savings Funds are Invested.</font> Pension
savings products differ from each other in the way in which the
savings funds are invested. Some of the savings funds are invested
in market securities, while others are backed by designated bonds,
according to legislation, as set out below:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(a) <font style="text-decoration: underline">Life insurance</font>: Life policies
issued through the end of 1990 offered policyholders a guaranteed
savings component (&#x201C;Guaranteed Return Policies&#x201D;). The
rate varied according to the type of policy and date of issue. The
obligation to pay the guaranteed return was generally backed by
designated bonds, whereas the balance of assets was invested
according to the restrictions imposed by the Control of Financial
Services Regulations (Provident Funds) (Investment Regulations
Applicable for Management Companies and Insurers), 2012 (the
&#x201C;Investment Regulations&#x201D;). As of December 31, 2015, the
holding of designated bonds by Clal Insurance constituted 76% of
the total assets held against liabilities for Guaranteed Return
Policies. Over the years, Clal Insurance Enterprises Holdings Group
has redeemed designated bonds, upon approval of the Ministry of
Finance, as a means of achieving excess returns. The proceeds were
invested in other investments. Clal Insurance Enterprises Holdings
Group could not buy back designated bonds for some of the reserves
that it redeemed and as a result its exposure to free investments
increased. According to the accounting mechanism established with
the Ministry of Finance, the designated bonds held will be reduced
gradually to a rate of 50% of total revenue held against
liabilities for guaranteed return policies.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Policies issued
since the early 1990s include mainly investment-linked policies in
which savings are invested by the insurance companies in free
investments, mainly in capital market instruments, while the return
less applicable expenses are applied for the benefit of the
policyholder based on the returns achieved by the investment
portfolio, less management fees;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(b) <font style="text-decoration: underline">pension funds</font>: As of the date
of this Annual Report, legacy and new comprehensive pension funds
benefit from guaranteed returns on the fund&#x2019;s assets that are
backed by designated bonds, up to a maximum rate of 30% of total
assets. However, the rate of designated bonds relative to members
in the new comprehensive pension funds who, prior to January 1,
2004 were eligible to receive a pension, must represent 70% of the
total assets. Also, the government provides
&#x201C;compensation&#x201D; to the old balanced pension funds in
order to reduce the issuance of designated bonds, which was carried
out over the years;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(c) <font style="text-decoration: underline">provident funds</font>: Since the
mid-1980s, designated bonds have not been issued for provident
funds (other than a small number of guaranteed return provident
funds) and the assets were invested in accordance with the
restrictions set out in the Investment Regulations;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(d) <font style="text-decoration: underline">Task force to increase certainty in
pension savings</font>: In December 2015, the task force to
increase certainty in pension savings published a report that,
among other things, recommended an increase in the allocation of
designated bonds to pensioners and to senior savers approaching
retirement age. At the same time, it proposes gradually decreasing
the allocation of designated bonds intended for young savers, due
to their longer investment horizon. The recommendations of the task
force did include an increase in the proportion of designated bonds
to total funds under management.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman">Regulation - the
provisions of the Insurance Law, the Supervision of Financial
Services (Provident Funds) Law, 5765-2005 (the &#x201C;Provident
Fund Law&#x201D;), the Income Tax Regulations (Rules for the
Approval and Management of Provident Funds), 5724-1964 (the
&#x201C;Provident Fund Regulations&#x201D;), the Supervision of
Financial Services Law (Financial, Consultation, Marketing and
Clearing Systems), 5765-2005 (&#x201C;The Financial Consultation
Law&#x201D;) and the pronouncements and interpretations issued by
the Commissioner from time to time, apply to pension fund
activities. The Insurance Law and the Provident Fund Law require
appropriate licensing for any insurer or pension fund and provident
fund management</font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font>
<font style="font-size: 13px; font-family: Times New Roman">company, including
those in the Clal Holdings Group, and each is supervised by the
Capital Markets Department.</font> &#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><br></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><br></font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">87</font></div>
</div>
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<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In January 2016,
rules were issued setting for the protocol for the issuance of an
additional control permit to a company that manages pension funds
or provident funds (&#x201C;Managing Company&#x201D;) for any entity
that controls other pension or provident funds. In accordance with
applicable regulation, an entity may control multiple Managing
Companies without needing to merge the two companies, where one of
the Managing Companies. Accordingly, Clal Insurance is not required
to merge the managing companies which it currently
controls.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Others</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Includes the assets
and income from other miscellaneous businesses, such as
technological developments, tourism, oil and gas assets,
electronics, and other sundry activities. Our Others segment had
operating assets of Ps.25,405 million as of June 30, 2016,
representing 17% of our operating assets for the Operations Center
in Israel at such date. Our Others segment generated operating
losses of Ps.250 million for the fiscal year ended June 30, 2016,
representing 35%, of our consolidated operating income for the
Operations Center in Israel for such year.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Seasonality</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In Israel retail
segment business results are subject to seasonal fluctuations as a
result of the consumption behavior of the population proximate to
the Pesach holidays (March and/or April) and Rosh Hashanah and
Sukkoth holidays (September and/or October). This also affects the
balance sheet values of inventory, customers and suppliers. Our
revenues from cellular services are usually affected by seasonality
with the third quarter of the year characterized by higher roaming
revenues due to increased incoming and outgoing
tourism.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In 2016, the
Passover holiday fell at the end of April, compared to 2015 when it
was at the beginning of April. The timing of the holiday affects
Shufersal&#x2019;s sales and special offers in the second quarter of
2016, compared to last year.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Passover
holiday in the second quarter of 2016 had a greater effect on
Shufersal&#x2019;s results than in the corresponding quarter in
2015, therefore analysis of the results for the first half of the
year compared to the corresponding period in 2015 better represents
the changes between the periods.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Legal
Framework</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
<font style="text-decoration: underline">Operations Center in
Argentina</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Regulation and Governmental Supervision</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The laws and
regulations governing the acquisition and transfer of real estate,
as well as municipal zoning ordinances are applicable to the
development and operation of our properties. Currently, Argentine
law does not specifically regulate shopping center lease
agreements. Since our shopping center leases generally differ from
ordinary commercial leases, we have created provisions which govern
the relationship with our shopping center tenants.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Leases</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Argentine law
imposes certain restrictions on property owners,
including:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">a prohibition to
include automatic price adjustment clauses based on inflation
increases in lease agreements; and</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">the imposition of a
two-year minimum lease term for all purposes, except in particular
cases such as embassy, consulate or international organization
venues, room with furniture for touristic purposes for less than
three months, custody and bailment of goods, exhibition or offering
of goods in fairs or in cases where the subject matter of the lease
agreement is the fulfillment of a purpose specified in the
agreement and which requires a shorter term.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Rent Increases</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In addition, there
are contradictory court rulings regarding whether rent may be
increased during the term of the lease agreement. For example,
Section 10 of the Public Emergency Law prohibits the adjustment of
rent under leases subject to official inflation rates, such as the
consumer price index or the wholesale price index. Most of our
leases provide for incremental rent increases that are not based on
any official index. As of the date of this annual report no tenant
has filed any legal action against us challenging incremental rent
increases, but we cannot ensure that such actions will not be filed
in the future and, if any such actions were successful, that they
will not have an adverse effect on us.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Lease Terms Limits</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Under the Argentine
Civil and Commercial Code lease terms may not exceed fifty years.
Generally, our leases are for terms of three to ten
years.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">88</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Rescission Rights</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Argentine Civil
and Commercial Code provides that tenants may terminate leases
earlier after the first six months of the effective date. Such
termination is subject to penalties which range from one to one and
a half months of rent payable. If the tenant terminates the lease
during the first year of the lease the penalty is one and a half
month&#x2019;s rent and if termination occurs after the first year
of lease the penalty is one month&#x2019;s rent.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Other</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Argentine Civil
and Commercial Code requires a tenant to give at least 60
days&#x2019; prior notice of termination. There are no court rulings
related to: (i) the tenants&#x2019; unilateral right to terminate;
or (ii) the possibility of establishing a penalty different from
that prescribed by law.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">While current
Argentine government discourages government regulation of leases,
there can be no assurance that additional regulations will not be
imposed in the future, including regulations similar to those
previously in place. Furthermore, most of our leases provide that
the tenants pay all costs and taxes related to the property in
proportion to their respective leaseable areas. If a significant
increase in the amount of such costs and taxes occurs, the
Argentine government may respond to political pressure to intervene
by regulating this practice, thereby increasing our
costs.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Argentine&#xA0;&#xA0;law
enables lessors to pursue an &#x201C;executory proceeding&#x201D; if
lessees&#x2019; fail to pay rent when due. In executory proceedings,
debtors have fewer defenses available to prevent foreclosure,
making these proceedings substantially shorter than in normal
proceedings. In executory proceedings the origin of the debt is not
under discussion; the trial focuses on the formalities of debt
instrument itself. The code also permits special eviction
proceedings, which are carried out in the same way as ordinary
proceedings. The Argentine Civil and Commercial Code requires that
notice be given to a tenant demanding payment of amounts due in the
event of breach prior to eviction, of no less than ten days for
residential leases, and establishes no limitation or minimum notice
for other leases. However, historically, backlogs in court dockets
and numerous procedural hurdles have resulted in significant delays
to eviction proceedings, which generally last from six months to
two years from the date of filing of the suit.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Development and Use of the Land</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Buenos Aires Urban Planning Code.</font> Our
real estate activities are subject to several municipal zoning,
building, occupation and environmental regulations. In the city of
Buenos Aires, where the vast majority of our real estate properties
are located, the Buenos Aires Urban Planning Code (<font style="font-style: italic">C&#xF3;digo de Planeamiento Urbano de la
Ciudad de Buenos Aires</font>) generally restricts the density and
use of property and controls physical features of improvements on
property, such as height, design, set-back and overhang, consistent
with the city&#x2019;s urban landscape policy. The administrative
agency in charge of the Urban Planning Code is the Secretary of
Urban Planning of the City of Buenos Aires.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Buenos Aires Building Code.</font> The Buenos
Aires Building Code (<font style="font-style: italic">C&#xF3;digo
de Edificaci&#xF3;n de la Ciudad de Buenos Aires</font>)
complements the Buenos Aires Urban Planning Code and regulates the
structural use and development of property in the city of Buenos
Aires. The Buenos Aires Building Code requires builders and
developers to file applications for building permits, including the
submission to the Secretary of Work and Public Services
(<font style="font-style: italic">Secretar&#xED;a de Obras y
Servicios P&#xFA;blicos</font>) of architectural plans for review,
to assure compliance therewith.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We believe that all
of our real estate properties are in material compliance with all
relevant laws, ordinances and regulations.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Sales and Ownership</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Buildings Law.</font> Buildings Law No. 19,724
(<font style="font-style: italic">Ley de Pre horizontalidad</font>)
was superseded by the Argentine Civil and Commercial Code which
became effective on August 1, 2015. The new regulations provide
that for purposes of execution of agreements with respect to build
units or condo units under construction, the owner or developer
must purchase insurance in favor of prospective purchasers against
the risk of frustration of the contract. A breach of this
obligation prevents the owner from exercising any right against the
purchaser&#x2013;such as demanding payment of any outstanding
installments due &#x2013; unless the owner fully complies with its
obligations, but does not prevent the purchaser from exercising its
rights against seller.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Protection for the Disabled Law.</font> The
Protection for the Disabled Law No. 22,431, enacted on March 20,
1981, as amended, provides that in connection with the construction
and renovation of buildings, obstructions to access must be
eliminated in order to enable access by handicapped individuals. In
the construction of public buildings, entrances, transit pathways
and adequate facilities for mobility impaired individuals must be
provided for. Buildings developed before the Law came into effect
must be retrofitted to provide access, transit pathways and
adequate facilities for mobility-impaired individuals. Those
pre-existing buildings, which due to their architectural design may
not be so retrofitted, are exempted</font> <font style="font-size: 13px; font-family: Times New Roman">from compliance.
The Protection for the Disabled Law provides that residential
buildings must ensure access by mobility impaired individuals to
elevators and aisles. Architectural requirements refer to pathways,
stairs, ramps and parking.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">89</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Real Estate Installment Sales Law.</font> The
Real Estate Installment Sales Law No. 14,005, as amended by Law No.
23,266 and Decree No. 2015/85, imposes a series of requirements on
contracts for the sale of subdivided real estate property
regarding, for example, the sale price which is paid in
installments and the deed, which is not conveyed until final
payment of such price. The provisions of this law require, among
other things:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">The registration of
the intention to sell the property in subdivided plots with the
Real Estate Registry (<font style="font-style: italic">Registro de
la Propiedad Inmueble</font>) corresponding to the jurisdiction of
the property. Registration will only be possible with regard to
unencumbered property. Mortgaged property may only be registered
where creditors agree to divide the debt in accordance with the
subdivided plots. However, creditors may be judicially compelled to
agree to the division.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Preliminary
registration with the Real Estate Registry of the deed of transfer
within 30 days of execution of the sales
contract.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Once the property
is registered, the installment sale must be consistent with the
requirements of the Real Estate Installment Sales Act, unless
seller affirms that it will not provide for the sale in
installments. If a title dispute arises, the installment purchaser
who has duly registered the purchase instrument with the Real
Estate Registry will be entitled to the deed. Further, the
purchaser can demand conveyance of title after at least 25% of the
purchase price has been paid, although the seller may demand a
mortgage to secure payment of the balance of the purchase
price.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">After payment of
25% of the purchase price or the construction of improvements on
the property equal to at least 50% of the value of the property,
the Real Estate Installment Sales Act prohibits termination of the
sales contract for failure by the purchaser to pay the balance of
the purchase price. However, in such event the seller may take
action under any mortgage on the property.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Other Regulations</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Consumer Relationship.</font> <font style="font-weight: bold">Consumer or End User Protection.</font> The
Argentine Constitution expressly establishes in Article 42 that
consumers and users of goods and services have a right to
protection of health, safety and economic interests in a consumer
relationship. Consumer Protection Law No. 24,240, as amended,
provides protection of consumers and end users in a consumer
relationship, in the arrangement and execution of
contracts.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Consumer
Protection Law, and the applicable provisions of the Argentine
Civil and Commercial Code regulate the rights conferred under the
Constitution focused on the weakest party in the consumer
relationship as a means to prevent potential abuses by vendors of
goods and services in a mass-market economy where standard
contracts are the norm.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As a result,
contractual provisions included in consumer contracts are voided
and unenforceable if they:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Are inconsistent
with the essence of the service to be provided or limit liability
for damages;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">imply a waiver or
restriction of consumer rights and an extension of seller rights;
or</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">shift the burden of
proof to consumers.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In addition, the
Consumer Protection Law imposes penalties ranging from warnings to
the forfeiture of concession rights, privileges, tax regimes or
special credits to which the sanctioned party may be entitled,
including closing down of establishments for a term of up to 30
days.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Argentine Civil
and Commercial Code defines a consumer agreement as are entered
into between a consumer or end user and an individual or legal
entity that provides professional services or a private or public
company that manufactures goods or offers services to consumers in
the stream of commerce.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In addition, the
Consumer Protection Law establishes a joint and several liability
system under which for any damages caused to consumers, if
resulting from a defect or risk inherent in the thing or the
provision of a service, the producer, manufacturer, importer,
distributor, supplier, seller and anyone who has placed its
trademark on the good or service is liable. The Consumer Protection
Law excludes professional services that require a college degree
and that are provided by members of professional organizations or
those provided by a governmental authority. However, this law
regulates professional advertisements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Consumer
Protection Law determines that the information contained in the
offer addressed to undetermined prospective consumers, binds the
offeror during the period in which the offer takes place and until
its public revocation. Further, it determines that specifications
included in advertisements, announcements, prospectuses, circulars
or other media bind the offeror and are considered part of the
contract entered into by the consumer.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">90</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Pursuant to
Resolution No. 104/05 issued by the Secretariat of Technical
Coordination reporting to the Argentine Ministry of Economy, the
Consumer Protection Law adopted Resolution No. 21/2004 issued by
the Mercorsur&#x2019;s Common Market Group which requires that those
who engage in commerce over the Internet (E-Business) shall
disclose in a precise and clear manner the characteristics of the
products and/or services offered and the sale terms. Failure to
comply with the terms of the offer is deemed an unjustified denial
to sell and gives rise to sanctions.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On September 17,
2014, a new Consumer Protection Law was enacted by the Argentine
Congress &#x2013;Law No. 26,993. This law, known as &#x201C;System
for Conflict Resolution in Consumer Relationships,&#x201D; provided
for the creation of new administrative and judicial procedures. It
created a two-tiered administrative system: the Preliminary
Reconciliation Agency for Consumer Relationships (<font style="font-style: italic">Servicio de Conciliaci&#xF3;n Previa en las
Relaciones de Consumo, COPREC</font>) and the Consumer Relationship
Audit, and a number of courts assigned to conflicts between
consumers and producers (<font style="font-style: italic">Fuero
Judicial Nacional de Consumo</font>). A claim may not exceed a
fixed amount equivalent to 55 adjustable minimum living wages, as
determined by the Ministry of Labor, Employment and Social
Security. The claim must be filed with the administrative agency.
If an agreement is not reached between the parties, the claimant
may file the claim in court. The COPREC is currently in full force
and effect. However, the court system is not in force yet,
therefore, any court claims currently must filed with existing
courts. A considerable volume of claims filed against us are
expected to be settled pursuant to the system.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Antitrust Law.</font> Law No. 25,156, as
amended, prevents monopolistic practices and requires
administrative authorization for transactions that according to the
Antitrust Law constitute an economic concentration. According to
this law, mergers, transfers of goodwill, acquisitions of property
or rights over shares, capital or other convertible securities, or
similar operations by which the acquirer controls or substantially
influences a company, are considered as an economic concentration.
Whenever an economic concentration involves a company or companies
and the aggregate volume of business of the companies concerned
exceeds in Argentina the amount of Ps.200 million, in such case the
respective concentration should be submitted for approval to the
Argentine Antitrust Authority (<font style="font-style: italic">Comisi&#xF3;n Nacional de Defensa de la
Competencia, &#x201C;</font>CNDC<font style="font-style: italic">&#x201D;</font>). The request for approval may
be filed either prior to the transaction or within a week after its
completion.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">When a request for
approval is filed, the CNDC may (i) authorize the transaction, (ii)
condition the transaction to satisfaction of certain conditions, or
(iii) reject the application.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Antitrust Law
provides that economic concentrations in which the transaction
amount and the value of the assets absorbed, acquired, transferred
or controlled in Argentina, do not exceed Ps.20 million are
exempted from the law. Notwithstanding the foregoing, when the
transactions consummated by the companies involved in the prior
12-month period exceed in the aggregate Ps.20 million or Ps.60
million in the last 36 months, these transactions must be notified
to the CNDC.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As our consolidated
annual sales volume and our parent&#x2019;s consolidated annual
sales volume exceed Ps.200 million, we should give notice to the
CNDC of any concentration provided for by the Antitrust
Law.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Credit Card Law.</font> Law No. 25,065, as
amended by Law No. 26,010 and Law No. 26,361, governs certain
aspects of the business activity known as &#x201C;credit card
system.&#x201D; Regulations impose minimum contract contents and
approval thereof by the Argentine Ministry of Industry, as well as
limitations on chargeable interest by users and commissions charged
by the retail stores that adhere to the system. The Credit Card Law
applies both to banking and non-banking cards, such as
&#x201C;Tarjeta Shopping,&#x201D; issued by Tarshop S.A. Pursuant to
Communication &#x201C;A&#x201D; 5477 issued by the Argentine Central
Bank, loans granted under credit cards by non-financial entities
cannot exceed 25% of the monthly interest rate published by the
Argentine Central Bank for loans to individuals without security
interests.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Environmental Law.</font> Our activities are
subject to a number of national, provincial and municipal
environmental provisions.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Article 41 of the
Argentine Constitution, as amended in 1994, provides that all
Argentine inhabitants have the right to a healthy and balanced
environment fit for human development and have the duty to preserve
it. Environmental damage shall bring about primarily the obligation
to restore it as provided by applicable law. The authorities shall
control the protection of this right, the rational use of natural
resources, the preservation of the natural and cultural heritage
and of biodiversity, and shall also provide for environmental
information and education. The National Government shall establish
minimum standards for environmental protection whereas Provincial
and Municipal Governments shall fix specific standards and
regulatory provisions.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On November 6,
2009, the Argentine Congress passed Law No. 25,675. Such law
regulates the minimum standards for the achievement of a
sustainable environment and the preservation and protection of
biodiversity and fixes environmental policy goals. Law No. 25,675
establishes the activities that will be subject to an environmental
impact assessment procedure and certain requirements applicable
thereto. In addition, such Law sets forth the duties and
obligations that will</font> <font style="font-size: 13px; font-family: Times New Roman">be triggered by any
damage to the environment and mainly provides for restoration of
the environment to its former condition or, if that is not
technically feasible, for payment of compensation in lieu thereof.
Such Law also fosters environmental education and provides for
certain minimum reporting obligations to be fulfilled by natural
and legal entities.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">91</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In addition, the
CNV Rules require the obligation to report to the Commission any
events of any nature and fortuitous acts that seriously hinder or
could potentially hinder performance of our activities, including
any events that generate or may generate significant impacts on the
environment, providing details on the consequences
thereof.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Argentine Civil
and Commercial Code introduced as a novel feature the
acknowledgement of collective rights, including the right to a
healthy and balanced environment expressly sets forth that the law
does not protect an abusive exercise of individual rights if such
exercise could have an adverse impact on the environment and
collective rights in general. For additional information see
&#x201C;Item 3 (d). Risk Factors - Risk relating to our Business -
Our business is subject to extensive regulation and additional
regulations may be imposed in the future.&#x201D;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Control Systems</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">IRSA Commercial
Properties owns computer systems to monitor tenants&#x2019; sales
(except stands) in all of its shopping centers. IRSA CP also
conducts regular manual audits of its tenants accounting sales
records in all of its shopping centers. Almost every store in those
shopping centers has a point of sale that is linked to a main
computer server in the administrative office of such shopping
center. IRSA CP&#xA0;&#xA0;uses the information generated from the
computer monitoring system for statistics regarding total sales,
average sales, peak sale hours, etc., for marketing purposes and as
a reference for the processes of internal audit. The lease
contracts for tenants in Alto Avellaneda, Alto Palermo, Alcorta
Shopping, Patio Bullrich, Buenos Aires Design, Abasto, Alto
Rosario, Alto NOA, Dot Baires Shopping, C&#xF3;rdoba Shopping,
Soleil Premium Outlet, La Ribera Shopping, Mendoza Plaza, Distrito
Arcos and Alto Comahue contain a clause requiring tenants to be
linked to the computer monitoring system, there being certain
exceptions to this requirement.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Insurance</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We carry all-risk
insurance for the shopping centers and other buildings covering
property damage caused by fire, explosion, gas leak, hail, storms
and wind, earthquakes, vandalism, theft and business interruption.
In addition, we carry liability insurance covering any potential
damage to third parties or property caused by the conduct of our
business throughout Argentina. We are in compliance with all legal
requirements related to mandatory insurance, including insurance
required by the Occupational Risk Law (<font style="font-style: italic">Ley de Riesgos del Trabajo</font>), life
insurance required under collective bargaining agreements and other
insurance required by laws and executive orders. Our history of
damages is limited to one single claim resulting from a fire in
Alto Avellaneda Shopping in March 2006, a loss which was
substantially recovered from our insurers. These insurance policies
contain specifications, limits and deductibles which we believe are
adequate to the risks to which we are exposed in our daily
operations. We further maintain liability insurance covering our
directors&#x2019; and corporate officers&#x2019;
liability.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
<font style="text-decoration: underline">Operations Center in
Israel</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">IDBD is a holding
company that invests, either directly or through its subsidiaries,
associates and joint ventures in companies that operate in various
sectors of the economy in Israel. IDBD is directly affected by the
political, economic, military and regulatory conditions of Israel.
The main regulations applicable to IDBD&#x2019;s business are
described below. For more information, see &#x201C;Risk
Factors&#x2013;&#xA0;Risks related to IDBD and IDBD&#x2019;s
subsidiaries.&#x201D;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">General
regulations applicable to our business in Israel</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Proper Conduct of Banking Business</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">IDBD and certain of
its affiliates are subject to supervision by the Israeli Supervisor
of Banks relating to &#x201C;Proper Conduct of Banking
Business&#x201D; which impose, among others limits on the aggregate
principal amount of loans a financial institution can have
outstanding to a single borrower, a group of related borrowers, and
to the largest borrowers and groups of related borrowers of a
banking entity (as these terms are defined in the aforesaid
directives). IDBD, its controlling shareholders and its affiliates
are considered a single group of borrowers for purposes of this
regulation. These restrictions limit the ability of IDBD and its
affiliates to borrow from a single bank in Israel, their ability to
make investments where they require bank lines of credit, to invest
in companies that have loans outstanding from banks in Israel, and
to make business transactions together with groups that have such
credit outstanding. In the period from 2013 and until the date of
publication of the report, the concentration of credit risk of IDBD
and its affiliates decreased as a result of a reduction in the
amount of utilized credit for the group that includes IDBD,
including as a result of a change of control that resulted in a
re-characterization of the group for purposes of applicable
regulation.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">92</font></div>
</div>
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<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Reduced Centralization Act</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In December 2013,
the official &#x201C;Reshumot&#x201D; published in Israel the
Promotion of Competition and Reduction of Centralization Law,
N&#xB0; 5774-2013 (the &#x201C;Reduced Centralization Act &#x201D;)
pursuant to which a pyramidal structure (or</font> <font style="font-size: 13px; font-family: Times New Roman">multiholding
companies) of control in &#x201C;reporting entities&#x201D;
(principally entities whose securities are held by public
shareholders) is limited to two layers of reporting entities (with
the holding company in the first layer not including a reporting
entity that has no controlling shareholder). For this purpose, on
the date of publication of the law in Reshumot, IDBD was considered
a second-tier company and Discount Investments was considered a
third-tier company, and as such,&#xA0;Discount Investments would
not have been permitted to continue to control the operating
companies after December&#xA0;2019. As a result of the change in
control of IDBD, IDBD and Discount Investments are no longer
considered as second and third-tier companies, respectively, for
the purpose of the Law. If Discount Investments is considered a
second-tier company, it would be required by December 2019 at the
latest, to cease controlling entities with publicly held
securities.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In connection with
evaluating the application of the Law, in August 2014, IDBD&#x2019;s
Board of Directors appointed an advisory committee to examine
various alternatives to address the implications of the Law to
comply with the provisions that apply to control in a pyramid o
multiholding company structure in order to enable continued control
of IDBD and/or Discount Investments in &#x201C;other tier
companies&#x201D; (currently held directly by Discount Investments)
as of December 2019. The advisory committee has recommended the
following alternatives:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 72px">
<font><font style="font-size: 13px; font-family: Times New Roman">(a)&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Taking either IDBD
or Discount Investments private thereby removing the requirement
that they be reporting entities (and as a result not a &#x201C;tier
company&#x201D;); and</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 72px">
<font><font style="font-size: 13px; font-family: Times New Roman">(b)&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Merge IDBD and
Discount Investments.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Board of
Directors of Discount Investments has appointed an advisory
committee with a similar function. As of the date of this Annual
Report, no specific alternatives have been identified. The
implementation of an alternative that would be adopted is likely to
take several years.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Based on these
analyses, IDBD considers it more likely that the completion of one
of the specified alternatives will be adopted to comply with the
restrictions of the Law regarding pyramidal holdings, while
allowing IDBD to continue to control Discount Investments, and
Discount Investments to continue to control Cellcom after December
2019. PBC, which currently is a third-tier company that controls
each of Gav-Yam, Ispro and Mehadrin, has preliminarily evaluated
application of the Law on its holding structure and determined that
it will be able to maintain said control, as it has concluded that
the Law has no effect over its financial statements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">IDBD, as a
first-tier company, and Discount Investments, as a second-tier
company, are not required to designate independent directors to
their respective boards of directors or to appoint outside
directors as required by the Law.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Pursuant to the
provisions of the Law, the boards of directors of Cellcom, PBC,
Elron, Gav-Yam, Ispro and Mehadrin, include a majority of
independent outside directors. In June 2014, the Promotion of
Competition and Reduction of Centralization (Classification of a
Company as a Tier Company) Regulations, N&#xB0; 5774-2014, came
into effect, as part of which exemptions were provided for certain
&#x201C;third-tier&#x201D; entities from changing the composition of
their boards of directors to comply with the Reduced Centralization
Act. Pursuant to this law and the Promotion of Competition and
Reduction of Centralization (Concessions Regarding the Number of
Outside directors) Regulations, N&#xB0; 5774-2014, and in view of
the number of directors who may be appointed with the consent of
the Bronfman-Fisher Group (per the terms of the shareholders&#x2019;
agreement between it and Discount Investments), the Board of
Directors of Shufersal includes a majority of independent outside
directors. In this context, in August 2014, Discount Investments
entered into an agreement with an affiliate of the Bronfman-Fisher
(which at the time held approximately 19% of the share capital of
Shufersal), pursuant to which Discount Investments will vote in
favor of the four directors designated by Bronfman-Fisher at the
meeting of shareholders of Shufersal (out of a board of fifteen
members), for so long as it holds the minimum defined percentage of
the share capital of Shufersal, although Discount Investments
reserves the right to object to any candidate on reasonable
grounds.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">These arrangements
will be in effect so long as the restrictions of section 25(d) to
the Reduced Centralization Act apply to Shufersal. Accordingly,
Discount Investments, which as of December 31, 2015, owned
approximately 53% of Shufersal&#x2019;s share capital, is
effectively able to appoint the majority of the members of
Shufersal&#x2019;s Board of Directors.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Reduced
Centralization Act includes provisions relating to a separation
between significant affiliates and significant financial
institutions. Consequently, so long as IDBD will be a significant
operating entity, after December 11, 2019, IDBD will not be able to
control Clal Insurance and additional financial affiliates within
the Clal Holdings Insurance Enterprise Group or to hold more than
10% of the equity of any such entity (or more than a 5% stake in
such an entity if it is regarded as an insurer without a
controlling shareholder).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In May 2015,
updated lists were published on the website of the Ministry of
Finance and the official gazette in connection with the Reduced
Centralization Act, which includes a list of the centralization
factors, the list of the significant corporations and a list of the
significant financial institutions. In accordance with the
provisions of the Reduced Centralization Act, a substantial
financial institution or a significant real corporation will be
deemed as a centralization</font> <font style="font-size: 13px; font-family: Times New Roman">factor that
subjects these entities to the provisions of the Reduced
Centralization Act, as well as any entity that is part of a
business group that includes a significant financial entity or a
significant real corporation. IDBD and its controlling shareholders
(Eduardo Elsztain and entities through which he holds his interest
in IDBD) and the companies of the IDBD Group (including Discount
Investments, Cellcom, PBC, Shufersal, Adama, Clal Holdings
Insurance Enterprises, IDB Tourism, Noya Oil and Gas Explorations
Ltd. and companies under the control of these companies) were
included in the list of centralization factors, and these entities,
except for Adama (excluding Eduardo Elsztain himself), were also
included in the list of significant corporations. In addition,
companies of Clal Holdings Insurance Enterprises, including Clal
Insurance (except Clal Holdings Insurance Enterprises) and Epsilon
Investment House Ltd. (held by Discount Investments) were also
included in the list of the significant financial
institutions.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">93</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Insofar as Clal
Holdings Insurance Enterprises will continue to be considered a
significant real entity, this may affect its ability to retain
control of Clal Insurance, directly or indirectly after December
2019, which may adversely affect its ability to appoint joint
directors in both of the companies (Clal Holdings Insurance
Enterprises and Clal Insurance).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In light of the
directives issued by the Commissioner in connection with the
appointment of a trustee for holding control in Clal Holdings
Insurance Enterprises, which currently are held by IDBD and
considering the letter issued by the Commissioner on December 30,
2014 pursuant to which IDBD is required to sell its control shares
in Clal Holdings Insurance Enterprises, Clal Holdings Insurance
Enterprises has appealed to the Concentration Committee in
connection with its classification as a significant real
entity.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In November 2014,
IDBD&#x2019;s Board of Directors resolved, subject to requisite
corporate approvals, to promote a consolidation of management
functions at IDBD and Discount Investments, in order to achieving
costs savings. In this regard, on March 29, 2016, IDBD&#x2019;s
Board of Directors approved the terms of office and of employment
of Mr. Shalom Lapidot to be chief executive officer of both IDBD
and Discount Investments, which was subsequently approved by the
compensation committee of Discount Investments. The term of office
of Mr. Lapidot is subject to approval of a general meeting of
shareholders of Discount Investments.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Regulations
applicable to each of the businesses in Israel</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Real Estate</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In recent years,
there has been continued shortage in manpower in the construction
and agricultural industries which typically are labor intensive and
depend on foreign workers, including in the areas of Judea and
Samaria. The security situation in Israel, as well as the shutdown
of Judea and Samaria during certain periods of the year, have
resulted in continued shortage in the workforce, driven by lower
numbers of foreign workers from Judea and Samaria. In July 2015,
the Minister of Finance increased the quota of foreign work permits
to approximately 20,000 through the end of 2016, as a means to
achieving the goal of increasing new construction projects by
70,000 during the year and to promote new housing starts to
alleviate the housing crisis. Given the shortage of skilled
workers, wages increased in general and in particular those of
foreign construction workers. The shortage and unavailability of a
skilled workforce, increased construction costs and resulted in
longer timetables for the execution of new projects.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Supermarkets</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Labor Law</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The retail sector
activities of Shufersal are subject to labor laws including the
Employment of Workers by Human Resources Subcontractors Law,
5756-1996, the Extension Order in the Matter of Contract Workers in
the Cleaning Branch in the Private Sector, the Minimum Wage Law,
5747-1987 and the Increased Enforcement of Labor Laws Law,
5772-2011. As of December 31, 2015, Shufersal employed
approximately 1,000 workers, all of which are subject to minimum
wage requirements. The majority of Shufersal&#x2019;s employees are
parties to a collective bargaining agreement.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The provisions of
the Minimum Wage Law (Increase of Minimum Wage - Emergency
Provision), 5772 - 2015 and the amendment of the Minimum Wage Law,
5747 &#x2013; 1987, resulted in an increase in the minimum wage
effective as of April 2015 and led to an increase of NIS 43 million
in Shufersal&#x2019;s wage expense in 2015 (compared with 2014). In
Shufersal&#x2019;s evaluation the increase of the minimum wage in
Israel, changes to labor laws in Israel and the increased
possibility of organized workers may detrimentally affect the
business results of Shufersal and result in higher wage expenses of
Shufersal.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Retail and Production</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The activities of
Shufersal are also subject to consumer protection laws, including
the Food Law, the Defective Products Liability Law, 5740-1980, the
Consumer Protection Law, 5741-1981, and the Consumer Product and
Service Price Supervision Law, 5756-1996 that allows a consumer to
institute a class action suit for damages caused to consumers as a
whole based on the causes of action set out in that
law.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">94</font></div>
</div>
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<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Public Health
Protection (Food) Law, 5776-2015, sets forth quality standards and
food safety measures and provides the relevant regulator
supervisory and criminal and administrative enforcement powers. The
provisions of the Food Protection Law affect production activities
of Shufersal, including importation and food marketing activities.
Shufersal is continuing the process of implementing procedures to
comply with the provisions of the Food Protection Law that apply to
its activities. Shufersal also operates pharmacies in certain of
its stores, and is therefore subject to the provisions of the
Pharmacists Ordinance (New Version), 5741-1981.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Shufersal is
involved in manufacturing activities at three owned facilities
where it produces principally private-branded baked goods which are
subject to compliance with applicable production and quality
assurance standards. Shufersal is continuously evaluating
compliance of these facilities with the provisions of the Food
Protection Law and as of the date of this Annual Report, Shufersal
believes its operations comply in all material respects with the
applicable provisions of this law.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The retail
activities of each Shufersal store requires compliance with the
Business License Order (Businesses Requiring a License), 5773-2013,
principally providing that they obtain a business operating license
for each unit. As of the date of this Annual Report, there are two
units that are subject to legal proceedings regarding business
licenses that are pending against Shufersal and its directors.
Shufersal&#x2019;s operating units are also subject to land
development approvals and licensing, substantially all of which are
in compliance.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
The Food Law and the Anti Trusts Law</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Antitrust Law
affects the activities of Shufersal, especially with respect of the
possibility of carrying out future acquisitions for which approval
is required from the Antitrust Commissioner (the
&#x201C;Commissioner&#x201D;) and the influence on the trade
arrangements of Shufersal with its suppliers. The Food Law
regulates Shufersal&#x2019;s trade arrangements with its suppliers
which are regulated in detail which are designed to promote
competition in the food supply industry. As of the date of this
Annual Report, Shufersal believes that growth through acquisitions
of a significant entity in the retail market would be limited.
Moreover, provisions of the Food Law relating to geographical
competition of retailers may influence the ability of Shufersal to
expand organically through opening new stores in certain areas and
under certain circumstances Shufersal may be required to close
active branches under certain circumstances.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Food Law
includes the following three systems:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(a) with respect to
activities of suppliers and retail trade, the Food Law
prohibits:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">i. a supplier
interfering with the retail price of the products of another
supplier;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">ii. a retailer
interfering with a supplier in the matter of the consumer price
imposed by another retailer;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">iii. a large
supplier imposing its market position to influence the ordering or
presentation of retail products within stores of a large retailer
(Shufersal is included in the list of large
retailers);</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">iv. a large
supplier interfering with the price a retailer charges consumers
for the products of that supplier, in the allocation of sales areas
at any rate for the products of the supplier, for the acquisition
of a product from the supplier in any scope from the total retail
purchases of the product and of competing products, and for the
purchase or sale of products which another supplier supplies to the
retailer, including purchase quantities and goals, the sale area
allocated to them in a store and any other commercial condition
sought to be imposed;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">v. a large retailer
and a large supplier agreeing to set the pricing of a basket of
products at a price that is lower than the marginal cost of
production of the related product or that would require a consumer
to purchase a minimum amount of the related product to achieve the
reduces price;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">vi. a large
supplier conditioning the sale of its product to a retailer on the
purchase of another product of that large supplier;
and</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">vii.&#xA0;&#xA0;a
supplier forwarding payments to the large retailer, unless by way
of a price reduction of the product units.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(b) Restrictions on
geographical competition of retailers have adversely affected
Shufersal&#x2019;s expansion through organic growth and
acquisitions. On September 28, 2014 Shufersal received a
notification from the Antitrust Authority regarding demand areas of
Shufersal&#x2019;s large stores (&#x201C;Notice of Demand
Areas&#x201D;). The stores that were the subject of the
Commissioner&#x2019;s request under the Law are 14 stores located in
Haifa, 3 stores in Carmiel, 4 stores in Hadera, and 3 stores in
Safed. As of the date of this Annual Report, Shufersal has not been
required to close or dispose of any of its stores.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(c) Provisions
designed to increase transparency of consumer prices, <font style="font-style: italic">inter alia,</font> by requiring a large
retailer to publish on the internet and without cost to consumers,
various data on prices of consumer goods it sells in its stores to
allow consumers to compare prices with those of other
retailers.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">95</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-style: italic">(</font>d) Provisions regarding the
contemporaneous application of the Food Law and the Antitrust law -
In December 2015, the Commissioner published a statement on the
parallel application of the Antitrust Law and the Food Law listing
cases in which only the provisions of the Food Law will apply and
no additional regulation will be required under the Antitrust Law.
As of the date of the notice Shufersal&#x2019;s operations comply
with the Food Law. As of December 31, 2015 the implementation of
the Food Law has had no significant impact on Shufersal&#x2019;s
business.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Shufersal&#x2019;s
acquisition of Clubmarket was approved by the Commissioner in 2005,
and within this framework the Commissioner imposed a number of
limitations on Shufersal&#x2019;s activities including: prohibiting
Shufersal from pricing products that result in a loss that is not
proportionate to its business activities and are aimed to affect
the operations of competitors from the market; prohibiting
Shufersal from entering into agreements with suppliers that impose
restrictions on those suppliers from doing business with
competitors of Shufersal; and prohibiting Shufersal from attempting
to influence commercial conditions between its suppliers and
competitors.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Shufersal obtained
an exemption from the Commissioner, available until October 14,
2018, regarding the operation of the Fourth Chain, which is a label
company owned by a number of supermarket chains that was
established to develop consumer goods. The Commissioner&#x2019;s
decision took into account the fact that Fourth Chain contracted
with a third party that develops products for it under a private
brand and the stipulated exemption exclusively permits these joint
activities for the development of the private brand. Shufersal
believes the Fourth Chain private label increases competition by
establishing a cost-effective alternative to dominant branded
consumer products.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The findings of the
Commissioner in the matter of the rules of conduct among the
largest store chains and the dominant suppliers in the food supply
market, including under the provisions of the Food Law, and in the
matter of the merger of Shufersal with Clubmarket, may have a
detrimental effect on Shufersal&#x2019;s business, its financial
condition and operating results.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Agriculture</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
</font><font style="font-weight: bold">&#xA0;</font><font><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">a.</font>&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-style: italic">Operations
Development and Licensing.</font> ADAMA manufactures generic crop
protection products which require production processes and
licensing of existing molecules or processes. The primary
development and licensing operation focuses on chemical-engineering
development of production processes for new active ingredients and
generic products, biological and agricultural testing intended for
obtaining licenses, development of licensing information for the
active ingredients and solutions that form licensing portfolios for
the various regions, development of compounds, streamlining of
production processes and development of new and specialized
formulations of existing products. Moreover, ADAMA also engages in
scientific-technological backup of existing production processes
with emphasis on improving quality, efficiency, safety,
environmental protection and reducing production costs.
Furthermore, ADAMA develops several innovative substances, based on
molecules acquired after a screening process, in which their
effectiveness is proven. As of the date of this annual report,
ADAMA operates research and development (R&amp;D) facilities in
Israel, India and Brazil and has started operating on R&amp;D
facility in China. In addition to chemical development, ADAMA
develops licensed products through third party producers. At times,
such development incorporates proprietary know-how and processes
owned by ADAMA, as well as those developed jointly with
subcontractors, in addition to processes and know-how of
Adama&#x2019;s suppliers.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-style: italic; text-decoration: underline">Licensing</font> -
at various stages of manufacture and marketing, the substances and
products marketed by ADAMA require licensing in each country in
which it operates (ADAMA products that are manufactured and sold in
Israel require licensing under the Crop Protection Law, 956). ADAMA
has seven development and licensing centers in Europe, Israel,
Latin America (Brazil), the United States and Asia, and licensing
expertise in more than 100 countries. For its foregoing operations,
ADAMA employs 170 employees around the world and also works with
external contractors. Crop protection products are sold under the
control of government authorities in each country (usually
ministries of agriculture, health and the environment). The
licensing requirements vary from time to time and in general have
become more stringent over the years throughout the world,
resulting in increased licensing costs and time commitments. The
most demanding licensing standards are in the United States,
Brazil, Japan and the EU. The rest of the world generally is
adapting their requirements to the standards of the more advanced
countries. In some countries, the license is not limited in time,
but further development of licensing information is required every
few years. Some of the countries grant licenses for 7-15 years and
renew them at the end of that period subject additional testing
Licensing costs and procedures differ from one state to another and
may take several years. ADAMA is also required to make
modifications to fully adapt any product in a certain country to
the specific licensing requirements of that country. ADAMA
regularly reviews the compliance of its products with the licensing
requirements in the various countries in which they are sold, and
adjusts them as needed. Licensing costs usually amount to hundreds
of thousands of dollars per product and in some countries, such as
the United States, the European Union and Japan, the costs can
reach millions of dollars per product. In 2015, ADAMA received 276
new licenses for marketing its products (excluding expansion of
labels of permitted products for new crops).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In 2015,
ADAMA&#x2019;s licensing expenses amounted to US$93.1 million, with
the addition of depreciation the gross amount</font> <font style="font-size: 13px; font-family: Times New Roman">constitutes 3% of
ADAMA&#x2019;s revenue for 2015.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">96</font></div>
</div>
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<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
b.</font><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-style: italic">Labor Laws. Labor Relations in Israel.</font>
Labor relations of most of the employees of ADAMA&#x2019;s
subsidiaries are regulated under special collective agreements for
limited periods. In addition, some of the employees of
ADAMA&#x2019;s subsidiaries in Israel are employed under personal
agreements. As part of an agreement executed in 2011 between ADAMA
and the Histadrut regarding employees in Israel, ADAMA undertook to
carry on production, at the scope and on certain production lines,
at the plants of the subsidiaries in Israel through June 1, 2017.
In 2015, in addition to the provisions set aside by ADAMA in
preceding years with regard to these understandings, ADAMA set
aside a provision of US$12 million which is recorded in its
financial statements under other expenses.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-style: italic">Labor Relations in Brazil.</font> At two of
ADAMA&#x2019;s plants in Brazil, labor relations are subject to a
collective bargaining agreement that is renewed every two years,
and to the best of ADAMA&#x2019;s knowledge, there has been no major
labor unrest in recent years.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As of the date of
this annual report, ADAMA believes that it is not dependent upon
any of its employees.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
c.</font><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">Environmental
Risks and Environmental Regulation</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-style: italic">General</font>. ADAMA is exposed to various
environmental risks and its operations are subject to extensive
environmental regulation, that varies by country where ADAMA
operates. In recent years environmental legislation (or in stages
of legislation) applicable to ADAMA&#x2019;s operations have become
much stricter as supervision and enforcement of these environmental
requirements has tightened. ADAMA believes that this trend is
expected to continue in the future.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">ADAMA holds, as
required by law, various permits and licenses such as business
licenses, toxins permits and permits for pumping effluents into the
sea. To the best of ADAMA&#x2019;s knowledge, of the date of this
annual report the permits and licenses applicable to ADAMA with
regard to environmental issues are valid.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-style: italic">ADAMA&#x2019;s environmental risk management
policy</font>: ADAMA attaches great importance to protecting the
environment by accepting social and environmental responsibility
and takes necessary measures to comply with the requirements of the
law, and seeks to exceed compliance, through continuous dialogue
with affected parties, including the authorities and the
community.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-style: italic">Environmental Regulation</font>. The key
environmental law applicable to ADAMA&#x2019;s operations are, inter
alia, the Law for the Prevention of Nuisances, 1961; the Job Safety
Ordinance (New Version), 1970; Business Licensing Law, 1968; Water
Law, 1959; Law for the Prevention of Sea Pollution from Land-Based
Sources, 1988 &#x201C;Prevention of Sea Pollution&#x201D;); Hazardous
Materials Law, 1993 &#x201C;Hazardous Materials Law&#x201D;); Israel
Clean Air Law, 2008 (&#x201C;Clean Air Law&#x201D;) and their
regulations.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">ADAMA continuously
reviews the impact of environmental regulation on its business,
acts to prevent or minimize environmental risks and to reduce
environmental impacts that could be caused by its operations and
invests considerable resources in ensuring compliance with the
provisions of the environmental laws and those that may apply to
it.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In September 2015,
the Ministry of Environmental Protection issued for public comment
a memorandum of the Integrated Environmental Licensing Law, 2015.
The Memorandum of Law sets out one licensing procedure for
businesses that have a substantial impact on the environment, at
the end of which the business is granted an integrated
environmental license in substitution of various environmental
permits and licenses. The Memorandum of Law seeks to update and
strengthen legal requirements applicable to, among other things,
the use of hazardous substances, treatment of waste, compliance
with building and construction laws, sanctions for license
violation, etc. In view of the early stage of this legislation,
ADAMA is unable to assess whether these obligations will apply to
it or as to the scope thereof.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-style: italic">Air Quality.</font> ADAMA&#x2019;s plants are
subject to regulation relating to air emissions under the Clean Air
Law. ADAMA&#x2019;s plants have duly filed applications for emission
permits and some plants have already received valid emission
permits or draft emission permits.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In May 2012, ADAMA
signed an arbitration agreement with a group of Nir-Galim residents
pursuant to which ADAMA agreed to comply with the recommendations
of a certified expert to prevent future potential air and odor
nuisances and to invest in facilities such as those mentioned
above. In September 2015, the expert appointed pursuant to the
mediation agreement announced that the mediation outline will be
implemented in full by ADAMA and thereby the mediation proceedings
came to an end. ADAMA makes substantial investments to minimize and
prevent environmental consequences of its operations on air
quality.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-style: italic">Effluents and Pumping into the Sea.</font> The
Prevention of Sea Pollution Law requires that the Ministry of
Environmental Protection issue a permit for pumping wastewater or
effluents into the sea. The ADAMA plant in Ashdod has such permit
the terms of which have been made more stringent throughout the
permit period as part of the general trend adopted by the
Ministry.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">97</font></div>
</div>
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<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-style: italic">Land</font><font style="font-style: italic; font-weight: bold">.</font><font style="font-weight: bold">&#xA0;</font>There are hazardous materials that
are stored and located at Adama&#x2019;s plant, as well as
infrastructure and facilities, which contain fuels and hazardous
materials. ADAMA is dedicated to preventing and treating the
pollution of land and water by these materials.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">ADAMA&#x2019;s plant
in Ashdod has been requested to conduct various land and well
surveys for groundwater by the Ministry of the Environment and by
the Water Authority. When the surveys were presented, the plant was
required to present a program to mitigate environmental risks in
accordance with methodology set by the Ministry of the Environment.
The plant presented a detailed program to the Water Authority for
the treatment of the ground water, which has been accepted in
principle by the Water Authority.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The ADAMA plant in
Be&#x2019;er Sheva has been requested by the Ministry of the
Environment to conduct an historical land survey and sample tests
on ground gases. Sample tests of the ground gases have been
conducted in coordination the Ministry of the Environment, and as
of the date hereof, the plant has not been required to take any
further action in this connection.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Within the context
of the integrated environmental regulation process, ADAMA&#x2019;s
plant at Neot Hovav has been required to present a historical land
survey. The survey was presented to the Ministry of the Environment
at the beginning of 2015. At this stage, ADAMA is unable to
evaluate whether additional requirements will be placed upon it in
relation to surveys or the treatment of land or ground water at its
plant, what their substance might be and whether they would have
any significant impact on it.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Pollution of the
groundwater was discovered in the Neot Hovav Council in the past,
following which the Council took various steps to halt the
spreading pollution and to extract it, including the treatment and
monitoring of the underground water. As the date hereof, ADAMA is
not required to incur expenditures in the treatment of the
pollution. The possibility exists that the Neot Hovav Council will
require ADAMA to contribute to the costs of remediation in the
future.&#xA0;&#xA0;However,&#xA0;&#xA0;ADAMA is unable at present
to evaluate whether such a demand will be made and what the size of
such a demand may be.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-style: italic">Adama&#x2019;s Investments in the
Environment</font>. ADAMA&#x2019;s investments in environmental
compliance in 2015, amounted to approximately US$21 million
(facilities) and approximately US$41 million (routine costs
exclusive of depreciation). ADAMA intends to continue to make
investments, insofar as may be required and deemed appropriate to
exceed these standards on environmental issues, in order to realize
its policy of optimizing compliance. In Adama&#x2019;s assessment,
in each of the years 2016 &#x2013; 2018 the total environmental
costs are expected to amount to approximately US$60
million.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-style: italic">Adama&#x2019;s plan in Brazil</font>
&#x2013;ADAMA&#x2019;s Brazilian subsidiary has two main plants,
located in the South of Brazil. To the best of ADAMA&#x2019;s
knowledge, as at the time of this annual report, all of the permits
and the licenses are in full force and effect. The Brazilian
subsidiary invests in safety and ecological facilities in its
plants, including in the performance of independent environmental
testing to ensure compliance with the terms of its licenses,
control over water sources located near the plant and the
monitoring of emissions into the atmosphere, based on advanced
technology. Periodic tests on the volume of the emissions into the
atmosphere and the water sources show that the Brazilian plants
comply with the requirements of the State&#x2019;s Ministry of the
Environment. As part of that company&#x2019;s policy for improving
ecological processes, it invests in the correction of deficiencies
that have been found, changes in production processes, the building
of facilities for purifying wastewater, the storage of by-products
and recycling.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
d.</font><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">Legislation,
standards, regulation and exposure in the environmental field, in
health and in safety.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama may bear
significant civil (including through class actions) or criminal
liability (including high fines and/or payments of high amounts of
compensation and/or environmental monitoring and rehabilitation
costs) in respect of a breach of environmental regulation and
failure to comply with health and safety standards including on the
basis of strict liability. Even though Adama makes substantial
investments in its facilities and in building special facilities in
accordance with environmental requirements, it is unable to verify
that those investments will be sufficient to satisfy evolving
requirements. In addition, Adama is subject lawsuits alleging
physical or property damage as a result of exposures to hazardous
materials, which are covered for the most part by Adama&#x2019;s
insurance policies.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Telecommunnications</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Communications Regulations</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cellcom&#x2019;s
operations are subject to general legal provisions regulating the
relationships and method of contracting with its customers. These
provisions include the Consumer Protection Law, 5721-1981 and
regulations promulgated thereunder and other laws detailed below. A
substantial part of Cellcom&#x2019;s operations are subject to the
Communications Law, regulations enacted by the Ministry of
Communications, and the provisions of the licenses granted to
Cellcom by the Minister of Communications. Cellcom&#x2019;s actives
which include providing cellular service, landline, international
telephone services and internet access, and infrastructure services
are subject to licensing.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">98</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Supervision of
Rates. The Communications Regulations (Telecommunications and
Broadcasts) (Payments for Interconnect), 5760 - 2000 requires
cellular operators to phase in gradual reduction of communications
rates (i.e. payments that will be made by an in-country operator,
another cellular operator or international operator to complete one
minute of call time in the network of a cellular operator or for
the sending of an SMS between cellular operators). This reduction
has led to a considerable reduction in Cellcom&#x2019;s
revenues.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Moreover, in August
2013 the Communications Law was amended to authorize the Minister
of Communications to set interconnection prices and regulate the
use of networks owned by another operator based not only on the
cost incurred to establish the network (according to the
calculation method to be determined by the Minister of
Communication) plus a reasonable profit, but also on one of the
following: (1) flat payment for a service provided by the license
holder; (2) reference to tariffs charged for a comparable service;
or (3) reference to the cost of these services or with the
interconnection costs charged in other countries. The Minister of
Communications was also empowered to give instructions on
structural separation for the providing various services, including
segregating services provided by a license holder from services
provided to a subscriber.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In the last few
years, contract termination charges for cellular plans have been
banned in the cellular and other communications markets, other than
for customers who have more than a certain number of cellular lines
or whose monthly payments exceed a certain amount for bundled
service. The elimination of these charges led to a considerable
increase in plan cancellations, increased the costs of retaining
and acquiring customers, and accelerated erosion of
rates.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Virtual Operators
(MVNO). The Communications Law and related pronouncements regulate
the activities of virtual operators. Notwithstanding that the MVNO
regulations apply only to the activities of a virtual operator
which has an operating agreement with a cellular operator, the
regulations empower the Ministry of Communications together with
the Economic Ministry to impose terms of an agreement including
fixing the price to be charged for the services
provided.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other Third
Generation Operators (UMTS). In 2012, Golan and Hot Mobile began to
offer UMTS services. The conditions of the tender according to
which Golan and Hot Mobile were granted those licenses included a
number of benefits and concessions, including minimally low license
fees and a mechanism to reduce the royalties they undertook to pay
for the frequencies based on the operator&#x2019;s market share in
the private sector and setting long timetables to meet the
geographical coverage requirements of the network and the right to
use in-country migration services via other cellular
operators&#x2019; networks. The Communications Law obliges the other
cellular operators to provide in-country migration services to
Golan and Hot Mobile for a period ranging from seven to ten years
subject to certain conditions. In 2011, Cellcom entered into a
contract with Golan to provide in-country migration services. Hot
Mobile entered into a similar in-country migration agreement with
Pelephone and later with Partner (which was subsequently replaced
by a joint networks agreement with Partner) without intervention
from the Ministry of Communications.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Regulation of Multi-Channel Television Services</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As at the date of
this Annual Report, television program streaming via the Internet
is not subject to regulation in Israel. Should the recommendations
of the committee for the examination of the arrangement of
commercial broadcasts be adopted and the committee requires Cellcom
to make additional investments or regulation is imposed that is not
beneficial for Cellcom&#x2019;s streaming services or for its
ability to use the DTT infrastructures, the results of
Cellcom&#x2019;s streaming services may be adversely
affected.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Cellcom&#x2019;s Communications Licenses</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cellcom holds a
general license for providing cellular services, valid until
January 31, 2022, setting out conditions (including duties and
restrictions) applicable to its activities, officers and
shareholders holding certain percentages of Cellcom&#x2019;s shares.
The license may be extended by the Ministry of Communications for
consecutive periods of six years, if Cellcom is in compliance with
the provisions of the license and law, and makes requisite
investments to its service and network. The Ministry of
Communications has amended the license conditions in the past, and
may amend them in the future, without Cellcom&#x2019;s consent and
in a manner that may limit its ability to conduct business. The
license provides that Cellcom does not have exclusivity for
providing services.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The cellular
license can be revoked, suspended or limited in the following
cases: total holdings of the founding shareholders or their
successors (as defined in the license) is less than 26% of the
control shares of Cellcom; total holdings of Israeli parties (as
defined in the license), who are among the founding shareholders or
their successors, is less than 20% of the total issued share
capital and control shares of Cellcom; a majority of directors are
not Israeli citizens or residents of Israel; fewer than 20% of the
directors of Cellcom were appointed by Israeli parties; an act or
omission of Cellcom that adversely affects or restricts competition
in the cellular sector; the aggregate equity of Cellcom, together
with the aggregate equity of shareholders each holding 10% or more
of the share capital, is less than US$ 200 million.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><br></font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">99</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In light of the
2015 change in the control structure of IDBD, the Cellcom control
structure has also changed, and requires</font> <font style="font-size: 13px; font-family: Times New Roman">the approval of the
Ministry of Communications, including with regard to Israeli
holding requirements included in the licenses of Cellcom, as Mr.
Eduardo Elsztain is not a citizen of Israel. IDBD and Cellcom
formally applied to the Ministry of Communications to approve these
changes and amend the telecommunications licenses of Cellcom
accordingly. If the request is not approved and another arrangement
is not offered by the Ministry of Communications, Cellcom may face
sanctions, which under the terms of its license, can include
suspension or cancellation of its licenses.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">According to
Telecommunications Law, the Ministry of Communications may impose
on telecommunication companies, including Cellcom, financial
sanctions for breach of license and law. The amount of the sanction
is calculated as a percentage of the revenue of the operator, and
according to the degree of severity and extent of the breach, said
may be significant.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In July 2015,
Cellcom received (through a wholly owned entity) a uniform and
general license for the provision of landline telephony services
(which replaced the previous license for providing this service),
for the period ending April 2026. A uniform and general license was
also awarded to Netvision and replaced its general license for
providing internet access services, international carriers, and a
network access point for the period ending February 2022. In
addition, an entity, fully controlled by Cellcom received a uniform
and general license which replaced the landline telephony service
license, for the period ending March 2026. These licenses can be
extended for an additional period of 10 years, under terms similar
to the terms of extension of the general cellular
license.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Ministry of
Communications has issued rules providing for unification of all
uniform licenses. The uniform license allows providers to also
offer virtual operator services. The process of unifying the
uniform licenses and the timetable have not yet been determined and
it is possible that this process will have a legal, financial, tax
and accounting effect on Cellcom&#x2019;s and Netvision&#x2019;s
businesses. The provision of a number of services by one entity
will require limitations also on discrimination between
operators.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cellcom holds other
communications licenses: a special license for the provision of
data transmission and communication services in Israel, a license
to provide internet services, and licenses to provide cellular
services, landline telecommunication services and internet services
in the West Bank, for periods ending 2016-2018. These licenses
include conditions similar to those of the general license for the
provision of cellular services, as noted above.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">According to
regulations that apply to the uniform license, there are certain
limitations on cross ownership among license holders.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
2.</font><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">Further
Regulation Applicable to Communications Services</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In July 2014, the
Ministry of Communications announced a public hearing on the
coverage and quality requirements for second-generation and third
generation networks. The proposed requirements are stricter than
those currently existing and if adopted, could have an adverse
effect on the results of Cellcom. Cellcom is unable to assess
whether the proposed changes will be adopted, and what the impact
of these changes will have in practice on Cellcom&#x2019;s operating
results.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In addition, in
August 2014, the Ministry of Communications announced a public
hearing to consider call centers owned by communications operators.
In addition, the Ministry of Communications proposed to amend the
Communications Law (Telecommunications and Broadcasting), 1982,
providing that a customer may claim pre-set financial compensation
if the telephone call center does not reply within an average
response time or if there is an overcharge error. Cellcom believes
that adoption of these proposed changes could have a material
adverse effect on Cellcom&#x2019;s business.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
3.</font><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">Permits
for Setting Up Base Sites</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 48px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
a.</font><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;Cellcom&#x2019;s
cellular services generlly are provided through base sites across
Israel, their construction and licensing are included in TAMA 36
(District Zoning Plan) &#x2013; Part A - National Master Plan for
Communications - Small and Micro Broadcasting Facilities
(&#x201C;TAMA 36&#x201D;), and Radiation Law. Regulating the
deployment of wireless access devices, which are base sites with
smaller dimensions, are, for the most part, regulated by
Communications Law and Radiation Law. The construction of base
sites requires a permit as per Planning and Building Law, 1965
(&#x201C;Planning and Building Law&#x201D;), and is subject to other
approvals from multiple regulators.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 36px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Legal proceedings
(civil, criminal and administrative) are pending against Cellcom,
under which a number of arguments were raised concerning the legal
compliance of some of Cellcom&#x2019;s sites, alleging failure to
obtain permits under Planning and Building Law, or based on
development of sites in contravention of a permit.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 36px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cellcom did not
apply for a building permit for approximately 33% of its base sites
on the basis of the exemptions for wireless access facilities
provided by law. In 2010, the Supreme Court issued a Temporary
Order at the request of the Government&#x2019;s Attorney General,
enjoining Cellcom, Partner, and Pelephone</font> <font style="font-size: 13px; font-family: Times New Roman">from proceeding
with construction of these facilities on the basis of the
exemption. A final determination of the regulatory authorities
regarding applications for exemptions is pending as of the date of
this Annual Report.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">100</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 36px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In addition,
Cellcom provides in-building repeaters and micro-sites
(&#x201C;<font style="font-style: italic">femtocells</font>&#x201D;)
for its subscribers seeking a solution to poor indoor reception.
Based on an opinion Cellcom received from legal counsel, Cellcom
did not request building permits for the repeaters that were
installed on roof tops, which are a small fraction of all repeaters
installed. It is not clear whether the installation of a different
type of in-building repeaters and micro-sites requires a building
permit. Some require a specific permit while others require a
permit from the Ministry of Environmental Protection, depending on
their radiation levels. Cellcom also builds and operates microwave
facilities as part of its transmission network. The different types
of microwave facilities receive permits from the Ministry of
Environmental Protection regarding their radiation levels. Based on
an opinion of legal counsel, Cellcom believes that building permits
are not required for the installation of microwave facilities on
rooftops.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 48px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
b.</font><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">&#xA0;Indemnification
obligation</font> - under Planning and Construction Law, local
planning and building committees may demand and receive, as a
condition for granting a building permit for a site, a letter of
indemnity for claims under Section 197 of Planning and Construction
Law. By December 31, 2015, Cellcom had executed approximately 400
letters of indemnity as a condition for receiving permits. In some
cases, Cellcom has not yet been built any sites. As at December 31,
2015, two requests for indemnification were received from one local
committee on the basis of a letter of indemnity as noted, in an
immaterial amount.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 36px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As a result of the
requirement to deposit letters of indemnity, Cellcom may decide to
dismantle or move some sites to less advantageous locations, or
build certain sites, if it concludes that the risk of granting
letters of indemnity exceeds the benefit derived from those sites,
which may result in a deterioration of cellular services and damage
network coverage.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 48px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
c.</font><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">&#xA0;Radiation Law, Regulations and
Permits Thereunder</font> - Radiation Law, Regulations and
Principles thereunder included provisions relating to all aspects
related to regulating the issue of non-ionizing radiation,
including, <font style="font-style: italic">inter alia</font>,
levels of exposure that are permissible.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 36px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In May 2012, the
Ministries of Communications, Health and Environmental Protection,
based on their assessment of the potential health consequences of
fourth-generation telecommunications services in Israel, including
increased exposure to non-ionizing radiation, issued a memorandum
advising that deployment of the fourth-generation network should be
based on existing base stations, other smaller base sites both
internal and external, and if possible, using the wired
infrastructure so that data traffic will be carried mainly through
fixed communication lines and not through any cellular
infrastructure. In August 2014, the Ministry of Communications
allowed the use of fourth-generation infrastructures, and in
January 2015 fourth-generation frequencies were awarded to cellular
operators. The recommendations of May 2012, as noted, were not
included in the tender documents or in said approval.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
4.&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
The Reduced Centralization Act</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Given the holding
structure of the IDBD Group, Cellcom is considered in the
&#x201C;third layer&#x201D;. Cellcom is included in the list of
centralized parties, and in the list of significant non-financial
corporations under said Law. According to said Law, DIC and IDBD
must take steps to have Cellcom cease to be a &#x201C;third
layer&#x201D; by December 2019. DIC and IDBD have announced that
they are considering steps to achieve this goal without giving up
control of Cellcom, by taking DIC or IDBD private (in the sense
that it will no longer have securities listed for trade and thus
will no longerbe a "reporting corpopration") or implementing a
merger of DIC and IDBD. As of the date of this Annual Report, there
is no certainty regarding the implementation of these strategies.
The provisions of the Reduced Centralization Act regarding the
allocation of rights over public assets could adversely affect the
ability of Cellcom to renew its cellular licenses and to receive
new frequencies, which may adversely affect Cellcom&#x2019;s ability
to issue debt or adversely affect its business.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 48px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
a.</font><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-style: italic">Changes in legislation and high regulatory
intervention</font> - legislative changes and active regulatory
enforcement may have an adverse influence especially if material
financial sanctions are imposed on Cellcom, on the ability of
Cellcom to plan its management and on its operating results, if any
of the following occurs: the cancelation or relief for the
obligation for structural separation applicable to Bezeq and Hot,
especially if the said cancelation or easing is given prior to the
establishment of the effective wholesale market in landline
communications, if tariffs do not encourage competition or if other
regulation is set out in the wholesale landline market which
adversely affects Cellcom&#x2019;s operations; the granting of
relief and benefits to competitors compared with Cellcom; the
authorization of other operators to provide services to Cellcom
subscribers which were previously provided only by Cellcom; the
non-renewal of</font> <font style="font-size: 13px; font-family: Times New Roman">licenses and/or
frequencies available to Cellcom or the increased use thereof, and
the non-location of additional frequencies, where required; the
imposition of additional requirements in respect of public safety
or health, including with respect to base sites; imposition of
additional restrictions or requirements for providing services and
products and/or intervening in market conditions; imposition of a
higher standard of service; imposition of stricter privacy
policies; the imposition of regulation on streaming services, the
imposition of conditions which are not beneficial for the users of
DTT broadcasts, or the imposition of conditions that impact Cellcom
and do not apply to other operators of streaming services over the
internet.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
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<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">101</font></div>
</div>
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<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 48px;"><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 48px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
b.</font><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;<font style="font-style: italic">Labor Law.</font> In February 2015, a
collective bargaining agreement was signed with the workers
representative body and with the Histadrut for a period of three
years (form 2015 to 2017) which applies to all employees of Cellcom
and Netvision, except members of senior management. This agreements
limits the right of Cellcom to make organizational and personal
changes and makes such changes more expensive as reflected in the
voluntary retirement plans executed in 2014 and 2015 and may also
require greater management attention to administer.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Insurance</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Areas of Activity of Clal Insurance Business Holdings</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Clal Holdings
offers general insurance such as car insurance, homeowners&#x2019;
insurance, and credit and foreign trade risk insurance, among
others, as well as health insurance. The activities of Clal
Holdings and its subsidiaries are subject to the provisions of laws
applicable insurance companies and to regulatory supervision. Clal
Holdings&#x2019; subsidiaries are supervised by the Capital Markets,
Insurance and Savings Commissioner (the &#x201C;Insurance
Commissioner&#x201D;). Clal Insurance and its subsidiary, Clalbit
Financing, are supervised by the Israel Securities Authority.
Subsidiaries of the Clal Holdings Insurance Group have been subject
to administrative enforcement proceedings and the imposition of
fines. Clal Insurance is not in breach of any material regulatory
provision applicable to its operations.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Capital Requirements of Insurance Companies</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Minimum Capital</font> &#x2013; The
Supervision of Financial Services (Insurance) (Minimum Equity
Required of an Insurer), Regulations, 1998 (&#x201C;Capital
Regulations&#x201D;) law prescribes minimum capital requirements for
insurance companies. The capital required for insurance activities
consists of a first layer of capital, based the greater of the
initial capital and capital derived from the volume of activity in
general insurance, the higher of the calculation based on premiums
and the calculation based on outstanding claims, as well as other
capital requirements. Failure to comply with the Capital
Regulations will require the insurer to increase its equity up to
the amount stated in the Capital Regulations or reduce the scope of
its business accordingly, no later than the date of publication of
the report, except in exceptional circumstances as approved by the
Insurance Commissioner, that will then determine any supplementary
capital requirements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Breakdown of an Insurer&#x2019;s
Capital</font> &#x2013; The Insurance Commissioner issued a circular
in August 2011 (&#x201C;Circular&#x201D;) that provides a framework
for determining the composition of an insurer&#x2019;s equity, in
conjunction with the adoption in Israel of the Solvency II
Directive (&#x201C;Directive&#x201D; or &#x201C;Solvency II&#x201D;),
as amended and updated.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xB7;</font><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Initial (core)
capital (basic tier 1), equals the components included in capital
attributable to shareholders of Clal Insurance. The overall capital
ratio must be at least 60% of the total equity of the
insurer.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xB7;</font><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Secondary (tier 2)
capital includes complex secondary capital instruments (excluding
periodic accrued interest payments), subordinate secondary capital
instruments (as defined by the Circular) and any other component or
instrument approved by the Insurance Commissioner. A complex
secondary capital instruments is one that is subordinated to any
other instrument, except for initial capital, including financial
instruments available to absorb losses by postponing payment of
principal and interest. The first repayment date of secondary
capital instruments will be after the end of the period that
reflects the weighted average maturity of insurance liabilities,
plus two years, or after 20 years, whichever is first, but no
earlier than eight years from the date an instrument is issued. If
the complex secondary capital instrument includes an incentive for
early redemption, the first incentive payment date may not be
earlier than five years from the date of issue of the
instrument.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xB7;</font><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Tertiary (tier 3)
capital includes complex tertiary capital instruments (excluding
periodic accrued interest payments) and any other component or
instrument approved by the Insurance Commissioner. A tertiary
capital instrument is subordinate to any other instrument, except
for primary and secondary capital, and includes financial
instruments available to absorb the insurer&#x2019;s losses by
postponing the payment of principal. Tertiary capital will must be
junior to secondary capital and equal in the order of credit
repayments. The first repayment date on tertiary capital
instruments may not be earlier than five years from the date of
issuance. If the complex tertiary capital instrument includes an
incentive for early redemption, the first indentive payment date
may not be earlier than five years from the date of issue of the
instrument. Tertiary capital may not exceed 15% of the total
capital of the insurer.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">102</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Insurance
liabilities include liabilities that are not yield dependent but
excludes any liability fully backed by lifetime indexed bonds and
net of any reinsurance costs. Approval of the Insurance
Commissioner is required for inclusion of hybrid capital
instruments (primary, secondary or tertiary) in equity. The
Circular includes a Temporary Order regarding the breakdown of an
insurer&#x2019;s equity (&#x201C;Temporary Order&#x201D;), which will
apply until full implementation of the Directive in Israel, when
announced by the Insurance Commissioner. The Temporary Order
defines the secondary capital issued according to Capital
Regulations, before amendment, as subordinate secondary capital and
imposes a limit equal to 50% of basic capital.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Distribution of dividends</font>
&#x2013; In accordance with rules promulgated by the Insurance
Commissioner, a dividend distribution may not be approved, unless,
after giving pro forma effect to the proposed distribution, the
insurer has a ratio of recognized equity to required equity of at
least 105%, as confirmed in filings with the Insurance
Commissioner. Prior approval of the Insurance Commissioner is not
required for any distribution of dividends if the total equity of
the insurance company, as defined by Supervision of Financial
Services (Insurance) (Minimum Equity Required of an Insurer),
Regulations, 1998 (&#x201C;Minimum Capital Regulations&#x201D;),
after giving effect to the distribution of the proposed dividend,
exceeds 115% of the required equity.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In November 2014,
the Insurance Commissioner outlined solvency rules
(&#x201C;rules&#x201D; or &#x201C;regime&#x201D;, as applicable) based
on Solvency II, in Israel, in a letter addressed to managers of the
insurance companies (&#x201C;Letter&#x201D;). In the Letter, the
Insurance Commissioner outlined a plan to adopt the 2016 European
model for calculating capital and capital requirements for the
local market, effective as of the annual reports for 2016
(&#x201C;First Adoption Date&#x201D;). During a period to be
determined by the Insurance Commissioner and as conditions require,
insurance companies will also be required to comply with capital
requirements under existing regulations. The Letter stated that
until final adoption, insurance companies must prepare additional
quantitative assessment exercises (IQIS) for the 2014-2015 period.
These requirements are intended to assess the quantitative effects
of adopting the model, as well as providing data for calibrating
and adjusting the model. In addition, the Letter addressed an
initiative to develop a framework for quarterly reporting of
insurance companies&#x2019; solvency ratio. The Letter also referred
to the Commissioner&#x2019;s intention to publish provisions for
managing capital and targets for internal capital, to address a gap
survey that insurers will undertake with respect to their risk
management systems, controls and corporate governance and a
consultation paper to promote the process of self-assessment of
risks and solvency (ORSA).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In April 2015, the
Insurance Commissioner published a second letter titled &#x201C;Plan
for the Adoption of Rules for Solvency, based on Solvency II&#x201D;
and provisions for the IQIS4 exercises to be undertaken regarding
the 2014 historical financial statements. The letter emphasized
that the exercise reflects the decision of the Insurance
Commissioner to impose adjustments required for the Israeli
insurance market. The Letter further stated in connection with the
proposed adoption of IQIS5 that the Insurance Commissioner would
continue to monitor developments in the European markets and would
consider adjustments relevant for Israel.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In July 2015, the
Insurance Commissioner issued a letter concerning
&#x201C;transitional provisions regarding the application of
solvency rules, based on Solvency II&#x201D; (the &#x201C;Letter on
Transitional Provisions&#x201D;). The transitional provisions were
provided by reference to certain solvency rules set forth in the
European Directive relating to, inter alia, a gradual adoption of
capital requirements in respect of holdings of equity shares which
may a component to be included in the calculation of core capital.
In addition, the letter included transitional provisions regarding
submission of a plan to improve the capital ratios of insurance
companies whose ratios are negatively affected following adoption
of the new solvency rules beginning with the financial statements
for 2018. Adoption of the solvency rules are expected to change
both the recognized regulatory and required regulatory capital and
according to indications existing today, is expected to result in a
significant decline in the ratio between recognized capital and
required capital of Clal Insurance compared to capital ratios
calculated according to capital ratio requirements currently in
effect, and is expected to adversely affect the ability of Clal
Insurance and Clal Insurance Enterprises to distribute dividends
upon such adoption. However, as a rule, the capital requirements
under the solvency rule are intended to serve as a capital cushion
against more serious events, with a lower loss probability than the
capital requirements under current rules.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In May 2015, the
Board of Directors of Clal Insurance Enterprises and the Board of
Directors of Clal Insurance directed its management team and the
Risk Management Committee, which also functions as the Solvency
Committee (&#x201C;Committee&#x201D;), to examine measures Clal
Insurance may be able to employ to improve its capital ratio, in
accordance with the new solvency rules and to recommend a course of
action to the Board, including in relation to business adjustments
and/or financial transactions related to Clal Insurance&#x2019;s
capital, its breakdown, and/or its responsibilities. The Committee
and Management have begun this examination, and during the first
stage, recommended that the Board issue secondary capital
instruments. The Committee will continue to examine other measures
in an effort to prepare the company for possible adoption of these
proposed capital requirements, and related measures.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><br></font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">103</font></div>
</div>
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<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Clal Insurance has
calculated its capital ratio using results as of December 31, 2014
(&#x201C;Calculation Date&#x201D;) and based on the IQIS4 rules and
has determined that it would be in compliance, as of the
Calculation Date, with the proposed capital</font> <font style="font-size: 13px; font-family: Times New Roman">requirements, in
the context of the transitional provisions, even before taking pro
forma account of the positive impact on the capital ratio provided
by the subsequent issuance of subordinated notes. The related
calculations were submitted to the Insurance Commissioner on August
31, 2015. The Insurance Commissioner has not yet published binding
provisions for adoption, and there is uncertainty regarding the
details of the final provisions. Clal Insurance will continue to
monitor the quantitative aspects of the proposed solvency rules
towards final adoption, in an effort to anticipate requisite
controls and capital requirements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On March 14, 2016,
&#x201C;IQIS Provisions for 2015&#x201D; (&#x201C;Draft&#x201D;) was
published in preparation for the adoption of Solvency II. Insurance
companies are required to submit an additional quantitative
evaluation survey on the basis of December 2015 results
(&#x201C;IQIS5&#x201D;), by June 30, 2016. The Draft was issued by
reference to the European legislation adapted for requirements of
the local market and that goes beyond provisions for quantitative
evaluation surveys previously issued. The main changes relate to
establishing risk-free interest curves, through extrapolation to
the ultimate forward rate point, the components of recognized
capital, capital requirements less investments in infrastructure
(capital and debt), adjusting capital requirements for management
companies, and updating the formula for calculating capital
requirements for risk premiums and reserves for general insurance.
Clal Insurance is unable to assess the overall impact of the
changes based on the provisions in the Draft to carry out a further
quantitative evaluation survey, and will carry out an assessment of
the current capital status, when the binding provisions will be
finalized. According to the Draft, the IQIS5 calculation will be a
factor in assessing preparedness of insurance companies and to the
implementation and scope of the final provisions to be
adopted.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Capital
requirements under the Capital Regulations are based on the
separate individual financial statements of an insurance company.
For purposes of calculating recognized capital, an investment by an
insurance company in an insurance company or a controlled
management company, and in other investee companies will be
calculated on the equity basis, according to a holding rate, which
includes indirect holdings.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The minimum capital
required of Clal Insurance has been reduced, with approval of the
Insurance Commissioner, by 35% of the original difference
attributed to the managing companies and provident funds under its
control. However, when calculating the amount of dividends
permitted for distribution, this difference will be added at level
of the capital structure, as detailed in Paragraph 13.7.3 (C). In
September 2013, the Insurance Commissioner notified Clal Insurance
that the deducted amount to be added back to the minimum capital
required, will be after a deduction for a tax reserve accrued by
Clal Insurance following the acquisition of provident fund
operations. The approval of the Insurance Commissioner, as noted
above, will be canceled with adoption of capital requirements under
the Directive (see Paragraph 13.7.3 (C)) that will replace the
Capital Regulations.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In March 2013, Clal
Insurance received a letter from the Insurance Commissioner
regarding the determination of credit ratings according to an
internal model used by Clal Insurance (&#x201C;internal
model&#x201D;), to be applied as a risk rating methodology for a
subject insured, according to conditions of the relevant sector.
The Insurance Commissioner authorized Clal Insurance to allocate
capital for adjusted loans, ranked according to its internal model
and with reference to the rates specified in the Capital
Regulations. If there is an external rating available, the capital
allocation will be made using the lower of the available ratings.
The letter also requires Clal Insurance to submit immediate and
periodic reports as specified regarding these activities that make
the specified transactions subject to review by the Commissioner of
Insurance. As a result of its compliance with the provisions of the
letter, Clal Insurance&#x2019;s capital requirements were reduced by
NIS 69 million, as at the end of the reporting period.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Permit Issued by the Insurance Commissioner to the Former
Controlling Shareholders of IDB Holdings to Retain Control of Clal
Insurance Enterprises and Consolidated Institutional
Entities</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On May 8, 2014,
legal counsel for the former controlling shareholders of IDB
Development (Ganden, Manor, and Livnat Groups) was notified by the
Commissioner that in the context of arrangements among the
creditors of IDB Holdings (&#x201C;IDBH&#x201D;), and given that they
no longer controlled the Clal Insurance Enterprises Group, the
authorization previously issued by the Insurance Commissioner for
control of these entities was terminated, including, with respect
to Clal Insurance, Clal Credit Insurance and Clal Pension and
Provident Funds. IDB Holdings undertook to supplement (or to cause
its controlled affiliates to supplement) the required equity of the
insurers in compliance with the Capital Regulations, subject to the
a cap of 50% of the required capital of an insurer, and that the
obligation will take effect only if the insurer&#x2019;s equity is
determined to be negative, and such funding amount will then be
equal to the amount of negative capital, up to the 50%
cap.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In addition, IDB
Holdings undertook to contribute to the equity of Clal Pension and
Provident Funds up to the amount prescribed by the Provident Fund
Regulations, for as long as IDB Holdings is the controlling
shareholder of the institutional entities. The authorization
specifies conditions and imposes restrictions on the ability of a
holding entity to impose liens on the equity of IDBD&#x2019;s
institutional entities it holds. The former controlling
shareholders were also required, as long as any liens existed on
their equity interest of IDB Holdings, to ensure that Clal
Insurance Enterprises complied</font> <font style="font-size: 13px; font-family: Times New Roman">with applicable
capital requirements, such that the equity of Clal Insurance
Enterprises at no time was less than the product of the holding
rate of Clal Insurance Enterprises in Clal Insurance and 140% of
the required minimum equity of Clal Insurance, calculated according
to the Capital Regulations on September 30, 2005 (as the holding
rate was linked to the CPI of September 2005).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">104</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">At the end of the
reporting period, the required minimum capital of Clal Insurance
Enterprises was NIS 2.9 billion, greater that the amount required
based on the foregoing calculation. The capital requirement is
calculated on the basis of the financial statements of Clal
Insurance Enterprises. Following termination of the control
authorization, the former controlling shareholders have questioned
whether the capital requirements applicable to Clal Insurance
Enterprises thereunder continue to apply.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Clal Insurance is
committed to finding a strategy to supplement its required equity
in compliance with the Capital Regulations if the equity of Clal
Credit Insurance becomes negative, and as long as Clal Insurance is
the controlling shareholder of Clal Credit Insurance. Clal
Insurance is committed to supplement the equity of Clal Pension and
Provident Funds as necessary to ensure it complies with the minimum
amount required by Income Tax Regulations (Rules for Approval and
Management of Provident Funds), 1964 (&#x201C;Income Tax
Regulations&#x201D;). This commitment is valid as long as Clal
Insurance controls, directly or indirectly, Clal Pension and
Provident Funds.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In February 2012,
Supervision of Financial Services Regulations (Provident Funds)
(Minimum Capital Required of a Management Company of a Provident
Fund or Pension Fund), 2012, was published along with Income Tax
Regulations (Rules for Approval and Management of Provident Funds)
(Amendment 2), 2012 (&#x201C;new regulations&#x201D;).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Pursuant to the new
regulations, the capital requirements for management companies were
expanded to include capital requirements based on the volume of
assets under management and applicable annual expenses, but not
less than the initial capital of NIS 10 million. In addition,
liquidity requirements were also prescribed. A fund management
company may distribute dividends only to the extent of any excess
above the minimum amount of equity required by said regulations. In
addition, a fund management company must provide additional capital
in respect of controlled management companies. As at the end of the
reporting period, the management companies controlled by Clal
Insurance have capital balances in excess of the minimum capital
required by the capital regulations for management companies. In
light of capital regulations for management companies and in order
to finance the expansion of operating and investing activities of
Clal Pension and Provident Funds, the Boards of Directors of Clal
Insurance and Clal Pension and Provident Funds in 2015 and 2014
approved an subscribed shares of Clal Pension and Provident Funds
in consideration for NIS 100 million and NIS 80 million,
respectively.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Anti-Money Laundering.</font> In
September 2015, a draft Anti-Money Laundering Order was proposed
which seeks to expand its application to certain provident funds,
and reduced the amounts of accumulations, deposits and withdrawals
subject to reporting. Furthermore, the draft order specifies a
&#x2018;know your customer&#x2019; process that must be undertaken
before issuing a life insurance policy or opening a provident fund.
In October 2015, a draft addendum to the Anti-Money Laundering Law,
5776-2015 was published to provide for changes to existing law that
set forth stricter criminal penalties under the Anti-Money
Laundering Law and set forth provisions for sharing of information
between the Anti-Money Laundering Authority and the insurance
commissioner. In the evaluation of Clal Insurance, the draft order
and draft bill may adversely affect the sale of its
products.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">C.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Organizational
Structure</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The following table
presents information relating to our ownership interest and the
percentage of our consolidated total net revenues represented by
our subsidiaries as of June 30, 2016:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 26%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Name
of the entity</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Country</font></div>
</td>
<td style="width: 14%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Main
activity</font></div>
</td>
<td style="width: 13%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">%
of ownership interest held</font></div>
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">by
the Company <font style="vertical-align: super; font-size: 70%">(4)</font></font></div>
</td>
<td style="width: 14%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">%
of ownership interest held by the</font></div>
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">non-controlling
interest</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Direct
interest of IRSA:</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">IRSA CP
<font style="vertical-align: super; font-size: 70%">(3)</font></font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Argentina</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Real
estate</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">94.61%</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">5.39%</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">E-Commerce Latina
S.A. <font style="vertical-align: super; font-size: 70%">(3)</font></font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Argentina</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Investment</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Efanur
S.A.</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Uruguay</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Investment</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Hoteles Argentinos
S.A.</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Argentina</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Hotel</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">80.00%</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">20.00%</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Inversora
Bol&#xED;var S.A.</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Argentina</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Investment</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Llao Llao Resorts
S.A. <font style="vertical-align: super; font-size: 70%">(1)</font></font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Argentina</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Hotel</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">50.00%</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">50.00%</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Nuevas Fronteras
S.A.</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Argentina</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Hotel</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">76.34%</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">23.66%</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Palermo Invest
S.A.</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Argentina</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Investment</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ritelco
S.A.</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Uruguay</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Investment</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Solares de Santa
Mar&#xED;a S.A. <font style="vertical-align: super; font-size: 70%">(8)</font></font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Argentina</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Real
estate</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">105</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 26%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Name
of the entity</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Country</font></div>
</td>
<td style="width: 14%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Main
activity</font></div>
</td>
<td style="width: 13%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">%
of ownership interest held</font></div>
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">by
the Company <font style="vertical-align: super; font-size: 70%">(4)</font></font></div>
</td>
<td style="width: 14%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">%
of ownership interest held by the</font></div>
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">non-controlling
interest</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Tyrus
S.A.</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Uruguay</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Investment</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Unicity S.A.
<font style="vertical-align: super; font-size: 70%">(8)</font></font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Argentina</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Investment</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Interest
indirectly held through IRSA CP:</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Arcos del Gourmet
S.A.</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Argentina</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Real
estate</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">90.00%</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">10.00%</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Emprendimiento
Recoleta S.A.</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Argentina</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Real
estate</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">53.68%</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">46.32%</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Fibesa
S.A.</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Argentina</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Real
estate</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Panamerican Mall
S.A.</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Argentina</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Real
estate</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">80.00%</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">20.00%</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Shopping
Neuqu&#xE9;n S.A.</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Argentina</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Real
estate</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">99.14%</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">0.86%</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Torodur
S.A.</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Uruguay</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Investment</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Interest
indirectly held through Tyrus S.A.:</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Dolphin Fund Ltd.
<font style="vertical-align: super; font-size: 70%">(2)</font></font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Bermuda</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Investment</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">91.57%</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">8.43%</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">I Madison
LLC</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">United
States</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Investment</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">IRSA Development
LP</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">United
States</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Investment</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">IRSA International
LLC</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">United
States</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Investment</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Jiwin
S.A.</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Uruguay</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Investment</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Liveck
S.A.</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Uruguay</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Investment</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Real Estate
Investment Group IV LP (REIG IV)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Bermuda</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Investment</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Real Estate
Investment Group V LP</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Bermuda</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Investment</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Real Estate
Strategies LLC</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">United
States</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Investment</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Interest
indirectly held through Efanur S.A.:</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Real Estate
Strategies LP</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Bermuda</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Investment</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">66.83%</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">33.17%</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Interest
indirectly held through Dolphin Fund Ltd.</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">IDB Development
Corporation Ltd. <font style="vertical-align: super; font-size: 70%">(7)</font></font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Investment</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">68.28%</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">31.72%</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Interest indirectly
held through IDBD:</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Discount Investment
Corporation Ltd.</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Investment</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">76.43%</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">23.57%</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">IDB Tourism (2009)
Ltd.</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Holding company in
the tourism services sector</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">IDB Group
Investment Inc.</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Investment</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Interest indirectly
held through Discount Investment Corporation Ltd:</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Property and
Building Corporation Ltd.</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Real
estate</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">76.45%</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">23.55%</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Gav Yam Land
Ltd.</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Real
estate</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">52.80%</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">47.20%</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Israel Property
Rental Corporation Ltd. (ISPRO)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Real
estate</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">76.45%</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">23.55%</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">MATAM - Haifa
Science Industries Center</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Real
estate</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">38.30%</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">61.70%</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Neveh-Gad Building
&amp; Development Ltd.</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Real
estate</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">76.45%</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">23.55%</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Hadarim Properties
Ltd.</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Real
estate</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">76.45%</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">23.55%</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">PBC USA Investment
Inc.</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">United
States</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Real
estate</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">76.45%</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">23.55%</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Shufersal
Ltd.</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Supermarket</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">52.95%</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">47.05%</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Shufersal Real
Estate Ltd.</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Supermarket</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">52.95%</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">47.05%</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Koor Industries
Ltd.<font style="vertical-align: super; font-size: 70%">(5)</font></font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Holding company in
the agrochemical sector</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cellcom Israel Ltd.
<font style="vertical-align: super; font-size: 70%">(6)</font></font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Communication
services</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">41.77%</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">58.23%</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Netvision
Ltd.</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Communication
services</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">41.77%</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">58.23%</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Elron Electronic
Industries Ltd.</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Technology
development &#x2013; Holding</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">50.32%</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">49.68%</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Bartan Holdings and
Investments Ltd.</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Investment</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">55.68%</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">44.32%</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Epsilon Investment
House Ltd.</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Investment</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">68.75%</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">31.25%</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">106</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">_____________</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(1)&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">The Company has
consolidated the investment in Llao Llao Resorts S.A. considering
its equity interest and a shareholder agreement that confers it
majority of votes in the decision making
process.</font></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(2)&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Includes interest
indirectly held through Ritelco S.A..</font></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(3)&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Includes interest
indirectly held through Tyrus S.A..</font></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(4)&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Corresponds to the
interest directly held in each company.</font></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(5)&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Owns a 40% equity
interest of Adama.</font></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(6)&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">The Company has
consolidated the interest in Cellcom taking into consideration its
equity interest and decision-making power given the fact that the
remaining interests are too disperse.</font></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(7)&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Until takeover was
secured, IDBD was valued at fair value in accordance with IAS 28
exception.</font></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(8)&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Were merged on July
1, 2015.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">107</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
D.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Property,
Plant and Equipment</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In the ordinary
course of business, the leases property or spaces for
administrative or commercial use both in Argentina and Israel under
operating lease arrangements. The agreements entered into include
several clauses, including but not limited, to fixed, variable or
adjustable payments.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The following table
sets forth certain information about our properties for the
Operation Center in Argentina as of June 30, 2016:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 22%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Property
<font style="vertical-align: super; font-size: 70%">(6)</font></font></div>
</td>
<td style="width: 13%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Date
of Acquisition</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Leasable/</font></div>
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Sale
m2 <font style="vertical-align: super; font-size: 70%">(1)</font></font></div>
</td>
<td style="width: 22%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Location</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Net
Book</font></div>
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Value
Ps.<font style="vertical-align: super; font-size: 70%">(2)</font></font></div>
</td>
<td style="width: 13%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Use</font></div>
</td>
<td style="width: 14%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Occupancy
rate <font style="vertical-align: super; font-size: 70%">(7)</font></font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Edificio
Rep&#xFA;blica</font></div>
</td>
<td style="width: 13%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Apr-08</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">19,885</font></div>
</td>
<td style="width: 22%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">City of Buenos
Aires</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">189</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Office
Rental</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100.0%</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Torre
Bankboston</font></div>
</td>
<td style="width: 13%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Aug-07</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14,873</font></div>
</td>
<td style="width: 22%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">City of Buenos
Aires</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">134</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Office
Rental</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100.0%</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Bouchard
551</font></div>
</td>
<td style="width: 13%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Mar-07</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 22%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">City of Buenos
Aires</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Office
Rental</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Intercontinental
Plaza</font></div>
</td>
<td style="width: 13%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Nov-97</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6,569</font></div>
</td>
<td style="width: 22%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">City of Buenos
Aires</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">10</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Office
Rental</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100.0%</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Bouchard
710</font></div>
</td>
<td style="width: 13%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Jun-05</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">15,014</font></div>
</td>
<td style="width: 22%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">City of Buenos
Aires</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">60</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Office
Rental</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100.0%</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Dique
IV</font></div>
</td>
<td style="width: 13%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Dec-97</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 22%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">City of Buenos
Aires</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Office
Rental</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Maip&#xFA;
1300</font></div>
</td>
<td style="width: 13%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Sep-95</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,353</font></div>
</td>
<td style="width: 22%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">City of Buenos
Aires</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Office
Rental</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100.0%</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Libertador
498</font></div>
</td>
<td style="width: 13%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Dec-95</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">620</font></div>
</td>
<td style="width: 22%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">City of Buenos
Aires</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Office
Rental</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100.0%</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Suipacha
652/64</font></div>
</td>
<td style="width: 13%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Nov-91</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11,465</font></div>
</td>
<td style="width: 22%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">City of Buenos
Aires</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Office
Rental</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">90.7%</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Dot
Building</font></div>
</td>
<td style="width: 13%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Nov-06</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11,242</font></div>
</td>
<td style="width: 22%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">City of Buenos
Aires</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">122</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Office
Rental</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100.0%</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Santa Mar&#xED;a
del Plata</font></div>
</td>
<td style="width: 13%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Oct-97</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">106,610</font></div>
</td>
<td style="width: 22%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">City of Buenos
Aires</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">13</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Other
Rentals</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100.0%</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Nobleza
Picardo</font></div>
</td>
<td style="width: 13%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">May-11</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">109,610</font></div>
</td>
<td style="width: 22%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">City of Buenos
Aires</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Office
Rental</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">74.8%</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other
Properties<font style="vertical-align: super; font-size: 70%">(5)</font></font></div>
</td>
<td style="width: 13%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">N/A</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">38,646</font></div>
</td>
<td style="width: 22%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">N/A</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">266</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Other
Rentals</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">42.8%</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Abasto<font style="vertical-align: super; font-size: 70%">(3)</font></font></div>
</td>
<td style="width: 13%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Jul-94</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">36,737.6</font></div>
</td>
<td style="width: 22%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">City of Buenos
Aires, Argentina</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">245</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Shopping
Center</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">99.8%</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Alto
Palermo<font style="vertical-align: super; font-size: 70%">(3)</font></font></div>
</td>
<td style="width: 13%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Nov-97</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">18,966.0</font></div>
</td>
<td style="width: 22%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">City of Buenos
Aires, Argentina</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">208</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Shopping
Center</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">99.6%</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Alto
Avellaneda<font style="vertical-align: super; font-size: 70%">(3)</font></font></div>
</td>
<td style="width: 13%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Dec-97</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">35,887.0</font></div>
</td>
<td style="width: 22%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Province of Buenos
Aires, Argentina</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">127</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Shopping
Center</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100.0%</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Alcorta
Shopping<font style="vertical-align: super; font-size: 70%">(3)</font></font></div>
</td>
<td style="width: 13%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Jun-97</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">15,876.7</font></div>
</td>
<td style="width: 22%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">City of Buenos
Aires, Argentina</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">116</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Shopping
Center</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">89.1%</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Patio
Bullrich<font style="vertical-align: super; font-size: 70%">(3)</font></font></div>
</td>
<td style="width: 13%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Oct-98</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11,782.7</font></div>
</td>
<td style="width: 22%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">City of Buenos
Aires, Argentina</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">109</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Shopping
Center</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">99.1%</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Alto
Noa<font style="vertical-align: super; font-size: 70%">(3)</font></font></div>
</td>
<td style="width: 13%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Mar-95</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">19,039.9</font></div>
</td>
<td style="width: 22%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">City of Salta,
Argentina</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">32</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Shopping
Center</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100.0%</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Buenos Aires
Design<font style="vertical-align: super; font-size: 70%">(3)</font></font></div>
</td>
<td style="width: 13%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Nov-97</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">13,903.1</font></div>
</td>
<td style="width: 22%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">City of Buenos
Aires, Argentina</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Shopping
Center</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">95.7%</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Mendoza
Plaza<font style="vertical-align: super; font-size: 70%">(3)</font></font></div>
</td>
<td style="width: 13%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Dec-94</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">42,043.0</font></div>
</td>
<td style="width: 22%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Mendoza,
Argentina</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">92</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Shopping
Center</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">95.2%</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Alto Rosario
<font style="vertical-align: super; font-size: 70%">(3)</font></font></div>
</td>
<td style="width: 13%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Nov-04</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">28,795.5</font></div>
</td>
<td style="width: 22%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Santa Fe,
Argentina</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">127</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Shopping
Center</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100.0%</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">C&#xF3;rdoba
Shopping &#x2013;Villa Cabrera<font style="vertical-align: super; font-size: 70%">(3)(11)</font></font></div>
</td>
<td style="width: 13%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Dec-06</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">15,581.7</font></div>
</td>
<td style="width: 22%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">C&#xF3;rdoba,
Argentina</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">53</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Shopping
Center</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">99.2%</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Dot Baires
Shopping<font style="vertical-align: super; font-size: 70%">(3)</font></font></div>
</td>
<td style="width: 13%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">May-09</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">49,640.7</font></div>
</td>
<td style="width: 22%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">City of Buenos
Aires, Argentina</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">368</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Shopping
Center</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100.0%</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Soleil Premium
Outlet<font style="vertical-align: super; font-size: 70%">(3)</font></font></div>
</td>
<td style="width: 13%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Jul-10</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">13,991.1</font></div>
</td>
<td style="width: 22%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Province of Buenos
Aires, Argentina</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">80</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Shopping
Center</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100.0%</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">La Ribera
Shopping<font style="vertical-align: super; font-size: 70%">(3)</font></font></div>
</td>
<td style="width: 13%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Aug-11</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9,850.6</font></div>
</td>
<td style="width: 22%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Santa Fe,
Argentina</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">24</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Shopping
Center</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">99.3%</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Distrito Arcos
<font style="vertical-align: super; font-size: 70%">(3)</font></font></div>
</td>
<td style="width: 13%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Dec-14</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11,170.1</font></div>
</td>
<td style="width: 22%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">City of Buenos
Aires, Argentina</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">280</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Shopping
Center</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">97.0%</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Alto
Comahue<font style="vertical-align: super; font-size: 70%">(3)</font></font></div>
</td>
<td style="width: 13%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Mar-15</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9,889.6</font></div>
</td>
<td style="width: 22%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Neuqu&#xE9;n,
Argentina</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">318</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Shopping
Center</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">96.6%</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Patio
Olmos<font style="vertical-align: super; font-size: 70%">(3)</font></font></div>
</td>
<td style="width: 13%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 22%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">26</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Shopping
Center</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Caballito Plot of
Land</font></div>
</td>
<td style="width: 13%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Nov-97</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">23,791</font></div>
</td>
<td style="width: 22%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">City of Buenos
Aires</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">45,812</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Land
Reserve</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">N/A</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other Land Reserves
<font style="vertical-align: super; font-size: 70%">(4)</font></font></div>
</td>
<td style="width: 13%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">N/A</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6,126,022</font></div>
</td>
<td style="width: 22%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">City and Province
of Buenos Aires.</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5,508</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Land
Reserve</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">N/A</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Luj&#xE1;n
<font style="vertical-align: super; font-size: 70%">(3)</font></font></div>
</td>
<td style="width: 13%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">May-12</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,160,000</font></div>
</td>
<td style="width: 22%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Province of Buenos
Aires.</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">41,861</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Land
Reserve</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">N/A</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Intercontinental<font style="vertical-align: super; font-size: 70%">(8)</font></font></div>
</td>
<td style="width: 13%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Nov-97</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">24,000</font></div>
</td>
<td style="width: 22%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">City of Buenos
Aires</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">51</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Hotel</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">70.58%</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Sheraton
Libertador<font style="vertical-align: super; font-size: 70%">(9)</font></font></div>
</td>
<td style="width: 13%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Mar-98</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">37,600</font></div>
</td>
<td style="width: 22%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">City of Buenos
Aires</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">28</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Hotel</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">73.42%</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Llao
Llao<font style="vertical-align: super; font-size: 70%">(10)</font></font></div>
</td>
<td style="width: 13%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Jun-97</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">17,463</font></div>
</td>
<td style="width: 22%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">City of
Bariloche</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">77</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Hotel</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">51.15%</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">______________</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(1)</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Total leasable area
for each property. Excludes common areas and parking
spaces.</font></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">(2)</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Cost of acquisition
or development plus improvements, less accumulated depreciation,
less allowances.</font></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">(3)</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Through IRSA
Commercial Properties.</font></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">(4)</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Includes the
following land reserves: Pontevedra plot; Mariano Acosta, San Luis
and Merlo (through IRSA) and Intercontinental Plot (through IRSA
Commercial Properties) .</font></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(5)</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Includes the
following properties: Anchorena 665, Zelaya 3102, 3103 y 3105,
Rivadavia 2768, Constituci&#xF3;n 1111, Santa Maria del Plata,
Puerto Retiro Plots 50%, Rio Parcel 50%, Libertador Parcel
50%.</font></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">(6)</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">All assets are
owned by us or through any our subsidiary.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">108</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">(7)</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Percentage of
occupation of each property. The land reserves are assets that the
company remains in the portfolio for future
development.</font></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">(8)</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Through Nuevas
Fronteras S.A.</font></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">(9)</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Through Hoteles
Argentinos S.A.</font></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">(10)</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Includes
Ps.21,900,000 of book value that corresponds to &#x201C;Terreno
Bariloche.&#x201D;</font></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">(11)</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Included in
Investment Properties is the cinema building located at
C&#xF3;rdoba Shopping &#x2013; Villa Cabrera, which is encumbered by
a right of antichresis (right of possesion but not title) as a
result of a financial debt held by Empalme (merged with SAPSA. as
of January 1, 2009) with NAI INTERNACIONAL II Inc. The total amount
of the debt was Ps.17.7 million as of June 30,
2016.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><br>
&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The following table
sets forth certain information about our properties for the
Operation Center in Israel as of June 30, 2016:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 33%; border-top: solid 1px black; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Property</font></div>
</td>
<td style="width: 14%; border-top: solid 1px black; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Date
of acquisition</font></div>
</td>
<td style="width: 14%; border-top: solid 1px black; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Location</font></div>
</td>
<td style="width: 18%; border-top: solid 1px black; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Net
book amount</font></div>
</td>
<td style="width: 28%; border-top: solid 1px black; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Use</font></div>
</td>
</tr><tr>
<td style="width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 18%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Tivoli</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Oct-2015</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">United
States</font></div>
</td>
<td style="width: 18%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,047</font></div>
</td>
<td style="width: 28%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Rental
properties</font></div>
</td>
</tr><tr>
<td style="width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Kiryat Ono
Mall</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Oct-2015</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="width: 18%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,598</font></div>
</td>
<td style="width: 28%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Rental
properties</font></div>
</td>
</tr><tr>
<td style="width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Shopping Center
Modi&#x2019;in A</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Oct-2015</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="width: 18%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">805</font></div>
</td>
<td style="width: 28%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Rental
properties</font></div>
</td>
</tr><tr>
<td style="width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">HSBC</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Oct-2015</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">United
States</font></div>
</td>
<td style="width: 18%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11,225</font></div>
</td>
<td style="width: 28%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Rental
properties</font></div>
</td>
</tr><tr>
<td style="width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Matam park -
Haifa</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Oct-2015</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="width: 18%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5,662</font></div>
</td>
<td style="width: 28%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Rental
properties</font></div>
</td>
</tr><tr>
<td style="width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Caesarea -
Maichaley Carmel</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Oct-2015</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="width: 18%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">583</font></div>
</td>
<td style="width: 28%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Rental
properties</font></div>
</td>
</tr><tr>
<td style="width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Herzeliya
North</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Oct-2015</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="width: 18%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,125</font></div>
</td>
<td style="width: 28%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Rental
properties</font></div>
</td>
</tr><tr>
<td style="width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Gav-Yam Center -
Herzeliya</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Oct-2015</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="width: 18%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,449</font></div>
</td>
<td style="width: 28%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Rental
properties</font></div>
</td>
</tr><tr>
<td style="width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Neyar Hadera
Modi&#x2019;in</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Oct-2015</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="width: 18%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">680</font></div>
</td>
<td style="width: 28%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Rental
properties</font></div>
</td>
</tr><tr>
<td style="width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Gav yam park - Beer
Sheva</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Oct-2015</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="width: 18%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">700</font></div>
</td>
<td style="width: 28%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Rental
properties</font></div>
</td>
</tr><tr>
<td style="width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Hazomet Kfar
Saba</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Oct-2015</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="width: 18%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">117</font></div>
</td>
<td style="width: 28%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Rental
properties</font></div>
</td>
</tr><tr>
<td style="width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Bilu</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Oct-2015</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="width: 18%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">86</font></div>
</td>
<td style="width: 28%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Rental
properties</font></div>
</td>
</tr><tr>
<td style="width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Mazkeret
Batia</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Oct-2015</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="width: 18%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">109</font></div>
</td>
<td style="width: 28%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Rental
properties</font></div>
</td>
</tr><tr>
<td style="width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Netania</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Oct-2015</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="width: 18%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">849</font></div>
</td>
<td style="width: 28%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Rental
properties</font></div>
</td>
</tr><tr>
<td style="width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Rishon Le
Zion</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Oct-2015</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="width: 18%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">70</font></div>
</td>
<td style="width: 28%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Rental
properties</font></div>
</td>
</tr><tr>
<td style="width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Rehovot</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Oct-2015</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="width: 18%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">125</font></div>
</td>
<td style="width: 28%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Rental
properties</font></div>
</td>
</tr><tr>
<td style="width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Mizpe
Sapir</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Oct-2015</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="width: 18%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">124</font></div>
</td>
<td style="width: 28%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Rental
properties</font></div>
</td>
</tr><tr>
<td style="width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Holon</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Oct-2015</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="width: 18%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">327</font></div>
</td>
<td style="width: 28%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Rental
properties</font></div>
</td>
</tr><tr>
<td style="width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Haifa</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Oct-2015</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="width: 18%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">24</font></div>
</td>
<td style="width: 28%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Rental
properties</font></div>
</td>
</tr><tr>
<td style="width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Others</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Oct-2015</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="width: 18%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8,759</font></div>
</td>
<td style="width: 28%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Rental
properties</font></div>
</td>
</tr><tr>
<td style="width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Tivoli</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Oct-2015</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">United
States</font></div>
</td>
<td style="width: 18%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">24</font></div>
</td>
<td style="width: 28%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Undeveloped parcels
of land</font></div>
</td>
</tr><tr>
<td style="width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Queensridge
Towers</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Oct-2015</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="width: 18%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">266</font></div>
</td>
<td style="width: 28%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Undeveloped parcels
of land</font></div>
</td>
</tr><tr>
<td style="width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Zarchini
Raanana</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Oct-2015</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="width: 18%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">78</font></div>
</td>
<td style="width: 28%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Undeveloped parcels
of land</font></div>
</td>
</tr><tr>
<td style="width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Kurdani</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Oct-2015</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="width: 18%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 28%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Undeveloped parcels
of land</font></div>
</td>
</tr><tr>
<td style="width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Others</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Oct-2015</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="width: 18%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,777</font></div>
</td>
<td style="width: 28%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Undeveloped parcels
of land</font></div>
</td>
</tr><tr>
<td style="width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Tivoli</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Oct-2015</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">United
States</font></div>
</td>
<td style="width: 18%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,981</font></div>
</td>
<td style="width: 28%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Properties under
development</font></div>
</td>
</tr><tr>
<td style="width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ispro Planet
&#x2013; Beer Sheva &#x2013; Phase 1</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Oct-2015</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="width: 18%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,062</font></div>
</td>
<td style="width: 28%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Properties under
development</font></div>
</td>
</tr><tr>
<td style="width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Others</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Oct-2015</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="width: 18%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">880</font></div>
</td>
<td style="width: 28%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Properties under
development</font></div>
</td>
</tr><tr>
<td style="width: 33%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Shufersal&#xB4;s
Stores</font></div>
</td>
<td style="width: 14%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Oct-2015</font></div>
</td>
<td style="width: 14%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="width: 18%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">10,478</font></div>
</td>
<td style="width: 28%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Supermarkets</font></div>
</td>
</tr><tr>
<td style="width: 33%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
<td style="width: 14%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 18%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">57,010</font></div>
</td>
<td style="width: 28%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">109</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
ITEM
4A.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;UNRESOLVED
STAFF COMMENTS.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Not
applicable.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
ITEM
5.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;OPERATING
AND FINANCIAL REVIEW AND PROSPECTS.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The following
management&#x2019;s discussion and analysis of our financial
condition and results of operations should be read together with
&#x201C;Selected Consolidated Financial Data&#x201D; and our audited
consolidated financial statements and related notes appearing
elsewhere in this annual report. This discussion and analysis of
our financial condition and results of operations contains
forward-looking statements that involve risks, uncertainties and
assumptions. These forward-looking statements include such words
as, &#x201C;expects&#x201D;, &#x201C;anticipates&#x201D;,
&#x201C;intends&#x201D;, &#x201C;believes&#x201D; and similar language.
Our actual results may differ materially and adversely from those
anticipated in these forward-looking statements as a result of many
factors, including without limitation those set forth elsewhere in
this annual report. See Item 3 &#x201C;Key Information &#x2013; D.
Risk Factors&#x201D; for a more complete discussion of the economic
and industry-wide factors relevant to us.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">For purposes of the
following discussion and analysis, unless otherwise specified,
references to fiscal years 2016 and 2015 relate to the fiscal years
ended June 30, 2016 and 2015, respectively.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-style: italic; font-weight: bold; font-size: 13px">A.</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;OPERATING
RESULTS</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Evolution
of our Business Segments</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
<font style="text-decoration: underline">Operations Center in
Argentina</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Shopping Centers</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Our main purpose is
to maximize our shareholders&#x2019; profitability. By using our
know-how in the shopping center industry in Argentina as well as
our leading position, we seek to generate a sustainable growth of
cash flow and to increase the long-term value of our real estate
assets.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We seek to take
advantage of unsatisfied demand for retail offerings and
residential properties in urban centers throughout Argentina,
catering to our customers&#x2019; tastes and requirements.
Therefore, we seek to develop new shopping centers that offer
attractive prospects for growth, including the Buenos Aires
Metropolitan area and other cities throughout Argentina and
selectively in, other places abroad. To achieve this strategy,
relationships with more than 1,000 retailers and brands that make
up our select tenant portfolio that helps enhance our customer
experience.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">During fiscal years
2014, 2015 and 2016, our Shopping Centers segment generated
revenues of Ps.1,383 million, Ps.1,778 million and Ps.2,406
million, respectively.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Offices and Others</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We seek to purchase
and develop premium office buildings in strategically-located
business districts in Buenos Aires and other strategic locations
that we believe enhance returns and maximize potential for
long-term capital gain. We expect to continue focusing on
attracting premium corporate tenants to our office buildings.
Furthermore, we intend to consider new opportunities on a selective
basis to acquire or develop rental office buildings.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">During fiscal years
2014, 2015 and 2016, our Offices and Others segment had revenues of
Ps.271 million, Ps.333 million and Ps.340 million,
respectively.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Sales and Developments</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We seek to purchase
undeveloped properties in densely-populated areas and build
apartment complexes that offer green spaces for recreational
activities. We also seek to develop residential communities by
acquiring properties that offer convenient access to Buenos
Aires.&#xA0;&#xA0;We develop roads and other basic infrastructure
such as electric power and water, and then sell individual lots for
residential construction by individual owners. The historical
scarcity of mortgage financing restricted growth in middle class
home purchases, and as a result, we have focused on developing
residential communities for middle and high-income individuals, who
do not need to finance their home purchases. Furthermore, we seek
to continue to acquire undeveloped plots that are conveniently
located inside and outside Buenos Aires for subsequent sale. We
believe this land portfolio enhances our ability to make strategic
long-term investments and affords us a valuable pipeline for future
development.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">During fiscal years
2014, 2015 and 2016, our Sales and Developments segment generated
revenues of Ps.85 million, Ps.15.4 million and Ps.8 million,
respectively, and recognized net gains from the sale of investment
properties (primarily offices and parking spaces) for Ps.236
million, Ps.1,163 million and Ps.1,068 million,
respectively.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">110</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Hotels</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We believe our
portfolio of three luxury hotels is positioned to take advantage of
future growth in tourism and travel in Argentina. We seek to
continue with our strategy to invest in high-quality properties
which are operated by leading international hotel companies to
capitalize on their operating experience and international
reputation.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">During fiscal years
2014, 2015 and 2016, our Hotels segment had revenues of Ps.332
million, Ps.396 million and Ps.534 million,
respectively.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
International</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In this segment, we
seek investments that present capital appreciation potential in the
long term. After the international financial crisis in 2008, we
took the opportunity in the real estate sector in the United States
to invest in two office buildings in New York City. In 2015, we
sold the Madison building.&#xA0;&#xA0;We retained our 49.9% equity
interest in a US entity that owns the &#x201C;Lipstick&#x201D; office
building located in the City of New York. In addition, jointly with
subsidiaries, we hold 49.0% of Condor Hospitality Trust
REIT&#x2019;s voting rights (NASDAQ: CDOR). We intend to continue
evaluating -on a selective basis- investment opportunities outside
Argentina as long as they offer attractive investment and
development options.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">During fiscal years
2014, 2015 and 2016, our International segment generated revenues
of Ps.84 million, Ps.26 million and Ps.0 million,
respectively.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Financial Operations and Others</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We have maintained
our investment in Banco Hipotecario, the principal mortgage-lending
bank in Argentina, as we believe that we are able to reach good
synergies in the long term with a developed mortgage market. For
the fiscal years ended June 30, 2014, 2015 and 2016, our investment
in Banco Hipotecario generated a gain of Ps.184 million, Ps.143
million and Ps.257 million, respectively.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
<font style="text-decoration: underline">Operations Center in
Israel</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Real Estate</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">IDBD holds,
together with PBC, two projects in Las Vegas (through IDBG Ltd.),
including a commercial and office project known as Tivoli Mall, the
first part of which was built in its entirety, and as of the end of
2015, has a blended occupancy rate of approximately 84%. The second
part of the project is currently under construction and is in the
marketing stage.&#xA0;&#xA0;It will include commercial areas with
an area of approximately 16,000 square meters, and office space
consisting of approximately 12,000 square meters. At present, we
have signed leases with an anchor tenant and additional lessees,
covering approximately 66% of the commercial area in the second
phase of the project and for approximately 8% of available office
space; and an additional project, involving two residential towers,
in which the remainder of the residential units were sold in their
entirety during the reporting year.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Supermarkets</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Shufersal continued
deploying its strategic plan, focusing on building a commercial and
operating platform to enable growth in the coming years;
strengthening its competitive edge; offering more value to
customers and improving its service. Under its business plan,
Shufersal continues expanding and strengthening its brand; boosting
the development of its digital platforms, through Shufersal Online;
fostering complementary services in the sectors in which it
currently operates; and streamlining its real property, including
the closure and downsizing of existing branches and the opening of
new ones.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Agrochemicals</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As a part of
Adama&#x2019;s long-term strategy, in December 2015 Adama entered
into a commercial cooperation agreement, according to which Adama
will gradually become the sole distributor of formulated
agrochemical products in China of several agrochemical companies
controlled by ChemChina. This venture is expected to strengthen
Adama&#x2019;s position in the Chinese market, by combining
Adama&#x2019;s product offerings with ChemChina&#x2019;s and
leveraging a significant distribution platform in China. On July
17, 2016, DIC, reported that it had accepted ChemChina&#x2019;s
offer to purchase 40% of Adama Agricultural Solutions Ltd.&#x2019;s
shares, indirectly controlled by IDBD through DIC. For more
information see &#x201C;Recent Developments&#x201D;.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Telecommunications</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cellcom operates in
a highly competitive environment. Cellcom&#x2019;s business strategy
focuses on: offering comprehensive solutions to expand landline and
mobile communication services and optimization of costs and
expenses, including by means of carrying out streamlining
measures.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">111</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Insurance</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The investment
managers in IDBD&#x2019;s insurance business make use of an advanced
research department and effective trading execution, to ensure a
competitive advantage in order to achieve a fair long-term yield
for policy holders, maximizing income from investments in
accordance with the company&#x2019;s risk appetite and the structure
of liabilities in the portfolios.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Others</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other activities
undertaken by IDBD through its subsidiaries include the assets and
income from technological developments, tourism, oil and gas
assets, electronics, and other activities.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Variability
of Results</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Income derived from
the lease of office space and retail stores and sales of properties
are the two core sources of our income. The historical results of
our operations have varied over time based on the available
opportunities to acquire and sell properties. No assurance can be
given that our results will not continue to be influenced by
fluctuations in values of properties.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">For additional
information, see &#x201C;Comparability of
information&#x201D;.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Critical
Accounting Policies and Estimates</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Our significant
accounting policies are stated in Note 2 to our Audited
Consolidates Financial Statements, &#x201C;Summary of significant
accounting policies&#x201D;. The discussion below should be read in
conjunction with the referred note. Not all of these significant
accounting policies require management to make subjective or
complex judgments or estimates. The following is intended to
provide an understanding of the policies that management considers
critical because of the level of complexity, judgment or
estimations involved in their application and their impact on our
Audited Consolidated Financial Statements. These judgments involve
assumptions or estimates in respect of future events. Actual
results may differ from these estimates.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 17%; border-top: solid 1px black; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Estimation</font></div>
</td>
<td style="width: 39%; border-top: solid 1px black; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Main
assumptions</font></div>
</td>
<td style="width: 21%; border-top: solid 1px black; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Potential
implications</font></div>
</td>
</tr><tr>
<td style="width: 17%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Business
combination - Allocation of acquisition prices</font></div>
</td>
<td style="width: 39%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Assumptions
regarding timing, amount of future revenues and expenses, revenue
growth, expected rate of return, economic conditions, discount
rate, among other.</font></div>
</td>
<td style="width: 21%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Should the
assumptions made be inaccurate, the recognized combination may not
be correct.</font></div>
</td>
</tr><tr>
<td style="width: 17%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Recoverable amounts
of cash-generating units (even those including goodwill),
associates and assets.</font></div>
</td>
<td style="width: 39%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The discount rate
and the expected growth rate before taxes in connection with
cash-generating units.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The discount rate
and the expected growth rate after taxes in connection with
associates.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cash flows are
determined based on past experiences with the asset or with similar
assets and in accordance with the Group&#x2019;s best factual
assumption relative to the economic conditions expected to
prevail.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Business continuity
and share market value of the public companies in connection with
cash-generating units.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Appraisals made by
external appraisers and valuators with relation to the
assets&#x2019; fair value, net of realization costs (including real
estate assets).</font></div>
</td>
<td style="width: 21%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Should any of the
assumptions made be inaccurate, this could lead to differences in
the recoverable values of cash-generating units.</font></div>
</td>
</tr><tr>
<td style="width: 17%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Control, joint
control or significant influence</font></div>
</td>
<td style="width: 39%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Judgment relative
to the determination that the Group holds an interest in the shares
of investees (considering the existence and influence of
significant potential voting rights), its right to designate
members in the executive management of such companies (usually the
Board of directors) based on the investees&#x2019; bylaws; the
composition and the rights of other shareholders of such investees
and their capacity to establish operating and financial policies
for investees or to take part in the establishment
thereof.</font></div>
</td>
<td style="width: 21%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Accounting
treatment of investments as subsidiaries (consolidation) or
associates (equity method)</font></div>
</td>
</tr><tr>
<td style="width: 17%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Estimated useful
life of intangible assets, investment properties and property,
plant and equipment</font></div>
</td>
<td style="width: 39%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Estimated useful
life of assets based on their conditions.</font></div>
</td>
<td style="width: 21%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Recognition of
accelerated or decelerated depreciation by comparison against final
actual earnings (losses).</font></div>
</td>
</tr><tr>
<td style="width: 17%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Fair value
valuation of investment properties</font></div>
</td>
<td style="width: 39%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Fair value
valuation made by external appraisers and valuators.</font></div>
</td>
<td style="width: 21%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Incorrect exposure
of investment property values</font></div>
</td>
</tr><tr>
<td style="width: 17%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Income
tax</font></div>
</td>
<td style="width: 39%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Group estimates
the income tax amount payable for transactions where the
Treasury&#x2019;s Claim cannot be clearly determined.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Additionally, the
Group evaluates the recoverability of assets due to deferred taxes
considering whether some or all of the assets will not be
recoverable.</font></div>
</td>
<td style="width: 21%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Upon the improper
determination of the provision for income tax, the Group will be
bound to pay additional taxes, including fines and compensatory and
punitive interest.</font></div>
</td>
</tr><tr>
<td style="width: 17%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Allowance for
doubtful accounts</font></div>
</td>
<td style="width: 39%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">A periodic review
is conducted of receivables risks in the Group&#x2019;s
clients&#x2019; portfolios. Bad debts based on the expiration of
account receivables and account receivables&#x2019; specific
conditions.</font></div>
</td>
<td style="width: 21%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Improper
recognition of charges / reimbursements of the allowance for bad
debt.</font></div>
</td>
</tr><tr>
<td style="width: 17%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Hybrid financial
instrument related to the non-recourse loan from Koor
(Adama).</font></div>
</td>
<td style="width: 39%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xB7;</font><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">The value of
Adama&#x2019;s shares.</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xB7;</font><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Unobserved data
underlying the binomial model applied to the determination of the
embedded derivative instruments&#x2019; value.</font></div>
</td>
<td style="width: 21%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Changes in losses
or profits resulting from the variation in the fair value of the
embedded derivative, and variations in the book amount of the
primary contract recognized as revenues or expenses from
financing.</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">112</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 17%; border-top: solid 1px black; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Level 2 and 3
financial instruments</font></div>
</td>
<td style="width: 39%; border-top: solid 1px black; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Main assumptions
used by the Group are:</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xB7;</font><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Discounted
projected income by interest rate.</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xB7;</font><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Values determined
in accordance with the company&#x2019;s shares in equity funds on
the basis of its financial statements, based on fair value or
investment assessments.</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xB7;</font><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Comparable market
multiple (EV/GMV ratio).</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xB7;</font><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Underlying asset
price (Market price); share price volatility (historical) and money
market interest-rate curve (Libor rate).</font></div>
</td>
<td style="width: 21%; border-top: solid 1px black; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Wrong recognition
of a charge to income / (loss).</font></div>
</td>
</tr><tr>
<td style="width: 17%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;Probability
estimate of contingent liabilities.</font></div>
</td>
<td style="width: 39%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Whether more
economic resources may be spent in relation to litigation against
the Group; such estimate is based on legal advisors&#x2019;
opinions.</font></div>
</td>
<td style="width: 21%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Charge / reversal
of provision in relation to a claim.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Overview</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We are engaged,
directly and indirectly through subsidiaries and joint ventures, in
a range of diversified activities, primarily in real estate,
including:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 72px">
<font><font style="font-size: 13px; font-family: Times New Roman">i.&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">the acquisition,
development and operation of shopping centers,</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 72px">
<font><font style="font-size: 13px; font-family: Times New Roman">ii.&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">the acquisition and
development of office and other non-shopping center properties
primarily for rental purposes,</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 72px">
<font><font style="font-size: 13px; font-family: Times New Roman">iii.&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">the development and
sale of residential properties,</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 72px">
<font><font style="font-size: 13px; font-family: Times New Roman">iv.&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">the acquisition and
operation of luxury hotels,</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 72px">
<font><font style="font-size: 13px; font-family: Times New Roman">v.&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">the acquisition of
undeveloped land reserves for future development or sale,
and</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 72px">
<font><font style="font-size: 13px; font-family: Times New Roman">vi.&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">selective
investments mostly in Argentina, United States and
Israel.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Effects
of the Global Macroeconomic Environment</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Most of our assets
are located in Argentina, where we conduct our operations, and in
Israel. Therefore, our financial condition and the results of our
operations are significantly dependent upon the economic conditions
prevailing in both countries.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The table below
shows Argentina&#x2019;s GDP growth, inflation, Dollar exchange
rates and the appreciation (depreciation) of the Peso against the
U.S. Dollar for the indicated periods.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 33%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">As
of June 30,</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">GDP
growth</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(3.4%)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1.2%</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.0%</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Inflation
(IPIM)<font style="vertical-align: super; font-size: 70%">(1)</font></font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">26.7%</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">13.6%</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">27.7%</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Inflation
(CPI)<font style="vertical-align: super; font-size: 70%">(2)</font></font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">47.1%</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14.0%</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">15.0%</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Appreciation
(depreciation) of the Peso against the U.S. Dollar<font style="vertical-align: super; font-size: 70%">(3)</font></font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(65.9%)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(11.8%)</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(50.6%)</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Average exchange
rate per US$1.00<font style="vertical-align: super; font-size: 70%">(4)</font></font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.14.9900</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.9.0340</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.8.083</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Appreciation
(depreciation) of the NIS against the U.S. Dollar</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1.1%)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(10.0%)</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5.6%</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">______________________</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(1)&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">IPIM is the
wholesale price index as measured by the Argentine Ministry of
Economy and Production. Given the modifications to the system that
INDEC uses to measure IPIM, there is no data for any price
variations from July 1, 2015 to June 30, 2016. For that reason, we
show accumulated prices from January 1, 2016 to June 30, 2016,
published by INDEC.</font></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(2)&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">CPI is the consumer
price index as measured by the Argentine Ministry of Economy and
Production. Since January 2014, the Argentine government
established IPCNu, which more broadly reflects consumer prices by
considering price information from the 23 Argentine provinces and
the City of Buenos Aires. Therefore, the consumer price index for
our fiscal 2014 only takes into account the six-month period after
the new consumer price index was introduced. Given the
modifications to the system that INDEC uses to measure CPI, there
is no data for any price variations for the fiscal year ended at
June 30, 2016, yet. For that reason, we show the interanual
inflation published by &#x201C;<font style="font-style: italic">Direcci&#xF3;n General de Estad&#xED;sticas y
Censos de la Ciudad de Buenos Aires, Ministerio de
Hacienda</font>&#x201D;. It differs from inflation reported for 2015
and 2014 because of the change of government and changes in the
systems of measure of the INDEC. See Item 3.(a) Risk Factors
&#x2014;Risks Relating to Argentina - There are concerns about the
accuracy of Argentina&#x2019;s official inflation
statistics.</font></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(3)&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Depreciation
corresponding to fiscal year 2016 is mostly due to the devaluation
that took place on December 17, 2015.</font></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(4)&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Represents average
of the selling and buying exchange rate.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Sources:</font></div>
</td>
<td style="width: 73%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">INDEC, Argentine
Ministry of Economy and Production, City of Buenos Aires Ministry
of Treasury,&#xA0;Banco de la Naci&#xF3;n Argentina,
Bloomberg</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">According to the
IMF estimates, Argentina&#x2019;s GDP for 2016 is expected to
contract by 1.8% compared to 2015 due to a slight adjustment
recession during the year, primarily due to the correction of
macroeconomic and microeconomic distortions. However, growth is
expected to strengthen to 2.7% in&#xA0;2017 on the back of
moderating inflation and more supportive monetary and fiscal policy
policies by the Central Bank. According to the Organization for
Economic Co-operation and Development (&#x201C;OECD&#x201D;)
Israel&#x2019;s economic growth is projected to remain at 2.5% in
2016, before rising to 3% in 2017.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">113</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Argentine GDP
decreased 3.4% during our fiscal 2016, compared to GDP growth of
1.2% in our fiscal 2015. Consumption was the primary driver of
economic activity, as shopping center sales grew 41.4% as of June
30, 2016, compared to June 30, 2016, driven by the increase in
nominal salaries. As of June 30, 2016, the unemployment rate was at
9.3% of the country&#x2019;s economically active population,
compared to 6.6% as of June 30, 2015. For the year ended at
December 31, 2015, Israel&#x2019;s growth reached 2.5% and remained
at the same level for 2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Argentina&#x2019;s
country risk, measured by the Emerging Market Bond Index, decreased
97 basis points for the 12 months ended June 30, 2016, maintaining
a high spread vis-&#xE0;-vis other countries in the region. The
debt premium paid by Argentina was at 518 points in June 2016,
compared to 352 paid by Brazil, and 213 paid by
Mexico.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In regard to the
Argentine economy, changes in short and long-term interest rates,
unemployment and inflation may reduce the availability of consumer
credit and the purchasing power of individuals who frequent
shopping centers. These factors, combined with low GDP growth, may
reduce general consumption rates in our shopping centers. Since
leases agreements in our shopping centers for most of our revenue,
require tenants to pay a percentage of their total sales as rent, a
general reduction in consumption may reduce our revenue. A
reduction in the number of shoppers in our shopping centers and
consequently, in the demand for parking, may also reduce our
revenues from services rendered.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Regarding
Israel&#x2019;s economy, and based on information published by OECD,
domestic demand is expected to remain the main driver of growth,
while external demand is projected to recover slowly due to the
high exchange rates that hold back exports. In this context,
unemployment is expected to remain low, and inflation is projected
to increase at very low levels.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Effects of inflation</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The following are
annual inflation rates during our fiscal years indicated, based on
information published by the INDEC, which is dependent on the
Argentine Ministry of Economy and Production:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 53%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Year
ended June 30,</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Consumer Price Index</font><font style="vertical-align: super; font-size: 70%">(1)</font></font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Wholesale
Price Index</font></div>
</td>
</tr><tr>
<td style="width: 53%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2011</font></div>
</td>
<td style="width: 12%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">9.7%</font></div>
</td>
<td style="width: 12%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">12.5%</font></div>
</td>
</tr><tr>
<td style="width: 53%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2012</font></div>
</td>
<td style="width: 12%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">9.9%</font></div>
</td>
<td style="width: 12%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">12.8%</font></div>
</td>
</tr><tr>
<td style="width: 53%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2013</font></div>
</td>
<td style="width: 12%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">10.5%</font></div>
</td>
<td style="width: 12%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">13.5%</font></div>
</td>
</tr><tr>
<td style="width: 53%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
<td style="width: 12%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">15.0%</font></div>
</td>
<td style="width: 12%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">27.7%</font></div>
</td>
</tr><tr>
<td style="width: 53%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="width: 12%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">15.0%</font></div>
</td>
<td style="width: 12%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">13.4%</font></div>
</td>
</tr><tr>
<td style="width: 53%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="width: 12%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">47.1%</font></div>
</td>
<td style="width: 12%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">26.7%<font style="vertical-align: super; font-size: 70%">(2)</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">______________</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(1)&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">In January 2014 the
Argentine government established IPCNu, which more broadly reflects
consumer prices by considering price information from the 23
provinces of Argentina and the City of Buenos Aires. Therefore, the
consumer price index for the fiscal year ended June 30, 2014 only
takes into account the six month period starting on January 1,
2014.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(2)&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Given the
modifications to the system that INDEC uses to measure IPIM, there
is no data for any price variations from July 1, 2015 to June 30,
2016. For that reason, we show accumulated prices from January 1,
2016 to June 30, 2016, published by INDEC.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Continuing
inflation will likely have an adverse effect on our operations.
Additionally, minimum lease payments from tenants in our shopping
centers are generally adjusted in accordance with the CER, an
inflation index published by the Central Bank. Although higher
inflation may increase lease payments, given that tenants tend to
pass on increased expenses to consumers, this trend could lead to
higher prices charged on goods sold which could result in lower
sales volumes and therefore reduce the component of rent we receive
based on sales revenue.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Since the INDEC
modified the methodology it uses to calculate the consumer price
index in January 2007, there have been concerns about the accuracy
of Argentina&#x2019;s official inflation statistics, which led to
the creation of the IPCNu in February 2014 in order to address the
quality of official data.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Regarding rates of
inflation in Israel, the Consumer Price Index, according to OECD
was 0.5% increase in the prices for 2014, and deflation of 0.6% in
2015. Likewise, inflation projected for 2016 and 2017 is (0.2)% and
0.8%, respectively.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Seasonality</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Our shopping
centers business is directly affected by seasonality, as if results
in&#xA0;&#xA0;fluctuations in the level of our tenants&#x2019;
sales. During Argentine summer holidays (January and February) our
tenants&#x2019; sales are generally at their lowest level, whereas
during winter holidays (July) and in December (Christmas) they
reach their highest level. Clothing retailers generally change
their collections in spring and autumn, positively affecting our
shopping center sales. Sales at discount prices at the end of each
season are also one of the main sources revenue.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">114</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Also, in the
Israeli retail segment business results are subject to seasonal
fluctuations as a result of the consumption behavior of the
population proximate to the Pesach holidays (March and/or April)
and Rosh Hashanah and Sukkoth holidays (September and/or October).
This also affects the balance sheet values of inventory, customers
and suppliers. Our revenues from cellular services are usually
affected by seasonality, with the third calendar quarter of each
year characterized by higher roaming revenues due to increased
incoming and outgoing tourism.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In 2016, the
Passover holiday fell at the end of April, compared to 2015 when it
was at the beginning of April. The timing of the holiday affects
Shufersal&#x2019;s sales and special offers in the second quarter of
2016, compared to last year. The Passover holiday in the second
quarter of 2016 had a greater effect on Shufersal&#x2019;s results
than in the corresponding quarter in 2015, therefore analysis of
the results for the first half of the year compared to the
corresponding period in 2015 better represents the changes between
the periods.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Effects of interest rate fluctuations</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Most of our U.S.
dollar-denominated debt accrues interest at a fixed rate. An
increase in interest rates will not necessary result in a
significant increase in our financial costs and may not materially
affect our financial condition or our results of
operations.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Effects of foreign currency fluctuations</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">A significant
portion of our financial debt is denominated in U.S. dollars.
Therefore, a depreciation or devaluation of the Argentine Peso
against the U.S. dollar would increase our indebtedness measured in
Pesos and materially affect our results of operations. Foreign
currency exchange rate fluctuations significantly increase the risk
of default on our mortgages and lease receivables. Foreign currency
exchange restrictions that may be imposed by the Argentine
Government could prevent or restrict our access to U.S. dollars,
affecting our ability to service our U.S. dollar-denominated
liabilities.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">During fiscal year
2016 and 2015 the Peso depreciated against the U.S. dollar and
other currencies by approximately 66% and 12%, respectively, which
caused an impact on the comparability of our results of operations
for the year ended June 30, 2016 to our results of operations for
the year ended June 30, 2015, primarily in our revenues from office
rentals and our net assets and liabilities denominated in foreign
currency. The devaluation affected assets and liabilities
denominated in foreign currency, and this effect is shown in the
line &#x201C;financial results, net&#x201D; of our income
statement.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As a result of the
devaluation of the Peso and the discontinuation of the official
exchange rate by the newly elected Argentine government that took
office in December 2015, the exchange rate was Ps.13.0400 per
US$1.00 on December&#xA0;31, 2015 and Ps.15.5100 per US$1.00 on
September 30, 2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">During fiscal year
2016 and 2015, the Israeli New Shekel depreciated against the U.S.
dollar and other currencies by approximately 2.2% and 10%,
respectively, which caused an impact on the comparability of our
results of IDBD&#xB4;s operations for the year ended June 30, 2016
to IDBD&#xB4;s results of operations for the year ended June 30,
2015.&#xA0;&#xA0;As of June 30 2016, the offer exchange rate for
June 30, 2016 was NIS 3.8575=U.S.$1.00, and NIS 3.7464 per US$1.00
on September 30, 2016.&#xA0;&#xA0;According to information
published in the Monetary Policy Report in July 2016 by the Bank of
Israel, various models of the equilibrium exchange rate indicate
that the Shekel could be overvalued.&#xA0;&#xA0;For more
information about the exchange rates, see &#x201C;Local Exchange
Market and Exchange Rates.&#x201D;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Factors
Affecting Comparability of our Results</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Business Segment Reporting</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">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 CODM.
According to IFRS 8, the CODM represents a function whereby
strategic decisions are made and resources are assigned. The CODM
function is carried out by the President of the Company, Mr.
Eduardo S. Elsztain. In addition, and due to the acquisition of
IDBD, two responsibility levels have been established for resource
allocation and assessment of results of the two operations centers,
through executive committees in Argentina and Israel.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Following its
acquisition of control of IDBD, the Company reports its financial
and equity performance based on the new segment structure for the
year-end 2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Segment information
is now reported from two perspectives: geographic presence and
products and services. From the geographic point of view, the
Company has established two Operations Centers to manage its global
interests: Argentina and Israel. Within each operations center, the
Company considers separately the various activities being
developed, which represent reporting operating segments given the
nature of its products, services, operations and risks. Management
believes the operating segment clustering in each operations center
reflects similar economic characteristics in each region, as well
as similar products and services offered, types of clients and
regulatory environments.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">115</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Below is the
segment information prepared as follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
<font style="text-decoration: underline">Operations center in
Argentina</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Within this center,
the Company operates in the following segments:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">The <font style="font-weight: bold">&#x201C;Shopping Centers&#x201D;</font> segment
includes the assets and operating results of the activity of
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 Company.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">The <font style="font-weight: bold">&#x201C;Offices and others&#x201D;</font> segment
includes the assets and operating results from lease revenues of
offices and others rental space and other service revenues related
to the office activities.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">The <font style="font-weight: bold">&#x201C;Sales and Developments&#x201D;</font>
segment includes the assets and operating results of the sales of
undeveloped parcels of land and/or trading properties, as the
results related with its development and maintenance. 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></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">The <font style="font-weight: bold">&#x201C;Hotels&#x201D;</font> segment includes
the operating results of hotels mainly comprised of room, catering
and restaurant revenues.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">The <font style="font-weight: bold">&#x201C;International&#x201D;</font> segment
includes assets and operating profit or loss from business related
to associates Condor and Lipstick. Through these associates, the
Company derives revenue from hotels and an office building in
United States, respectively. Until September 30, 2014, this segment
included revenue from a subsidiary that owned the building located
at 183 Madison Ave in New York, United States, which was sold on
September 29, 2014. Additionally, until October 11, 2015, this
international segment only included results from the investment in
IDBD carried at fair value.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">The <font style="font-weight: bold">&#x201C;Financial operations and
others&#x201D;</font> segment primarily includes the financial
activities carried out by BHSA and Tarshop and other residual
financial operations.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The CODM
periodically reviews the results and certain asset categories and
assesses performance of operating segments of this operations
center based on a measure of profit or loss of the segment composed
by the operating income plus the equity in earnings of joint
ventures and associates. The valuation criteria used in preparing
this information are consistent with IFRS standards used for the
preparation of the Audited Consolidated Financial Statements,
except for the following:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Operating results
from joint ventures: Cyrsa, NPSF, Puerto Retiro, Baicom and Quality
are evaluated by the CODM applying proportional consolidation
method. Under this method the income/loss generated and assets, are
reported in the income statement line-by-line based on the
percentage held in joint ventures rather than in a single item as
required by IFRS. Management believes that the proportional
consolidation method provides more useful information to understand
the business return. Moreover, operating results of 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
LRSA.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Operating results
from the Shopping Centers and Offices segments do not include
amounts attributable to building arrangement expenses and
collective promotion funds (&#x201C;FPC&#x201D;, as per its Spanish
acronym) as well as total recovered costs, whether by way of
expenses or other concepts included under financial results (for
example default interest and other concepts). The CODM examines the
net amount from these items (total surplus or deficit between
building administration expenses and FPC and recoverable
expenses).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The asset
categories examined by the CODM are: investment properties,
property, plant and equipment, trading properties, inventories,
right to receive future units under barter agreements, investment
in associates and goodwill. The sum of these assets, classified by
business segment, is reported under &#x201C;assets by
segment&#x201D;. Assets are allocated to each segment based on the
operations and/or their physical location.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Within the
operations center in Argentina, most revenue from its operating
segments is derived from, and their assets are located in,
Argentina, except for earnings of associates included in the
&#x201C;International&#x201D; segment located in United
States.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Revenues for each
reporting segments derive from a large and diverse client base and,
therefore, there is no revenue concentration in any particular
segment.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">116</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
<font style="text-decoration: underline">Operations center in
Israel</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Within this center,
the Company operates in the following segments:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">The <font style="font-weight: bold">&#x201C;Real Estate&#x201D;</font> segment
includes assets and operating income derived from business related
to the subsidiary PBC. Through PBC, we operate rental properties
and residential properties in Israel, United States and other parts
of the world and carries out commercial projects in Las
Vegas.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">The <font style="font-weight: bold">&#x201C;Supermarkets&#x201D;</font> segment
includes assets and operating income derived from the business of
Shufersal which operates a supermarket chain in
Israel.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">The <font style="font-weight: bold">&#x201C;Agrochemicals&#x201D;</font> segment
includes income derived from the activities of Adama which is
accounted for as an associate using the equity method of accounting
Adama is specialized in agrochemicals, particularly for the
production of crops for consumption.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">The <font style="font-weight: bold">&#x201C;Telecommunications&#x201D;</font> segment
includes assets and operating income from the business of Cellcom
which is telecommunication service provider that offers mobile
phone services, fixed line phone services, data and Internet, among
others.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">The <font style="font-weight: bold">&#x201C;Insurance&#x201D;</font> segment includes
the operations of Clal which is one of the most important insurance
groups in Israel, and is mainly engaged in pension and social
security insurance, among others. As indicated in Note 16 to our
Audited Consolidated Financial Statements, 51% of the controlling
shares of Clal are held in trust as specified in a judicial order
of the Israel Securities Commission in order to comply with the
requirement that the controlling shares of Clal be offered for sale
to a third party; as a result, the Company is not fully
consolidated on a line-by-line basis but rather in a single line as
a financial instrument at fair value, as required by
IFRS.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">The <font style="font-weight: bold">&#x201C;Others&#x201D;</font> segment includes
the assets and income derived from other diverse business
activities, such as technological developments, tourism, oil and
gas assets, electronics, and others.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The CODM
periodically reviews the results and certain asset categories and
assesses performance of operating segments of this operations
center based on a measure of profit or loss of the segment composed
by the operating income plus the equity in earnings of joint
ventures and associates. The valuation criteria used in preparing
this information are consistent with IFRS standards used for the
preparation of the Audited Consolidated Financial
Statements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As indicated under
Note 2 of our Audited Consolidated Financial Statements, the
Company decided to consolidate income derived from its operations
center in Israel with a three month lag, as adjusted for the
effects of significant transactions; hence, operating results of
IDBD for the period extending from October 11, 2015 (the date of
acquisition of control) through March 31, 2016, are included under
comprehensive income of the Company for the fiscal year ended June
30, 2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Furthermore,
comparative information has not been modified for as of that date
the Company did not exercise control over IDBD. The assessment of
this investment was part of the international segment of the
operations center in Argentina.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Goods and services
exchanged between segments are calculated on the basis of market
prices. Intercompany transactions between segments, if any, are
eliminated.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Business segments
involving the operations center in Argentina where assets are
reported under the proportional consolidation method, each reported
asset includes the proportional share of the Company in the same
class of assets of the associates and/or joint ventures. Only as an
example, the amount of investment properties reported includes (i)
the balance of investment properties as stated in the statement of
financial position, plus (ii) the Company&#x2019;s share in the
balances of investment properties of joint ventures.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Within the
operations center in Israel, most revenue from its operating
segments are derived from, and their assets are located in, Israel,
except for part of earnings from the Real Estate segment, which are
generated from activities outside Israel, mainly in United
States.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">117</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Business
Segment Reporting</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
<font style="text-decoration: underline">Operations Center in
Argentina</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; margin: 0px auto 0px 0px; width: 100%; font-size: 13px; font-family: Times New Roman; padding-top: 0px; padding-bottom: 0px;">
<tr>
<td style="width: 10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="11" style="width: 90%; border-bottom: 4px double black;">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Fiscal
Year ended June 30, 2016</font></div>
</td>
</tr><tr>
<td style="width: 10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black;">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Shopping
Centers</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Offices</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">and
others</font></div>
</td>
<td colspan="2" style="width: 18%; border-bottom: 4px double black;">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Sales
and developments</font></div>
</td>
<td colspan="2" style="width: 15%; border-bottom: 4px double black;">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Hotels</font></div>
</td>
<td colspan="2" style="width: 16%; border-bottom: 4px double black;">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">International</font></div>
</td>
<td colspan="2" style="width: 15%; border-bottom: 4px double black;">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Financial
operations and others</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black;">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Urban Properties and Investment</font></div>
</td>
</tr><tr>
<td style="width: 10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="11" style="width: 90%;">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(in
millions of Ps.)</font></div>
</td>
</tr><tr>
<td style="width: 10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Revenues
(i)</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,406</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">340</font></div>
</td>
<td colspan="2" style="width: 18%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8</font></div>
</td>
<td colspan="2" style="width: 15%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">534</font></div>
</td>
<td colspan="2" style="width: 16%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 15%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 7%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,289</font></div>
</td>
</tr><tr>
<td style="width: 10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Costs</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(402)</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(51)</font></div>
</td>
<td colspan="2" style="width: 18%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(20)</font></div>
</td>
<td colspan="2" style="width: 15%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(361)</font></div>
</td>
<td colspan="2" style="width: 16%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 15%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(834)</font></div>
</td>
</tr><tr>
<td style="width: 10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Gross
Profit/ (loss)</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,004</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">289</font></div>
</td>
<td colspan="2" style="width: 18%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(12)</font></div>
</td>
<td colspan="2" style="width: 15%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">173</font></div>
</td>
<td colspan="2" style="width: 16%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 15%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,455</font></div>
</td>
</tr><tr>
<td style="width: 10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Gain from disposal
of investment properties</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 18%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,068</font></div>
</td>
<td colspan="2" style="width: 15%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 16%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 15%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,068</font></div>
</td>
</tr><tr>
<td style="width: 10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">General and
administrative expenses</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(179)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(50)</font></div>
</td>
<td colspan="2" style="width: 18%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(131)</font></div>
</td>
<td colspan="2" style="width: 15%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(103)</font></div>
</td>
<td colspan="2" style="width: 16%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(91)</font></div>
</td>
<td colspan="2" style="width: 15%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(554)</font></div>
</td>
</tr><tr>
<td style="width: 10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Selling
expenses</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(145)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(12)</font></div>
</td>
<td colspan="2" style="width: 18%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(36)</font></div>
</td>
<td colspan="2" style="width: 15%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(69)</font></div>
</td>
<td colspan="2" style="width: 16%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 15%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
<td style="width: 7%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(264)</font></div>
</td>
</tr><tr>
<td style="width: 10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other operating
results, net</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(42)</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(6)</font></div>
</td>
<td colspan="2" style="width: 18%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(8)</font></div>
</td>
<td colspan="2" style="width: 15%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
<td colspan="2" style="width: 16%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">88</font></div>
</td>
<td colspan="2" style="width: 15%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">31</font></div>
</td>
</tr><tr>
<td style="width: 10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Profit
/ (loss) from operations</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,638</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">221</font></div>
</td>
<td colspan="2" style="width: 18%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">881</font></div>
</td>
<td colspan="2" style="width: 15%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td colspan="2" style="width: 16%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(3)</font></div>
</td>
<td colspan="2" style="width: 15%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,736</font></div>
</td>
</tr><tr>
<td style="width: 10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Share of profit /
(loss) of associates and joint ventures</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14</font></div>
</td>
<td colspan="2" style="width: 18%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5</font></div>
</td>
<td colspan="2" style="width: 15%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 16%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(151)</font></div>
</td>
<td colspan="2" style="width: 15%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">231</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">99</font></div>
</td>
</tr><tr>
<td style="width: 10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Segment
Profit / (loss)</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,638</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">235</font></div>
</td>
<td colspan="2" style="width: 18%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">886</font></div>
</td>
<td colspan="2" style="width: 15%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td colspan="2" style="width: 16%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(154)</font></div>
</td>
<td colspan="2" style="width: 15%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">231</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,835</font></div>
</td>
</tr><tr>
<td style="width: 10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Investment
properties</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,262</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">853</font></div>
</td>
<td colspan="2" style="width: 18%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">335</font></div>
</td>
<td colspan="2" style="width: 15%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 16%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 15%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,450</font></div>
</td>
</tr><tr>
<td style="width: 10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Property, plant and
equipment</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">49</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">23</font></div>
</td>
<td colspan="2" style="width: 18%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
<td colspan="2" style="width: 15%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">156</font></div>
</td>
<td colspan="2" style="width: 16%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
<td colspan="2" style="width: 15%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">232</font></div>
</td>
</tr><tr>
<td style="width: 10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Trading
properties</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 18%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">252</font></div>
</td>
<td colspan="2" style="width: 15%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 16%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 15%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">252</font></div>
</td>
</tr><tr>
<td style="width: 10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Goodwill</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
<td colspan="2" style="width: 18%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 15%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 16%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 15%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11</font></div>
</td>
</tr><tr>
<td style="width: 10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Right to receive
future units under barter agreements</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 18%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">90</font></div>
</td>
<td colspan="2" style="width: 15%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 16%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 15%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">90</font></div>
</td>
</tr><tr>
<td style="width: 10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Inventories</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">19</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 18%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td colspan="2" style="width: 15%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8</font></div>
</td>
<td colspan="2" style="width: 16%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 15%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">28</font></div>
</td>
</tr><tr>
<td style="width: 10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Investments in
associates and joint ventures</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="1" style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold">31</font><br></div>
</td>
<td colspan="1" style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="width: 9%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold">62</font><br></div>
</td>
<td colspan="1" style="width: 6%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold">&#xA0;</font></div>
</td>
<td colspan="1" style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold">-</font><br></div>
</td>
<td colspan="1" style="width: 8%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="width: 8%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold">(832)</font><br></div>
</td>
<td colspan="1" style="width: 7%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,703</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">964</font></div>
</td>
</tr><tr>
<td style="width: 10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operating
assets (ii)</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,337</font></div>
</td>
<td colspan="1" style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold">911</font><br></div>
</td>
<td colspan="1" style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="width: 9%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold">742</font><br></div>
</td>
<td colspan="1" style="width: 6%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>164<br></font></div>
</td>
<td colspan="1" style="width: 8%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><br>
</font></div>
</td>
<td colspan="1" style="width: 8%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold">(830)</font><br></div>
</td>
<td colspan="1" style="width: 7%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,703</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">5,027</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">_____________</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(i)&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">From all the
revenues corresponding to the Operations Center in Argentina, the
100% are originated mainly in Argentina. No external client
represents 10% or more of revenue of any of the reportable
segments.</font></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(ii)&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">From all of the
assets corresponding to the Operations Center in Argentina included
in the segment, Ps.5,701 million are located in Argentina and
Ps.(674) million in other countries, principally in United States
for Ps.(832) million and Uruguay for Ps.158 million,
respectively.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">118</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; margin: 0px auto 0px 0px; width: 100%; font-size: 13px; font-family: Times New Roman; padding-top: 0px; padding-bottom: 0px;">
<tr>
<td style="width: 7%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="11" style="width: 94%; border-bottom: 4px double black;">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Fiscal
Year ended June 30, 2015</font></div>
</td>
</tr><tr>
<td style="width: 7%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black;">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Shopping
Centers</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Offices</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">and
others</font></div>
</td>
<td colspan="2" style="width: 18%; border-bottom: 4px double black;">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Sales
and developments</font></div>
</td>
<td colspan="2" style="width: 16%; border-bottom: 4px double black;">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Hotels</font></div>
</td>
<td colspan="2" style="width: 14%; border-bottom: 4px double black;">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">International</font></div>
</td>
<td colspan="2" style="width: 20%; border-bottom: 4px double black;">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Financial
operations and others</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black;">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Urban Properties and Investment</font></div>
</td>
</tr><tr>
<td style="width: 7%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="11" style="width: 94%;">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(in
millions of Ps.)</font></div>
</td>
</tr><tr>
<td style="width: 7%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Revenues
(i)</font></div>
</td>
<td style="width: 7%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,778</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">333</font></div>
</td>
<td colspan="2" style="width: 18%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">15</font></div>
</td>
<td colspan="2" style="width: 16%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">396</font></div>
</td>
<td colspan="2" style="width: 14%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">26</font></div>
</td>
<td colspan="2" style="width: 20%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,548</font></div>
</td>
</tr><tr>
<td style="width: 7%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Costs</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(290)</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(34)</font></div>
</td>
<td colspan="2" style="width: 18%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(19)</font></div>
</td>
<td colspan="2" style="width: 16%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(278)</font></div>
</td>
<td colspan="2" style="width: 14%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(7)</font></div>
</td>
<td colspan="2" style="width: 20%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(628)</font></div>
</td>
</tr><tr>
<td style="width: 7%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Gross
Profit</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,488</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">299</font></div>
</td>
<td colspan="2" style="width: 18%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(4)</font></div>
</td>
<td colspan="2" style="width: 16%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">118</font></div>
</td>
<td colspan="2" style="width: 14%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">19</font></div>
</td>
<td colspan="2" style="width: 20%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,920</font></div>
</td>
</tr><tr>
<td style="width: 7%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Gain from disposal
of investment properties</font></div>
</td>
<td style="width: 7%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 18%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,163</font></div>
</td>
<td colspan="2" style="width: 16%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 14%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 20%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,163</font></div>
</td>
</tr><tr>
<td style="width: 7%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">General and
administrative expenses</font></div>
</td>
<td style="width: 7%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(136)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(58)</font></div>
</td>
<td colspan="2" style="width: 18%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(50)</font></div>
</td>
<td colspan="2" style="width: 16%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(78)</font></div>
</td>
<td colspan="2" style="width: 14%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(56)</font></div>
</td>
<td colspan="2" style="width: 20%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(378)</font></div>
</td>
</tr><tr>
<td style="width: 7%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Selling
expenses</font></div>
</td>
<td style="width: 7%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(113)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(22)</font></div>
</td>
<td colspan="2" style="width: 18%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(9)</font></div>
</td>
<td colspan="2" style="width: 16%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(52)</font></div>
</td>
<td colspan="2" style="width: 14%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 20%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(196)</font></div>
</td>
</tr><tr>
<td style="width: 7%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other operating
results, net</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(49)</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(117)</font></div>
</td>
<td colspan="2" style="width: 18%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">13</font></div>
</td>
<td colspan="2" style="width: 16%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 14%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">183</font></div>
</td>
<td colspan="2" style="width: 20%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">28</font></div>
</td>
</tr><tr>
<td style="width: 7%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Profit
/ (loss) from operations</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,190</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">102</font></div>
</td>
<td colspan="2" style="width: 18%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,113</font></div>
</td>
<td colspan="2" style="width: 16%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(12)</font></div>
</td>
<td colspan="2" style="width: 14%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">146</font></div>
</td>
<td colspan="2" style="width: 20%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,537</font></div>
</td>
</tr><tr>
<td style="width: 7%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Share of profit /
(loss) of associates and joint ventures</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(3)</font></div>
</td>
<td colspan="2" style="width: 18%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td colspan="2" style="width: 16%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td colspan="2" style="width: 14%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,189)</font></div>
</td>
<td colspan="2" style="width: 20%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">155</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,035)</font></div>
</td>
</tr><tr>
<td style="width: 7%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Segment
Profit / (loss)</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,190</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">99</font></div>
</td>
<td colspan="2" style="width: 18%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,114</font></div>
</td>
<td colspan="2" style="width: 16%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(11)</font></div>
</td>
<td colspan="2" style="width: 14%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1,043)</font></div>
</td>
<td colspan="2" style="width: 20%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">153</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,502</font></div>
</td>
</tr><tr>
<td style="width: 7%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Investment
properties</font></div>
</td>
<td style="width: 7%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,300</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">939</font></div>
</td>
<td colspan="2" style="width: 18%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">339</font></div>
</td>
<td colspan="2" style="width: 16%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 14%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 20%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,578</font></div>
</td>
</tr><tr>
<td style="width: 7%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Property, plant and
equipment</font></div>
</td>
<td style="width: 7%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">48</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">28</font></div>
</td>
<td colspan="2" style="width: 18%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td colspan="2" style="width: 16%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">165</font></div>
</td>
<td colspan="2" style="width: 14%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td colspan="2" style="width: 20%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">243</font></div>
</td>
</tr><tr>
<td style="width: 7%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Trading
properties</font></div>
</td>
<td style="width: 7%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 18%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">135</font></div>
</td>
<td colspan="2" style="width: 16%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 14%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 20%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">135</font></div>
</td>
</tr><tr>
<td style="width: 7%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Goodwill</font></div>
</td>
<td style="width: 7%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
<td colspan="2" style="width: 18%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 16%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 14%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 20%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11</font></div>
</td>
</tr><tr>
<td style="width: 7%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Right to receive
future units under barter agreements</font></div>
</td>
<td style="width: 7%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 18%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">90</font></div>
</td>
<td colspan="2" style="width: 16%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 14%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 20%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">90</font></div>
</td>
</tr><tr>
<td style="width: 7%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Inventories</font></div>
</td>
<td style="width: 7%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">16</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 18%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 16%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7</font></div>
</td>
<td colspan="2" style="width: 14%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 20%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">23</font></div>
</td>
</tr><tr>
<td style="width: 7%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Investments in
associates and joint ventures</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="1" style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>21<br></font></div>
</td>
<td colspan="2" style="border-bottom: 4px double black; width: 18%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">47</font></font><br></div>
</td>
<td colspan="1" style="width: 9%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="width: 7%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold">-</font><br></div>
</td>
<td colspan="1" style="width: 7%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="width: 7%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold">911</font><br></div>
</td>
<td colspan="1" style="width: 10%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,404</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,383</font></div>
</td>
</tr><tr>
<td style="width: 7%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operating
assets (ii)</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,371</font></div>
</td>
<td colspan="1" style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold">992</font><br></div>
</td>
<td colspan="1" style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="width: 9%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold">612</font><br></div>
</td>
<td colspan="1" style="width: 9%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="width: 7%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold">172</font><br></div>
</td>
<td colspan="1" style="width: 7%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="width: 7%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold">912</font><br></div>
</td>
<td colspan="1" style="width: 10%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><br>
</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,404</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">6,463</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">_____________</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(i)&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">From all revenues
corresponding to the Operations Center in Argentina Ps.2,522
million are generated in Argentina and Ps.26 million in the United
States. No external client represents 10% or more of revenue of any
of the reportable segments.</font></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(ii)&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">From all assets
corresponding to the Operations Center in Argentina included in the
segment, Ps.5,445 million are located in Argentina and Ps.1,639
million in other countries, principally in United States for
Ps.1,533 million and Uruguay for Ps.106 million,
respectively.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">119</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="7" style="width: 94%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Fiscal
Year ended June 30, 2014</font></div>
</td>
</tr><tr>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Shopping
Centers</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Offices
and others</font></div>
</td>
<td style="width: 17%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Sales
and developments</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Hotels</font></div>
</td>
<td style="width: 13%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">International</font></div>
</td>
<td style="width: 17%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Financial
operations and others</font></div>
</td>
<td style="width: 16%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Urban Properties and Investment</font></div>
</td>
</tr><tr>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="7" style="width: 94%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(in
million of Ps.)</font></div>
</td>
</tr><tr>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Revenues
(i)</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,383</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">271</font></div>
</td>
<td style="width: 17%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">85</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">332</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">84</font></div>
</td>
<td style="width: 17%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 16%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,156</font></div>
</td>
</tr><tr>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Costs</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(293)</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(43)</font></div>
</td>
<td style="width: 17%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(33)</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(216)</font></div>
</td>
<td style="width: 13%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(54)</font></div>
</td>
<td style="width: 17%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 16%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(639)</font></div>
</td>
</tr><tr>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Gross
Profit</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,090</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">228</font></div>
</td>
<td style="width: 17%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">52</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">116</font></div>
</td>
<td style="width: 13%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">30</font></div>
</td>
<td style="width: 17%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 16%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,517</font></div>
</td>
</tr><tr>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Gain from disposal
of investment property</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 17%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">236</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 17%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 16%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">236</font></div>
</td>
</tr><tr>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">General and
administrative expenses</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(102)</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(42)</font></div>
</td>
<td style="width: 17%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(37)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(60)</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(59)</font></div>
</td>
<td style="width: 17%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 16%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(300)</font></div>
</td>
</tr><tr>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Selling
expenses</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(73)</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(21)</font></div>
</td>
<td style="width: 17%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(14)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(42)</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 17%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 16%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(150)</font></div>
</td>
</tr><tr>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other operating
results, net</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(47)</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(3)</font></div>
</td>
<td style="width: 17%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(3)</font></div>
</td>
<td style="width: 13%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td style="width: 17%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(3)</font></div>
</td>
<td style="width: 16%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(49)</font></div>
</td>
</tr><tr>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Profit
/ (loss) from operations</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">868</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">162</font></div>
</td>
<td style="width: 17%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">245</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">11</font></div>
</td>
<td style="width: 13%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(30)</font></div>
</td>
<td style="width: 17%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
<td style="width: 16%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,254</font></div>
</td>
</tr><tr>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Share of profit /
(loss) of associates and joint ventures</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td style="width: 17%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 13%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(616)</font></div>
</td>
<td style="width: 17%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">170</font></div>
</td>
<td style="width: 16%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(440)</font></div>
</td>
</tr><tr>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Segment
Profit / (loss)</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">868</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">161</font></div>
</td>
<td style="width: 17%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">251</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">12</font></div>
</td>
<td style="width: 13%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(646)</font></div>
</td>
<td style="width: 17%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">168</font></div>
</td>
<td style="width: 16%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">814</font></div>
</td>
</tr><tr>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Investment
properties</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,253</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">784</font></div>
</td>
<td style="width: 17%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">370</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 17%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 16%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,407</font></div>
</td>
</tr><tr>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Property, plant and
equipment</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">20</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">30</font></div>
</td>
<td style="width: 17%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">164</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
<td style="width: 17%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 16%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">220</font></div>
</td>
</tr><tr>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Trading
properties</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 17%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">141</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 17%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 16%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">141</font></div>
</td>
</tr><tr>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Goodwill</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9</font></div>
</td>
<td style="width: 17%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 17%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 16%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11</font></div>
</td>
</tr><tr>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Right to receive
future units under barter agreements</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 17%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">85</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 17%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 16%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">85</font></div>
</td>
</tr><tr>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Assets classified
as held for sale (iii)</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 17%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,358</font></div>
</td>
<td style="width: 17%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 16%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,358</font></div>
</td>
</tr><tr>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Inventories</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 17%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 17%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 16%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">18</font></div>
</td>
</tr><tr>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Investments in
associates and joint ventures</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">23</font></div>
</td>
<td style="width: 17%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">38</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">22</font></div>
</td>
<td style="width: 13%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">629</font></div>
</td>
<td style="width: 17%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,255</font></div>
</td>
<td style="width: 16%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,967</font></div>
</td>
</tr><tr>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operating
assets (ii)</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,286</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">846</font></div>
</td>
<td style="width: 17%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">639</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">192</font></div>
</td>
<td style="width: 13%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,989</font></div>
</td>
<td style="width: 17%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,255</font></div>
</td>
<td style="width: 16%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">7,207</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">_____________</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(i)</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">From all revenues
corresponding to the Operations Center in Argentina Ps.2,072
million are generated in Argentina and Ps.84 million in the United
States. No external client represents 10% or more of revenue of any
of the reportable segments.</font></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">(ii)</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">From all of the
assets corresponding to the Operations Center in Argentina included
in the segment, Ps.5,108 million are located in Argentina and
Ps.2,099 million in other countries, principally in United States
for Ps.1,988 million and Uruguay for Ps.111 million,
respectively.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">120</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
<font style="text-decoration: underline">Operations Center in
Israel</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="13" style="width: 81%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30, 2016</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Real
Estate</font></div>
</td>
<td style="width: 3%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Supermarkets</font></div>
</td>
<td style="width: 3%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Agrochemicals</font></div>
</td>
<td style="width: 2%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Telecommunications</font></div>
</td>
<td style="width: 2%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Insurances</font></div>
</td>
<td style="width: 2%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Others</font></div>
</td>
<td style="width: 2%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="13" style="width: 81%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(in
millions of Ps.)</font></div>
</div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Revenues
(i)</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,538</font></div>
</div>
</td>
<td style="width: 3%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">18,610</font></div>
</div>
</td>
<td style="width: 3%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6,655</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,426</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">28,229</font></div>
</div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Costs</font></div>
</td>
<td style="width: 13%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(837)</font></div>
</div>
</td>
<td style="width: 3%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(13,925)</font></div>
</div>
</td>
<td style="width: 3%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(4,525)</font></div>
</div>
</td>
<td style="width: 2%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,194)</font></div>
</div>
</td>
<td style="width: 2%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(20,481)</font></div>
</div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Gross
profit</font></div>
</td>
<td style="width: 13%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">701</font></div>
</div>
</td>
<td style="width: 3%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">4,685</font></div>
</div>
</td>
<td style="width: 3%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,130</font></div>
</div>
</td>
<td style="width: 2%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">232</font></div>
</div>
</td>
<td style="width: 2%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">7,748</font></div>
</div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Gain from disposal
of investment properties</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">45</font></div>
</div>
</td>
<td style="width: 3%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 3%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">45</font></div>
</div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">General and
administrative expenses</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(100)</font></div>
</div>
</td>
<td style="width: 3%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(203)</font></div>
</div>
</td>
<td style="width: 3%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(708)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(376)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,387)</font></div>
</div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Selling
expenses</font></div>
</td>
<td style="width: 13%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(29)</font></div>
</div>
</td>
<td style="width: 3%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(4,058)</font></div>
</div>
</td>
<td style="width: 3%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,493)</font></div>
</div>
</td>
<td style="width: 2%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(106)</font></div>
</div>
</td>
<td style="width: 2%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(5,686)</font></div>
</div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Profit
/ (Loss) from operations</font></div>
</td>
<td style="width: 13%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">617</font></div>
</div>
</td>
<td style="width: 3%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">424</font></div>
</div>
</td>
<td style="width: 3%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(71)</font></div>
</div>
</td>
<td style="width: 2%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(250)</font></div>
</div>
</td>
<td style="width: 2%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">720</font></div>
</div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Share of profit /
(loss) of joint ventures and associates</font></div>
</td>
<td style="width: 13%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">97</font></div>
</div>
</td>
<td style="width: 3%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 3%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">334</font></div>
</div>
</td>
<td style="width: 2%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(93)</font></div>
</div>
</td>
<td style="width: 2%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">338</font></div>
</div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Segment
profit / (loss)</font></div>
</td>
<td style="width: 13%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">714</font></div>
</div>
</td>
<td style="width: 3%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">424</font></div>
</div>
</td>
<td style="width: 3%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">334</font></div>
</div>
</td>
<td style="width: 2%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(71)</font></div>
</div>
</td>
<td style="width: 2%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(343)</font></div>
</div>
</td>
<td style="width: 2%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,058</font></div>
</div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Operating assets
(ii)</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">60,197</font></div>
</div>
</td>
<td style="width: 3%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">29,440</font></div>
</div>
</td>
<td style="width: 3%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">27,345</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,602</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">25,405</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">146,989</font></div>
</div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Operating
liabilities</font></div>
</td>
<td style="width: 13%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(49,452)</font></div>
</div>
</td>
<td style="width: 3%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(23,614)</font></div>
</div>
</td>
<td style="width: 3%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(21,657)</font></div>
</div>
</td>
<td style="width: 2%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(38,142)</font></div>
</div>
</td>
<td style="width: 2%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(132,865)</font></div>
</div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operating
assets (liabilities), net</font></div>
</td>
<td style="width: 13%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">10,745</font></div>
</div>
</td>
<td style="width: 3%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">5,826</font></div>
</div>
</td>
<td style="width: 3%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">5,688</font></div>
</div>
</td>
<td style="width: 2%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">4,602</font></div>
</div>
</td>
<td style="width: 2%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(12,737)</font></div>
</div>
</td>
<td style="width: 2%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">14,124</font></div>
</div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">121</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The following
tables present a reconciliation between the total results of
operations by segment information 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 from
operations center in Argentina accounted for under the equity
method under IFRS and the non-elimination of the inter-segment
transactions.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><br>
&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="width: 54%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Fiscal
Year ended June 30, 2016</font></div>
</td>
</tr><tr>
<td style="width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
as per segment information</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Adjustment
for share of profit / (loss)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">of
joint ventures</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Expenses</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">and
collective promotion funds</font></div>
</td>
<td style="width: 14%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Adjustment
to income for elimination of</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">inter-segment
transactions</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
as per Statement</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">of
income</font></div>
</td>
</tr><tr>
<td style="width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="width: 54%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(in
millions of Ps.)</font></div>
</td>
</tr><tr>
<td style="width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Revenues</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">31,518</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(29)</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,194</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(8)</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">32,675</font></div>
</td>
</tr><tr>
<td style="width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Costs</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(21,315)</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">17</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,207)</font></div>
</td>
<td style="width: 14%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(22,499)</font></div>
</td>
</tr><tr>
<td style="width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Gross
profit / (loss)</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">10,203</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(12)</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(13)</font></div>
</td>
<td style="width: 14%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">10,176</font></div>
</td>
</tr><tr>
<td style="width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 2px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Gain from disposal
of investment properties</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,113</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,113</font></div>
</td>
</tr><tr>
<td style="width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">General and
administrative expenses</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,941)</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,933)</font></div>
</td>
</tr><tr>
<td style="width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Selling
expenses</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(5,950)</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(5,948)</font></div>
</td>
</tr><tr>
<td style="width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: -4px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other operating
results, net</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">31</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 14%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(5)</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">24</font></div>
</td>
</tr><tr>
<td style="width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Profit
/ (loss) from operations</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3,456</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(11)</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(13)</font></div>
</td>
<td style="width: 14%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3,432</font></div>
</td>
</tr><tr>
<td style="width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 2px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Share of (loss) /
profit of joint ventures and associates</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">437</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">10</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 14%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">447</font></div>
</td>
</tr><tr>
<td style="width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Net
segment profit / (loss) before financing and taxation</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3,893</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(13)</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3,879</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="width: 54%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Fiscal
Year ended June 30, 2015</font></div>
</td>
</tr><tr>
<td style="width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
as per segment information</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Adjustment
for share of profit / (loss)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">of
joint ventures</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Expenses</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">and
collective promotion funds</font></div>
</td>
<td style="width: 14%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Adjustment
to income for elimination of</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">inter-segment
transactions</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
as per Statement</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">of
income</font></div>
</td>
</tr><tr>
<td style="width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="width: 54%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(in
millions of Ps.)</font></div>
</td>
</tr><tr>
<td style="width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 9px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Revenues</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,548</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(27)</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">887</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(5)</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,403</font></div>
</td>
</tr><tr>
<td style="width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 9px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Costs</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(628)</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(901)</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,511)</font></div>
</td>
</tr><tr>
<td style="width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 9px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Gross
profit / (loss)</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,920</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(13)</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(14)</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,892</font></div>
</td>
</tr><tr>
<td style="width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 9px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Gain from disposal
of investment properties</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,163</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,163</font></div>
</td>
</tr><tr>
<td style="width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 9px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">General and
administrative expenses</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(378)</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(374)</font></div>
</td>
</tr><tr>
<td style="width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 9px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Selling
expenses</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(196)</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(194)</font></div>
</td>
</tr><tr>
<td style="width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 9px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other operating
results, net</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">28</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">28</font></div>
</td>
</tr><tr>
<td style="width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 9px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Profit
/ (loss) from operations</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,537</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(8)</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(14)</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,515</font></div>
</td>
</tr><tr>
<td style="width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 9px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Share of (loss) /
profit of associates</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,035)</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">12</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,023)</font></div>
</td>
</tr><tr>
<td style="width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 9px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Net
segment profit / (loss) before financing and taxation</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,502</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(14)</font></div>
</td>
<td style="width: 14%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,492</font></div>
</td>
</tr><tr>
<td style="width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="width: 54%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Fiscal
Year ended June 30, 2014</font></div>
</td>
</tr><tr>
<td style="width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
as per segment information</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Adjustment
for share of profit / (loss)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">of
joint ventures</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Expenses</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">and
collective promotion funds</font></div>
</td>
<td style="width: 14%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Adjustment
to income for elimination of</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">inter-segment
transactions</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
as per Statement</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">of
income</font></div>
</td>
</tr><tr>
<td style="width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="width: 54%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(in
millions of Ps.)</font></div>
</td>
</tr><tr>
<td style="width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 9px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Revenues</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,156</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(41)</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">736</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(6)</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,845</font></div>
</td>
</tr><tr>
<td style="width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 9px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Costs</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(639)</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">24</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(744)</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,354)</font></div>
</td>
</tr><tr>
<td style="width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 9px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Gross
profit / (loss)</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,517</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(17)</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(8)</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,491</font></div>
</td>
</tr><tr>
<td style="width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 9px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Gain from disposal
of investment properties</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">236</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">236</font></div>
</td>
</tr><tr>
<td style="width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 9px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">General and
administrative expenses</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(300)</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(297)</font></div>
</td>
</tr><tr>
<td style="width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 9px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Selling
expenses</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(150)</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(146)</font></div>
</td>
</tr><tr>
<td style="width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 9px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other operating
results, net</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(49)</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 14%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(46)</font></div>
</td>
</tr><tr>
<td style="width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 9px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Profit
/ (loss) from operations</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,254</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(8)</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(8)</font></div>
</td>
<td style="width: 14%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,238</font></div>
</td>
</tr><tr>
<td style="width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 9px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Share of (loss) /
profit of associates</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(440)</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">26</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 14%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(414)</font></div>
</td>
</tr><tr>
<td style="width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 9px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Net
segment profit / (loss) before financing and taxation</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">814</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">18</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(8)</font></div>
</td>
<td style="width: 14%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">824</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">122</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The following
tables present a reconciliation between the total results of
operations as per segment information and the results of operations
as per the statements of income. The adjustments relate to the
presentation of the results of operations</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">of joint ventures
from operations center in Argentina accounted for under the equity
method under IFRS and the non-elimination of the inter-segment
transactions.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="7" style="width: 41%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
</td>
</tr><tr>
<td style="width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 23%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="width: 1%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="width: 1%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
</tr><tr>
<td style="width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operations
center in Argentina</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operations
center in Israel</font></div>
</td>
<td style="width: 6%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
<td style="width: 1%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operations
center in Argentina</font></div>
</td>
<td style="width: 1%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operations
Center in Argentina</font></div>
</td>
</tr><tr>
<td style="width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="7" style="width: 41%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(in
millions of Ps.)</font></div>
</td>
</tr><tr>
<td style="width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 2px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
assets per segment based on segment information</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">5,027</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">146,989</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">152,016</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">6,463</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">7,207</font></div>
</td>
</tr><tr>
<td style="width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 2px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Less:</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 2px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Proportionate share
in assets per segment of joint ventures<font style="vertical-align: super; font-size: 70%">(3)</font></font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(118)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(118)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(97)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(150)</font></div>
</td>
</tr><tr>
<td style="width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 2px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Plus:</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 2px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Investment in joint
ventures <font style="vertical-align: super; font-size: 70%">(1)</font></font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">203</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">203</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">169</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">294</font></div>
</td>
</tr><tr>
<td style="width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 2px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other
non-reportable assets<font style="vertical-align: super; font-size: 70%">(2)</font></font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6,899</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 6%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6,899</font></div>
</td>
<td style="width: 1%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,087</font></div>
</td>
<td style="width: 1%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,459</font></div>
</td>
</tr><tr>
<td style="width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 2px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
assets per segment as per statement of financial
position</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">12,011</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">146,989</font></div>
</td>
<td style="width: 6%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">159,000</font></div>
</td>
<td style="width: 1%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">9,622</font></div>
</td>
<td style="width: 1%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">9,810</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">__________________</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">(1)&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Represents the
equity value of joint ventures that were proportionately
consolidated for information by segment
purposes.</font></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(2)&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Includes deferred
income tax, income tax credit, trade and other receivables
investments in financial assets, cash and cash equivalents and
intangible assets except for goodwill and right to receive
units.</font></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(3)&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Below is a detail
of the proportionate share in assets by segment of joint ventures
of the operations center in Argentina, included in the information
reported by segment:</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="width: 27%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td colspan="2" style="width: 10%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="width: 27%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(in
millions of Ps.)</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Investment
properties</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">111</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">88</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">137</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Property, plant and
equipment</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Trading
properties</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">3</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">8</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Goodwill</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">5</font></div>
</td>
<td colspan="2" style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">5</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">5</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
proportionate share in assets per segment of joint
ventures</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">118</font></div>
</td>
<td colspan="2" style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">97</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">150</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 20%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 30%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30, 2016</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30, 2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30, 2014</font></div>
</td>
</tr><tr>
<td style="width: 20%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operations
center in Argentina</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operations
center in Israel</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operations
center in Argentina</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operations
center in Argentina</font></div>
</td>
</tr><tr>
<td style="width: 20%">
<div style="text-align: left; margin-left: 12px; margin-right: 2px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
liabilities per segment based on segment information</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">132,865</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">132,865</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 20%">
<div style="text-align: left; margin-left: 12px; margin-right: 2px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Plus/Less:</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 20%">
<div style="text-align: left; margin-left: 12px; margin-right: 2px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other
non-reportable liabilities</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">12,634</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">12,634</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7,364</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7,254</font></div>
</td>
</tr><tr>
<td style="width: 20%">
<div style="text-align: left; margin-left: 12px; margin-right: 2px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
liabilities per segment as per statement of financial
position</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">12,634</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">132,865</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">145,499</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">7,364</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">7,254</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Share
of profit/(loss) of joint ventures of Argentina&#x2019;s Operating
Center:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As stated in Note
2.3(e) to the Audited Consolidated Financial Statements as of June
30, 2016, 2015 and 2014 and for the fiscal years then ended, share
of profit/(loss) of joint ventures Cyrsa S.A., Puerto Retiro S.A.,
Baicom Networks S.A., Nuevo Puerto Santa Fe S.A., Quality Invest
S.A. and Entertainment Holding S.A., are presented by application
of the equity method in the line &#x201C;Shares of profit/(loss) of
associates and joint ventures&#x201D; in the consolidated statement
of income.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">However, as
indicated in Note 6 to the Audited Consolidated Financial
Statements as of June 30, 2016, 2015 and 2014 and for the years
then ended, in the business segment reporting, the operating
results of these joint ventures are presented by application of
proportionate consolidation. This method presents the results of
joint ventures in the income statement line by line. The operating
results of joint ventures are allocated to each business segment
based on the nature of the operations that give rise to them. In
addition, reporting contemplates certain transactions between
related parties that have been</font> <font style="font-size: 13px; font-family: Times New Roman">eliminated at the
level of the income statement but are, nonetheless, representative
of genuine revenues and/or costs of each segment. These
transactions include, mainly, leases of spaces and management
fees.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">123</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Comparability
of information:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">During the fiscal
year ended June 30, 2014, the Company made an investment in IDBD,
through Dolphin, initially acquiring an equity interest of 26.65%.
IDBD is one of the largest and most diversified business groups in
Israel. Through its subsidiaries and other investments in several
markets and sectors, such as real estate, retail, agribusiness,
insurance, and telecommunications, among others, IDBD has
controlling or minority interests in leading companies such as Clal
Holding Insurance Enterprises (Insurance Company), Cellcom, Adama,
Shufersal, and PBC among others.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On October 11,
2015, the Company obtained control of IDBD. In conformity with IFRS
3, IDBD&#x2019;s results of operations is included in the
Company&#x2019;s financial statements since the acquisition date,
without affecting the information from previous
years.&#xA0;&#xA0;See Note 4 to our Audited Consolidated Financial
Statements. Therefore, the consolidated financial information for
periods before the acquisition is not comparable to prior
periods.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In addition,
following the acquisition of IDBD, the Company established two
levels in charge of allocating resources and assessing performance
at the two operating centers, through executive committees based in
Argentina and Israel. Consequently, the Company reports its
financial performance on the basis of the new segment structure.
Comparative information was amended to reflect the new
organization, as applicable. The information by segment is now
disclosed from two perspectives: geographic location and products
and services. Geographically, the Company has established two
operating centers to handle its global interests, one in Argentina
and the other in Israel. The Company considers the activities
developed by each operating center separately, and such activities
are reportable operating segments on the basis of the nature of
their products, services, operations and risks. In
management&#x2019;s opinion, the operating segments are grouped so
as to reflect the similar economic features of each region, as well
as the similar products and services being offered, types of
clients and regulatory environments. For more information about our
acquisition of control of IDBD see &#x201C;Significant acquisitions,
dispositions and development of business -<font style="font-style: italic">&#xA0;</font>Control obtainment of IDB
Development&#x201D;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On the other hand,
during the fiscal years ended June 30, 2016, 2015 and 2014, the
Argentine Peso depreciated against the US dollar and other
currencies by approximately 66%, 12% and 51%, respectively, with
the ensuing impact on the comparability of the figures disclosed in
the Audited Consolidated Financial Statements, mainly as a result
of the foreign exchange exposure of our revenues and costs from the
&#x201C;Offices and Others&#x201D; segment and our assets and
liabilities (mainly those of the Operations Center in Israel)
denominated in foreign currency.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
<font style="text-decoration: underline">Operations Center in
Argentina</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Shopping
Centers</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
For the fiscal years ended June 30, 2016 and 2015</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">During fiscal year
2016 we maintained the same portfolio of operating shopping
centers.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As it concerns the
new shopping centers inaugurated in fiscal year 2015,
&#x201C;Distrito Arcos&#x201D; and &#x201C;Alto Comahue&#x201D;, the
periods during which operating income (loss) was recorded were
different in both years. Fiscal year 2016 includes 12 months of
operations of Distrito Arcos and Alto Comahue, while fiscal year
2015 includes six months and a half, and three months and a half of
operations, respectively. However, the income from these new
developments, both in the income statement and in the information
by segment, was not significant against the total figures of this
segment, for the indicated years. For this reason, there were no
material effects on the comparison of information.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
For the fiscal years ended June 30, 2015 and 2014</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">During fiscal year
2015, we inaugurated two new shopping centers: &#x201C;Distrito
Arcos,&#x201D; located in the area of Palermo, City of Buenos Aires,
in December 2014 and &#x201C;Alto Comahue,&#x201D; located in the
City of Neuqu&#xE9;n, Argentine Patagonian region, in March 2015.
Income from these new developments, both in the income statement
and the information by segment was not significant against the
total figures of this segment, for the indicated years. For this
reason, there were no significant effects on information
comparability.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">124</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Offices
and others</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
For the fiscal years ended June 30, 2016 and 2015</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">During fiscal years
ended June 30, 2016 and 2015, the comparability of revenues and
costs from the Offices and Others segment was affected by the
partial sale of rental property allocated to this segment. In this
regard, during fiscal years ended June 30, 2016 and 2015 the
Company sold several floors at the buildings Maip&#xFA; 1300,
Intercontinental Plaza, Bouchard 551 and Dique IV in its entirety
(a leasable area of 30,658 sqm, accounting for approximately 27% of
the total leasable area at the beginning of the year) and Isla
Sirgadero.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
For the fiscal years ended June 30, 2015 and 2014</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">During fiscal year
2015, the revenues and costs from our Offices and Others segment
saw their comparability affected by partial sales of properties
intended for lease allocated to that segment. In this respect,
during fiscal years 2015 and 2014, 10,792 sqm of leasable surface
area was sold (approximately 8.8% of total leasable area at the
beginning of the fiscal year), and 8,744 sqm of leasable surface
area (approximately 6.2% of total leasable area at the beginning of
the fiscal year), respectively.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Additionally, in
December 2014, the Company transferred 83,789 sqm of rental
buildings from IRSA Inversiones y Representaciones S.A. to IRSA
Propiedades Comerciales S.A. This transaction, though at the
consolidated level, did not have accounting effects because it was
a related party transaction, was considered a business combination,
and therefore, costs related to this transaction of Ps.110.5
million were recognized as income during fiscal year 2015 in
&#x201C;Other operating results, net&#x201D;.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Sales
and Developments</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Revenues and costs
from this segment often vary significantly from one fiscal year to
another due to the non-recurrence of different sales transactions
performed by the Company throughout the time.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Hotels</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
For the fiscal years ended June 30, 2016, 2015 and
2014</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">During these fiscal
years, there were no factors affecting comparability.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">International</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
For the fiscal years ended June 30, 2016 and 2015</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The most affected
line in terms of comparability was &#x201C;Share of profit / (loss)
of associates and joint ventures&#x201D; for, until October 11,
2015, the profit (loss) from the investment in IDBD at fair value
was reported within the International segment.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On the other hand,
the operating income (loss) from this segment was also affected,
but to a lesser extent, by the profits (losses) derived from the
Madison building, which was disposed of during fiscal year 2015. No
operation involving this building was accounted for during fiscal
year 2016 while operations with this building were included during
fiscal year 2015 until September 2014.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
For the fiscal years ended June 30, 2015 and 2014</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Revenues and costs
from the international segment were mainly affected by the only
3-month consolidation in fiscal 2015, compared to the 12-month
consolidation in fiscal 2014, of the results of Rigby 183 LLC
(&#x201C;Rigby 183&#x201D;), which owns the Madison 183 building,
located in the City of New York, that was sold on September 2014,
and to a lesser extent, by the effect of devaluation described
above.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Financial
Operations and Others</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
For the fiscal years ended June 30, 2016 and 2015</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">During fiscal year
2016, there were no factors affecting comparability, except for the
effect of the change in the valuation of our investment in Avenida
accounted for during the previous year. No operating income (loss)
was accounted for during 2016 in relation to this investment, as
compared to fiscal year 2015 when operating income (loss) was
recorded for the first three months of the year.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
For the fiscal years ended June 30, 2015 and 2014</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">During fiscal year
2015, the results of this segment were affected by different
transactions performed by the Company in relation to the investment
in Avenida, including the exercise of warrants, the dilution of
part of our interest in this <font style="font-family: Times New Roman; font-size: 13px">company in view of
the entry of a new investor and the sale of 5% of our shareholding.
As a result of all these transactions, as from the second quarter
of fiscal year 2015, we ceased to have significant influence on
Avenida and therefore, we ceased to recognize it as an investment
in an associate, accounted for under the equity method, and we
started to recognize it as a financial asset valued at fair value
through profit or loss, which are recognized in financial and
holding results, net and are excluded in the segment
reporting.</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">125</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Results
of operations for the fiscal years ended on June 30, 2016 and
2015</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">
Revenues</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; padding-top: 0px; padding-bottom: 0px; margin-left: auto; margin-right: auto; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td colspan="2" style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="8" style="width: 49%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Year
ended on June 30, 2015</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 28%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Revenues</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Income
statement</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Interest
in joint ventures</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Expenses
and Collective Promotion Fund</font></div>
</td>
<td colspan="2" style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Inter-segment
eliminations</font></div>
</td>
<td colspan="2" style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Segment-reporting</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="8" style="width: 49%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(in
millions of Ps.)</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operations
Center in Argentina</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Shopping
Centers</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,487</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">20</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,101)</font></div>
</td>
<td colspan="2" style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,406</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Offices and
Others</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">422</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(93)</font></div>
</td>
<td colspan="2" style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">340</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Sales and
Developments</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Hotels</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">533</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">534</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">International</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financial
Operations and Others</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 28%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Operations Center in Argentina</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">4,446</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">29</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1,194)</font></div>
</td>
<td colspan="2" style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">8</font></div>
</td>
<td colspan="2" style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3,289</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operations
Center in Israel</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Real
Estate</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,538</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,538</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Supermarkets</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">18,610</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">18,610</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Agrochemicals</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Telecommunications</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6,655</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6,655</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Insurance</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,426</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,426</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 28%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Operations Center in Israel</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">28,229</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">28,229</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 28%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Revenues</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">32,675</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">29</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1,194)</font></div>
</td>
<td colspan="2" style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">8</font></div>
</td>
<td colspan="2" style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">31,518</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operations
Center in Argentina</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 11%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Shopping
Centers</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,571</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">13</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(806)</font></div>
</td>
<td colspan="2" style="width: 11%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,778</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Offices and
Others</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">398</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(79)</font></div>
</td>
<td colspan="2" style="width: 11%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">333</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Sales and
Developments</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">10</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 11%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">15</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Hotels</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">396</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 11%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">396</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">International</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">28</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
<td colspan="2" style="width: 11%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">26</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financial
Operations and Others</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 11%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 28%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Revenues</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3,403</font></div>
</td>
<td colspan="2" style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">27</font></div>
</td>
<td colspan="2" style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(887)</font></div>
</td>
<td colspan="2" style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">5</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,548</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Revenues from
sales, leases and services, increased Ps.29,272 million, from
Ps.3,403 million during fiscal year 2015 to Ps.32,675 million
during fiscal year 2016 (Ps.28,229 million of which derive from the
Operations Center in Israel and Ps.4,446 million from the
Operations Center in Argentina). Without considering the revenues
from the Operations Center in Israel, revenues from sales, leases
and services increased by 30.6%.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Revenues from
common maintenance expenses and common advertising fund increased
by 34.6%, from Ps.887 million (of which Ps.806 million are
allocated to the Shopping Centers segment and Ps.79 million are
allocated to the Offices and Others segment within the Operations
Center in Argentina) during fiscal year 2015 to Ps.1,194 million
(of which Ps.1,101 million are allocated to the Shopping Centers
segment and Ps.93 million are allocated to the Offices and Others
segment) during fiscal year 2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Furthermore,
revenues from interests in our joint ventures increased 7.4%, from
Ps.27 million during fiscal year 2015 (of which Ps.13 million are
allocated to the Shopping Centers segment, Ps.9 million to the
Offices and Others segment, and Ps.5 million to the Sales and
Developments segment within the Operations Center in Argentina) to
Ps.29 million during fiscal year 2016 (of which Ps.20 million are
allocated to the Shopping Centers segment, Ps.4 million to the
Offices and Others segment, and Ps.5 million to the Sales and
Developments segment within the Operations Center in Argentina),
mainly as a result of increased revenues from our joint business
Nuevo Puerto Santa Fe S.A, and partially offset by a decline in
revenues from our joint business Quality Invest S.A.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Finally,
inter-segment revenues increased by 60%, from Ps.5 million during
fiscal year 2015 (allocated to the Offices and Others segment
within the Operations Center in Argentina) to Ps.8 million during
fiscal year 2016 (of which Ps.7 million</font> <font style="font-size: 13px; font-family: Times New Roman">are allocated to
the Offices and Others segment and Ps.1 million to the Hotels
segment within the Operations Center in Argentina).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">126</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Thus, according to
business segment reporting (taking into consideration the revenues
from our joint businesses and without considering the revenues from
common maintenance expenses and common advertising fund or
inter-segment revenues), revenues grew by Ps.28,970 million from
Ps.2,548 million during fiscal year 2015 to Ps.31,518 million
during fiscal year 2016 (of which Ps.28,229 million are derived
from the Operations Center in Israel and Ps.3,289 million are
derived from the Operations Center in Argentina). Without
considering the revenues from the Operations Center in Israel,
revenues, pursuant to business segment reporting, grew by
29.1%.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
<font style="text-decoration: underline">Operations Center in
Argentina</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Shopping Centers.</font> Revenues from the
Shopping Centers segment increased by 35.3%, from Ps.1,778 million
during fiscal year 2015 to Ps.2,406 million during fiscal year
2016. This increase was mainly attributable to: (i) a Ps.465
million increase in the revenues from base and percentage rents
stemming from a 34.4% increase in our tenants&#x2019; total sales,
from Ps.21,509 million during fiscal year 2015 to Ps.28,905 million
during fiscal year 2016, (ii) a Ps.52 million increase in revenues
from admission fees, (iii) a Ps.41 million increase in revenues
from parking lot, and (iv) a Ps.34 million increase in revenues
from commissions, among other items.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Offices and Others.</font> Revenues from the
Offices and Others segment rose by 2.1% from Ps.333 million during
fiscal year 2015 to Ps.340 million during fiscal year 2016. They
were affected by the partial sales of investment properties that
took place during fiscal year 2016 and caused a reduction in the
segment&#x2019;s total leasable surface area. Rental revenues,
considering properties that are similar for both fiscal years on
account of no reductions in their leasable area, rose by 34.0%,
from Ps.200 million during fiscal year ended June 30, 2015 to
Ps.268 million during fiscal year ended June 30, 2016, mainly due
to the depreciation of the Peso while rental revenues associated
with properties whose leasable area had sustained a reduction,
dropped by 49.5%, from Ps.111 million during fiscal year 2015 to
Ps.56 million during fiscal year 2016. At the end of fiscal year
2016, the average occupancy rate for the portfolio of premium
offices had been 97.7% and the average rental remained close to
US$27 per square meter.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Sales and Developments.</font> Revenues from
the Sales and Developments segment decreased by 46.7%, from Ps.15
million during fiscal year 2015 to Ps.8 million during fiscal year
2016. This reduction is mainly due to lower revenues from the sales
of units at Condominios I and II (Ps.7 million).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Hotels.</font> Revenues from our Hotels segment
rose by 34.8%, from Ps.396 million during fiscal year 2015 to
Ps.534 million during fiscal year 2016, primarily due to a 34.4%
increase in the average rate per room (measured in pesos) of our
hotel portfolio.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">International.</font> Revenues from the
International segment dropped by 100.0% as compared to the Ps.26
million accounted for in fiscal year 2015 due to the sale of the
Madison 183 building completed by the Company in fiscal year
2015.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Financial Operations and Others.</font>
Revenues from the Financial Operations and Others segment did not
experience significant changes during the reported
periods.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
<font style="text-decoration: underline">Operations Center in
Israel</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Real Estate.</font> During fiscal year 2016,
revenues from the Real Estate segment totaled Ps.1,538
million.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Supermarkets.</font> During fiscal year 2016,
revenues from the Supermarkets segment totaled Ps.18,610
million.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Telecommunications.</font> During fiscal year
2016, revenues from the Telecommunications segment totaled Ps.6,655
million.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Others.</font> During fiscal year 2016,
revenues from the Others segment totaled Ps.1,426
million.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">
Costs</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 29%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="width: 47%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Year
ended on June 30, 2016</font></div>
</td>
</tr><tr>
<td style="width: 29%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Costs</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Income
statement</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Interest
in joint ventures</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Expenses
and Collective Promotion Fund</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Inter-segment
eliminations</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Segment-reporting</font></div>
</td>
</tr><tr>
<td style="width: 29%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="width: 47%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(in
millions of Ps.)</font></div>
</td>
</tr><tr>
<td style="width: 29%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operations
Center in Argentina</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 29%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Shopping
Centers</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,505)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(4)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,113</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(6)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(402)</font></div>
</td>
</tr><tr>
<td style="width: 29%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Offices and
Others</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(137)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(8)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">94</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(51)</font></div>
</td>
</tr><tr>
<td style="width: 29%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Sales and
Developments</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(15)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(5)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(20)</font></div>
</td>
</tr><tr>
<td style="width: 29%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Hotels</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(361)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(361)</font></div>
</td>
</tr><tr>
<td style="width: 29%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">International</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 29%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financial
Operations and Others</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">127</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 29%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="width: 47%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Year
ended on June 30, 2016</font></div>
</td>
</tr><tr>
<td style="width: 29%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Costs</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Income
statement</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Interest
in joint ventures</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Expenses
and Collective Promotion Fund</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Inter-segment
eliminations</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Segment-reporting</font></div>
</td>
</tr><tr>
<td style="width: 29%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Operations Center in Argentina</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(2,018)</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(17)</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,207</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(6)</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(834)</font></div>
</td>
</tr><tr>
<td style="width: 29%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 29%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operations
Center in Israel</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 29%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Real
Estate</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(837)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(837)</font></div>
</td>
</tr><tr>
<td style="width: 29%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Supermarkets</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(13,925)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(13,925)</font></div>
</td>
</tr><tr>
<td style="width: 29%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Agrochemicals</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 29%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Telecommunications</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(4,525)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(4,525)</font></div>
</td>
</tr><tr>
<td style="width: 29%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Insurance</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 29%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,194)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,194)</font></div>
</td>
</tr><tr>
<td style="width: 29%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Operations Center in Israel</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(20,481)</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(20,481)</font></div>
</td>
</tr><tr>
<td style="width: 29%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Costs</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(22,499)</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(17)</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,207</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(6)</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(21,315)</font></div>
</td>
</tr><tr>
<td style="width: 29%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 29%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operations
Center in Argentina</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 29%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Shopping
Centers</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,102)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(4)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">820</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(4)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(290)</font></div>
</td>
</tr><tr>
<td style="width: 29%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Offices and
Others</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(108)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(5)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">79</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(34)</font></div>
</td>
</tr><tr>
<td style="width: 29%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Sales and
Developments</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(14)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(5)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(19)</font></div>
</td>
</tr><tr>
<td style="width: 29%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Hotels</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(278)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(278)</font></div>
</td>
</tr><tr>
<td style="width: 29%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">International</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(9)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(7)</font></div>
</td>
</tr><tr>
<td style="width: 29%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financial
Operations and Others</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 29%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Costs</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1,511)</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(14)</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">901</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(4)</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(628)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 29%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="width: 47%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Year
ended on June 30, 2015</font></div>
</td>
</tr><tr>
<td style="width: 29%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Costs</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Income
statement</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Interest
in joint ventures</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Expenses
and Collective Promotion Fund</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Inter-segment
eliminations</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Segment-reporting</font></div>
</td>
</tr><tr>
<td style="width: 29%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="width: 47%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(in
millions of Ps.)</font></div>
</td>
</tr><tr>
<td style="width: 29%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operations
Center in Argentina</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 29%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Shopping
Centers</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,102)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(4)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">820</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(4)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(290)</font></div>
</td>
</tr><tr>
<td style="width: 29%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Offices and
Others</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(108)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(5)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">79</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(34)</font></div>
</td>
</tr><tr>
<td style="width: 29%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Sales and
Developments</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(14)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(5)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(19)</font></div>
</td>
</tr><tr>
<td style="width: 29%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Hotels</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(278)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(278)</font></div>
</td>
</tr><tr>
<td style="width: 29%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">International</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(9)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(7)</font></div>
</td>
</tr><tr>
<td style="width: 29%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financial
Operations and Others</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 29%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Costs</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1,511)</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(14)</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">901</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(4)</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(628)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Total consolidated
costs, pursuant to the income statement, increased by Ps.20,988
million, from Ps.1,511 million during fiscal year 2015 to Ps.22,499
million during fiscal year 2016 (of which Ps.20,481 million are
derived from the Operations Center in Israel and Ps.2,018 million
from the Operations Center in Argentina). Without considering the
costs from the Operations Center in Israel, costs rose by 33.6%.
Total consolidated costs as a percentage of total consolidated
revenues also increased by 44.4% during fiscal year 2015 to 68.9%
during fiscal year 2016, and such increase is mainly attributable
to the Operations Center in Israel. Without considering the costs
from the Operations Center in Israel, consolidated costs as a
percentage of total consolidated revenues experienced a slight
increase from 44.4% during fiscal year 2015 to 45.4% during fiscal
year 2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In turn, costs from
common maintenance expenses and the common advertising fund
increased by 34.0%, from Ps.901 million during fiscal year 2015 (of
which Ps.820 million are allocated to the Shopping Centers segment
and Ps.79 million to the Offices and Others segment within the
Operations Center in Argentina) to Ps.1,207 million during fiscal
year 2016 (of which Ps.1,113 million are allocated to the Shopping
Centers segment and Ps.94 million to the Offices and Others segment
within the Operations Center in Argentina), mainly due to increased
costs originated by our Shopping Centers, which rose by 35.7% from
Ps.820 million in fiscal year 2015 to Ps.1,113 million in fiscal
year 2016, mainly as a result of: (i) an increase in advertising
expenses of Ps.111.8 million, (ii) an increase in salaries, social
security charges and other personnel expenses of Ps.103.1 million;
(iii) an increase in maintenance, security, cleaning, repair and
other expenses of Ps.100.8 million(caused mainly by price raises in
security and cleaning services and in public utilities rates), (iv)
an increase in taxes, rates and contributions, and other expenses
of Ps.25.5 million; and (v) an increase in other expenses of Ps.42
million (to cover the deficit in the common advertising fund and
common maintenance expenses). Such change was also attributable to:
a Ps.54.1 million increase from Ps.28.3 million during fiscal year
2015 to Ps.82.4 million during fiscal year 2016, mostly caused by
the acquisition of new buildings (maintenance, cleaning, lease,
common maintenance and</font><font style="font-size: 13px; font-family: Times New Roman">other
expenses of Ps.36.1 million, salaries and social security charges
of Ps.10.8 million, and taxes, rates and contributions, and
utilities of Ps.8.9 million).</font>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><br></font></div>
&#xA0;&#xA0;</div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">128</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Furthermore, costs
from our joint ventures showed a net increase of 21.4%, from Ps.14
million during fiscal year 2015 (of which Ps.4 million are
allocated to the Shopping Centers segment, Ps.5 million to the
Offices and Others segment, and Ps.5 million to the Sales and
Developments segment within the Operations Center in Argentina) to
Ps.17 million during fiscal year 2016 (of which Ps.4 million are
allocated to the Shopping Centers segment, Ps.8 million to the
Offices and Others segment, and Ps.5 million to the Sales and
Developments segment within the Operations Center in
Argentina).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Finally, costs from
inter-segment transactions increased by 50.0%, from Ps.4 million
during fiscal year 2015 to Ps.6 million during fiscal year 2016
(which are fully allocated to the Shopping Centers segment within
the Operations Center in Argentina).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Therefore, based on
business segment reporting (taking into consideration the costs
from our joint businesses and without considering the costs from
common maintenance expenses and common advertising fund or costs
from inter-segment operations), costs rose by Ps.20,687 million
from Ps.628 million during fiscal year 2015 to Ps.21,315 million
during fiscal year 2016 (of which Ps.20,481 million are
attributable to the Operations Center in Israel and Ps.834 million
to the Operations Center in Argentina). Without considering the
costs from the Operations Center in Israel, costs rose by 32.8%.
Furthermore, total costs as a percentage of total revenues,
pursuant to business segment reporting, increased from 24.6% during
fiscal year 2015 to 67.6% during fiscal year 2016, and such
increase is mainly attributable to the Operating Center in Israel.
Without considering the effect of the Operations Center in Israel,
total costs as a percentage of total revenues experienced a slight
increase from 24.6% during fiscal year 2015 to 25.4% during fiscal
year 2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
<font style="text-decoration: underline">Operations Center in
Argentina</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Shopping Centers</font>. Costs from the
Shopping Centers segment increased by 38.6%, from Ps.290 million
during fiscal year 2015 to Ps.402 million during fiscal year 2016.
This increase is mainly due to: (i) higher depreciation and
amortization costs of Ps.56 million; (ii) increased lease and
common maintenance expenses of Ps.30 million; (iii) a Ps.10 million
increase in maintenance, security, cleaning, repair and other
expenses (caused mainly by higher security and cleaning services
expenses and increased public utilities costs); and (iv) a Ps.10
million increase in salaries, social security charges and other
personnel expenses, among other items. Costs from the Shopping
Centers segment, as a percentage of revenues derived from this
segment, increased slightly from 16.3% during the fiscal year ended
June 30, 2015 to 16.7% during fiscal year 2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Offices and Others</font>. Costs in the Offices
and Others segment increased by 50.0%, from Ps.34 million during
fiscal year 2015 to Ps.51 million during fiscal year 2016, mainly
as a consequence of: (i) a Ps.7 million increase in maintenance,
security, cleaning, repair and other expenses; (ii) an increase in
lease and common maintenance expenses of Ps.6 million and (iii) an
increase in amortization and depreciation expense of Ps.5 million.
This variance is affected by the partial sales of investment
properties available for lease during fiscal year 2016. Costs
associated to non-comparable properties increased by 4.0%, from
Ps.9 million to Ps.10 million. In addition, costs, costs associated
with comparable properties in both fiscal years when there were no
partial sales, increased by 76.8%, from Ps.24 million to Ps.42
million, primarily owing to increased maintenance costs. Total
costs in the Offices and Others segment, as a percentage of this
segment&#x2019;s revenues, rose from 10.2% during fiscal year 2015
to 15.0% during fiscal year 2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Sales and Developments</font>. This
segment&#x2019;s costs often exhibit significant changes from period
to period because of the non-recurrence of the sales of properties
by the Company over time. The costs associated to our Sales and
Developments segment increased by 5.3%, from Ps.19 million during
fiscal year 2015 to Ps.20 million during fiscal year 2016. Costs in
the Sales and Developments segment, as a percentage of this
segment&#x2019;s revenues, increased from 126.7% during fiscal year
2015 to 250.0% during fiscal year 2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Hotels</font>. Costs in the Hotels segment rose
by 29.9%, from Ps.278 million during fiscal year 2015 to Ps.361
million during fiscal year 2016, mainly due to: (i) a Ps.52 million
increase in salaries, social security charges and other personnel
expenses; (ii) increased charges, amounting to Ps.19 million, as
maintenance and repairs; and (iii) an increase of Ps.7 million and
Ps.5 million in service fees and in the cost of food, beverages and
other hotel-related expenses, respectively. Costs in the Hotels
segment, as a percentage of segment revenues, decreased from 70.2%
during fiscal year 2015 to 67.6% during fiscal year
2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">International</font>. Costs in the
International segment dropped by 100.0%, as compared to the Ps.7
million accounted for during fiscal year 2015. Such decrease is
mainly attributable to the sale of the Madison 183 building in
fiscal year 2015, which used to be allocated to rental
property.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">129</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
<font style="text-decoration: underline">Operations Center in
Israel</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Real Estate.</font> During fiscal year 2016,
costs from the Real Estate segment totaled Ps.837 million. Costs,
as a percentage of segment revenues amounted to 54.4%.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Supermarkets.</font> During fiscal year 2016,
costs from the Supermarkets segment totaled Ps.13,925 million.
Costs, as a percentage of segment revenues, amounted to
74.8%.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Telecommunications.</font> During fiscal year
2016, costs from the Telecommunications segment totaled Ps.4,525
million. Costs, as a percentage of segment revenues amounted to
68.0%.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Others.</font> During fiscal year 2016, costs
from the Others segment totaled Ps.1,194 million. Costs, as a
percentage of segment revenue amounted to 83.7%.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">
Gross profit</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="width: 45%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Year
ended on June 30, 2016</font></div>
</td>
</tr><tr>
<td style="width: 31%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Gross
profit</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Income
statement</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Interest
in joint ventures</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Expenses
and Collective Promotion Fund</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Inter-segment
eliminations</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Segment-reporting</font></div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="width: 45%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(in
millions of Ps.)</font></div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operations
Center in Argentina</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Shopping
Centers</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,982</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">16</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">12</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(6)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,004</font></div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Offices and
Others</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">285</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(4)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">289</font></div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Sales and
Developments</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(12)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(12)</font></div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Hotels</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">172</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">173</font></div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">International</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financial
Operations and Others</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
</tr><tr>
<td style="width: 31%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Operations Center in Argentina</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,428</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">12</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">13</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,455</font></div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operations
Center in&#xA0;&#xA0;Israel</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Real
Estate</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">701</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">701</font></div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Supermarkets</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,685</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,685</font></div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Agrochemicals</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Telecommunications</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,130</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,130</font></div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Insurance</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">232</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">232</font></div>
</td>
</tr><tr>
<td style="width: 31%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Operations Center in&#xA0;&#xA0;Israel</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">7,748</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">7,748</font></div>
</td>
</tr><tr>
<td style="width: 31%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Gross profit</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">10,176</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">12</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">13</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">10,203</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td colspan="2" style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="9" style="width: 45%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Year
ended on June 30, 2015</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 31%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Gross
profit</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Income
statement</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Interest
in joint ventures</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Expenses
and Collective Promotion Fund</font></div>
</td>
<td colspan="2" style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Inter-segment
eliminations</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Segment-reporting</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="9" style="width: 45%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(in
millions of Ps.)</font></div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operations
Center in Argentina</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Shopping
Centers</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,469</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(4)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,488</font></div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Offices and
Others</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">290</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">299</font></div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Sales and
Developments</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(4)</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(4)</font></div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Hotels</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">118</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">118</font></div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">International</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">19</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">19</font></div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financial
Operations and Others</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 31%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Gross profit</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,892</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">13</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">14</font></div>
</td>
<td colspan="2" style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,920</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Total consolidated
gross profit increased by Ps.8,284 million, from Ps.1,892 million
during fiscal year 2015 to Ps.10,176 million during fiscal year
2016 (of which Ps.7,748 million was derived from the Operations
Center in Israel and Ps.2,428 million from the Operations Center in
Argentina). Excluding the results of the Operations Center in
Israel, gross profit rose by 28.3%. Total consolidated gross
profit, as a percentage of revenues from sales, leases and
services, decreased 55.6% during fiscal year 2015 to 31.1% during
fiscal year 2016. Excluding the results of the Operations Center in
Israel, total consolidated gross profit experienced a slight
decline from 55.6% during fiscal year 2015 to 54.6% during fiscal
year 2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">130</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Total gross profit
from common maintenance expenses and the common advertising fund
did not experience significant changes and remained at
approximately Ps.14 million in both fiscal years (mostly allocated
to the Shopping Centers segment).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Furthermore, gross
profit from our joint businesses decreased by 7.7% from Ps.13
million in fiscal year 2015 to Ps.12 million in fiscal year
2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Therefore, based on
business segment reporting (taking into consideration the gross
profit from our joint businesses and without considering the gross
profit from common maintenance expenses and common advertising fund
or inter-segment gross profits), gross profit rose by Ps.8,283
million from Ps.1,920 million during fiscal year 2015 to Ps.10,203
million during fiscal year 2016 (of which Ps.7,748 million was
attributable to the Operations Center in Israel and Ps.2,455
million to the Operations Center in Argentina). Without considering
the effect of the Operations Center in Israel, gross profit rose by
27.9%. Furthermore, gross profit as a percentage of revenues,
pursuant to business segment reporting, decreased from 75.4% during
fiscal year 2015 to 32.4% during fiscal year 2016. Excluding the
results of the Operations Center in Israel, gross profit as a
percentage of total revenues experienced a slight decline from
75.4% during fiscal year 2015 to 74.6% during fiscal year
2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
<font style="text-decoration: underline">Operations Center in
Argentina</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Shopping Centers</font>. Gross profit at the
Shopping Centers segment increased by 34.7%, from Ps.1,488 million
during fiscal year 2015 to Ps.2,004 million during fiscal year
2016, mainly due to an increase in our tenants&#x2019; total sales,
resulting in higher lease payments as a percentage of volume sales.
Gross profit from the Shopping Centers segment as a percentage of
this segment&#x2019;s revenues experienced a slight decline from
83.7% during fiscal year 2015 to 83.3% during fiscal year
2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Offices and Others</font>. Gross profit at the
Offices and Others segment fell by 3.3%, from Ps.299 million during
fiscal year 2015 to Ps.289 million during fiscal year 2016. Gross
profit for the Offices and Others segment as a percentage of this
segment&#x2019;s revenues decreased from 89.8% during fiscal year
2015 to 85.0% during fiscal year 2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Sales and Developments</font>. Gross profit
(loss) at the Sales and Developments segment increased by Ps.8
million, from a loss of Ps.4 million during fiscal year 2015 to a
loss of Ps.12 million during fiscal year 2016, mainly due to lower
sales accounted for during fiscal year 2016 and an increase in
maintenance and preservation costs in connection with these
properties.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Hotels</font>. Gross profit at the Hotels
segment rose by 46.6%, from Ps.118 million during fiscal year 2015
to Ps.173 million during fiscal year 2016. Gross profit for the
Hotels segment, as a percentage of this segment&#x2019;s revenues,
rose from 29.8% during fiscal year 2015 to 32.4% during fiscal year
2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">International</font>. Gross profit at the
International segment dropped by 100.0% from the Ps.19 million
accounted for during fiscal year 2015.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Financial Operations and Others</font>. Gross
profit at the Financial Operations and Others segment did not
experience significant changes during the reported
periods.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
<font style="text-decoration: underline">Operations Center in
Israel</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Real Estate.</font> During fiscal year 2016,
gross profit from the Real Estate segment totaled Ps.701 million.
Gross profit, as a percentage of segment revenues amounted to
45.6%.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Supermarkets.</font> During fiscal year 2016,
gross profit from the Supermarkets segment totaled Ps.4,685
million. Gross profit, as a percentage of segment revenues amounted
to 25.2%.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Shufersal&#x2019;s
results in the first half of calendar year 2016 were affected by
the following key factors:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Continued increased
efficiency with respect to its real estate
assets.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Shufersal is
continuing to prepare strategies for various scenarios in
connection with the change in ownership of the Mega chain in the
city centers.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Continued
acceleration of the development of Shufersal&#x2019;s digital
platform, which primarily included the Shufersal Online, including
the opening of designated warehouses.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Continued building
of its private brand.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Telecommunications.</font> During fiscal year
2016, gross profit from the Telecommunications segment totaled
Ps.2,130 million. Gross profit, as a percentage of segment revenues
amounted to 32.0%.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Others.</font> During fiscal year 2016, gross
profit from the Others segment totaled Ps.232 million. Gross
profit, as a percentage of segment revenues amounted to
16.3%.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">131</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">
Gain from disposal of investment properties</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Total gain from
disposal of investment properties, based on business segment
reporting, fell by 4.3%, from Ps.1,163 million during fiscal year
2015 (allocated to the Operations Center in Argentina) to Ps.1,113
million during fiscal year 2016 (of which Ps.1,068 million are
attributable to the Operations Center in Argentina and Ps.45
million to Operations Center in Israel). Without considering the
effect of the Operations Center in Israel, total gain from the
disposal of investment properties decreased by 8.2%. Total gain
from disposal of investment properties, as a percentage of revenues
from sales, leases and services, declined by 34.2% during fiscal
year 2015 to 3.3% during fiscal year 2016. Excluding the effect of
the gain from the disposal of investment properties attributable to
the Operations Center in Israel, gain from disposal of investment
properties as a percentage of total revenues declined from 34.2% in
fiscal year 2015 to 24.0% in fiscal year 2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
<font style="text-decoration: underline">Operations Center in
Argentina</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Sales and Developments</font>. Gain from
disposal of investment properties from our Sales and Developments
segment fell by 8.2%, from Ps.1,163 million during fiscal year 2015
to Ps.1,068 million during fiscal year 2016, due primarily to the
lower level of sales of functional units at Bouchard 551 (Ps.459
million) and Madison Ave. (Ps.297 million), partially offset by the
sale of all units at Dique IV (Ps.587 million) and functional units
at Intercontinental Plaza (Ps.300 million), Maip&#xFA; 1300 (Ps.110
million) and Isla Sirgadero (Ps.33 million), among
others.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
<font style="text-decoration: underline">Operations Center in
Israel</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Real Estate.</font> During fiscal year 2016,
the gain from disposal of investment properties from the Real
Estate segment was Ps.45 million.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">
General &amp; administrative expenses</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="6" style="width: 45%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Year
ended on June 30, 2016</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 31%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">General
&amp; administrative expenses</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Income
statement</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Interest
in joint ventures</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Expenses
and Collective Promotion Fund</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Inter-segment
eliminations</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Segment-reporting</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="6" style="width: 45%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(in
millions of Ps.)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operations
Center in Argentina</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Shopping
Centers</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(178)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(179)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Offices and
Others</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(50)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(50)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Sales and
Developments</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(126)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(4)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(131)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Hotels</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(101)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(103)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">International</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(91)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(91)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financial
Operations and Others</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 31%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Operations Center in Argentina</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(546)</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(7)</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(554)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operations
Center in Israel</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Real
Estate</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(100)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(100)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Supermarkets</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(203)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(203)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Agrochemicals</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Telecommunications</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(708)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(708)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Insurance</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(376)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(376)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 31%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Operations Center in Israel</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1,387)</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1,387)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 31%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
General &amp; administrative expenses</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1,933)</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(7)</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1,941)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="6" style="width: 45%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Year
ended on June 30, 2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 31%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">General
&amp; administrative expenses</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Income
statement</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Interest
in joint ventures</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Expenses
and Collective Promotion Fund</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Inter-segment
eliminations</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Segment-reporting</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="6" style="width: 45%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(in
millions of Ps.)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operations
Center in Argentina</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Shopping
Centers</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">(136)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">(136)</font></div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Offices and
Others</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">(57)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">(58)</font></div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Sales and
Developments</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">(49)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">(50)</font></div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Hotels</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">(76)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">(78)</font></div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">International</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">(56)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">(56)</font></div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financial
Operations and Others</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 31%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;Total
General &amp; administrative expenses</font></div>
</td>
<td colspan="2" style="width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(374)</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(3)</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(378)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">132</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Total general &amp;
administrative expenses increased by Ps.1,559 million, from Ps.374
million during fiscal year 2015 to Ps.1,933 million during fiscal
year 2016 (of which Ps.1,387 million are attributable to the
Operations Center in Israel and Ps.546 million to the Operations
Center in Argentina). Without considering the effect of the
Operations Center in Israel, total general &amp; administrative
expenses rose by 46.0%. Total general &amp; administrative
expenses, as a percentage of revenues from sales, leases and
services, fell from 11.0% during fiscal year 2015 to 5.9% during
fiscal year 2016. Without considering the effect of the Operations
Center in Israel, total general &amp; administrative expenses,
pursuant to the income statement, experienced a slight increase
from 11.0% during fiscal year 2015 to 12.3% during fiscal year
2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">General &amp;
administrative expenses from our joint ventures did not experience
significant changes during the reported periods.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">General &amp;
administrative expenses from inter-segment transactions increased
by Ps.4 million, from Ps.3 million during fiscal year 2015 to Ps.7
million during fiscal year 2016 (which are mainly allocated to the
Sales and Developments and Hotels segments within the Operations
Center in Argentina in 2016 and to Hotels in 2015).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Therefore, based on
business segment reporting (taking into consideration the general
&amp; administrative expenses from our joint businesses and without
considering common maintenance expenses and the common advertising
fund and expenses related to inter-segment operations), general
&amp; administrative expenses rose by Ps.1,563 million from Ps.378
million during fiscal year 2015 to Ps.1,941 million during fiscal
year 2016 (of which Ps.1,387 million are attributable to the
Operations Center in Israel and Ps.554 million to the Operations
Center in Argentina). Without considering the general &amp;
administrative expenses from the Operations Center in Israel,
general &amp; administrative expenses pursuant to business segment
reporting rose by 46.6%. Furthermore, general &amp; administrative
expenses as a percentage of revenues, pursuant to business segment
reporting, declined from 14.8% during fiscal year 2015 to 6.2%
during fiscal year 2016. Without considering the effect of the
Operations Center in Israel, total general &amp; administrative
expenses as a percentage of total revenues experienced a slight
increase from 14.8% during fiscal year 2015 to 16.8% during fiscal
year 2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
<font style="text-decoration: underline">Operations Center in
Argentina</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Shopping Centers</font>. General &amp;
administrative expenses in the Shopping Centers segment increased
by 31.6%, from Ps.136 million during fiscal year 2015 to Ps.179
million during fiscal year 2016, mainly as a result of: (i) a Ps.18
million increase in salaries, social security charges and other
personnel expenses; (ii) a Ps.13 million increase in
Director&#x2019;s fees; and (iii) a Ps.7 million rise in fees and
payment for services, among other reasons. General &amp;
administrative expenses of Shopping Centers, as a percentage of
this segment&#x2019;s revenues, fell slightly from 7.6% during
fiscal year 2015 to 7.4% during fiscal year 2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Offices and Others</font>. General &amp;
administrative expenses in our Offices and Others segment declined
by 13.8%, from Ps.58 million during fiscal year 2015 to Ps.50
million during fiscal year 2016, primarily due to: (i) a Ps.12
million decrease in salaries, social security charges and other
personnel expenses; partially offset by (ii) a Ps.6 million
increase in Directors&#x2019; fees, among other reasons. The
segment&#x2019;s general &amp; administrative expenses, as a
percentage of this segment&#x2019;s revenues, fell from 17.4% during
fiscal year 2015 to 14.7% during fiscal year 2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Sales and Developments</font>. General &amp;
administrative expenses associated to our Sales and Developments
segment increased by Ps.81 million, from Ps.50 million during
fiscal year 2015 to Ps.131 million during fiscal year 2016,
primarily owing to: (i) a Ps.26 million increase in salaries,
social security charges and other personnel expenses, (ii) a Ps.24
million increase in fees and payment for services, and (iii) a
Ps.21 million increase in Director&#x2019;s fees, among other
reasons.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Hotels</font>. General &amp; administrative
expenses associated to our Hotels segment rose by 32.1%, from Ps.78
million during fiscal year 2015 to Ps.103 million during fiscal
year 2016, mainly as a result of: (i) a Ps.12 million increase in
salaries, social security charges and other personnel expenses; and
(ii) a Ps.6 million increase in fees and payments for services,
among others. General &amp; administrative expenses associated with
the Hotels segment as a percentage of this segment&#x2019;s revenues
rose from 19.7% during fiscal year ended 2015 to 19.3% during
fiscal year 2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">International</font>. General &amp;
administrative expenses associated to our International segment
increased by 62.5%, from Ps.56 million during fiscal year 2015 to
Ps.91 million during fiscal year 2016, mainly as a result of fees
incurred in connection with our investment in IDBD.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Financial Operation and Others</font>. General
&amp; administrative expenses associated to our Financial
Operations and Others segment did not show significant changes for
the fiscal years under discussion.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">133</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
<font style="text-decoration: underline">Operations Center in
Israel</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Real Estate.</font> During fiscal year 2016,
general &amp; administrative expenses associated to the Real Estate
segment totaled Ps.100 million. General &amp; administrative
expenses as a percentage of segment revenues amounted to
6.5%.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Supermarkets.</font> During fiscal year 2016,
general &amp; administrative expenses associated to the
Supermarkets segment totaled Ps.203 million. General &amp;
administrative expenses as a percentage of segment revenues
amounted to 1.1%.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Telecommunications.</font> During fiscal year
2016, general &amp; administrative expenses associated to the
Telecommunications segment totaled Ps.708 million. General &amp;
administrative expenses as a percentage of segment revenues
amounted to 10.6%.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Others.</font> During fiscal year 2016, general
&amp; administrative expenses associated to the Others segment
totaled Ps.376 million. General &amp; administrative expenses as a
percentage of segment revenues amounted to 26.4%.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">
Selling expenses</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="width: 45%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Year
ended on June 30, 2016</font></div>
</td>
</tr><tr>
<td style="width: 32%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Selling
expenses</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Income
statement</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Interest
in joint ventures</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Expenses
and Collective Promotion Fund</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Inter-segment
eliminations</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Segment-reporting</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="width: 45%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(in
millions of Ps.)</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operations
Center in Argentina</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Shopping
Centers</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(144)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(145)</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Offices and
Others</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(12)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(12)</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Sales and
Developments</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(35)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(36)</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Hotels</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(69)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(69)</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">International</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financial
Operations and Others</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
</tr><tr>
<td style="width: 32%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Operations Center in Argentina</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(262)</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(264)</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operations
Center in Israel</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Real
Estate</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(29)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(29)</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Supermarkets</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(4,058)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(4,058)</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Agrochemicals</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Telecommunications</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,493)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,493)</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Insurance</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(106)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(106)</font></div>
</td>
</tr><tr>
<td style="width: 32%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Operations Center in Israel</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(5,686)</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(5,686)</font></div>
</td>
</tr><tr>
<td style="width: 32%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Selling expenses</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(5,948)</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(5,950)</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="width: 45%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Year
ended on June 30, 2015</font></div>
</td>
</tr><tr>
<td style="width: 32%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Selling
expenses</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Income
statement</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Interest
in joint ventures</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Expenses
and Collective Promotion Fund</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Inter-segment
eliminations</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Segment-reporting</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="width: 45%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(in
millions of Ps.)</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operations
Center in Argentina</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Shopping
Centers</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(112)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(113)</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Offices and
Others</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(22)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(22)</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Sales and
Developments</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(8)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(9)</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Hotels</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(52)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(52)</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">International</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 32%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financial
Operations and Others</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 32%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Selling expenses</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(194)</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(196)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Total consolidated
selling expenses, increased by Ps.5,754 million, from Ps.194
million during fiscal year 2015 to Ps.5,948 million during fiscal
year 2016 (of which Ps.5,686 million are attributable to the
Operations Center in Israel and Ps.262 million to the Operations
Center in Argentina). Without considering the effect of the
Operations Center in Israel, selling expenses increased by 35.1%.
Total consolidated selling expenses, as a percentage of revenues
from sales, leases and services, increased from 5.7% during fiscal
year 2015 to 18.2% during fiscal year 2016. Without considering the
effect of the Operations Center in Israel, total selling expenses,
as a percentage of revenues from sales, leases and services,
experienced a slight increase from 5.7% during fiscal year 2015 to
5.9% during fiscal year 2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In turn, selling
expenses associated to our joint businesses did not experience
significant changes during the reported periods.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">134</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Business segment
reporting (taking into consideration the selling expenses from our
joint businesses and without considering those related to common
maintenance expenses and common advertising fund or inter-segment
expenses), selling expenses increased by Ps.5,754 million from
Ps.196 million during fiscal year 2015 to Ps.5,950 million during
fiscal year 2016 (of which Ps.5,686 million are attributable to the
Operations Center in Israel and Ps.264 million to the Operations
Center in Argentina). Without considering the effect of the
Operations Center in Israel, selling expenses increased by 34.7%.
Furthermore, selling expenses as a percentage of revenues, pursuant
to business segment reporting, rose from 7.7% during fiscal year
2015 to 18.9% during fiscal year 2016. Without considering the
effect of the Operations Center in Israel, selling expenses as a
percentage of total revenues pursuant to business segment
reporting, experienced a slight increase from 7.7% during fiscal
year 2015 to 8.0% during fiscal year 2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
<font style="text-decoration: underline">Operations Center in
Argentina</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Shopping Centers</font>. Selling expenses in
the Shopping Centers segment rose by 28.3%, from Ps.113 during
fiscal year 2015 to Ps.145 million during fiscal year 2016,
primarily as a result of: (i) a Ps.29 million increase in the
charge associated to taxes, rates and contributions; mainly due to
higher charges associated to turnover tax, among other factors.
Selling expenses, as a percentage of the Shopping Centers
segment&#x2019;s revenues, declined from 6.4% during fiscal year
2015 to 6.0% during fiscal year 2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Offices and Others</font>. Selling expenses
associated to our Offices and Others segment declined by 45.5%,
from Ps.22 million during fiscal year 2015 to Ps.12 million during
fiscal year 2016. Such variation was mainly due to a recovery of
Ps.6 million from the loan loss charges, among other factors. The
selling expenses associated to our Offices and Others segment, as a
percentage of segment revenues, decreased from 6.6% during fiscal
year 2015 to 3.5% during fiscal year 2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Sales and Developments</font>. Selling expenses
for the Sales and Developments segment increased by Ps.27 million,
from Ps.9 million during fiscal year 2015 to Ps.36 million during
fiscal year 2016, mainly as a result of an increase in taxes, rates
and contributions of Ps.21 million, mostly attributable to an
increase in turnover tax.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Hotels</font>. The selling expenses associated
to our Hotels segment rose by 32.7%, from Ps.52 million during
fiscal year 2015 to Ps.69 million during fiscal year 2016, mainly
due to: (i) a Ps.6 million increase in taxes, rates and
contributions; and (ii) a Ps.5 million increase in fees and
payments for services, among others. Selling expenses associated
with our Hotels segment as a percentage of segment revenues
experienced a slight decline from 13.1% during fiscal year 2015 to
12.9% during fiscal year 2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Financial Operations and Others</font>. Selling
expenses in the Financial Operations and Others segment did not
experience significant changes during the reported
years.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
<font style="text-decoration: underline">Operations Center in
Israel</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Real Estate.</font> During fiscal year 2016,
selling expenses associated to the Real Estate segment totaled
Ps.29 million. Selling expenses as a percentage of the revenues
derived from this segment amounted to 1.9%.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Supermarkets.</font> During fiscal year 2016,
selling expenses associated to the Supermarkets segment totaled
Ps.4,058 million. Selling expenses as a percentage of the revenues
derived from this segment amounted to 21.8%.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Telecommunications.</font> During fiscal year
2016, selling expenses associated to the Telecommunications segment
totaled Ps.1,493 million. Selling expenses as a percentage of the
revenues derived from this segment amounted to 22.4%.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Others.</font> During fiscal year 2016, selling
expenses associated to the Others segment totaled Ps.106 million.
Selling expenses as a percentage of the revenues derived from this
segment amounted to 7.4%.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">
Other operating results, net</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="width: 45%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Year
ended on June 30, 2016</font></div>
</td>
</tr><tr>
<td style="width: 32%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Other
operating results, net</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Income
statement</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Interest
in joint ventures</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Expenses
and Collective Promotion Fund</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Inter-segment
eliminations</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Segment-reporting</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="width: 45%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(in
millions of Ps.)</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operations
Center in Argentina</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Shopping
Centers</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(40)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(42)</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Offices and
Others</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(7)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(6)</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Sales and
Developments</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(17)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(8)</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Hotels</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">International</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">89</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">88</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">135</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="7" style="width: 45%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Year
ended on June 30, 2016</font></div>
</td>
</tr><tr>
<td style="width: 32%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Other
operating results, net</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Income
statement</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Interest
in joint ventures</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Expenses
and Collective Promotion Fund</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Inter-segment
eliminations</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Segment-reporting</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financial
Operations and Others</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
</tr><tr>
<td style="width: 32%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Operations Center in Argentina</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">24</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">5</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">31</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operations
Center in Israel</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Real
Estate</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Supermarkets</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Agrochemicals</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Telecommunications</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Insurance</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 32%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Operations Center in Israel</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Other operating results, net</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">24</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">5</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">31</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="7" style="width: 45%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Year
ended on June 30, 2015</font></div>
</td>
</tr><tr>
<td style="width: 32%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Other
operating results, net</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Income
statement</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Interest
in joint ventures</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Expenses
and Collective Promotion Fund</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Inter-segment
eliminations</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Segment-reporting</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="7" style="width: 45%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(in
millions of Ps.)</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operations
Center in Argentina</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Shopping
Centers</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(48)</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(49)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Offices and
Others</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(118)</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(117)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Sales and
Developments</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">13</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">13</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Hotels</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">International</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">183</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">183</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 32%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financial
Operations and Others</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 32%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;Total
Other operating results, net</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">28</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">28</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other operating
results, net, declined by Ps.4 million, from a net gain of Ps.28
million during fiscal year 2015 to a net gain of Ps.24 million
during fiscal year 2016 (attributable to the Operations Center in
Argentina). Such decline was mostly attributable to non-recurring
expenses in connection with the transfer of assets from IRSA to
IRSA PC (Ps.110 million) and the proceeds from the sale of our
equity interest in Bitania (Ps.16 million) accounted for in 2015;
partially offset by lower profits due to partially realized
exchange gains during the period (Ps.92 million).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other operating
results, net from our joint ventures increased by Ps.4 million,
from a loss of Ps.2 million during fiscal year 2015 (allocated to
the Shopping Centers segment within the Operations Center in
Argentina) to a gain of Ps.2 million during fiscal year 2016 (of
which a gain of Ps.4 million is allocated to the Sales and
Developments segment within the Operations Center in Argentina, and
a loss of Ps.2 million to the Shopping Centers segment within the
Operations Center in Argentina).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other operating
results from inter-segment operations increased by Ps.3 million,
from Ps.2 million during fiscal year 2015 (allocated to the Offices
and Others and Sales and Developments segments within the
Operations Center in Argentina) to Ps.5 million during fiscal year
2016 (of which Ps.4 million are allocated to the Sales and
Developments segment within the Operations Center in Argentina and
Ps.1 million to the Offices and Others segment within the
Operations Center in Argentina).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Therefore,
according to business segment reporting (taking into consideration
the Other operating results, net from our joint businesses and
without considering those related to inter-segment operations),
Other operating results, net rose by Ps.3 million from a net gain
of Ps.28 million during fiscal year 2015 to a net gain of Ps.31
million during fiscal year 2016 (allocated to the Operations Center
in Argentina). Without considering the effect of the Operations
Center in Israel, Other operating results, net rose by Ps.3
million.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
<font style="text-decoration: underline">Operations Center in
Argentina</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Shopping Centers</font>. Other operating
losses, net for the Shopping Centers segment declined by 14.3%,
from Ps.49 million during fiscal year 2015 to Ps.42 million during
fiscal year 2016, mainly as a consequence of a decrease in the
provision for lawsuits and contingencies of Ps.8 million. Other
operating losses, net, as a percentage of revenues from the
Shopping Centers segment, shrank from 2.0% during fiscal year 2015
to 1.7% during fiscal year 2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">136</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Offices and Others</font>. Other operating
losses, net associated with our Offices and Others segment declined
by Ps.111 million, from a loss of Ps.117 million during fiscal year
2015 to a loss of Ps.6 million during fiscal year 2016, mainly due
to non-recurring expenses in connection with the transfer of assets
from IRSA to IRSA CP for Ps.110 million accounted for in fiscal
year 2015, among other factors.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Sales and Developments</font>. Other operating
income, net in connection with our Sales and Developments segment
declined by Ps.21 million, from a gain of Ps.13 million during
fiscal year 2015 to a loss of Ps.8 million during fiscal year 2016,
mainly due to Ps.16 million in income during fiscal year 2015 owing
to the sale of our share interest in Bitania, among other
factors.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Hotels</font>. Other operating losses, net
associated to the Hotels segment increased by Ps.2 million,
primarily owing to an increase in provisions for lawsuits and other
contingencies.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">International</font>. Other operating results,
net in this segment declined by 51.9% from a net gain of Ps.183
million during fiscal year 2015 to a net gain of Ps.88 million
during fiscal year 2016, primarily due to a decline in income
caused by the partial reversal of accumulated conversion
differences. As of June 30, 2016, it is attributable to the
reversal of conversion differences prior to IDBD&#x2019;s business
combination, whilst as of June 30, 2015, it is attributable to the
reversal of the provision for conversion differences generated by
the Rigby, following the partial repayment of the company&#x2019;s
capital stock.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Financial Operations and Others</font>. Other
operating results, net associated to our Financial Operations and
Others segment did not show significant changes for the reported
periods.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">
Operating income/(loss)</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 35%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="6" style="width: 40%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Year
ended on June 30, 2016</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 38%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operating
income/(loss)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Income
statement</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Interest
in joint ventures</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Expenses
and Collective Promotion Fund</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Inter-segment
eliminations</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Segment-reporting</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="width: 39%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(in
millions of Ps.)</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operations
Center in Argentina</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Shopping
Centers</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,620</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">13</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">12</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(7)</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,638</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Offices and
Others</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">216</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(4)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">221</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Sales and
Developments</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">878</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">881</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Hotels</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">International</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(3)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(3)</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financial
Operations and Others</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 38%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Operations Center in Argentina</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,711</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">12</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">13</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,736</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operations
Center in Israel</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Real
Estate</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">617</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">617</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Supermarkets</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">424</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">424</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Agrochemicals</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Telecommunications</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(71)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(71)</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Insurance</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(250)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(250)</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 38%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Operations Center in Israel</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">720</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">720</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 38%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Operating income/(loss)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3,432</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">12</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">13</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3,456</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 35%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="6" style="width: 40%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Year
ended on June 30, 2015</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 38%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operating
income/(loss)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Income
statement</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Interest
in joint ventures</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Expenses
and Collective Promotion Fund</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Inter-segment
eliminations</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Segment-reporting</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="width: 39%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(in
millions of Ps.)</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operations
Center in Argentina</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Shopping
Centers</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,173</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(4)</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,190</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Offices and
Others</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">92</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">102</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Sales and
Developments</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,115</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,113</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Hotels</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(9)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(3)</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(12)</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">International</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">146</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">146</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 38%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financial
Operations and Others</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 38%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Operating income/(loss)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,515</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">8</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">14</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,537</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">137</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Total consolidated
operating income, pursuant to the income statement, increased by
36.5%, from Ps.2,515 million during fiscal year 2015 to Ps.3,432
million during fiscal year 2016 (of which Ps.720 million are
attributable to the Operations Center in Israel and Ps.2,711
million to the Operations Center in Argentina). Without considering
the effect of the Operations Center in Israel, operating
income/(loss) rose by 7.8%. Operating income/(loss), as a
percentage of revenues from sales, leases and services, declined
from 73.9% during fiscal year 2015 to 10.5% during fiscal year
2016. Without considering the effect of the Operations Center in
Israel, total consolidated operating income/(loss), as a percentage
of total revenues, decreased from 73.9% during fiscal year 2015 to
61.0% during fiscal year 2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Operating
income/(loss) from our joint ventures increased by 50.0%, from Ps.8
million during fiscal year 2015 (of which a gain of Ps.7 million is
allocated to the Shopping Centers segment; a gain of Ps.3 million
is allocated to the Offices and Others segment, and a loss of Ps.2
million is allocated to the Sales and Developments segment within
the Operations Center in Argentina) to Ps.12 million during fiscal
year 2016 (of which a gain of Ps.13 million is allocated to the
Shopping Centers segment; a loss of Ps.4 million is allocated to
the Offices and Others segment, and a gain of Ps.3 million is
allocated to the Sales and Developments segment within the
Operations Center in Argentina), mainly as a result of an increase
in operating income from Nuevo Puerto Santa Fe S.A. and Baicom,
among others, partially offset by a decline in operating income
from Quality S.A.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Operating
income/(loss) associated to common maintenance expenses and common
advertising fund did not experience significant changes and
remained at approximately Ps.14 million in both fiscal years
(allocated mainly to the Shopping Centers segment).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Operating
income/(loss) from inter-segment operations did not experience
significant changes during the reported periods.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Based on business
segment reporting (taking into consideration the operating
income/(loss) from our joint businesses and without considering
operating income/(loss) related to common maintenance expenses and
common advertising fund or inter-segment operations), operating
income/(loss) rose by 36.2% from Ps.2,537 million during fiscal
year 2015 to Ps.3,456 million during fiscal year 2016 (of which
Ps.720 million are attributable to the Operations Center in Israel
and Ps.2,736 million to the Operations Center in Argentina).
Without considering the effect of the Operations Center in Israel,
operating income/(loss) rose by 7.8%. Furthermore, operating
income/(loss) as a percentage of revenues, pursuant to business
segment reporting, fell from 99.6% during fiscal year 2015 to 11.0%
during fiscal year 2016. Without considering the effect of the
Operations Center in Israel, total operating income/(loss) as a
percentage of total revenues, pursuant to business segment
reporting, declined from 99.6% during fiscal year 2015 to 83.2%
during fiscal year 2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
<font style="text-decoration: underline">Operations Center in
Argentina</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Shopping Centers</font>. Operating income in
our Shopping Centers segment grew by 37.6%, from Ps.1,190 million
in income during fiscal year 2015 to Ps.1,638 million in income
during fiscal year 2016. Operating income for our Shopping Centers
segment, as a percentage of this segment&#x2019;s revenues,
increased from 66.9% during fiscal year 2015 to 68.1% during fiscal
year 2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Offices and Others</font>. Operating income in
our Offices and Others segment rose by 116.7%, from Ps.102 million
in income during fiscal year 2015 to Ps.221 million in income
during fiscal year 2016. Operating income in our Offices and Others
segment measured as percentage of segment revenues increased from
30.9% during fiscal year 2015 to 65.0% during fiscal year
2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Sales and Developments</font>. Operating income
in our Sales and Developments segment fell by 20.8%, from income
for Ps.1,113 million during fiscal year 2015 to income for Ps.881
million during fiscal year 2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Hotels</font>. Operating income/(loss) in the
Hotels segment grew by 91.7%, from a loss of Ps.12 million during
fiscal year 2015 to a loss of Ps.1 million during fiscal year
2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">International</font>. Operating income/(loss)
in our International segment shrank by 149 million from Ps.146
million in income during fiscal year 2015 to Ps.3 million loss
during fiscal year 2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Financial Operations and Others</font>.
Operating income/(loss) for our Financial Operations and Others
segment did not experience significant changes during the reported
periods.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
<font style="text-decoration: underline">Operations Center in
Israel</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Real Estate.</font> During fiscal year 2016,
operating income associated to the Real Estate segment totaled
Ps.617 million and, as a percentage of the revenues derived from
this segment, amounted to 40.1%.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Supermarkets.</font> During fiscal year 2016,
operating income associated to the Supermarkets segment totaled
Ps.424 million and, as a percentage of the revenues derived from
this segment, amounted to 2.3%.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">138</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Telecommunications.</font> During fiscal year
2016, operating loss associated to the Telecommunications segment
totaled Ps.71 million.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Others.</font> During fiscal year 2016,
operating loss associated to the Others segment totaled Ps.250
million.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">
Share of profit / (loss) of associates and joint
ventures</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td colspan="2" style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="10" style="width: 43%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Year
ended on June 30, 2016</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 34%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Share
of profit / (loss) of associates and joint ventures</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Income
statement</font></div>
</td>
<td colspan="2" style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Interest
in joint ventures</font></div>
</td>
<td colspan="2" style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Expenses
and Collective Promotion Fund</font></div>
</td>
<td colspan="2" style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Inter-segment
eliminations</font></div>
</td>
<td colspan="2" style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Segment-reporting</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="10" style="width: 43%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(in
millions of Ps.)</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operations
Center in Argentina</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Shopping
Centers</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(7)</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Offices and
Others</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Sales and
Developments</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">16</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(11)</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Hotels</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">International</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(151)</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(151)</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financial
Operations and Others</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">231</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">231</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 34%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Operations Center in Argentina</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">109</font></div>
</td>
<td colspan="2" style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(10)</font></div>
</td>
<td colspan="2" style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">99</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font>
<font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operations
Center in Israel</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font>
<font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Real
Estate</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">97</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman;">97</font>
<font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Supermarkets</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman;">-</font>
<font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Agrochemicals</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">334</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman;">334</font>
<font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Telecommunications</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman;">-</font>
<font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Insurance</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman;">-</font>
<font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(93)</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman;">(93)</font>
<font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 34%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Operations Center in Israel</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">338</font></div>
</td>
<td colspan="2" style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman;">
338</font> <font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 34%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Share of profit / (loss) of associates and joint
ventures</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">447</font></div>
</td>
<td colspan="2" style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(10)</font></div>
</td>
<td colspan="2" style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman;">
437</font> <font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td colspan="2" style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="9" style="width: 43%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Year
ended on June 30, 2015</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 34%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Share
of profit / (loss) of associates and joint ventures</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Income
statement</font></div>
</td>
<td colspan="2" style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Interest
in joint ventures</font></div>
</td>
<td colspan="2" style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Expenses
and Collective Promotion Fund</font></div>
</td>
<td colspan="2" style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Inter-segment
eliminations</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Segment-reporting</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="9" style="width: 43%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(in
millions of Ps.)</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Shopping
Centers</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">5</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">(5)</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Offices and
Others</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">(3)</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Sales and
Developments</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">7</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">(6)</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Hotels</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">International</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">(1,189)</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">(1,189)</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financial
Operations and Others</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">155</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: right; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">155</font></div>
</td>
</tr><tr>
<td style="width: 34%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Share of profit / (loss) of associates and joint
ventures</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1,023)</font></div>
</td>
<td colspan="2" style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(12)</font></div>
</td>
<td colspan="2" style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1,035)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Our share of income
of associates and joint ventures, pursuant to the income statement,
increased by 143.7%, from a loss of Ps.1,023 million during fiscal
year 2015 to an income of Ps.447 million during fiscal year 2016
(of which a gain of Ps.338 million is attributable to the
Operations Center in Israel and an income of Ps.107 million to the
Operations Center in Argentina). Without considering the effect of
the Operations Center in Israel, our share of loss of associates
and joint ventures rose by 110.5%, mainly as a result of the losses
derived from our International segment, partially offset by an
increase in income from our Financial Operations and Others
segment.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Furthermore, our
net share of profit (loss) of associates and joint ventures from
Nuevo Puerto Santa Fe S.A. (Shopping Centers segment), Quality
Invest S.A. (Offices and Others segment),and Cyrsa S.A., Puerto
Retiro S.A. and Baicom Networks S.A. (Sales and Developments
segment) experienced a change of 16.7%, from a loss of Ps.12
million during</font> <font style="font-size: 13px; font-family: Times New Roman">fiscal year 2015 to
a loss of Ps.10 million during fiscal year 2016, mostly due to the
results of Quality S.A., following a decline in that
company&#x2019;s revenues.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">139</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
<font style="text-decoration: underline">Operations Center in
Argentina</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Shopping Centers.</font> According to business
segment reporting, the share of profit of the joint venture Nuevo
Puerto Santa Fe S.A. is presented on a line by line consolidated
basis in this segment.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Offices and Others.</font> According to
business segment reporting, the share of profit/(loss) of the joint
venture Quality Invest S.A. is presented on a line by line
consolidated basis in this segment whereas the share of
profit/(loss) generated by the indirect share interest in our
associate La Rural S.A., through the joint ventures Entertainment
Holding S.A. and Entretenimiento Universal S.A., remains net in
this line and increased from a loss of Ps.3 million during fiscal
year 2015 to Ps.14 million during fiscal year 2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Sales and developments.</font> The share of
profit of joint ventures Cyrsa S.A., Puerto Retiro S.A. and Baicom
Networks S.A. is presented on a line by line consolidated basis.
The share of profit / (loss) of our associate Manibil S.A.,
presented in this line, rose by Ps.4 million, from Ps.1 million
during fiscal year 2015 to Ps.5 million during fiscal year
2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Hotels.</font> No share of profit / (loss) of
associates and joint ventures was accounted for during the year in
connection with this segment.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">International.</font> Our share of loss of
associates in this segment declined by 87.3%, from Ps.1,189 million
in loss during fiscal year 2015 to Ps.151 million in loss during
fiscal year 2016, mainly due to: (i) the non-recurrence of losses
from our investment in IDBD, from a loss of Ps.1,001 million during
fiscal year 2015 to an income of Ps.79 million during fiscal year
2016 (the income (loss) derived from changes in the fair value of
such investment was disclosed within the International segment
until October 11, 2015); and (ii) increased losses derived from our
investment in New Lipstick for Ps.55 million, partially offset by
increased gains from Condor for Ps.15 million.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Financial Operations and Others.</font> The
share of profit of our associates in the Financial Operations and
Others segment increased by 49.0%, from Ps.155 million during
fiscal year 2015 to Ps.231 million during fiscal year 2016, mainly
due to:(i) increased gains from our investments in BHSA for Ps.114
million and Banco de Cr&#xE9;dito y Securitizaci&#xF3;n for Ps.3
million, partially offset by: (ii) increased losses from our
investment in Tarshop for Ps.23 million and (iii) the Ps.19 million
non-recurring profit from our investment in Avenida made during
fiscal year 2015, until the time the Company ceased to consider
this investment as an associate.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
<font style="text-decoration: underline">Operations Center in
Israel</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Real Estate.</font> During fiscal year 2016,
the share of profit / (loss) of associates and joint ventures
associated to the Real Estate segment totaled Ps.97
million.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Agrochemicals.</font> During fiscal year 2016,
the share of profit / (loss) of associates and joint ventures
associated to the Agrochemicals segment (profit) totaled Ps.334
million.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Others.</font> During fiscal year 2016, the
share of profit / (loss) of associates and joint ventures
associated to the Others segment (loss) totaled Ps.93
million.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Financial
results, net</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Net financial loss
increased Ps.4,087 million, from a loss of Ps.933 million during
fiscal year 2015 to a loss of Ps.5,020 million during fiscal year
2016 (of which Ps.3,167 million are derived from the Operations
Center in Israel and Ps.1,844 million are derived from the
Operations Center in Argentina).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
<font style="text-decoration: underline">Operations Center in
Argentina</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Net financial loss
increased by 98.6%, from Ps.933 million during fiscal year 2015 to
Ps.1,853 million during fiscal year 2016, mainly as a result of:
(i) an increase of Ps.2,891 million in financial costs (mostly
caused by: (a) an increase in currency exchange losses of Ps.2,183
million; (b) an increase in the interest expense on loans and notes
for Ps.415 million, and (c) a negative charge in connection with
the tender offers associated to IRSA CP Notes Series I and IRSA
Notes Series I and II for Ps.187 million); partially offset by:
(ii) increased gains from other financial results of Ps.1,406
million (mainly attributable to: (d) the exposure of financial
derivatives at fair value for Ps.984 million and (e) other
financial assets for Ps.423 million);and (iii) an increase in
financial income of Ps.583 million (mainly caused by: (f) increased
exchange gains and interest income for Ps.583 million.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">140</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
<font style="text-decoration: underline">Operations Center in
Israel</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The net financial
loss from the Operations Center in Israel amounted to Ps.3,167
million, of which Ps.1,937 million are attributable to the exposure
of financial assets and liabilities at fair value, mostly
Clal&#x2019;s shares of stock (Ps.1,945 million) and to a charge for
impairment of investment properties of Ps.352 million.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Income
Tax</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Company applies
the deferred tax method to calculate the income tax applicable to
the fiscal years under consideration, thus recognizing the
temporary differences as tax assets and liabilities. Income tax
expense was Ps.489 million loss during fiscal year 2015 and a
Ps.149 million loss during fiscal year 2016, of which a Ps.207
million loss was derived from the Operations Center in Argentina
and a Ps.58 million loss was derived from the Operations Center in
Israel.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Income/(loss)
for the year</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As a result of the
factors described above, income/(loss) for 2016 decreased from a
gain of Ps.70 million during fiscal year 2015 to a loss of Ps.1,290
million during fiscal year 2016, of which a gain of Ps.761 million
is attributable to the Operations Center in Argentina and a loss of
Ps.2,051 million is attributable to the Operations Center in
Israel.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Results
of operations for the fiscal years ended on June 30, 2015 and
2014</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">
Revenues</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="width: 54%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Year
ended on June 30, 2015</font></div>
</td>
</tr><tr>
<td style="width: 22%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Revenues</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Income
statement (*)</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Interest
in joint ventures</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Expenses
and Collective Promotion Fund</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Inter-segment
eliminations</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Segment-reporting</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="width: 54%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(in
millions of Ps.)</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Shopping
Centers</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,571</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">13</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(806)</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,778</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Offices and
Others</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">398</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(79)</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">333</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Sales and
Developments</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">10</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">15</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Hotels</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">396</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">396</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">International</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">28</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">26</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financial
Operations and Others</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 22%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Revenues</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3,403</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">27</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(887)</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">5</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,548</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(*) Includes
revenues from sales, leases and services (Ps.2,516 million) and
revenues from common maintenance expenses and common advertising
fund (Ps.887 million).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="width: 54%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Year
ended on June 30, 2014</font></div>
</td>
</tr><tr>
<td style="width: 22%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Revenues</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Income
statement (*)</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Interest
in joint ventures</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Expenses
and Collective Promotion Fund</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Inter-segment
eliminations</font></div>
</td>
<td style="width: 13%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Segment-reporting</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="width: 54%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(in
millions of Ps.)</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Shopping
Centers</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,032</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(659)</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,383</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Offices and
Others</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">327</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(70)</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">271</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Sales and
Developments</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">62</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">23</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">85</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Hotels</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">332</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">332</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">International</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">91</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(7)</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">84</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financial
Operations and Others</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
</tr><tr>
<td style="width: 22%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Revenues</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,845</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">41</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(736)</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">6</font></div>
</td>
<td style="width: 13%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,156</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(*) Includes
revenues from sales, leases and services (Ps.2,109 million) and
revenues from common maintenance expenses and common advertising
fund (Ps.736 million).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Revenues from
sales, leases and services, pursuant to income statement, rose by
19.3%, from Ps.2,109 million during fiscal year 2014 to Ps.2,516
million during fiscal year 2015.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In turn, revenues
from common maintenance expenses and common advertising fund
increased by 20.5%, from Ps.736 million during fiscal year 2014 (of
which Ps.659 million are allocated to the Shopping Centers segment)
to Ps.887 million during fiscal year 2015 (of which Ps.806 million
are allocated to the Shopping Centers segment).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Furthermore,
revenues from interests in our joint ventures showed a 34.1%
decrease, from Ps.41 million during fiscal year 2014 to Ps.27
million during fiscal year 2015, mainly due to lower revenues from
sales related to the Horizons project, from the CYRSA S.A. joint
venture.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">141</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Finally,
inter-segment revenues decreased by 16.7%, from Ps.6 million during
fiscal year 2014 (of which Ps.5 million are allocated to the
Offices and Others segment) to Ps.5 million during fiscal year 2015
(allocated to the Offices and Others segment).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Thus, according to
business segment reporting, revenues grew by 18.2%, from Ps.2,156
million during fiscal year 2014 to Ps.2,548 million during fiscal
year 2015.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Shopping Centers</font>. Revenues from the
Shopping Centers segment rose by 28.6%, from Ps.1,383 million
during fiscal year 2014 to Ps.1,778 million during fiscal year
2015. This increase arose mainly from: (i) a Ps.318 million
increase in the revenues from base and percentage rents stemming
from a 33.3% increase in our tenants&#x2019; total sales, from
Ps.16,133 million during fiscal year 2014 to Ps.21,509 million
during fiscal year 2015, (ii) a Ps.30 million increase in revenues
from admission fees, (iii) a Ps.31 million increase in revenues
from parking lot, and (iv) a Ps.17 million increase in revenues
from commissions, management fees and others.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Offices and Others</font>. Revenues from the
Offices and Others segment rose by 22.9%, from Ps.271 million
during fiscal year 2014 to Ps.333 million during fiscal year 2015.
They were affected by the partial sales of investment properties
that took place during fiscal year 2015 and caused a reduction in
the segment&#x2019;s total leasable surface area. Rental revenues,
considering properties that are similar for both fiscal years and
that did not have any reductions in their leasable area, increased
by 30.8%, from Ps.214 million during fiscal year 2014 to Ps.280
million during fiscal year 2015, mainly due to the depreciation of
the peso and a higher average rate of occupancy, while rental
revenues derived from properties whose leasable area had sustained
a reduction, decreased by 45%, from Ps.45 million during fiscal
year 2014 to Ps.25 million during fiscal year 2015. At the end of
fiscal year 2015, the average occupancy rate for the portfolio of
premium offices was 98.1% and the average rental remained close to
US$26 per square meter.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Sales and Developments</font>. Without
considering our joint ventures, revenues from the Sales and
Developments segment decreased by 83.9%, from Ps.62 million during
fiscal year 2014 to Ps.10 million during fiscal year 2015. This
reduction is mainly due to lower revenues from the sales of units
at the Condominios I and II (Ps.45 million) and El Encuentro (Ps.7
million) projects. Revenues from interests in our joint ventures
(Horizons),&#xA0;&#xA0;decreased by 78.3%, or Ps.18 million.
Therefore, this segment&#x2019;s total revenues decreased by 82.4%,
from Ps.85 million during fiscal year 2014 to Ps.15 million during
fiscal year 2015.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Hotels</font>. Revenues from our Hotels segment
increased by 19.3%, from Ps.332 million during fiscal year 2014 to
Ps.396 million during fiscal year 2015, mainly due to a 34.2%
increase in the average rate per room (measured in Ps.) of our
portfolio of hotels, partially offset by a decrease in average
hotel occupancy, from 67.2% during fiscal year 2014 to 65.7% during
fiscal year 2015 (mainly in our Llao Llao hotel).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">International</font>. Revenues from the
International segment decreased by 69.0%, from Ps.84 million during
fiscal year 2014 to Ps.26 million during fiscal year 2015, mainly
because only 3-months of results were consolidated during fiscal
year 2015 compared to 12-months during fiscal year 2014 of the
results of Rigby 183 LLC, which owns the Madison 183 building that
was sold in September 2014.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Financial Operations and Others</font>.
Revenues associated with our Financial Operations and Others
segment did not show significant changes for the fiscal years under
discussion.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">
Costs</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="width: 54%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Year
ended on June 30, 2015</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 22%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Costs</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Income
statement</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Interest
in joint ventures</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Expenses
and Collective Promotion Fund</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Inter-segment
eliminations</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Segment-reporting</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="width: 54%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(in
millions of Ps.)</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Shopping
Centers</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,102)</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(4)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">820</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(4)</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(290)</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Offices and
Others</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(108)</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(5)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">79</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(34)</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Sales and
Developments</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(14)</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(5)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(19)</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Hotels</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(278)</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(278)</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">International</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(9)</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(7)</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 22%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financial
Operations and Others</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 22%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Costs</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1,511)</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(14)</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">901</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(4)</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(628)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">142</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 18%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="width: 58%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Year
ended on June 30, 2014</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">In
millions of Ps.</font></div>
</td>
</tr><tr>
<td style="width: 18%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Costs</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Income
statement</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Interest
in joint ventures</font></div>
</td>
<td style="width: 16%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Expenses
and Collective Promotion Fund</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Inter-segment
eliminations</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Segment-reporting</font></div>
</td>
</tr><tr>
<td style="width: 18%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="width: 58%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(in
millions of Ps.)</font></div>
</td>
</tr><tr>
<td style="width: 18%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 18%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Shopping
Centers</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(953)</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
<td style="width: 16%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">667</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(5)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(293)</font></div>
</td>
</tr><tr>
<td style="width: 18%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Offices and
Others</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(107)</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(6)</font></div>
</td>
<td style="width: 16%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">70</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(43)</font></div>
</td>
</tr><tr>
<td style="width: 18%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Sales and
Developments</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(17)</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(16)</font></div>
</td>
<td style="width: 16%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(33)</font></div>
</td>
</tr><tr>
<td style="width: 18%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Hotels</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(216)</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 16%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(216)</font></div>
</td>
</tr><tr>
<td style="width: 18%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">International</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(61)</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 16%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(54)</font></div>
</td>
</tr><tr>
<td style="width: 18%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financial
Operations and Others</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 16%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 18%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Costs</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1,354)</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(24)</font></div>
</td>
<td style="width: 16%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">744</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(5)</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(639)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Total consolidated
costs increased by 11.6%, from Ps.1,354 million during fiscal year
2014 to Ps.1,511 million during fiscal year 2015. Total
consolidated costs as a percentage of total consolidated revenues,
decreased from 47.6% during fiscal year 2014 to 44.4% during fiscal
year 2015.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Costs from common
maintenance expenses and common advertising fund increased by
21.1%, from Ps.744 million during fiscal year 2014 to Ps.901
million during fiscal year 2015, mainly due to common maintenance
expenses and common advertising fund originated by shopping
centers, which increased by 22.9%, from Ps.667 million during
fiscal year 2014 to Ps.820 million during fiscal year 2015, as a
result of: (i) a Ps.60 million increase in maintenance, security,
cleaning, repair and other expenses (caused mainly by price raises
in security and cleaning services and in public utilities rates),
(ii) a Ps.28 million increase in advertising expenses, (iii) a
Ps.30 million increase in salaries, social security charges and
other personnel expenses, (iv) a Ps.21 million increase in taxes,
rates and contributions, and other expenses, and (v) a Ps.14
million increase for other reasons (mainly originated in traveling,
transportation and stationery expenses).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Costs from our
joint ventures recorded a net decrease of 41.7%, from Ps.24 million
during fiscal year 2014 to Ps.14 million during fiscal year 2015,
mainly due to lower costs due to a decrease in sales of the
Horizons project.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Finally, costs from
inter-segment transactions decreased by 20.0%, from Ps.5 million
during fiscal year 2014 to Ps.4 million during fiscal year 2015,
mainly due to a change in the distribution of costs of our shopping
centers.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Business segment
reporting, costs decreased by 1.7%, from Ps.639 million during
fiscal year 2014 to Ps.628 million during fiscal year 2015. Total
costs as a percentage of total revenues, based on business segment
reporting, decreased from 29.6% during fiscal year 2014 to 24.6%
during fiscal year 2015.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Shopping Centers</font>. Costs from the
Shopping Centers segment (without taking into account costs from
common maintenance expenses and common advertising fund and
inter-segment eliminations and interests in joint ventures)
decreased by 1.0%, from Ps.293 million during fiscal year 2014 to
Ps.290 million during fiscal year 2015. This decrease is mainly due
to: (i) lower costs as a result of the deficit in common
maintenance expenses and common advertising fund in our Shopping
Centers for Ps.36 million and (ii) decreased depreciation and
amortization costs for Ps.4 million, partially offset by higher
costs generated by: (iii) a Ps.13 million increase in maintenance,
security, cleaning, repair and other expenses (caused mainly by
price raises in security and cleaning services and in public
utilities rates); (iv) a Ps.10 million increase in salaries, social
security charges and other personnel expenses, (v) a Ps.9 million
increase in taxes, charges and contributions and other expenses
(caused mainly by an increase in provincial taxes on land and
municipal rates for utilities, among others); and (vi) a Ps.6
million increase in fees and payments for services. Costs from the
Shopping Centers segment, as a percentage of this segment&#x2019;s
revenues, decreased by 21.2% during fiscal year 2014 to 16.3%
during fiscal year ended June 30, 2015.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Offices and Others</font>. Costs in the Offices
and Others segment decreased by 20.9%, from Ps.43 million during
fiscal year 2014 to Ps.34 million during fiscal year 2015. This
variation is affected by the partial sales of investment properties
intended for lease during fiscal year 2015. Costs associated with
non-comparable properties decreased by 44.3%, from Ps.5 million to
Ps.3 million, mainly due to the referred sales. Besides, costs,
considering similar properties in both fiscal years on account of
the inexistence of partial sales, decreased by 19.3%, from Ps.37
million to Ps.30 million, mainly due to decreased depreciation and
amortization costs. Total costs in the Offices and Others segment,
as a percentage of this segment&#x2019;s revenues, fell from 15.9%
during fiscal year 2014 to 10.2% during fiscal year
2015.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Sales and Developments</font>. This
segment&#x2019;s costs often exhibit significant variations between
one period and the other because of the non-recurrence of the sales
of properties performed by the Company throughout the time. Without
considering our joint ventures, the costs associated with our Sales
and Developments segment dropped by 17.6%, from Ps.17 million
during fiscal year 2014 to Ps.14 million during fiscal year 2015.
This decrease is mainly attributable to</font> <font style="font-size: 13px; font-family: Times New Roman">lower costs from
the sale of units in Condominios I and II (Ps.7 million), partially
offset by the increased costs associated with land reserves and
properties for sale (Ps.5 million). Costs from our joint ventures
(Horizons) decreased by 68.8%, recording a decrease of Ps.11
million. Therefore, total costs from this segment dropped by 42.4%,
from Ps.33 million during fiscal year 2014 to Ps.19 million during
fiscal year 2015. Costs in the Sales and Developments segment, as a
percentage of segment revenues, increased from 38.8% during fiscal
year 2014 to 126.7% during fiscal year 2015.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">143</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Hotels</font>. Costs in the Hotels segment rose
by 28.7%, from Ps.216 million during fiscal year 2014 to Ps.278
million during fiscal year 2015, mainly due to: (i) a Ps.41 million
increase in salaries, social security charges and other personnel
expenses; (ii) a Ps.11 million increase in the costs of food,
beverages and other hotel-related expenses; and (iii) increased
charges, amounting to Ps.8 million, as maintenance and repairs,
among others. Costs in the Hotels segment, as a percentage of this
segment&#x2019;s revenues, increased from 65.1% during fiscal year
2014 to 70.2% during fiscal year 2015.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">International</font>. Costs in the
International segment dropped by 87.0%, from Ps.54 million during
fiscal year 2014 to Ps.7 million during fiscal year 2015 mainly due
to the only 3-month consolidation in the year 2015 compared to the
12-month consolidation in the year 2014 of the results of Rigby 183
LLC, owner of the Madison 183 building intended for lease, which
was sold in September 2014; in addition, the 3-month period of 2015
does not include amortization and depreciation costs as the
property has been classified as available for sale as of June 30,
2014. Costs in the International segment, as a percentage of this
segment&#x2019;s revenues, decreased from 64.3% during fiscal year
2014 to 26.9% during fiscal year 2015.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Financial Operations and Others</font>. Costs
associated with our Financial Operations and Others segment did not
show significant changes for the fiscal years under
discussion.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">
Gross profit</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="width: 54%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Year
ended on June 30, 2015</font></div>
</td>
</tr><tr>
<td style="width: 22%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Gross
profit</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Income
statement</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Interest
in joint ventures</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Expenses
and Collective Promotion Fund</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Inter-segment
eliminations</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Segment-reporting</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="width: 54%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(in
millions of Ps.)</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Shopping
Centers</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,469</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(4)</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,488</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Offices and
Others</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">290</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">299</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Sales and
Developments</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(4)</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(4)</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Hotels</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">118</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">118</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">International</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">19</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">19</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financial
Operations and Others</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 22%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Gross Profit</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,892</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">13</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">14</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,920</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="width: 54%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Year&#xA0;&#xA0;ended
on June 30, 2014</font></div>
</td>
</tr><tr>
<td style="width: 22%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Gross
profit</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Income
statement</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Interest
in joint ventures</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Expenses
and Collective Promotion Fund</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Inter-segment
eliminations</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Segment-reporting</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="width: 54%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(in
millions of Ps.)</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Shopping
Centers</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,079</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(4)</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,090</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Offices and
Others</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">220</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">228</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Sales and
Developments</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">45</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">52</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Hotels</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">116</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">116</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">International</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">30</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">30</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financial
Operations and Others</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
</tr><tr>
<td style="width: 22%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Gross Profit</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,491</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">17</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">8</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,517</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As a consequence of
the events discussed above, total consolidated gross profit,
increased by 26.9%, from Ps.1,491 million during fiscal year 2014
to Ps.1,892 million during fiscal year 2015. Total consolidated
gross profit, as a percentage of revenues from sales, leases and
services, increased from 70.7% during fiscal year 2014 to 75.2%
during fiscal year 2015.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Gross profit due to
the elimination of common maintenance expenses and the common
advertising fund increased by 75.0%, from Ps.8 million during
fiscal year 2014 (which are allocated to the Shopping Centers
segment) to Ps.14 million during fiscal year 2015 (which are
allocated to the Shopping Centers segment).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Gross profit from
our joint ventures decreased by 23.5%, from Ps.17 million during
fiscal year 2014 to Ps.13 million during fiscal year
2015.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">144</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Based on business
segment reporting, gross profit increased by 26.6%, from Ps.1,517
million during fiscal year 2014 to Ps.1,920 million during fiscal
year 2015. Furthermore, gross profit, as a percentage of revenues,
based on business segment reporting, increased from 70.4% during
fiscal year 2014 to 75.4% during fiscal year 2015.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Shopping Centers</font>. Gross profit at the
Shopping Centers segment increased by 36.5%, from Ps.1,090 million
during fiscal year 2014 to Ps.1,488 million during fiscal year
2015, mainly due to an increase in our tenants&#x2019; total sales,
resulting in higher percentage rent under our lease agreements.
Gross profit from the Shopping Centers segment as a percentage of
this segment&#x2019;s revenues increased from 78.8% during fiscal
year 2014 to 83.7% during fiscal year 2015.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Offices and Others</font>. Gross profit at the
Offices and Others segment rose by 31.1%, from Ps.228 million
during fiscal year 2014 to Ps.299 million during fiscal year 2015.
Gross profit for the Offices and Others segment, as a percentage of
this segment&#x2019;s revenues, rose from 84.1% during fiscal year
2014 to 89.8% during fiscal year 2015.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Sales and Developments</font>. Gross profit at
the Sales and Developments segment decreased by 107.7%, from a
profit of Ps.52 million during fiscal year 2014 to a loss of Ps.4
million during fiscal year 2015, mainly due to lower sales during
fiscal year 2015 and an increase in maintenance and repair costs in
these properties. Gross profit for the Sales and Developments
segment, as a percentage of this segment&#x2019;s revenues, went
from a profit of 61.2% during fiscal year 2014 to a loss of 26.7%
during fiscal year 2015.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Hotels</font>. Gross profit at the Hotels
segment rose by 1.7%, from Ps.116 million during fiscal year 2014
to Ps.118 million during fiscal year 2015. Gross profit for the
Hotels segment, as a percentage of this segment&#x2019;s revenues,
dropped from 34.9% during fiscal year 2014 to 29.8% during fiscal
year 2015.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">International</font>. Gross profit at the
International segment dropped by 36.7%, from Ps.30 million during
fiscal year 2014 to Ps.19 million during fiscal year 2015. Gross
profit at the International segment, as a percentage of this
segment&#x2019;s revenues, rose from 35.7% during fiscal year 2014
to 73.1% during fiscal year 2015, mainly because no amortizations
were recorded during that period.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Financial Operations and Others</font>. Gross
profit associated with our Financial Operations and Others segment
did not show significant changes for the fiscal years under
discussion.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">
Gain from disposal of investment properties</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Gain from disposal
of investment properties from our Sales and Developments segment
increased by 392.8%, from Ps.236 million during fiscal year 2014 to
Ps.1,163 million during fiscal year 2015, mainly due to the sales
of functional units at: Intercontinental Plaza (Ps.338 million),
Madison Ave. office building (Ps.296 million), higher gain from
disposal of Bouchard 551 (Ps.308 million) and Maip&#xFA; 1300
(Ps.25 million), partially offset by a reduced gain from disposal
of Av. de Mayo 595 (Ps.19 million), Constituci&#xF3;n 1159 (Ps.13
million) and Costeros Dique IV (Ps.11 million), among
others.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">
General &amp; administrative expenses</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="width: 43%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Year
ended on June 30, 2015</font></div>
</td>
</tr><tr>
<td style="width: 34%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">General
&amp; administrative expenses</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Income
statement</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Interest
in joint ventures</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Expenses
and Collective Promotion Fund</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Inter-segment
eliminations</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Segment-reporting</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="width: 43%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(in
millions of Ps.)</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Shopping
Centers</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(136)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(136)</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Offices and
Others</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(57)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(58)</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Sales and
Developments</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(49)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(50)</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Hotels</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(76)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(78)</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">International</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(56)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(56)</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financial
Operations and Others</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 34%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
General &amp; Administrative Expenses</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(374)</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(3)</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(378)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">145</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="11" style="width: 43%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Year
ended on June 30, 2014</font></div>
</td>
</tr><tr>
<td style="width: 34%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">General
&amp; administrative expenses</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Income
statement</font></div>
</td>
<td colspan="3" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Interest
in joint ventures</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Expenses
and Collective Promotion Fund</font></div>
</td>
<td colspan="3" style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Inter-segment
eliminations</font></div>
</td>
<td colspan="2" style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Segment-reporting</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="11" style="width: 43%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(in
millions of Ps.)</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Shopping
Centers</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(102)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="3" style="width: 10%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(102)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Offices and
Others</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(41)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="3" style="width: 10%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(42)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Sales and
Developments</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(36)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td colspan="3" style="width: 10%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(37)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Hotels</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(59)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="3" style="width: 10%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(60)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">International</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(59)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="3" style="width: 10%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(59)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financial
Operations and Others</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="3" style="width: 10%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 34%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
General &amp; Administrative Expenses</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(297)</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td colspan="3" style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
<td colspan="2" style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(300)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Total
administrative expenses, increased by 25.9%, from Ps.297 million
during fiscal year 2014 to Ps.374 million during fiscal year 2015.
Total administrative expenses as a percentage of revenues from
sales, leases and services slightly increased from 14.1% during
fiscal year 2014 to 14.9% during fiscal year 2015.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In turn,
administrative expenses from our joint ventures did not show
significant changes for the fiscal years under
discussion.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Based on business
segment reporting, and considering both our joint ventures and the
inter-segment eliminations, administrative expenses increased by
26.0%, from Ps.300 million during fiscal year 2014 to Ps.378
million during fiscal year 2015. Administrative expenses as a
percentage of revenues, based on business segment reporting,
increased from 13.9% during fiscal year 2014 to 14.8% during fiscal
year 2015.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Shopping Centers</font>. Administrative
expenses in the Shopping Centers segment rose by 33.3%, from Ps.102
million during fiscal year 2014 to Ps.136 million during fiscal
year 2015, mainly due to: (i) a Ps.26 million increase in the
charge associated with Directors&#x2019; fees; (ii) a Ps.3 million
increase in fees and payment for services, (iii) a Ps.2 million
increase in amortizations and depreciations, and (iv) a Ps.4
million increase for other reasons, such as maintenance, security,
cleaning, repair and other expenses and taxes, rates and
contributions. Administrative expenses of Shopping Centers, as a
percentage of segment revenues, increased from 7.4% during fiscal
year 2014 to 7.6% during fiscal year 2015.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Offices and Others</font>. General &amp;
administrative expenses in our Offices and Others segment rose by
38.1%, from Ps.42 million during fiscal year 2014 to Ps.58 million
during fiscal year 2015, mainly due to: (i) a Ps.5 million increase
in fees and payments for services; (ii) a Ps.5 million increase in
salaries, social security charges and other personnel expenses;
(iii) a Ps.2 million increase in the charge associated with
Directors&#x2019; fees; (iv) a Ps.2 million increase in traveling,
transportation and stationery expenses; and (v) a Ps.1 million
increase in bank expenses. The segment&#x2019;s general &amp;
administrative expenses, as a percentage of segment revenues,
increased from 15.5% during fiscal year 2014 to 17.4% during fiscal
year 2015.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Sales and Developments</font>. General &amp;
administrative expenses associated with our Sales and Developments
segment increased by 35.1%, from Ps.37 million during fiscal year
2014 to Ps.50 million during fiscal year 2015, mainly due to: (i) a
Ps.4 million increase in fees and payments for services; (ii) a
Ps.2 million increase in salaries, social security charges and
other personnel expenses; (iii) a Ps.2 million increase in the
charge associated with Directors&#x2019; fees; (iv) a Ps.2 million
increase in traveling, transportation and stationery expenses; and
(v) a Ps.1 million increase in bank expenses. General &amp;
administrative expenses associated with the Sales and Developments
segment, as a percentage of segment revenues, increased from 43.5%
during fiscal year 2014 to 333.3% during fiscal year 2015.
Considering the gain from the disposal of investment properties,
such percentages decreased by 15.7% during fiscal year 2014 to 4.3%
during fiscal year 2015.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Hotels</font>. General &amp; administrative
expenses associated with our Hotels segment increased
by&#xA0;30.0%, from Ps.60 million during fiscal year 2014 to Ps.78
million during fiscal year 2015, mainly due to: (i) a Ps.9 million
increase in salaries, social security charges and other personnel
expenses; (ii) a Ps.3 million increase in the charge of maintenance
and repairs; (iii) a Ps.2 million increase in fees for services and
a Ps.1 million increase in the charge of food, beverages and other
hotel-related expenses, among others. General &amp; administrative
expenses associated with the Hotels segment, as a percentage of
this segment&#x2019;s revenues, increased from 18.1% during fiscal
year ended 2014 to 19.7% during fiscal year 2015.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">International</font>. General &amp;
administrative expenses associated with our International segment
decreased by 5.1%, from Ps.59 million during fiscal year 2014 to
Ps.56 million during fiscal year 2015, mainly because the results
of Rigby 183 LLC, which owned the Madison 183 building intended for
lease, which was sold in September 2014 was consolidated for only
three months in 2015 compared to 12 months in 2014 and due to lower
expenses incurred in connection with our investment in IDBD.
General &amp; administrative expenses associated with the
International segment as a percentage of segment revenues rose from
70.2% during fiscal year 2014 to 215.4% during fiscal year
2015.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">146</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Financial Operation and Others</font>. General
&amp; administrative expenses associated with our Financial
Operations and Others segment did not show significant changes for
the fiscal years under discussion.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">
Selling expenses</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="width: 52%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Year
ended on June 30, 2015</font></div>
</td>
</tr><tr>
<td style="width: 25%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Selling
expenses</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Income
statement</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Interest
in joint ventures</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Expenses
and Collective Promotion Fund</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Inter-segment
eliminations</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Segment-reporting</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="width: 52%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(in
millions of Ps.)</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Shopping
Centers</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(112)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(113)</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Offices and
Others</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(22)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(22)</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Sales and
Developments</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(8)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(9)</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Hotels</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(52)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(52)</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">International</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financial
Operations and Others</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 25%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Selling Expenses</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(194)</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(196)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="width: 52%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Year
ended on June 30, 2014</font></div>
</td>
</tr><tr>
<td style="width: 24%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Selling
expenses</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Income
statement</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Interest
in joint ventures</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Expenses
and Collective Promotion Fund</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Inter-segment
eliminations</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Segment-reporting</font></div>
</td>
</tr><tr>
<td style="width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="width: 52%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(in
millions of Ps.)</font></div>
</td>
</tr><tr>
<td style="width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Shopping
Centers</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(71)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(73)</font></div>
</td>
</tr><tr>
<td style="width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Offices and
Others</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(21)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(21)</font></div>
</td>
</tr><tr>
<td style="width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Sales and
Developments</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(12)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(14)</font></div>
</td>
</tr><tr>
<td style="width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Hotels</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(42)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(42)</font></div>
</td>
</tr><tr>
<td style="width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">International</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financial
Operations and Others</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 24%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Selling Expenses</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(146)</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(4)</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 48px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 48px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(150)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Total consolidated
selling expenses, pursuant to income statement, increased by 32.9%,
from Ps.146 million during fiscal year 2014 to Ps.194 million
during fiscal year 2015. Total consolidated selling expenses as a
percentage of revenues from sales, leases and services, slightly
increased from 6.9% during fiscal year 2014 to 7.7% during fiscal
year 2015.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In turn, selling
expenses of our joint ventures decreased by 50.0%, from Ps.4
million during fiscal year 2014 (out of this figure, Ps.2 million
are allocated to the Sales and Developments segment and Ps.2
million are allocated to the Shopping Centers segment) to Ps.2
million during fiscal year 2015 (out of this figure, Ps.1 million
are allocated to the Sales and Developments segment and Ps.1
million are allocated to the Shopping Centers segment). This
decrease is mainly due to lower expenses from our Cyrsa S.A. joint
venture in connection with a reduction in the sales of the Horizons
project recognized during fiscal year 2015.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Thus, according to
business segment reporting, selling expenses grew by 30.7%, from
Ps.150 million during fiscal year 2014 to Ps.196 million during
fiscal year 2015. Selling expenses as a percentage of revenues,
according to business segment reporting, slightly increased from
7.0% during fiscal year 2014 to 7.7% during fiscal year
2015.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Shopping Centers</font>. Selling expenses in
the Shopping Centers segment increased by 54.8%, from Ps.73 million
during fiscal year 2014 to Ps.113 million during fiscal year 2015
mainly due to: (i) a Ps.18 million increase in the charge
associated with taxes, rates and contributions; mainly due to a
higher charged associated with turnover tax; (ii) a Ps.8 million
increase in advertising expenses; (iii) a Ps.5 million increase in
loan loss charges; and (iv) a Ps.6 million increase in salaries,
social security charges and other personnel expenses. Selling
expenses, as a percentage of the Shopping Centers segment&#x2019;s
revenues, increased from 5.3% during fiscal year 2014 to 6.4%
during fiscal year 2015.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Offices and Others</font>. Selling expenses
associated with our Offices and Others segment rose by 4.8%, from
Ps.21 million during fiscal year 2014 to Ps.22 million during
fiscal year 2015. Such variation was due to an increase in the
turnover tax generated by the transfer of buildings, offset by
lower loan loss charges. The selling expenses associated with our
Offices and Others segment, as a percentage of this segment&#x2019;s
revenues dropped from 7.7% during fiscal year 2014 to 6.6% during
fiscal year 2015.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Sales and Developments</font>. Selling expenses
for the Sales and Developments segment decreased by 35.7%, from
Ps.14 million during fiscal year 2014 to Ps.9 million during fiscal
year 2015, mainly as a result of a decrease in expenses directly
related to the volume of sale transactions: (i) taxes, rates and
contributions for Ps.3 million and commissions for sales for</font>
<font style="font-size: 13px; font-family: Times New Roman">Ps.1
million. The selling expenses associated with our Sales and
Developments segment, as a percentage of this segment&#x2019;s
revenues, increased from 16.5% during fiscal year 2014 to 60.0%
during fiscal year 2015.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">147</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Hotels</font>. The selling expenses associated
with our Hotels segment increased by 23.8%, from Ps.42 million
during fiscal year 2014 to Ps.52 million during fiscal year 2015,
mainly due to: (i) a Ps.3 million increase in advertising expenses
and other selling expenses,; (ii) a Ps.3 million increase in taxes,
rates and contributions; and (iii) a Ps.3 million increase in
salaries, social security charges and other personnel expenses,
among others. Selling expenses associated with our Hotels segment
as a percentage of this segment&#x2019;s revenues remained stable at
13% in both fiscal years.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Financial Operations and Others</font>. Selling
expenses associated with our Financial Operations and Others
segment did not show significant changes for the fiscal years under
discussion.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">
Other operating results, net</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="width: 50%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Year
ended on June 30, 2015</font></div>
</td>
</tr><tr>
<td style="width: 26%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Other
operating results, net</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Income
statement</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Interest
in joint ventures</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Expenses
and Collective Promotion Fund</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Inter-segment
eliminations</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Segment-reporting</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="width: 50%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(in
millions of Ps.)</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Shopping
Centers</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(48)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(49)</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Offices and
Others</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(118)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(117)</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Sales and
Developments</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">13</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">13</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Hotels</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">International</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">183</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">183</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financial
Operations and Others</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
</tr><tr>
<td style="width: 26%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Other operating results, net</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">28</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">28</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="width: 50%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Year
ended on June 30, 2014</font></div>
</td>
</tr><tr>
<td style="width: 26%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Other
operating results, net</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Income
statement</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Interest
in joint ventures</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Expenses
and Collective Promotion Fund</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Inter-segment
eliminations</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Segment-reporting</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="width: 50%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(in
millions of Ps.)</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Shopping
Centers</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(45)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(47)</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Offices and
Others</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(3)</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Sales and
Developments</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Hotels</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(3)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(3)</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">International</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financial
Operations and Others</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(3)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(3)</font></div>
</td>
</tr><tr>
<td style="width: 26%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Other operating results, net</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(46)</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(3)</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(49)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other operating
results, net went from a net loss of Ps.46 million during fiscal
year 2014 to net income of Ps.28 million during fiscal year 2015,
mainly due to income from the realization of the conversion
difference related to the partial settlement of Rigby 193 LLC
(Ps.188 million), partially offset by expenses related to the
transfer of assets from IRSA to IRSA PC (Ps.110 million). Total
consolidated other operating results, net, as a percentage of
revenues from sales, leases and services, was 2.2% during fiscal
year 2014 and 1.1% during fiscal year 2015.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other operating
results, net from our joint ventures decreased from a Ps.3 million
loss during fiscal year 2014 (Ps.2 million were allocated to the
Offices and Others segment) to a Ps.2 million loss during fiscal
year 2015 (which were allocated to the Shopping Centers
segment).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Based on business
segment reporting, other operating results, net was a net loss of
Ps.49 million in fiscal year 2014 and net income of Ps.28 million
in fiscal 2015.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Shopping Centers</font>. Other operating
losses, net for the Shopping Centers segment increased by 4.3%,
from Ps.47 million during fiscal year 2014 to Ps.49 million during
fiscal year 2015, mainly as a consequence of a Ps.3 million
increase in donations. Other operating losses, net, as a percentage
of revenues in the Shopping Centers segment, decreased from 3.4%
during fiscal year 2014 to 2.8% during fiscal year
2015.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Offices and Others</font>. Other operating
losses, net associated with our Offices and Others segment
increased by Ps.114 million, from Ps.3 million during fiscal year
2014 to Ps.117 million during fiscal year 2015, mainly due to the
expenses related to the transfer of assets from IRSA to IRSA CP for
Ps.110 million. Other operating losses, net associated with our
Offices and Others segment, as a percentage of this segment&#x2019;s
revenues, increased from 1.1% during fiscal year 2014 to 35.1%
during fiscal year 2015.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">148</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Sales and Developments</font>. Other operating
income, net associated with our Sales and Developments segment
increased by 62.5%, from Ps.8 million during fiscal year 2014 to
Ps.13 million during fiscal year 2015, mainly due to: (i) Ps.16
million in income during fiscal year 2015 related to the sale of
our interest in Bitania and (ii) a decrease in provisions for
lawsuits and other contingencies of Ps.2 million; partially offset
by (iii) the non-recurrence, during fiscal year 2015, of a fee
charged as &#x201C;fee for admission to the undertaking&#x201D; in
connection with the sale of the Neuqu&#xE9;n lot for development of
a hotel that took place in fiscal year 2014.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Hotels</font>. Other operating losses, net
associated with the Hotels segment dropped by Ps.3 million, mainly
due to an increase in provisions for lawsuits and other
contingencies. Other operating losses, net associated with the
Hotels segment, as a percentage of this segment&#x2019;s revenues,
was 0.9% during fiscal year 2014.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">International</font>. Other operating results,
net in this segment went from Ps.1 million in net loss during
fiscal year 2014 to Ps.183 million in net income during fiscal year
2015, mainly due to income from the partial reversal of the
accumulated conversion differences, as a result of the partial
settlement of Rigby 183 LLC.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Financial Operations and Others</font>. Other
operating losses, net associated with our&#xA0;&#xA0;Financial
Operations and Others segment decreased from Ps.3 million during
fiscal year 2014 to Ps.2 million during fiscal year 2015, mainly
due to the fact that Banco Hipotecario S.A. has deducted a lower
amount as tax on dividends than it distributed to our subsidiaries
Ritelco and Tyrus during fiscal year 2015.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">
Operating income/(loss)</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="width: 52%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Year
ended on June 30, 2015</font></div>
</td>
</tr><tr>
<td style="width: 24%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operating
income/(loss)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Income
statement</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Interest
in joint ventures</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Expenses
and Collective Promotion Fund</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Inter-segment
eliminations</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Segment-reporting</font></div>
</td>
</tr><tr>
<td style="width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="width: 52%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(in
millions of Ps.)</font></div>
</td>
</tr><tr>
<td style="width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Shopping
Centers</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,173</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(4)</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,190</font></div>
</td>
</tr><tr>
<td style="width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Offices and
Others</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">92</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">102</font></div>
</td>
</tr><tr>
<td style="width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Sales and
Developments</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,115</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,113</font></div>
</td>
</tr><tr>
<td style="width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Hotels</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(9)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(3)</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(12)</font></div>
</td>
</tr><tr>
<td style="width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">International</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">146</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">146</font></div>
</td>
</tr><tr>
<td style="width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financial
Operations and Others</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
</tr><tr>
<td style="width: 24%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Operating income/(loss)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,515</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">8</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">14</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,537</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="width: 52%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Year
ended on June 30, 2014</font></div>
</td>
</tr><tr>
<td style="width: 24%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operating
income/(loss)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Income
statement</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Interest
in joint ventures</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Expenses
and Collective Promotion Fund</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Inter-segment
eliminations</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Segment-reporting</font></div>
</td>
</tr><tr>
<td style="width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="width: 52%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(in
millions of Ps.)</font></div>
</td>
</tr><tr>
<td style="width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Shopping
Centers</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">861</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(4)</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">868</font></div>
</td>
</tr><tr>
<td style="width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Offices and
Others</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">156</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">162</font></div>
</td>
</tr><tr>
<td style="width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Sales and
Developments</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">241</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">245</font></div>
</td>
</tr><tr>
<td style="width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Hotels</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">12</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11</font></div>
</td>
</tr><tr>
<td style="width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">International</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(30)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(30)</font></div>
</td>
</tr><tr>
<td style="width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financial
Operations and Others</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
</tr><tr>
<td style="width: 24%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Operating income/(loss)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,238</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">8</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">8</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,254</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As a consequence of
the events discussed above, total consolidated operating income
increased by 103.2%, from Ps.1,238 million during fiscal year 2014
to Ps.2,515 million during fiscal year 2015. Total consolidated
operating income, as a percentage of revenues from sales, leases
and services, increased from 58.7% during fiscal year 2014 to
approximately 100.0% during fiscal year 2015.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Operating
income/(loss) of our joint ventures did not show significant
changes for the fiscal years under discussion.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Based on business
segment reporting, operating income increased by 102.3%, from
Ps.1,254 million during fiscal year 2014 to Ps.2,537 million during
fiscal year 2015. Operating income, as a percentage of revenues
based on business segment reporting, increased from 58.2% during
fiscal year 2014 to 99.6% during fiscal year 2015.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Shopping Centers</font>. Operating income in
our Shopping Centers segment increased by 37.1%, from Ps.868
million in income during fiscal year 2014 to Ps.1,190 million in
income during fiscal year 2015. Operating income for our Shopping
Centers segment, as a percentage of this segment&#x2019;s revenues,
increased from 62.8% during fiscal year 2014 to 66.9% during fiscal
year 2015.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">149</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Offices and Others</font>. Operating income in
our Offices and Others segment decreased by 37.0%, from income of
Ps.162 million during fiscal year 2014 to income of Ps.102 million
during fiscal year 2015. Operating income in our Offices and Others
segment, as a percentage of segment revenues, decreased from 59.8%
during fiscal year 2014 to 30.6% during fiscal year
2015.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Sales and Developments</font>. Operating income
in our Sales and Developments segment increased by 354.3%, from
income of Ps.245 million during fiscal year 2014 to income of
Ps.1,113 million during fiscal year 2015. Operating income in our
Sales and Developments segment as a percentage of segment revenues,
considering the gain from disposal of investment properties,
decreased from 76.3% during fiscal year 2014 to 94.5% during fiscal
year 2015.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Hotels</font>. Operating income/(loss) in the
Hotels segment showed a significant decrease, from income of Ps.11
million during fiscal year 2014 to a loss of Ps.12 million during
fiscal year 2015, mainly due to increased operating expenses as
compared to the operating income of this segment.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">International</font>. Operating income/(loss)
in our International segment increased from Ps.30 million in loss
during fiscal year 2014 to Ps.146 million in income during fiscal
year 2015.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Financial Operations and Others</font>.
Operating income/(loss) for our Financial Operations and Others
segment remained at Ps.2 million loss during both fiscal
years.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">
Share of profit / (loss) of associates and joint
ventures</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="width: 48%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Year
ended on June 30, 2015</font></div>
</td>
</tr><tr>
<td style="width: 30%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Share
of profit / (loss) of associates and joint ventures</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Income
statement</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Interest
in joint ventures</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Expenses
and Collective Promotion Fund</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Inter-segment
eliminations</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Segment-reporting</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="width: 48%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(in
millions of Ps.)</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Shopping
Centers</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(5)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Offices and
Others</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(3)</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Sales and
Developments</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(6)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Hotels</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">International</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,189)</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,189)</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financial
Operations and Others</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">155</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">155</font></div>
</td>
</tr><tr>
<td style="width: 30%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
share of profit / (loss) of associates and joint
ventures</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1,023)</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(12)</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1,035)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="width: 48%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Year
ended on June 30, 2014</font></div>
</td>
</tr><tr>
<td style="width: 30%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Share
of profit / (loss) of associates and joint ventures</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Income
statement</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Interest
in joint ventures</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Expenses
and Collective Promotion Fund</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Inter-segment
eliminations</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Segment-reporting</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="width: 48%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(in
millions of Ps.)</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Shopping
Centers</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(5)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Offices and
Others</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Sales and
Developments</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">26</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(20)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Hotels</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">International</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(616)</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(616)</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financial
Operations and Others</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">170</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">170</font></div>
</td>
</tr><tr>
<td style="width: 30%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
share of profit / (loss) of associates and joint
ventures</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(414)</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(26)</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(440)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The share of loss
of associates and joint ventures, pursuant to income statement,
increased by 147.1%, from Ps.414 million during fiscal year 2014 to
Ps.1,023 million during fiscal year 2015, mainly due to the
investments from the International segment, partially offset by the
investments from the Financial Operations and Others
segment.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The share of profit
(loss) of associates and joint ventures mainly arising from Nuevo
Puerto Santa Fe S.A. (Shopping Centers segment), Quality Invest
S.A. (Offices segment) and Cyrsa S.A., Puerto Retiro S.A. and
Baicom Networks S.A. (Sales and Developments segment) dropped by
53.8%, from Ps.26 million during fiscal year 2014 to Ps.12 million
during fiscal year 2015, mainly due to lower results from the Cyrsa
S.A. joint venture.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Shopping Centers.</font> According to business
segment reporting, the share of profit of the joint venture Nuevo
Puerto Santa Fe S.A. is presented on a line by line consolidated
basis in this segment.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">150</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Offices and Others.</font> According to
business segment reporting, the share of profit/(loss) of the joint
venture Quality Invest S.A. is presented on a line by line
consolidated basis in this segment whereas the share of
profit/(loss) generated by the indirect equity interest in our
associate La Rural S.A., through the joint ventures Entertainment
Holding S.A. and Entretenimiento Universal S.A., remains net in
this line and increased from Ps.1 million in loss during fiscal
year 2014 to Ps.3 million in loss during fiscal year
2015.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Sales and developments.</font> The share of
profit of joint ventures Cyrsa S.A., Puerto Retiro S.A. and Baicom
Networks S.A. is presented on a line by line consolidated basis.
The share of profit / (loss) of our associate Manibil S.A.,
presented in this line, decreased by 83.3%, from Ps.6 million
during fiscal year 2014 to Ps.1 million during fiscal year 2015, as
a result of reduced net profit from such associate.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Hotels.</font> The share of profit / (loss)
associated with our Hotels segment did not show significant changes
for the fiscal years under discussion.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">International.</font> The share of loss of our
associates in this segment, dropped by 93.0%, from a loss of Ps.616
million during fiscal year 2014 to a loss of Ps.1,189 million
during fiscal year 2015, mainly due to lower results from our
investment in IDBD of Ps.105 million mainly due to a recovery in
the market trading price of IDBD&#x2019;s shares, partially offset
by higher losses in pesos related to the Lipstick building
investment of Ps.25 million, mainly due to the fluctuation in the
exchange rate used in the conversion, and Ps.66 million at Condor,
mainly due to the increase in financial liabilities measured at
fair value.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Financial Operations and Others.</font> The
share of profit of our associates in the Financial Operations and
Others segment decreased by 8.8%, from Ps.170 million during fiscal
year 2014 to Ps.155 million during fiscal year 2015, mainly due to
lower profits from our investment in BHSA of Ps.41.2 million and
Banco de Cr&#xE9;dito y Securitizaci&#xF3;n of Ps.1 million,
partially offset by higher profits related to our investment in
Tarshop of Ps.8 million and Avenida for Ps.21 million.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Financial
results, net</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The net financial
loss decreased by 45.7%, from Ps.1,719 million during fiscal year
2014 to Ps.933 million during fiscal year 2015, mainly due to: (i)
lower foreign exchange losses of Ps.795 million and (ii) lower
income from the valuation at fair value of derivate financial
instruments of Ps.301 million, mainly due to Ps.296 million
associated with IDBD-related instruments, partially offset by (iii)
lower income from the valuation of financial assets at fair value
of Ps.173 million, mainly due to a financial loss owing to the
valuation public and private securities, shares and common funds of
Ps.255 million, partially offset by higher results generated by the
valuation of shares in Avenida of Ps.72 million and preferred
shares in Condor Hospitality Trust Inc. of Ps.66 million and (iv)
an increased charge for interest paid for loans and notes taken by
the Company of Ps.148 million.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">During fiscal year
2015, Argentina&#x2019;s peso depreciated by approximately 12%, from
Ps.8.133 per US$1.06 at June 30, 2014 to Ps.9.088 per US$1.06 at
June 30, 2015, while during fiscal year 2014 the variation had been
51%, from Ps.5.388 per US$1.06 at June 30, 2013 to Ps.8.133 per
US$1.06 at June 30, 2014. This situation materially affects our
financial results because of the exposure of our indebtedness to
the variations in the exchange rate between the Peso and the US
Dollar.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Income
Tax</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Company applies
the deferred tax method to calculate the income tax applicable to
the fiscal years under consideration, thus recognizing the
temporary differences as tax assets and liabilities. Income tax
expense during fiscal year was Ps.64 million during fiscal year
2014 and a loss of Ps.489 million during fiscal year 2015, in line
with income before tax, which was a loss of Ps.895 million during
fiscal year 2014 and income of Ps.559 million during fiscal year
2015.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Income/(loss)
for the year</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As a result of the
factors described above, income/(loss) for the year went from a
loss of Ps.831 million during fiscal year 2014 to a loss of Ps.70
million during fiscal year 2015.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Income attributable
to the controlling shareholders went from a loss of Ps.786 million
during fiscal year 2014 to a loss of Ps.41 million during fiscal
year 2015.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Income/(loss)
attributable to the non-controlling interest went from a loss of
Ps.45 million during fiscal year 2014 to income of Ps.111 million
during fiscal year 2015, mainly as a result of increased profit
from: (i) Rigby 183 LLC of Ps.104 million resulting from the sale
of the office building it owned; (ii) Real Estate Strategies LP
(Condor) of Ps.13 million; (iii) IRSA PC of Ps.8 million and lower
losses from Dolphin (IDBD) of Ps.29 million.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><br>
</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">151</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><br>
</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
B.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Liquidity
and Capital Resources</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Our principal
sources of liquidity have historically been:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Cash generated by
operations;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Cash generated by
issuance of debt securities;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Cash from borrowing
and financing arrangements; and</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Cash proceeds from
the sale of real estate assets.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Our principal cash
requirements or uses (other than in connection with our operating
activities) have historically been:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">capital
expenditures for acquisition or construction of investment
properties and property, plant and equipment;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">interest payments
and repayments of debt;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">acquisition of
shares in companies;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">payments of
dividends; and</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">acquisitions or
purchases of real estate.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Our liquidity and
capital resources include our cash and cash equivalents, proceeds
from bank borrowings and long-term debt, capital financing and
sales of real estate investments.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As of June 30,
2016, our Operation Center in Argentina had positive working
capital of Ps.51 million while our Operations Center in Israel had
negative working capital of Ps.888 million, resulting in a
consolidated negative working capital of Ps.837 million (calculated
as current assets less current liabilities as of such date). At the
same date, our Operations Center in Argentina had cash and cash
equivalents of Ps.95 million while our Operations Center in Israel
had cash and cash equivalents of Ps.13,771 million, totaling
consolidated cash and cash equivalents for Ps.13,866
million.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">IDBD has diverse
debts containing certain covenants which have been successively
negotiated, resulting in several waivers expiring in December 2016.
IDBD estimates that if the original covenants of such loans were to
become effective again, it would not be able to honor them.
Non-compliance could have the effect of creditors requiring
immediate repayment of the debt. As a holding company, IDBD&#x2019;s
main sources of funds derive from the dividends distributed by its
subsidiaries, which have experienced a reduction in recent years.
Yet, there are restrictions as to the payment of dividends based on
the indebtedness level in some subsidiaries. IDBD has projected
future cash flows and expects to have the required liquidity to
meet its commitments by issuing new debt in Israel, selling
financial assets such as Clal and dividend payouts by Clal. IDBD
could also secure additional financing through the private issuance
of equity securities. All factors mentioned above, mainly (i)
IDBD&#x2019;s current financial position and need of financing to
honor its financial debt and other commitments, (ii) the
renegotiation underway with financial creditors, and (iii) the term
set by Israel&#x2019;s governmental authorities to sell the equity
interest in Clal and the potential effects of such sale, in
particular, on its market value, raise significant uncertainties as
to IDBD&#x2019;s capacity to continue as a
going-concern.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The financial
position of IDBD and its subsidiaries at the Operations Center in
Israel does not affect the financial position of IRSA and its
subsidiaries at the Operations Center in Argentina. The Operation
Center in Argentina is not facing financial constraints and is
compliant with their financial commitments. We believe our working
capital and our cash from operating activities are adequate for our
present and future requirements. If cash generated from our
operations is at any time insufficient to finance our working
capital, we would seek to finance such working capital needs
through debt financing or equity issuances or through the sale of
selective assets.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In addition, the
commitments and other covenants resulting from IDBD&#x2019;s debt do
not have impact on IRSA since such debt has no recourse against
IRSA and it is not granted by IRSA&#x2019;s assets. We do not have
significant uncertainties as to the capacity as a group to operate
as a going-concern perspective, with such uncertainties being
limited to the operation center in Israel. For more information
about our liquidity see &#x201C;Item 3(d) Risk Factors&#x201D; and
&#x201C;Recent Developments&#x201D;.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On September 8,
2016, we issued Series VII and VIII Notes in an aggregate principal
amount of Ps.384.2 million and US$184.5 million, respectively.
Series VII and VIII Notes have a maturity of 36 months from its
issue date. For more information, please see &#x201C;Recent
Developments&#x201D;.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">152</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On August 2, 2016,
IDBD issued a new Series of Notes in the Israeli market for NIS 325
million, bearing an adjustable interest rate and maturing in 2019.
Furthermore, DIC expended it issuance of Notes due 2025 for an
additional NIS 360 million. For more information, please see
&#x201C;Recent Developments&#x201D;.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The table below
shows our cash flow for the fiscal years ended June 30, 2016, 2015
and 2014:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 36%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Year
ended June 30,</font></div>
</td>
</tr><tr>
<td style="width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="width: 13%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
</tr><tr>
<td style="width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 36%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(in
millions of Ps.)</font></div>
</td>
</tr><tr>
<td style="width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Net cash flow
generated by operations</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,139</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">834</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,022</font></div>
</td>
</tr><tr>
<td style="width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Net cash flow
generated by investment activities</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8,210</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">261</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;(917)</font></div>
</td>
</tr><tr>
<td style="width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Net cash flow used
in financing activities</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;(3,968)</font></div>
</td>
<td style="width: 13%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;(1,390)</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;(597)</font></div>
</td>
</tr><tr>
<td style="width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Net increase/
(decrease) in cash and cash equivalents</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8,381</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;(295)</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;(492)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Cash
Flow Information</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Operating activities</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Fiscal year ended June 30, 2016</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Our operating
activities generated net cash inflows of Ps.4,139 million, mainly
due to operating income of Ps.5,326 million, a decrease in trading
properties of Ps.229 million and an increase in salaries and social
security charges of Ps.23 million, partially offset by a decrease
in provisions of Ps.43 million, increased trade and other
receivables of Ps.319 million and Ps.807 million related to income
tax paid.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Fiscal Year ended June 30, 2015</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Our operating
activities generated net cash inflows of Ps.834 million, mainly due
to operating income of Ps.1,418 million, an increase in salaries
and social security charges of Ps.22 million, an increase in trade
and other account payables of Ps.233 million, which were partially
offset by an increase in trade and other receivables of Ps.400
million and Ps.429 million related to income tax paid.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Fiscal Year ended June 30, 2014</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Our operating
activities resulted in net cash inflows of Ps.1,022 million for the
fiscal year ended June 30, 2014, mainly as a result of operating
income of Ps.1,362 million, an increase in salaries and social
security charges of Ps.51 million and a decrease in trading
properties of Ps.6 million. These were partially offset by an
increase in trade and other receivables of Ps.14 million, a
decrease in provisions of Ps.2 million, a decrease in trade and
other account payables of Ps.104 million and Ps.276 million related
to income tax paid.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Investment activities</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Fiscal Year ended June 30, 2016</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Without considering
Ps.9,193 million cash added from business combination with IDBD,
our investing activities resulted in net cash outflows of Ps.983
million for the fiscal year ended June 30, 2016, of which (i)
Ps.888 million and Ps.1,056 million were related to the acquisition
of investment properties and property, plant and equipment,
respectively, (ii) Ps.134 million were related to the acquisition
of intangible assets, (iii) Ps.207 million were related to capital
contributions in associates and joint ventures, and (iv) Ps.852
million were related to loans granted to related parties; partly
offset by (v) Ps.1,393 million related to collection from the sale
of investment properties, (vi) Ps.591 million related to collection
of dividends, and (vii) Ps.12,069 million related to the
acquisition of investments in financial assets.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Fiscal Year ended June 30, 2015</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Our investing
activities resulted in net cash inflows of Ps.261 million for the
fiscal year ended June 30, 2015, of which (i) Ps.2,447 million were
related to the sale of investment properties and (ii) Ps.56 million
were related to the sale of interests in companies: Ps.16 million
were related to the sale of Avenida Inc. and Ps.39 million were
related to the sale of Bitania 26 S.A., partially offset by (iii)
Ps.1,231 million representing a 25% increase in IDBD&#x2019;s share
interest over its stock capital, (iv) Ps.407 million related to the
acquisition of investment properties and (v) Ps.595 million net
related to the acquisition of investments in financial
assets.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Fiscal Year ended June 30, 2014</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Our investing
activities resulted in net cash outflows of Ps.917 million for the
fiscal year ended June 30, 2014, of which (i) Ps.1,103 million were
related to the purchase of a 53.33% equity interest in IDB
Development Corporation Ltd.&#x2019;s capital stock, representing
107 million common shares, (ii) Ps.13 million were related to the
acquisition of a 24.79% equity <font style="font-weight: bold">&#xA0;</font></font><font style="font-size: 13px; font-family: Times New Roman">interest in Avenida
Inc.&#x2019;s capital stock, (iii) Ps.16 million were related to the
acquisition of 1,250,000 common shares of Condor Hospitality Trust,
(iv) Ps.318 million were related to the purchase of fixed assets
and land reserves (for further information see &#x201C;Capital
Expenditures&#x201D;), (v) Ps.1,533 million were related to the
acquisition of investments in financial assets, (vi) Ps.2 million
were related to loans granted, (vii) Ps.20 million were related to
capital contributions in associates and joint ventures and (viii)
Ps.10 million were related to interest received; partially offset
by (i) Ps.17 million related to collection of dividends, (ii)
Ps.1,648 million related to proceeds from sale of investments in
financial assets, (iii) Ps.402 million related to the sale of
investment properties and (iv) Ps.23 million related to collection
from the sale of Canteras Natal S.A&#x2019;s shareholding,
representing 50% of such company&#x2019;s capital
stock.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">153</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Financing activities</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Fiscal year ended June 30, 2016</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Our financing
activities for the fiscal year ended June 30, 2016 resulted in net
cash outflows of Ps.3,968 million, mainly due to (i) the payment of
loans of Ps.9,634 million; (ii) the payment of interest on
short-term and long-term debt of Ps.3,774 million; (iii) the
acquisition of non-controlling interest in subsidiaries of Ps.1,047
million and (iv) the payment of principal on notes of Ps.4,132
million, partially offset by (v) borrowings for Ps.6,011 million;
(vi) Ps.7,622 million related to the issuance of non-convertible
notes and (vii) Ps.1,331 million related to derivative financial
instruments, net.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Fiscal Year ended June 30, 2015</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Our financing
activities for the fiscal year ended June 30, 2015 resulted in net
cash outflows of Ps.1,390 million, mainly due to (i) the payment of
loans of Ps.964 million, (ii) the payment of loans for the purchase
of companies of Ps.106 million, (iii) the payment of interest on
short-term and long-term debt of Ps.547 million, (vi) capital
distributions of Ps.228 million, (vii) Ps.111 million related to
the acquisition of derivative financial instruments, (viii) Ps.69
million related to dividend distributions; partially offset by (ix)
borrowings for Ps.606 million, (x) payment of borrowings from
associates and joint ventures of Ps.22 million.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Fiscal Year ended June 30, 2014</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Our financing
activities for the fiscal year ended June 30, 2014 resulted in net
cash outflows of Ps.597 million, mainly due to (i) the payment of
interest on short-term and long-term debt of Ps.415 million, (ii)
the payment of loans of Ps.446 million, (iii) dividend payments of
Ps.113 million, (iv) the payment of financed purchases of Ps.2
million, (v) capital distributions of Ps.4 million, (vi) the
acquisition of non-controlling interest in subsidiaries of Ps.1
million, (vii) payment of loans from associates and joint ventures
of Ps.189 million, (viii) the payment of principal on notes of
Ps.287 million, (ix) the acquisition of derivative financial
instruments of Ps.38 million and (x) the repurchase of common
shares and GDS issued by the group of Ps.38 million, partially
offset by (i) borrowings of Ps.502 million, (ii) capital
contributions by non-controlling interest of Ps.139 million, (iii)
Ps.17 million related to borrowings from associates and joint
ventures, (iv) Ps.62 million related to derivative financial
instruments and (v) Ps.218 million related to the issuance of
non-convertible notes.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Capital Expenditures</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Fiscal Year 2016</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">During the fiscal
year ended June 30, 2016, we invested Ps.2,369 million (without
considering Ps.44,690 million related to addition of assets due to
the business combination with IDBD), as follows: (a) acquisitions
and improvements of property, plant and equipment of Ps.1,172
million, primarily i) Ps.378 million in buildings and facilities,
mainly in supermarkets in Israel, ii)&#xA0;Ps.310 million in
communication networks, and iii) Ps.291 million in machinery and
equipment; (b) improvements in our rental properties of Ps.260
million, primarily in our operation center in Argentina&#x2019;s
shopping centers; and (c) the development of properties for Ps.919
million, mainly in our operation center in Israel.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Fiscal Year 2015</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">During the fiscal
year ended June 30, 2015, we invested Ps.532 million, as follows:
(a) improvements at our Sheraton Libertador, Intercontinental and
Llao Llao hotels (Ps.1.2 million, Ps.9 million and Ps.4.5 million,
respectively), (b) Ps.14 million allocated to advances for the
acquisition of investments in general, (c) Ps.35 million related to
the acquisition of furniture and fixtures, machinery, equipment,
and facilities, (d) Ps.186.5 million related to the development of
properties, of which Ps.1.5 million are related to Distrito Arcos
and Ps.185 million are related to Alto Comahue, (e) Ps.60.4 million
related to improvements in our shopping centers, (f) Ps.5.6 million
related to improvements to our offices and other rental properties,
(g) Ps.214.6 million related to the acquisition of &#x201C;La
Adela&#x201D;, (h) Ps.1.6 million related to the acquisition of land
reserves.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
<br></font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">154</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Fiscal Year 2014</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">During the fiscal
year ended June 30, 2014, we invested Ps.319 million, as follows:
(a) improvements at our Sheraton Libertador, Intercontinental and
Llao Llao hotels (Ps.5.6 million, Ps.2.1 million and Ps.2.3
million, respectively), (b) Ps.9.5 million related to the
acquisition of furniture and fixtures, machinery, equipment and
facilities, (c) improvements in our shopping centers for Ps.61.1
million, (d) Ps.179.3 million allocated to the development of
properties, corresponding Ps.99.9 million to &#x201C;Distrito
Arcos&#x201D; project and Ps.79.4 million to &#x201C;Shopping
Neuqu&#xE9;n&#x201D; project, (e) Ps.29.6 million allocated to
advances for the acquisition of investments in general, (f) Ps.24
million allocated to improvements of our offices and other rental
properties, and (g) Ps.0.5 million related to the acquisition of
land reserves.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Indebtedness</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The following table
sets forth the scheduled maturities of our outstanding debt as of
June 30, 2016:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 41%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%; border-top: solid 1px black; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operations
Center in Argentina</font></div>
</td>
<td style="width: 13%; border-top: solid 1px black; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operations
Center in Israel</font></div>
</td>
<td style="width: 10%; border-top: solid 1px black; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
</tr><tr>
<td style="width: 41%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Less than 1
year</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2,813</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">19,437</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">22,250</font></div>
</td>
</tr><tr>
<td style="width: 41%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">More than 1 and up
to 2 years</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">19</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">16,826</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">16,845</font></div>
</td>
</tr><tr>
<td style="width: 41%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">More than 2 and up
to 3 years</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">19,535</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">19,536</font></div>
</td>
</tr><tr>
<td style="width: 41%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">More than 3 and up
to 4 years</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">17</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">4,643</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">4,660</font></div>
</td>
</tr><tr>
<td style="width: 41%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">More than 4 and up
to 5 years</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1,063</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">7,092</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">8,155</font></div>
</td>
</tr><tr>
<td style="width: 41%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">More than 5
years</font></div>
</td>
<td style="width: 14%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">5,312</font></div>
</td>
<td style="width: 13%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">36,169</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">41,481</font></div>
</td>
</tr><tr>
<td style="width: 41%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">9,225</font></div>
</td>
<td style="width: 13%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">103,702</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">112,927</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: center; padding-top: 0px; padding-bottom: 0px; margin: 0px auto; width: 100%; font-size: 13px; font-family: Times New Roman;">
<tr>
<td rowspan="1" style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 12%; border-top: solid 1px black">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="width: 10%; vertical-align: bottom; display: inline-block; padding-bottom: 2px">
&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Currency</font></div>
</font><font style="width: 10%; vertical-align: bottom; display: inline-block; padding-bottom: 2px">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 12%; border-top: solid 1px black">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="width: 10%; vertical-align: bottom; display: inline-block; padding-bottom: 2px">
&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Annual
Average Interest Rate</font></div>
</font><font style="width: 10%; vertical-align: bottom; display: inline-block; padding-bottom: 2px">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 12%; border-top: solid 1px black">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="width: 10%; vertical-align: bottom; display: inline-block; padding-bottom: 2px">
&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Nominal
value</font></div>
</font><font style="width: 10%; vertical-align: bottom; display: inline-block; padding-bottom: 2px">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 12%; border-top: solid 1px black">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="width: 10%; vertical-align: bottom; display: inline-block; padding-bottom: 2px">
&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Book
Value</font></div>
</font><font style="width: 10%; vertical-align: bottom; display: inline-block; padding-bottom: 2px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Operations Center in Argentina</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">IRSA Commercial
Properties&#x2019; 2017 Notes</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">$</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Badlar + 4
BPs</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">407</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">409</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">IRSA Commercial
Properties&#x2019; 2023 Notes</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; display: inline-block">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">US$</font></div>
</font><font style="vertical-align: bottom; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">8.75%</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">360</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">5,390</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">IRSA Commercial
Properties&#x2019; 2017 Notes</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; display: inline-block">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">US$</font></div>
</font><font style="vertical-align: bottom; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">7.88%</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">IRSA&#x2019;s 2017
Notes<font style="vertical-align: super; font-size: 70%">(1)</font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; display: inline-block">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">US$</font></div>
</font><font style="vertical-align: bottom; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">8.50%</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">75</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">1,159</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">IRSA&#x2019;s 2017
Notes</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">$</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Badlar + 450
BPs<br></font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">11</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">11</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">IRSA&#x2019;s 2020
Notes</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; display: inline-block">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">US$</font></div>
</font><font style="vertical-align: bottom; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">11.50%</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">75</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">1,118</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financial
Leases</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; display: inline-block">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">US$</font></div>
</font><font style="vertical-align: bottom; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">3.2% al
14.3%</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">1</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">1</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Related
Party</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">$</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Badlar</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">15</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">14</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Bank
loans</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block">$</font><font style="vertical-align: bottom; width: 10%; display: inline-block"><br>
</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">15.25%</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">1</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">1</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Bank
loans</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block">$</font><font style="vertical-align: bottom; width: 10%; display: inline-block"><br>
</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">26.50%</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">7</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">7</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Bank
loans</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block">$</font><font style="vertical-align: bottom; width: 10%; display: inline-block"><br>
</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">23.00%</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">36</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">36</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Related
Party</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">$</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Badlar /
8.50%</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">6</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">6</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Related
Party</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block">$</font><font style="vertical-align: bottom; width: 10%; display: inline-block"><br>
</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman"><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">
15.25%</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">6</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">6</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Related
Party</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block">$</font><font style="vertical-align: bottom; width: 10%; display: inline-block"><br>
</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman"><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">
24,00%</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">6</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">5</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Seller
financing</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; display: inline-block">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">US$</font></div>
</font><font style="vertical-align: bottom; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">N/A</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
<br></font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">2</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">34</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Seller
financing</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; display: inline-block">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">US$</font></div>
</font><font style="vertical-align: bottom; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">3.50%</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">5</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">84</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Bank
overdrafts</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">$</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">from 22% to
39%</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">944</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Operations Center in Israel</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Non -convertible
Notes IDBD Series G</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; display: inline-block">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</font><font style="vertical-align: bottom; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">4.50%</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">802</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">3,534</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Non -convertible
Notes IDBD Series I</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; display: inline-block">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</font><font style="vertical-align: bottom; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">4.95%</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">1,013</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">3,164</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Non -convertible
Notes IDBD Series J</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; display: inline-block">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</font><font style="vertical-align: bottom; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">6.60%</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">309</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">1,109</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Non -convertible
Notes DIC Series D</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; display: inline-block">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</font><font style="vertical-align: bottom; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">5.00%</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">103</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">510</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Non -convertible
Notes DIC Series F</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; display: inline-block">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</font><font style="vertical-align: bottom; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">4.95%</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">2,719</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">9,427</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Non -convertible
Notes DIC Series G</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; display: inline-block">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</font><font style="vertical-align: bottom; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">6.35%</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">8</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">31</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Non -convertible
Notes DIC Series H</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; display: inline-block">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</font><font style="vertical-align: bottom; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">4.45%</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
<font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
<br></font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">124</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">541</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Non -convertible
Notes DIC Series I</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; display: inline-block">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</font><font style="vertical-align: bottom; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">6.70%</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">513</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">1,927</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">155</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: right; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: right; margin: 0px 0px 0px auto; width: 100%; font-size: 13px; font-family: Times New Roman;">
<tr>
<td rowspan="1" style="vertical-align: bottom; width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 32%; border-top: solid 1px black">
<div style="text-align: left; margin-left: 12px; margin-right: auto; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Currency</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 12%; border-top: solid 1px black">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="width: 10%; vertical-align: bottom; display: inline-block; padding-bottom: 2px">
&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Annual
Average Interest Rate</font></div>
</font><font style="width: 10%; vertical-align: bottom; display: inline-block; padding-bottom: 2px">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 12%; border-top: solid 1px black">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="width: 10%; vertical-align: bottom; display: inline-block; padding-bottom: 2px">
&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Nominal
value</font></div>
</font><font style="width: 10%; vertical-align: bottom; display: inline-block; padding-bottom: 2px">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 12%; border-top: solid 1px black">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="width: 10%; vertical-align: bottom; display: inline-block; padding-bottom: 2px">
&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Book
Value</font></div>
</font><font style="width: 10%; vertical-align: bottom; display: inline-block; padding-bottom: 2px">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Non -convertible
Notes Shufersal Series B</font></div>
</td>
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: auto; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">5.20%</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">1,024</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">5,161</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Non -convertible
Notes Shufersal Series C</font></div>
</td>
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: auto; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">5.45%</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">114</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">459</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Non -convertible
Notes Shufersal Series D</font></div>
</td>
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: auto; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">2.99%</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">413</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">1,584</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Non -convertible
Notes Shufersal Series E</font></div>
</td>
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: auto; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">5.09%</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">392</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">1,580</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Non -convertible
Notes Shufersal Series F</font></div>
</td>
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: auto; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">4.30%</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">317</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">1,253</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Non -convertible
Notes Cellcom Series B</font></div>
</td>
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: auto; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">5.30%</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">185</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">880</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Non -convertible
Notes Cellcom Series D</font></div>
</td>
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: auto; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">5.19%</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">599</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">2,865</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Non -convertible
Notes Cellcom Series E</font></div>
</td>
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: auto; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">6.25%</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
<font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
<br></font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">164</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">673</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Non -convertible
Notes Cellcom Series F</font></div>
</td>
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: auto; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">4.60%</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">715</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">3,032</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Non -convertible
Notes Cellcom Series G</font></div>
</td>
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: auto; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">6.99%</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">285</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">1,230</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Non -convertible
Notes Cellcom Series H</font></div>
</td>
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: auto; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">1.98%</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">950</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">3,483</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Non -convertible
Notes Cellcom Series I</font></div>
</td>
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: auto; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">4.14%</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">804</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">3,114</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Non -convertible
Notes PBC Series C</font></div>
</td>
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: auto; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">5.00%</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">550</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">2,666</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Non -convertible
Notes PBC Series D</font></div>
</td>
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: auto; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">4.95%</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
<font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
<br></font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">1,317</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">6,641</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Non -convertible
Notes PBC Series E</font></div>
</td>
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: auto; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">4.95%</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">974</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">4,195</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Non -convertible
Notes PBC Series F</font></div>
</td>
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: auto; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">7.05%</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">669</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">3,054</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Non -convertible
Notes PBC Gav-Yam Series E</font></div>
</td>
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: auto; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">4.55%</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">283</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">1,375</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Non -convertible
Notes PBC Gav-Yam Series F</font></div>
</td>
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: auto; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">4.75%</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">1,226</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">8,535</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Non -convertible
Notes PBC Gav-Yam Series G</font></div>
</td>
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: auto; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">6.41%</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">215</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">907</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Non -convertible
Notes PBC Ispro Series B</font></div>
</td>
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: auto; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">5.40%</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">255</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">1,293</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Bank loans and
others</font></div>
</td>
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: auto; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Prime +
1.3%</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">333</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">1,117</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Bank loans and
others</font></div>
</td>
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: auto; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Prime +
1%</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">80</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">265</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Bank loans and
others</font></div>
</td>
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: auto; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Prime +
0.65%</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">63</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">198</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Bank loans and
others</font></div>
</td>
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: auto; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">6.90%</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">150</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">634</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Bank loans and
others</font></div>
</td>
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: auto; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">4.95%</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">1</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">4</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Bank loans and
others</font></div>
</td>
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: auto; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">4.95%</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">1</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">3</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Bank loans and
others</font></div>
</td>
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: auto; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">3.25%</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">1</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">5</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Bank loans and
others</font></div>
</td>
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: auto; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">US$</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">5.66%</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">13</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">51</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Bank loans and
others</font></div>
</td>
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: auto; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">US$</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">5.21%</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">197</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">767</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Bank loans and
others</font></div>
</td>
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: auto; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">US$</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Libor +
5%</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">223</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">869</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Bank loans and
others</font></div>
</td>
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: auto; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">4.60%</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">200</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">778</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(1)&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">On September 9,
2016, we announced our intention to redeem all outstanding Series I
Notes in an aggregate principal amount of US$74,554,000. The
redemption took place on October 11, 2016. For&#xA0;&#xA0;more
information see &#x201C;Recent
Development&#x201D;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
<font style="text-decoration: underline">Operations Center in
Argentina</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On March 3, 2016,
IRSA and IRSA CP announced that they would launch offers to buy in
cash: (i) 11.50% Class II Notes due 2020 and issued by IRSA for
principal amount up to US$76.5 million, (ii) any and 8.50% Class 1
Notes due 2017 and issued by IRSA, and (iii) any and 7.875% Class 1
Notes due 2017 and issued by IRSA CP.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On March 23, 2016,
IRSA CP issued Notes in an aggregate principal amount of US$360
million under its Global Notes Program. Class II Notes accrue
interest semi-annually, at an annual fixed rate of 8.75% and mature
on March 23, 2023. The issue price was 98.722% of nominal
value.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">IRSA CP&#x2019;s
Notes due 2023 are subject to certain covenants, events of default
and limitations, such as the limitation on incurrence of additional
indebtedness, limitation on restricted payments, limitation on
transactions with affiliates, and limitation on merger,
consolidation and sale of all or substantially all
assets.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">To incur additional
indebtedness, IRSA CP is required to meet a minimum 2.00 to 1.00
Consolidated Interest Coverage Ratio. The Consolidated Interest
Coverage Ratio is defined as Consolidated EBITDA divided by
consolidated interest expense. Consolidated EBITDA is defined as
operating income plus depreciation and amortization and other
consolidated non-cash charges.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">156</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Class II Notes
contain financial covenants limiting IRSA CP&#x2019;s ability to
declare or pay dividends in cash or in kind, unless the following
conditions are met at the time of payment:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 120px">
<font><font style="font-size: 13px; font-family: Times New Roman">a)&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">no Event of Default
shall have occurred and be continuing;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 120px">
<font><font style="font-size: 13px; font-family: Times New Roman">b)&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">IRSA CP may incur
at least US$1.00 worth of additional debt pursuant to the
&#x201C;Restriction on Additional
Indebtedness&#x201D;;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 120px">
<font><font style="font-size: 13px; font-family: Times New Roman">c)&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">and the aggregate
amount of such dividend exceeds the sum of:</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 144px">
<font><font style="font-size: 13px; font-family: Times New Roman">i.&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">100% of cumulative
EBITDA for the period (treated as one accounting period) from July
1, 2015 through the last day of the last fiscal quarter ended prior
to the date of such Restricted Payment <font style="font-style: italic">minus</font> an amount equal to 150% of
consolidated interest expense for such period;
and</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 144px">
<font><font style="font-size: 13px; font-family: Times New Roman">ii.&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">any reductions of
Indebtedness of IRSA on a consolidated basis after the Issue Date
any reductions of Indebtedness of after the Issue Date exchanged
for to Capital Stock of the IRSA or its
Subsidiaries.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On April 7, 2016,
the Meeting of IRSA&#x2019;s Notes holders by majority vote approved
the proposed amendments to IRSA&#x2019;s 2017 Trust Indenture, which
included basically the elimination of all restrictive covenants on
such class effective as of April 8, 2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">During the months
of March, April and May of 2016, the Company acquired all IRSA
CP&#x2019;s 7.875% Notes Class I due 2017 for a total amount US$120
million and US$75.4 million of IRSA Notes. On October 11, 2016 the
Company acquired the remaining US$74.6 million of IRSA&#x2019;s
8.50% Notes due 2017, so the following notes remains
outstanding:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">IRSA&#x2019;s Notes
Class II at 11.50% maturing in 2020 US$71.4
million.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Such payments were
accounted for as a cancellation of debt.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In relation to
financial covenants under 11.50% Notes due in 2020 issued by IRSA,
the Meeting of Noteholders held on March 23, 2016
approved:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 72px">
<font><font style="font-size: 13px; font-family: Times New Roman">i)&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">to modify the
covenant on Limitation on Restricted Payments, so that the original
covenant was replaced so as to take into consideration IRSA&#x2019;s
capability to make any restricted payment provided that (a) no
Event of Default has occurred and persisted, and (b) IRSA may incur
at least US$1.00 of additional debt pursuant to the Limitation on
Additional Indebtedness; and</font></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 72px">
<font><font style="font-size: 13px; font-family: Times New Roman">ii)&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">the exclusion of
IDBD or any of its subsidiaries for purposes of the definition of
&#x201C;Subsidiary&#x201D; or any of the definitions or commitments
under the Trust Indenture of Notes due in 2020 and issued by IRSA
(regardless of whether the financial statements of any of these
companies has any time been consolidated into IRSA&#x2019;s
financial statements).</font></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 72px">
<font><font style="font-size: 13px; font-family: Times New Roman">iii)&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">a Supplementary
Trust Indenture reflecting all the amendments approved, entered
into with the Bank of New York Mellon on March 28,
2016.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
<font style="text-decoration: underline">Operations Center in
Israel</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">IDBD has certain
financial restrictions and covenants in connection with its
financial debt, included in its debentures and loans from banks and
financial institutions.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As of June 30,
2016, IDBD reported that the application of the &#x201C;Liquidity
Covenant&#x201D; and the &#x201C;Economic Equity Covenant&#x201D; (as
described below) is currently suspended.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Note that, it was
agreed between IDBD and the relevant lending corporations that the
parties would work to formulate an arrangement, to replace or amend
the current financial covenants by December 31, 2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">If such arrangement
is not reached, then with respect to the results for IDBDs first
quarter of 2017 and thereafter, the previous financial covenants
will re-apply, in which case IDBD estimates that it will not be
able to comply with the thresholds which were determined in the
past with respect to the Liquidity Covenant and the Economic Equity
Covenant with respect to IDBD&#x2019;s results for the first quarter
of 2017 and thereafter. IDBD estimates it will not be able to
fulfill the covenant which stipulates that the balance of cash and
marketable securities will not fall below the scope of forecasted
current maturities for the two quarters subsequent to the reporting
quarter (the &#x201C;Liquidity Covenant&#x201D;). Regarding the
Economic Equity Covenant, it is noted that the economic equity as
of June 30, 2016, amounted to a positive balance of NIS 247
million, significantly lower than the thresholds which were
determined in the past as part of the Economic Equity
Covenant.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">157</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In view of and due
to the decrease in Mr. Ben Moshe&#x2019;s ownership of IDBD,
effective as of February 2015 and thereafter, in March 2016 IDBD
reached understandings with its lending corporations with regard to
an amendment of the control covenant and additional amendments
relating to restrictions on the sale of main holdings.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As per IDBD&#x2019;s
position, as of June 30, 2016, there were no conditions that
established grounds for calling IDBD&#x2019;s obligations to its
financial creditors for immediate payment. Without derogating from
the IDBD&#x2019;s position, it is noted that the decision of the
bondholders (Series I) dated April 21, 2016, to call the full
balance of IDBD&#x2019;s debt due to bondholders for immediate
repayment and the decision to take steps for dissolution are liable
to raise grounds for the financial creditors. According to an
opinion that IDBD received, the conditions required for it to call
the bonds were not fulfilled. On July 18, 2016, the Court handed
down its judgment and accepted the consensus motion filed by the
trustee to dismiss the claim.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As of June 30,
2016, IDBD&#x2019;s loans which are subject to the aforementioned
financial covenants, were classified under current liabilities, in
consideration of the fact that IDBD has reached agreement with its
principal lenders to extend the arrangements as specified in the
financial covenants of the loan agreements until March 31, 2017 for
a period shorter than twelve months.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On August 2, 2016
IDBD issued a new Series of Debentures in the Israeli market for an
amount of NIS 325 million due November 2019 at an annual interest
rate adjustable by CPI plus 4.25%. The notes are pledged by shares
of Clal Insurance Enterprise Holdings Ltd, subject to the approval
of the Commissioner of Capital Markets, Insurance and Savings. IDBD
worked to get the authorization to constitute the guarantee through
the filing of an application to the Supreme Court asking for such
approval. In case IDBD does not get the required approval, funds
must be repaid with interest plus a penalty. on September 15, 2016,
the High Court of Justice gave a partial judgment and decision,
according to which it was decided, to reject the
petition&#xA0;&#xA0;for the most part and to grant an order which
instructs the Commissioner to appear and show a reason for her
opposition to the request of the company to pledge up to 5% of the
shares of Clal Holdings, subject to an outline agreed to at the
time by the company. Furthermore, the company maintains the right
to accede to a proposal for compromise which was raised in the
context of the discussion. A hearing date was set for January
2017.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Likewise, on August
4, 2016, DIC reopened its Series of Debentures due 2025 an
additional amount of NIS 360 million. The placement was made at an
IRR of 5.70%.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Pursuant to the
decision of the Supreme Court sitting as the High Court of Justice
in connection with the petition that the company submitted in
connection with the pledge of the shares of Clal Holdings in
September 2016, on October 13, 2016, the Board of Directors of IDBD
decided to execute a partial early redemption of the debentures of
the company, that is to be carried out on November 1, 2016, as
follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#x2022; The company
will carry out a partial early redemption of the
debentures&#xA0;&#xA0;in an amount of approximately NIS 239 million
of par value (&#x201C;the redeemed portion&#x201D;) and in a total of
approximately NIS 244 million with respect to principal, interest
and compensation for the redeemed portion.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#x2022; The
determining date for the eligibility to receive the early
redemption of the principal of the debentures is
25.10.2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#x2022; The early
redemption represents 73.7% of the unpaid balance of the principal
of the debentures, which is also the original balance of the series
of the debentures.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#x2022; The rate of
interest (including the compensation for carrying out the early
redemption as an increment of 3% with respect to the period from
August 3, 2016 through&#xA0;&#xA0;October 21, 2016)&#xA0;&#xA0;that
will be paid upon the partial early redemption of the redeemed
portion of the principal is approximately 1.8%.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#x2022; The rate of
interest (including the compensation for carrying out the early
redemption as an increment of 3% with respect to the period from
August 3, 2016 through October 31, 2016)&#xA0;&#xA0;that will be
paid in the context of the early redemption, which is calculated
out of the balance of the unpaid balance of the principal on the
date of the early redemption (NIS 325 million linked to the CPI) is
approximately 1.3%.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#x2022; Pursuant to
the &#x201C;known&#x201D; CPI (index with respect to the month of
September 2016, which was published on 14.10.2016) as compared with
the base index published with respect to the month of June 2016, no
linkage increments will apply with respect to the redeemed portion
upon early redemption.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#x2022; The unpaid
balance of the principal of the debentures after executing the
early redemption (without linkage) will stand at an amount of
approximately NIS 86 million par value, which represents
approximately 26.3%, of the original balance of the principal of
the debentures. The company will act to pledge the shares of Clal
Holdings against the balance of the unpaid principal of the
debentures (after carrying out the early redemption. As is required
according to the trust indenture.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#x2022; Pursuant to
what is stated in the trust indenture, the redeemed portion will be
paid in relation to all of the holders of the debentures, pro- rata
according to the par value of the held debentures.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">158</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">IDBD is continuing
to act in order to reach consents with the relevant financing
corporations in order to arrange over time the calculated financial
covenants that were determined in the provisions of its loan
agreements, and additional contractual issues that exist in the
loan agreements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Agreements
not included in the Balance Sheet</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We currently have
no agreement that is not included in the balance sheet or
significant transactions with non-consolidated entities that are
not reflected in our Audited Consolidated Financial Statements. All
of our interests and/or relationships with our subsidiaries or
controlled entities on a joint basis are recorded in our Audited
Consolidated Financial Statements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
C.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Research
and Development, Patents and Licenses, Etc.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We have several
trademarks registered with the <font style="font-style: italic">Instituto Nacional de la Propiedad
Industrial</font>, the Argentine institute for industrial property.
We do not own any patents nor benefit from licenses from third
parties.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">A substantial part
of Cellcom&#x2019;s operations are subject to the Communications
Law, regulations enacted by the Ministry of Communications, and the
provisions of the licenses granted to Cellcom by the Minister of
Communications. Cellcom&#x2019;s activities which include providing
cellular service, landline, international telephone services and
internet access, and infrastructure services are subject to
licensing. For more information, please see &#x201C;Legal framework
&#x2013; Operations Center in Israel&#x201D;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
D.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Trend
Information</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">International
Macroeconomic Outlook</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As reported in the
IMF&#x2019;s &#x201C;World Economic Outlook&#x201D;, global GDP
expanded by 3.1% in 2015, slightly below the projections mainly as
a result of a strong decline in activity during the last quarter in
the year. World growth is expected to reach 3.2% in 2016 and 3.5%
in 2017. In 2016 and 2017, growth in developed economies is
expected to remain steady at about 2%, driven by the growth in the
United States of 2.5%, and in the Euro area, of 1.5%.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As of April 2016,
emerging and developing economies have recorded growth rates of 4%,
also slightly below the projections. They are expected to grow 4.1%
and 4.7% by the end of 2016 and 2017. Emerging economies continue
facing challenges as regards the inflow of foreign capital.
Countries which are more flexible in terms of foreign exchange
responded better to the global flow of capital than in previous
decelerations.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">During 2014 and
2015, the commodities markets suffered a strong decline. Mainly,
oil exhibited a sustained negative trend until reaching a
historical low in February 2016. During 2016, the commodities
markets exhibited a strong recovery with a 31.6% rise in oil
prices. Soybean reversed the decline it had suffered in 2014 and
2015 and rose 33.6%.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">IMF&#x2019;s
forecasts indicate that inflation in the economies of emerging and
developing markets will decrease from 4.7% in 2015 to 4.5% in 2016,
due to the decline in the prices of raw materials and the effects
of last year&#x2019;s currency depreciations evening
out.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Average inflation
in advanced economies will remain below the goals set by central
banks, mostly as a result of the lower price of oil. As of April
2016, the general level of inflation in advanced economies averaged
0.3%, the lowest since the global financial crisis.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Argentine
macroeconomic context</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On October, 2016,
IMF published its growth projection for 2016 for 1.8% decline of
the GDP. This correction was due to the change in policies
implemented by the new government administration aimed at balancing
certain macroeconomic distortions. Growth is expected to strengthen
to 2.7&#xA0;percent in&#xA0;2017 on the back of moderating
inflation and more supportive monetary and fiscal policy
stances.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Shopping center and
supermarket sales reached a total Ps.4,374 million in April 2016,
which represents a 41.4% increase as compared to the same period
last year. Accumulated sales for the first four months of the year
totaled Ps.14,586 million, representing a 29.2% increase as
compared to the same period last year.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The INDEC reports
that, as of April 2016, industrial activity in Argentina decreased
by 6.7% as compared to the same month in 2015. Manufacturing
production accumulated a 2.4% decline during the first four months
of the year as compared to the same period last year.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Regarding the
balance of payments, in the first quarter of 2016 the current
account deficit reached US$4,013 million, with US$1,403 million
allocated to the goods and services trade balance, and US$2,572
million to the income account, which represents 72% of the foreign
direct investment return.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">159</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">During the first
quarter of 2016, the financial account showed a surplus of US$8,510
million resulting from net income from the non-financial public
sector and the Argentine Central Bank (&#x201C;BCRA&#x201D;) for
US$6,233 million, from the non-financial private sector for
US$1,701 million, and from the financial sector for US$576
million.&#xA0;&#xA0;The stock of international Reserves fell by
US$5,844 million in 2015. During the first half of 2016, reserves
grew by US$4,944 million. At July, reserves stood at US$25,512
million.</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Total gross
external debt increased by US$10,605 million during the first
quarter of 2016 and stood at US$163,236 million at March
2016.&#xA0;&#xA0;The non-financial public sector and Argentine
Central Bank debt was estimated at US$92,469 million, having
increased by US$8,593 million during the first quarter of 2016. The
Argentine Central Bank&#x2019;s government security and bond
outstanding balance increased by US$3,431 million during the first
quarter of 2016. At the end of this quarter, the balance was
US$43,794 million.&#xA0;&#xA0;The non-financial private debt grew
US$2,261 million during the first quarter of 2016. At March 2016,
such debt stood at US$67,621 million.&#xA0;&#xA0;The financial
sector debt excluding the Argentine Central Bank decreased by
US$250 million during the first quarter of 2016, reaching a total
of US$3,145 million.</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In connection with
the fiscal sector, revenues recorded a year-on-year increase of
38.9% as of March 2016, whereas primary expenditure grew by 38.7%
during the same period. In local financial markets, the Private
Badlar rate in Pesos ranged from 20% to 30% in the period from July
2015 to June 2016, averaging 28% in June 2016 against 20% in June
2015. The Argentine Central Bank discontinued its controlled
floating exchange rate policy in December 2015; consequently, the
Peso sustained a 63% nominal depreciation in the period from July
2015 to June 2016. At June 2016, the exchange rate stands at
Ps.14.50 pesos per US$1.00.&#xA0;&#xA0;In June 2016,
Argentina&#x2019;s country risk decreased by 97 basis points in
year-on-year terms, maintaining a high spread vis-&#xE0;-vis the
rest of the countries in the region. The debt premium paid by
Argentina was at 518 basis points in June 2016, compared to the 352
basis points paid by Brazil and 213 basis points paid by
Mexico.</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Israeli
macroeconomic context</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">According to the
OECD, for the year ended at December 31, 2015, Israel&#x2019;s
growth reached 2.5%. Israel&#x2019;s economic growth is projected to
remain at 2.5% in 2016, before rising to 3% in 2017.</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Since March 2015,
the Bank of Israel has kept interest rates at 0.10% and has
continued with its policy to intervene in the currency market to
support economic policies. For both July and August 2016, the
Monetary Committee also decided to leave the interest rate at the
same level. Similar to the announcements of the interest rate
decisions for November and December of 2015, all announcements in
the first half of 2016 included guidance that monetary policy is
expected to remain accommodative for a considerable
time.</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Since March 2015,
the Bank of Israel has pursued a policy to intervene in the
currency market. It continued to purchase foreign currency,
purchasing US$4 billion, about US$0.9 billion of which were
purchased as part of the program intended to offset the effects of
natural gas production on the exchange rate. The rest were
purchased as part of a program designed to moderate excessive
fluctuations in the exchange rate.</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">During the twelve
months ending June 30, 2016, the CPI in Israel declined by 0.8%.
The energy component continued to contribute to the decline of the
CPI, as a result of the sharp decline in global oil prices, even
though this trend reversed itself during the first half of the
year.</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">During the first
half of 2016, the shekel remained stable in terms of the nominal
effective exchange rate (the average in June relative to the
average in December), and relative to the U.S. dollar. Relative to
the euro, the shekel appreciated by about 3%. Various models of the
equilibrium exchange rate indicate that the shekel may be
overvalued.</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Activity in the
housing market remained robust during the reviewed period: Home
prices continued to increase, and the volumes of transactions and
of new mortgages originated remain high. At the beginning of the
first half of 2016, the Research Department presented a forecast in
which it projected that inflation would return to within the target
range at the beginning of 2017, and that the Bank of Israel
interest rate would increase gradually starting in the last quarter
of 2016.</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In regards to the
seasonality, in Israel retail segment business results are subject
to seasonal fluctuations as a result of the consumption behavior of
the population proximate to the Pesach holidays (March and/or
April) and Rosh Hashanah and Sukkoth holidays (September and/or
October). This also affects the balance sheet values of inventory,
customers and suppliers. Our revenues from cellular services are
usually affected by seasonality with the third quarter of the year
characterized by higher roaming revenues due to increased incoming
and outgoing tourism.</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In 2016, the
Passover holiday fell at the end of April, compared to 2015 when it
was at the beginning of April. The timing of the holiday affects
Shufersal&#x2019;s sales and special offers in the second quarter of
2016, compared to last year.&#xA0;&#xA0;The Passover holiday in the
second quarter of 2016 had a greater effect on Shufersal&#x2019;s
results than in the corresponding quarter in 2015, therefore
analysis of the results for the first half of the year compared to
the corresponding period in 2015 better represents the changes
between the periods.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">160</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
E.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Off-Balance
Sheet Arrangements</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As of June 30,
2016, we did not have any off-balance sheet transactions,
arrangements or obligations with unconsolidated entities or others
that are reasonably likely to have a material effect on our
financial condition, results of operations or
liquidity.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
F.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Tabular
Disclosure of Contractual Obligations</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The following table
sets forth our contractual obligations as of June 30,
2016:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Where the interest
payable is not fixed, the amount disclosed has been determined by
reference to the existing conditions at the reporting
date.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Payments
due by period</font></div>
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(in millions of
Pesos)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: right; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: right; width: 100%; font-size: 13px; font-family: Times New Roman; margin: 0px 0px 0px auto;">
<tr>
<td style="width: 18%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">As
of June 30, 2016</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Less
than 1 year</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Between
1 and 2 years</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Between
2 and 3 years</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Between
3 and 4 years</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">More
than 4 years</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
<font style="vertical-align: super; font-size: 70%">(1)</font></font></div>
</td>
</tr><tr>
<td style="width: 18%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Trade and other
payables</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">13,673</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">438</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">562</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">54</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">14,731</font></div>
</td>
</tr><tr>
<td style="width: 18%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Borrowings</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">24,232</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">19,822</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">29,997</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">9,926</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">58,992</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">142,969</font></div>
</td>
</tr><tr>
<td style="width: 18%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Derivative
Financial Instruments</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">108</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">47</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">58</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">213</font></div>
</td>
</tr><tr>
<td style="width: 18%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Lease
obligations<br></font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;
2,256</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2,087</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1,803</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1,487</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">3,398&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">11,031</font></div>
</td>
</tr><tr>
<td style="width: 18%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Purchase
obligations<br></font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1,089</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">162<br></font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">15</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-<br></font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;
-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1,266</font></div>
</td>
</tr><tr>
<td style="width: 18%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">41,358</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">22,556</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">32,435</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">11,467</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">62,394</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">170,210</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(1)&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Includes accrued
and prospective interest, if applicable.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
G.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Safe
Harbor</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">See the discussion
at the beginning of this Item 5 and &#x201C;Forward Looking
Statements&#x201D; in the introduction of this annual report for the
forward looking safe harbor provisions.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
ITEM
6.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;DIRECTORS,
SENIOR MANAGEMENT AND EMPLOYEES</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
A.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Directors
and Senior Management</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Composition of the Board of Directors</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We are managed by a
Board of Directors. Our by-laws provide that our Board of Directors
will consist of a minimum of eight and a maximum of fourteen
regular directors and a like or lesser number of alternate
directors. Our directors are elected for three-fiscal year terms by
a majority vote of our shareholders at a general ordinary
shareholders&#x2019; meeting and may be reelected
indefinitely.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Currently our Board
of directors is composed of fourteen regular directors and two
alternate directors. Alternate directors will be summoned to
exercise their functions in case of absence, vacancy or death of a
regular director or until a new director is
designated.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The table below
shows information about our regular directors and alternate
directors:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 16%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Name</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Date
of Birth</font></div>
</td>
<td style="width: 15%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Position
in IRSA</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Date
of current appointment</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Term
expiration</font></div>
</td>
<td colspan="2" style="width: 13%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Current
position held since</font></div>
</td>
</tr><tr>
<td style="width: 16%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Eduardo S.
Elsztain</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">01/26/1960</font></div>
</td>
<td style="width: 15%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Chairman</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2018</font></div>
</td>
<td style="width: 12%">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1991</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 16%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Sa&#xFA;l
Zang</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">12/30/1945</font></div>
</td>
<td style="width: 15%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">First
Vice-Chairman</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2018</font></div>
</td>
<td style="width: 12%">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1994</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 16%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Alejandro G.
Elsztain</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">03/31/1966</font></div>
</td>
<td style="width: 15%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Second
Vice-Chairman</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2013</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2016<font style="vertical-align: super; font-size: 70%">(1)</font></font></div>
</td>
<td style="width: 12%">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2001</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 16%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Fernando A.
Elsztain</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">01/04/1961</font></div>
</td>
<td style="width: 15%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Regular
Director</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2017</font></div>
</td>
<td style="width: 12%">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1999</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 16%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Carlos Ricardo
Esteves</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">05/25/1949</font></div>
</td>
<td style="width: 15%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Regular
Director</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2017</font></div>
</td>
<td style="width: 12%">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2005</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 16%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cedric D.
Bridger</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">11/09/1935</font></div>
</td>
<td style="width: 15%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Regular
Director</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2018</font></div>
</td>
<td style="width: 12%">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2003</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 16%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Marcos M.
Fischman</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">04/09/1960</font></div>
</td>
<td style="width: 15%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Regular
Director</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2018</font></div>
</td>
<td style="width: 12%">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2003</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 16%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Fernando
Rub&#xED;n</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">06/20/1966</font></div>
</td>
<td style="width: 15%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Regular
Director</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2013</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2016<font style="vertical-align: super; font-size: 70%">(1)</font></font></div>
</td>
<td style="width: 12%">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2004</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 16%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Gary S.
Gladstein</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">07/07/1944</font></div>
</td>
<td style="width: 15%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Regular
Director</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2013</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2016<font style="vertical-align: super; font-size: 70%">(1)</font></font></div>
</td>
<td style="width: 12%">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2004</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 16%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Mario
Blejer</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">06/11/1948</font></div>
</td>
<td style="width: 15%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Regular
Director</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2017</font></div>
</td>
<td style="width: 12%">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2005</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 16%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Mauricio El&#xED;as
Wior</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">10/23/1956</font></div>
</td>
<td style="width: 15%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Regular
Director</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2018</font></div>
</td>
<td style="width: 12%">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2006</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 16%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Gabriel A. G.
Reznik</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">11/18/1958</font></div>
</td>
<td style="width: 15%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Regular
Director</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2017</font></div>
</td>
<td style="width: 12%">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2008</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 16%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ricardo H.
Liberman</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">12/18/1959</font></div>
</td>
<td style="width: 15%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Regular
Director</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2017</font></div>
</td>
<td style="width: 12%">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2008</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 16%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Daniel Ricardo
Elsztain</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">12/22/1972</font></div>
</td>
<td style="width: 15%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Regular
Director</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2017</font></div>
</td>
<td style="width: 12%">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2007</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 16%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Gast&#xF3;n Armando
Lernoud</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">06/04/1968</font></div>
</td>
<td style="width: 15%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Alternate
Director</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2017</font></div>
</td>
<td style="width: 12%">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 16%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Enrique
Antonini</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">03/16/1950</font></div>
</td>
<td style="width: 15%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Alternate
Director</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2013</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2016<font style="vertical-align: super; font-size: 70%">(1)</font></font></div>
</td>
<td style="width: 12%">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2007</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="vertical-align: super; font-size: 70%">(1)</font> The term of
office of Board members shall be in force until a
Shareholders&#x2019; Meeting is called to renew their powers and/or
to appoint new Board members.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">161</font></div>
</div>
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<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Ricardo Esteves,
Cedric Bridger, Mario Blejer, Ricardo H. Liberman and Enrique
Antonini are independent directors, pursuant to CNV
Rules.</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">The following is a
brief biographical description of each member of our Board of
Directors:</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-style: italic; font-weight: bold">Eduardo Sergio
Elsztain.</font><font style="font-weight: bold">&#xA0;</font>He has
been engaged in the real estate business for more than twenty five
years. He is Chairman of the Board of Directors of IRSA Commercial
Properties, Cresud, BrasilAgro, Austral Gold Ltd. and Banco
Hipotecario SA, among others. He is also Chairman of IDBD
Development Corporation Ltd, Discount Investment Corporation. Mr.
Elsztain is also member of the World Economic Forum, the Council of
the Americas, the Group of 50 and Argentina&#x2019;s Business
Association (AEA). He is President of Fundacion IRSA, which
promotes education among children and young people; President of
TAGLIT - Birthright Argentina; Co-Founder of Endeavor Argentina;
and Vice-President of the World Jewish Congress. He is Fernando
Adri&#xE1;n Elsztain&#x2019;s cousin and Alejandro Gustavo Elsztain
and Daniel Ricardo Elsztain&#x2019;s brother.</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-style: italic; font-weight: bold">Sa&#xFA;l
Zang.</font><font style="font-weight: bold">&#xA0;</font>Mr.&#xA0;Zang obtained a law
degree from Universidad de Buenos Aires. He is a member of the
International Bar Association and the Interamerican Federation of
Lawyers. He is a founding partner of Zang, Bergel&#xA0;&amp;
Vi&#xF1;es Abogados law firm. Mr. Zang is President of Puerto
Retiro S.A., vice-chairman of IRSA CP, Fibesa S.A. and Cresud,
among others. He is also director of Banco Hipotecario S.A., Nuevas
Fronteras S.A., BrasilAgro Companhia Brasileira de Propiedades
Agr&#xED;colas, IDBD Development Corporation Ltd., BACS Banco de
Cr&#xE9;dito &amp; Securitizaci&#xF3;n S.A., Tarshop S.A., and
Palermo Invest S.A., among others companies.</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-style: italic; font-weight: bold">Alejandro Gustavo
Elsztain.</font><font style="font-weight: bold">&#xA0;</font>Mr.&#xA0;Elsztain obtained a
degree in agricultural engineering from Universidad de Buenos
Aires. Currently he is Chairman of Fibesa S.A. and Cactus Argentina
S.A., second vice-chairman of Cresud, and Executive Vice-chairman
of IRSA CP. He is also Vice-chairman of Nuevas Fronteras S.A. and
Hoteles Argentinos S.A. He is also regular Director of BrasilAgro
Companhia Brasileira de Propiedades Agr&#xED;colas, Emprendimiento
Recoleta S.A. and IDBD Development Corporation Ltd., among others.
Mr. Alejandro Gustavo Elsztain is the brother of our chairman,
Eduardo Sergio Elsztain and Daniel Ricardo Elsztain, and a cousin
of Fernando Adri&#xE1;n Elsztain.</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-style: italic; font-weight: bold">Fernando Adri&#xE1;n
Elsztain.</font><font style="font-weight: bold">&#xA0;</font>Mr.&#xA0;Elsztain studied
architecture at Universidad de Buenos Aires. He has been engaged in
the real estate business as a consultant and as managing officer of
a real estate company. He is chairman of the board of directors of
Llao Resorts S.A., Palermo Invest S.A. and Nuevas Fronteras S.A. He
is also a director of Hoteles Argentinos S.A. and an alternate
director of Banco Hipotecario S.A. and Puerto Retiro S.A. Mr.
Fernando Adri&#xE1;n Elsztain is cousin of our Chairman, Eduardo
Sergio Elsztain, and our directors Alejandro Gustavo Elsztain and
Daniel Ricardo Elsztain&#x2019;s cousin.</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-style: italic; font-weight: bold">Carlos Ricardo
Esteves.</font><font style="font-weight: bold">&#xA0;</font>He has
a degree in Political Sciences from Universidad El Salvador. He was
a member of the Boards of Directors of Banco Franc&#xE9;s del
R&#xED;o de la Plata, Bunge&#xA0;&amp; Born Holding, Armstrong
Laboratories, Banco Velox and Supermercados Disco. He was one of
the founders of CEAL (<font style="font-style: italic">Consejo
Empresario de Am&#xE9;rica Latina</font>) and is a member of the
board of directors of <font style="font-style: italic">Encuentro de
Empresarios de Am&#xE9;rica Latina (padres e hijos)</font> and is
co-President of <font style="font-style: italic">Foro
Iberoamericano</font>.</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-style: italic; font-weight: bold">Cedric D.
Bridger.</font><font style="font-weight: bold">&#xA0;</font>Mr.&#xA0;Bridger is qualified as a
certified public accountant in the United Kingdom. From 1992
through 1998, he served as chief financial officer of YPF S.A.
Mr.&#xA0;Bridger was also financial director of Hughes Tool
Argentina, chief executive officer of Hughes Tool in Brazil and
Hughes&#x2019; corporate vice-president for South American
operations. He is also a director of Banco Hipotecario
S.A.</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-style: italic; font-weight: bold">Marcos Fischman.</font>
Mr.&#xA0;Fischman is a pioneer in corporate advisory services in
Argentina. He has a degree from the Hebrew University of Jerusalem.
Mr.&#xA0;Fischman provides consulting services to businesspeople,
students and artists. Since 1993, he has provided consulting
services for our Company in communication and
development.</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-style: italic; font-weight: bold">Fernando
Rub&#xED;n.</font><font style="font-weight: bold">&#xA0;</font>Mr.&#xA0;Rubin has a degree in
psychology from Universidad de Buenos Aires and attended a
post-graduate course in Human Resources and Organizational Analysis
at E.P.S.O. Since July 2001, he has been the manager of
organizational development at Banco Hipotecario. He served as
corporate manager of human resources for the Company, director of
human resources for LVMH (Moet Hennessy Louis Vuitton) in Argentina
and Bodegas Chandon in Argentina and Brazil. He also served as
manager of the human resources division for the international
consulting firm Roland Berger&#xA0;&amp; Partner-International
Management Consultants. He currently serves as CEO of Banco
Hipotecario S.A.</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-style: italic; font-weight: bold">Gary S.
Gladstein.</font><font style="font-weight: bold">&#xA0;</font>Mr.&#xA0;Gladstein has a degree in
economics from the University of Connecticut and a master&#x2019;s
degree in business administration from Columbia University. He was
operations manager in Soros Fund Management LLC and is currently a
senior consultant of Soros Fund Management LLC.</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-style: italic; font-weight: bold">Mario
Blejer.</font><font style="font-weight: bold">&#xA0;</font>Mr.
Blejer obtained a Ph.D. in economy from the University of Chicago.
He has been Senior Counselor to the IMF in the European and Asian
departments from 1980 to 2001. He was also vice-chairman and
chairman of the</font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Argentine
Central Bank from 2001 to 2002. He also served as director of the
Center for Studies of Central Banks of the Bank of England from
2003 to 2008 and as counselor of the Governor of the Bank of
England during that same period. At present. Mr. Blejer is director
of Banco Hipotecario S.A., among other companies. He was also
External Counselor to the Currency Policy Council of the Central
Bank of Mauritius and is Postgraduate professor at Torcuato Di
Tella University.</font> &#xA0; <font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><br></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><br></font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">162</font></div>
</div>
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<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-style: italic; font-weight: bold">Mauricio El&#xED;as
Wior.</font><font style="font-weight: bold">&#xA0;</font>Mr.&#xA0;Wior obtained a master
degree in finance, as well as a bachelors&#x2019; degree in
economics and accounting from Tel Aviv University in Israel.
Mr.&#xA0;Wior is currently a director of Banco Hipotecario, TGLT,
Vice-president of Shufersal, Vice-president of Tarshop S.A. and
President of BHN Sociedad de Inversi&#xF3;n S.A. He has held
positions at Bellsouth where he was Vice President for Latin
America from 1995 to 2004. Mr.&#xA0;Wior was also CEO of Movicom
Bellsouth from 1991 to 2004. In addition, he led the operations of
various cellular phone companies in Uruguay, Chile, Peru, Ecuador
and Venezuela. He was president of <font style="font-style: italic">Asociaci&#xF3;n Latinoamericana de
Celulares</font> (ALCACEL); the U.S. Chamber of Commerce in
Argentina and the Israeli-Argentine Chamber of Commerce. He was a
director of <font style="font-style: italic">Instituto para el
Desarrollo Empresarial de la Argentina</font> (IDEA), <font style="font-style: italic">Fundaci&#xF3;n de Investigaciones
Econ&#xF3;micas Latinoamericanas</font> (FIEL) and
Tzedaka.</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-style: italic; font-weight: bold">Gabriel A. G.
Reznik.</font><font style="font-weight: bold">&#xA0;</font>Mr.
Reznik obtained a degree in Civil Engineering from Universidad de
Buenos Aires. He worked for the Company from 1992 until May 2005,
when he resigned. He had previously worked for an independent
construction company in Argentina. He is director of ERSA, and
Puerto Retiro S.A., as well as member of the board of directors of
Banco Hipotecario S.A., among others.</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-style: italic; font-weight: bold">Ricardo
Liberman.</font><font style="font-weight: bold">&#xA0;</font>Mr.
Liberman graduated as a Public Accountant from Universidad de
Buenos Aires. He is also an independent consultant in audit and tax
matters.</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-style: italic; font-weight: bold">Daniel Ricardo
Elsztain.</font><font style="font-weight: bold">&#xA0;</font>Mr.
Elsztain graduated with a major in Economic Sciences from the
Torcuato Di Tella University and has a Master in Business
Administration. He serves as Director in Condor Hospitality Inc. He
has been our operating manager since 1998. Mr. Elsztain is brother
of&#xA0;&#xA0;Mr. Eduardo Sergio Elsztain, and Mr. Alejandro
Gustavo Elsztain and cousin of Fernando Adri&#xE1;n
Elsztain.</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-style: italic; font-weight: bold">Gast&#xF3;n Armando
Lernoud.</font><font style="font-weight: bold">&#xA0;</font>Mr.
Lernoud obtained a law degree in Universidad El Salvador in 1992.
He obtained a Master in Corporate Law in Universidad de Palermo in
1996. He has been senior associate in Zang, Bergel &amp; Vi&#xF1;es
Law Firm until June 2002, when he joined Cresud as legal
counsel.</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-style: italic; font-weight: bold">Enrique
Antonini.</font><font style="font-weight: bold">&#xA0;</font>Mr.
Antonini holds a degree in law from the School of Law of
Universidad de Buenos Aires. He has been director of Banco Mariva
S.A. since 1992 until today, and of Mariva Burs&#xE1;til S.A. since
1997 until today. He is a member of the Argentine Banking Lawyers
Committee and the International Bar Association. At present, he is
Alternate Director of Cresud.</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Employment
Contracts with our Directors</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We do not have
written contracts with our directors. However, Messrs. Eduardo
Sergio Elsztain, Sa&#xFA;l Zang, Alejandro Gustavo Elsztain, Daniel
Ricardo Elsztain, Fernando Elsztain, Fernando Rub&#xED;n and Marcos
Mois&#xE9;s Fischman are employed by our Company under the Labor
Contract Law No. 20,744. In addition, our alternate director
Gast&#xF3;n Armando Lernoud rendered services under the corporate
services agreement. Law No. 20,744 governs certain conditions of
the labor relationship, including remuneration, protection of
wages, hours of work, holidays, paid leave, maternity protection,
minimum age requirements, protection of young workers and
suspension and termination of the contract.</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Executive
Committee</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Pursuant to our
by-laws, our day-to-day business is managed by an Executive
Committee consisting of five regular directors and one alternate
director, among which there should be the chairman, first
vice-chairman and second vice-chairman of the board of directors.
The current members of the Executive Committee are Messrs. Eduardo
Sergio Elsztain, Sa&#xFA;l Zang, Alejandro Elsztain and Fernando
Elsztain, as regular members. The Executive Committee meets as
needed by our business, or at the request of one or more of its
members.</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The executive
committee is responsible for the management of the daily business
pursuant to the authority delegated by the Board of Directors in
accordance with applicable laws and our by-laws. Pursuant to
Section 269 of the Argentine Corporations Law, the Executive
Committee is only responsible for the management of the day-to-day
business. Our by-laws authorize the executive committee
to:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">&#xB7;</font><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">designate the
managers of our Company and establish the duties and compensation
of such managers;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">&#xB7;</font><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">grant and revoke
powers of attorney on behalf of our Company;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">&#xB7;</font><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">hire, discipline
and fire personnel and determine wages, salaries and compensation
of personnel;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">&#xB7;</font><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">enter into
contracts related to our business;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">&#xB7;</font><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">manage our
assets;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">163</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 48px;"><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">&#xB7;</font><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">enter into loan
agreements for our business and set up liens to secure our
obligations; and</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 36px;"><font style="font-size: 13px; font-family: Times New Roman">perform any other
acts necessary to manage our day-to-day business.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Senior
Management</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Appointment of Senior
Management</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Our Board of
Directors appoints and removes Senior Management.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Senior Management
Information</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The following table
shows information about our current Senior Management of the
Operations Center in Argentina appointed by the Board of
Directors:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 19%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Name</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Date
of birth</font></div>
</td>
<td style="width: 33%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Position</font></div>
</td>
<td style="width: 13%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Current
position held since</font></div>
</td>
</tr><tr>
<td style="width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Eduardo S.
Elsztain</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">01/26/1960</font></div>
</td>
<td style="width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Chief Executive
Officer</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1991</font></div>
</td>
</tr><tr>
<td style="width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Daniel R.
Elsztain</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">12/22/1972</font></div>
</td>
<td style="width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Chief Operating
Officer</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2012</font></div>
</td>
</tr><tr>
<td style="width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Javier E.
Nahmod</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">11/10/1977</font></div>
</td>
<td style="width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Chief Real Estate
Officer</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
</tr><tr>
<td style="width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Mat&#xED;as I.
Gaivironsky</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">02/23/1976</font></div>
</td>
<td style="width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Chief Financial and
Administrative Officer</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2011</font></div>
</td>
</tr><tr>
<td style="width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Juan Jos&#xE9;
Martinucci</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">01/31/1972</font></div>
</td>
<td style="width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Commercial
Manager</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2013</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The following is a
description of each of our senior managers who are not
directors:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-style: italic; font-weight: bold">Javier E.
Nahmod.</font><font style="font-style: italic">&#xA0;</font>Javier
Nahmod started his professional career in the Company in 1998, he
has served in different areas within IRSA Inversiones y
Representaciones e IRSA Propiedades Comerciales&#x2019; real estate
business.</font> <font style="font-size: 13px; font-family: Times New Roman">During the first
years he has served as Stands Marketer (<font style="font-style: italic">Comercializador de G&#xF3;ndolas</font>) and
then, in 2003 he became Center Manager at Abasto Shopping Center.
Afterwards, he became Rental Business Manager (<font style="font-style: italic">Gerente de Negocios de Renta</font>) within
the Real Estate Department, and then Regional Manager of Shopping
Centers. He has served as Real Estate Manager within the Real
Estate Business of the Company since 2014.</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-style: italic; font-weight: bold">Mat&#xED;as Iv&#xE1;n
Gaivironsky</font><font style="font-weight: bold">.</font> Mr.
Mat&#xED;as Gaivironsky obtained a degree in business
administration from Universidad de Buenos Aires. He has a Master in
Finance from Universidad del CEMA. Since 1997 he has served in
various positions at Cresud, IRSA CP and the Company, and he has
served as Chief Financial Officer since December 2011. In early
2016, he was also designated to add the functions of Administrative
Officer. In 2008 he served as Chief Financial Officer in Tarshop
S.A. and was later appointed Manager of the Capital Markets and
Investor Relations Division of Cresud, IRSA CP and the
Company.</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-style: italic; font-weight: bold; font-size: 13px">Juan
Jos&#xE9; Martinucci.</font>&#xA0;Juan Jos&#xE9; Martinucci
obtained a degree in business sciences from Fundaci&#xF3;n de Altos
Estudios, where he graduated as Specialized Technician in
Strategical Communication. He subsequently, he attended the
Management Development Program at IAE Business School. With more
than 20 years experience working with us, he has served in
different managerial positions, from Center Manager in Alto Palermo
Shopping to his latest position as Shopping Center Regional Manager
for five years. Since the beginning of 2013, he serves as Chief
Commercial Officer.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The following table
shows information about our current Senior Management of the
Operations Center in Israel:<br></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: middle; width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Name</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 25%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Date
of birth</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 25%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Position</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 25%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Current
position held since</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Sholem
Lapidot</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">10/22/1979</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 25%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Chief Executive
Officer</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 25%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2016</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Gil
Kotler</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">04/10/1966</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 25%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Chief Financial
Officer</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 25%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2016</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Aaron
Kaufman</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 25%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">03/03/1970</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 25%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">VP &amp; General
Counsel</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 25%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2015</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold; font-style: italic">Sholem
Lapidot.</font><font style="font-weight: bold">&#xA0;</font>Mr.
Lapidot has studied Rabbinical Studies and Jewish Philosophy in
Argentina, Canada and Israel. He serves as Director in Discount
Investment Corp. He has been the chief executive officer of IDB
Development since January 2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold; font-style: italic">Gil
Kotler.</font><font style="font-weight: bold">&#xA0;</font>Mr.
Kotler obtained a bachelors&#x2019; degree in economics and
accounting from Tel Aviv University in Israel in 1993. As well as a
GMP at Harvard Business School in 2011.&#xA0;He has been the chief
financial officer of IDB Development since April 2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold; font-style: italic">Aaron
Kaufman.</font><font style="font-weight: bold">&#xA0;</font>Mr.
Kaufman obtained a law degree in Tel Aviv University in 1996. He
has been partner in Epstein Law Firm until November 2015, when he
joined IDBD as a VP and General Counsel.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Supervisory
Committee</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Our Supervisory
Committee (<font style="font-style: italic">Comisi&#xF3;n
Fiscalizadora</font>) is responsible for reviewing and supervising
our administration and affairs and verifying compliance with our
by-laws and resolutions adopted at the shareholders&#x2019;
meetings. The members of the Supervisory Committee are appointed at
our annual general ordinary shareholders&#x2019; meeting for a
one-fiscal year term. The Supervisory Committee is composed of
three regular members and three alternate members and pursuant to
Section&#xA0;294 of the Argentine Corporations Law No.&#xA0;19,550,
as amended, must meet at least every three months.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><br></font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">164</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The following table
shows information about the members of our Supervisory Committee,
who were elected at the annual ordinary shareholders&#x2019;
meeting, held on October&#xA0;30, 2015:<br></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Name</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Date
of Birth</font></div>
</td>
<td style="width: 19%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Position</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Expiration
Date</font></div>
</td>
<td style="width: 15%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Current
position held since</font></div>
</td>
</tr><tr>
<td style="width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Jos&#xE9; D.
Abelovich</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">07/20/1956</font></div>
</td>
<td style="width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Regular
Member</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="width: 15%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1992</font></div>
</td>
</tr><tr>
<td style="width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Marcelo H.
Fuxman</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">11/30/1955</font></div>
</td>
<td style="width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Regular
Member</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="width: 15%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1992</font></div>
</td>
</tr><tr>
<td style="width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Noem&#xED; I.
Cohn</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">05/20/1959</font></div>
</td>
<td style="width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Regular
Member</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="width: 15%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2010</font></div>
</td>
</tr><tr>
<td style="width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Sergio L.
Kolaczyk</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">11/28/1964</font></div>
</td>
<td style="width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Alternate
Member</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="width: 15%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2003</font></div>
</td>
</tr><tr>
<td style="width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Roberto D.
Murmis</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">04/07/1959</font></div>
</td>
<td style="width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Alternate
Member</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="width: 15%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2005</font></div>
</td>
</tr><tr>
<td style="width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Alicia G.
Rigueira</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">12/02/1951</font></div>
</td>
<td style="width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Alternate
Member</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="width: 15%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2006</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Set forth below is
a brief biographical description of each member of our Supervisory
Committee:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-style: italic; font-weight: bold">Jos&#xE9; D.
Abelovich.</font> Mr.&#xA0;Abelovich obtained a degree in
accounting from Universidad de Buenos Aires. He is a founding
member and partner of Abelovich, Polano&#xA0;&amp; Asociados
S.R.L., a law firm member of Nexia International, a public
accounting firm in Argentina. Formerly, he had been a manager of
Harteneck, L&#xF3;pez y C&#xED;a/Coopers&#xA0;&amp; Lybrand and has
served as a senior advisor in Argentina for the United Nations and
the World Bank. He is a member of the supervisory committees of
Cresud, IRSA CP, Alto Palermo Shopping, Hoteles Argentinos S.A.,
Inversora Bol&#xED;var and Banco Hipotecario.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-style: italic; font-weight: bold">Marcelo H. Fuxman.</font>
Mr.&#xA0;Fuxman obtained a degree in accounting from Universidad de
Buenos Aires. He is a partner of Abelovich, Polano y Asociados
S.R.L., a law firm member of Nexia International, a public
accounting firm in Argentina. He is also a member of the
supervisory committee of Cresud, IRSA CP, Alto Palermo Shopping,
Inversora Bol&#xED;var and Banco Hipotecario S.A.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-style: italic; font-weight: bold">Noem&#xED; I. Cohn.</font>
Mrs. Cohn obtained a degree in accounting from Universidad de
Buenos Aires. She is a partner of Abelovich, Polano y Asociados
S.R.L. / Nexia International, an accounting firm in Argentina, and
she works in the Audit sector. Mrs. Cohn worked in the audit area
of Harteneck, L&#xF3;pez and Company, Coopers &amp; Lybrand in
Argentina and in Los Angeles, California. Mrs. Cohn is a member of
the Supervisory Committees of Cresud and IRSA CP, among
others.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-style: italic; font-weight: bold">Sergio L. Kolaczyk.</font>
Mr. Kolaczyk obtained a degree in accounting from Universidad de
Buenos Aires. He is a professional from Abelovich,
Polano&#xA0;&amp; Asociados S.R.L./Nexia International. Mr.
Kolaczyk is also alternate member of the Supervisory Committee of
Cresud and the Company, among other companies.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-style: italic; font-weight: bold">Roberto D. Murmis.</font>
Mr.&#xA0;Murmis holds a degree in accounting from Universidad de
Buenos Aires. Mr.&#xA0;Murmis is a partner at Abelovich,
Polano&#xA0;&amp; Asociados S.R.L., a law firm member of Nexia
International. Mr.&#xA0;Murmis worked as an advisor to <font style="font-style: italic">Secretar&#xED;a de Ingresos P&#xFA;blicos del
Ministerio de Econom&#xED;a</font> of Argentina. Furthermore, he is
a member of the supervisory committee of Cresud, Alto Palermo
Shopping S.A., Futuros y Opciones S.A. and Llao Llao Resorts
S.A.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-style: italic; font-weight: bold">Alicia G. Rigueira.</font>
Mrs.&#xA0;Rigueira holds a degree in accounting from Universidad de
Buenos Aires. Since 1998 she has been a manager at Estudio
Abelovich, Polano&#xA0;&amp; Asociados SRL, a law firm member of
Nexia International. From 1974 to 1998, Mrs.&#xA0;Rigueira
performed several functions at Harteneck, Lopez y
C&#xED;a./Coopers&#xA0;&amp; Lybrand. Mrs.&#xA0;Rigueira was
professor at the School of Economic Sciences at Universidad de
Lomas de Zamora.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Internal
Control</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Management uses the
Integrated Framework-Internal Control issued by the Committee of
Sponsoring Organizations of the Treadway Commission (&#x201C;COSO
Report&#x201D;) to assess the effectiveness of internal control over
financial reporting.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The COSO Report
sets forth that internal control is a process performed by the
Board of directors, management and other personnel, designed to
provide reasonable assurance regarding the achievement of the
entity&#x2019;s objectives in the following categories:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">&#xB7;</font><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Effectiveness and
efficiency of operations</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">&#xB7;</font><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Reliability of
financial reporting, and</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">&#xB7;</font><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Compliance with
applicable laws and regulations</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Based on the above,
the company&#x2019;s internal control system involves all the levels
actively involved in exercising control:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">the board of
directors, by establishing the objectives, principles and values,
setting the tone at the top and making the overall assessment of
results;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">165</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">&#xB7;</font><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">the management of
each area is responsible for the internal control in relation to
objectives and activities of the relevant area, i.e. the
implementation of policies and procedures to achieve the results of
the areas and, therefore, those of the entity as a
whole;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 48px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xB7;</font><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">the rest of the
personnel plays a role in exercising control, by generating
information used in the control system or taking action to ensure
control.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Audit
Committee</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In accordance with
the Regime of Transparency in Public Offerings provided by Decree
No.&#xA0;677/01, currently by application of Capital Markets Law
No. 26,831 and the regulations of the CNV, our board of directors
established an Audit Committee.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Audit Committee
is a committee of the board of directors, the main function of
which is to assist the board of directors in (i) exercising its
duty of care, diligence and competence in issues relating to us,
specifically as concerns the enforcement of accounting policies,
and disclosure of accounting and financial information, (ii)
management of our business risk, the management of our internal
control systems, (iii) behavior and ethical conduct of the
Company&#x2019;s businesses, (iv) monitoring the sufficiency of our
financial statements, (v) our compliance with the laws, (vi)
independence and competence of independent auditors, (vii)
performance of our internal audit duties both by our Company and
the external auditors and (viii) it may render, upon request of the
Board of Directors, its opinion on whether the conditions of the
related parties&#x2019; transactions for relevant amounts may be
considered reasonably sufficient under normal and habitual market
conditions.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In accordance with
the provisions of the Capital Markets Law and the CNV&#x2019;s
Regulations<font style="font-style: italic">,</font> our Audit
Committee is made up by three Board members who qualify as
independent directors. The NYSE Regulations establish that as of
July&#xA0;31, 2005, foreign companies listing securities in the
United States must have an Audit Committee fully formed by
independent directors.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Currently, we have
a fully independent Audit Committee composed of Messrs. Cedric
Bridger, Ricardo Liberman and Mario Blejer.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 19px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Aspects related to the decision-making
processes and internal control system of the
company</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The decision-making
process is led in the first place by the Executive Committee in
exercise of the duties and responsibilities granted to it under the
bylaws. As part of its duties, a material aspect of its role is to
draft the Company&#x2019;s strategic plan and annual budget
projections, which are submitted to the Board of Directors for
review and approval.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Executive
Committee analyzes the objectives and strategies that will be later
considered and resolved by the Board of Directors and outlines and
defines the main duties and responsibilities of the various
management departments.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Company&#x2019;s
internal control is carried out by the Internal Audit Management,
which reports to the CEO and works in coordination with the Audit
Committee by issuing periodical reports to it.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Company&#x2019;s
internal control system also involves all levels that participate
in active control: the Board of Directors establishes the
objectives, principles and values, it provides general guidance and
assesses global results; the Departments are responsible for
compliance with internal policies, procedures and controls to
achieve results within their sectors and &#x2013;of course- achieve
the results for the entire organization, and the other personnel
members also have a role in exercising control upon generating
information used by the control system, or by taking certain
actions to ensure control.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In addition, the
Company has an Internal Audit Department reporting to the CEO that
is responsible for overseeing compliance with internal controls by
the Departments above mentioned and works, in turn, together with
the Audit Committee by submitting periodic reports to the
latter.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
B.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Compensation</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Board of Directors</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Under the Argentine
Corporations Law, if the compensation of the members of the Board
of Directors and the Supervisory Committee is not established in
the by-laws of the Company, it should be determined by the
shareholders&#x2019; meeting. The maximum amount of total
compensation to the members of the Board of Directors and the
Supervisory Committee, including compensation for technical or
administrative permanent activities, cannot exceed 25% of the
earnings of the company. That amount should be limited to 5% when
there is no distribution of dividends to shareholders and will be
increased in proportion to the distribution up to such limit if all
earnings are distributed. For purposes of applying this provision,
the reduction in the distribution of dividends derived from
reducing the Board of Directors&#x2019; and Supervisory
Committee&#x2019;s fees will not be considered.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">166</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">When one or more
directors perform special commissions or technical or
administrative activities, and there are no earnings to distribute,
or they are reduced, the shareholders meeting shall approve
compensation in excess of the above mentioned limits. The
compensation of our directors for each fiscal year is determined
pursuant to the Argentine Corporations Law and taking into
consideration whether the directors performed technical or
administrative activities and our fiscal year&#x2019;s results. Once
the amounts are determined, they are considered at the
shareholders&#x2019; meeting.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Our
shareholders&#x2019; meeting held on October 30, 2015, approved
compensation to the members of our Board of Directors in an
aggregate amount of Ps.18.6 million, for the fiscal year ended June
30, 2015.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Senior Management</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We pay our Senior
Management pursuant to a fixed amount, established by taking into
consideration their background, capacity and experience and an
annual bonus which varies according to their individual performance
and the Company&#x2019;s overall results.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The aggregate
compensation paid to our Senior Management of the Operations Center
in Argentina for the fiscal year ended June&#xA0;30, 2016 was
Ps.17.8 million.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The aggregate
compensation paid to our Senior Management of the Operations Center
in Israel since we gained control of IDBD on October 11, 2015 and
until June 30, 2016, was Ps.11,36 million. For our CEO and CFO
total compensation was considered since they were appointed in
January 2016.<br></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Supervisory Committee</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The shareholders
meeting held on October&#xA0;30, 2015, approved by majority vote
the decision not to pay any compensation to our Supervisory
Committee.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Audit Committee</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The members of our
Audit Committee do not receive compensation in addition to that
received for their service as members of our Board of
Directors.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Compensation Plan for Executive Management</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Since 2006 we
develop a special compensation plan for key managers by means of
contributions made by the employees and by the
Company.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Such Plan is
directed to key managers selected by us and aims to retain them by
increasing their total compensation package through an
extraordinary reward, granted to those who have met certain
conditions.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Participation and
contributions under the Plan are voluntary. Once the invitation to
participate has been accepted by the employee, he or she may make
two kinds of contributions: monthly contributions (salary based)
and extraordinary contribution (annual bonus based). The suggested
contribution to be made by Participants is: up to 2.5% of their
monthly salary and up to 7.5% of their annual bonus. Our
contribution will be 200% of the employees&#x2019; monthly
contributions and 300% of the extraordinary employees&#x2019;
contributions.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The funds collected
as a result of the Participants&#x2019; contributions are
transferred to a special independent vehicle.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The funds collected
as a result of our contributions are transferred to another
independent vehicle separate from the previous one. In the future,
participants will have access to 100% of the benefits of the Plan
(that is, including our contributions made on the
participants&#x2019; behalf to the specially created vehicle) under
the following circumstances:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">&#xB7;</font><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">ordinary retirement
in accordance with applicable labor regulations;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">&#xB7;</font><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">total or permanent
incapacity or disability; and</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">&#xB7;</font><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">death.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In case of
resignation or termination without cause, the Participant may
redeem amounts contributed by us only if he or she has participated
in the Plan for at least 5 years subject to certain
conditions.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">167</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Long Term Incentive Program</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The
Shareholders&#x2019; Meetings held on October 31, 2011, October 31,
2012 and October 31, 2013 ratified the resolutions approved thereat
as regards the incentive plan for the Company&#x2019;s executive
officers, up to 1% of its shareholders&#x2019; equity by allocating
the same number of own treasury stock (the &#x201C;Plan&#x201D;), and
delegated on the Board of Directors the broadest powers to fix the
price, term, form, modality, opportunity and other conditions to
implement such plan. In this sense and in accordance with the new
Capital Markets Law, the Company has made the relevant filing with
the CNV and pursuant to the comments received from such entity, it
has made the relevant amendments to the Plan which, after the CNV
had stated to have no further comments, were explained and approved
at the Shareholders&#x2019; Meeting held on November 14, 2014, where
the broadest powers were also delegated to the Board of Directors
to implement such plan.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 19px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Company has
developed a medium and long term incentive and retention stock
program for its management team and key employees under which
share-based contributions were calculated based on the annual bonus
for the years 2011, 2012, 2013 and 2014.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The beneficiaries
under the Plan are invited to participate by the Board of Directors
and their decision to access the Plan is voluntary.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 19px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In the future, the
Participants or their successors in interest will have access to
100% of the benefit (IRSA&#x2019;s shares contributed by the
Company) in the following cases:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: 72px;"><font style="font-size: 13px; font-family: Times New Roman">&#xB7;</font><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">if an employee
resigns or is dismissed for no cause, he or she will be entitled to
the benefit only if 5 years have elapsed from the moment of each
contribution</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: 72px;"><font style="font-size: 13px; font-family: Times New Roman">&#xB7;</font><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">retirement</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: 72px;"><font style="font-size: 13px; font-family: Times New Roman">&#xB7;</font><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">total or permanent
disability</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: 72px;"><font style="font-size: 13px; font-family: Times New Roman">&#xB7;</font><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">death</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">While participants
are part of the program and until the conditions mentioned above
are met to receive the shares corresponding to the contributions
based on the 2011 to 2013 bonus, participants will receive the
economic rights corresponding to the shares assigned to
them.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As regards the year
2014, the program sets forth an extraordinary reward consisting of
freely available stock payable in a single opportunity on a date to
be determined by the Company. The date was fixed for June 26, 2015
for payroll employees of IRSA, IRSA CP, PAMSA, ERSA, ARCOS and
FIBESA who received IRSA&#x2019;s shares.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Besides, the
Company has decided to grant a bonus to all the personnel with more
than two years of seniority and who do not participate in the
program described above, which bonus consists of a number of shares
equivalent to their compensation for June 2014.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The shares
allocated to the Plan by the Company are shares purchased in 2009,
which the Shareholders&#x2019; Meeting held on October 31, 2011 has
specifically decided to allocate to the program.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Our CEO of the
Operations Centers in Isreal, has a stock option remuneration plan
which includes 5,310,000 options, that will be given in five
series, and which may be exercised for 5,310,000 ordinary shares,
par value NIS 1 per share of Discount
Investments<br></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Code of Ethics</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Code of Ethics
is effective as from July 31, 2005 with the aim of providing a wide
range of guidelines as concerns accepted individual and corporate
behavior. It is applicable to directors, managers and employees of
IRSA and its controlled companies. The Code of Ethics that governs
our business, in compliance with the laws of the countries where we
operate, may be found on our website <font style="text-decoration: underline">www.irsa.com.ar</font>.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">A committee of
ethics composed of managers and board members is responsible for
providing solutions to issues related to the Code of Ethics and is
in charge of taking disciplinary measures in case of breach of the
code.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
C.
&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="text-decoration: underline; font-size: 13px">Board
Practices</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">For information
about the date of expiration of the current term of office and the
period during which each director has served in such office see
Item 6. &#x201C;Directors, Senior Management and employees &#x2013;
A. Directors and Senior Management.&#x201D;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Benefits upon Termination of Employment</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">There are no
contracts providing for benefits to Directors upon termination of
employment., other than those described under the following
sections: (i) ITEM 6: Directors, Senior Management and Employees
&#x2013; B. Compensation &#x2013; Capitalization Plan and (ii) ITEM
6: Directors, Senior Management and Employees &#x2013; B.
Compensation &#x2013; Incentive Plan for Managers.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
<br></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">168</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">Audit
Committee</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In accordance with
the Capital Markets Law and the rules of the CNV, our board of
directors has established an Audit Committee.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Audit Committee
is a committee of the board of directors, the main function of
which is to assist the board of directors in (i) exercising its
duty of care, diligence and competence in issues relating to us,
specifically as concerns the enforcement of accounting policies,
and disclosure of accounting and financial information, (ii)
management of our business risk, the management of our internal
control systems, (iii) behavior and ethical conduct of the
Company&#x2019;s businesses, (iv) monitoring the sufficiency of our
financial statements, (v) our compliance with the laws, (vi)
independence and competence of independent auditors, (vii)
performance of our internal audit and the external auditors (viii)
and it may render, upon request of the Board of Directors, its
opinion on whether the conditions of the related parties&#x2019;
transactions for relevant amounts may be considered reasonably
sufficient under normal and habitual market
conditions.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In accordance with
the applicable rules our Audit Committee must hold sessions at
least with the same frequency required to the board of directors
(on a three month basis).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Capital Markets Law
N&#xB0; 26,831 and the Rules of the CNV requires that public
companies in Argentina as us must have an Audit Committee comprise
of three members of the board of directors, the majority of which
must be independent. Notwithstanding, our Audit Committee is
comprised by three independent directors in compliance with the
requirements lead down by the SEC.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Currently, we have
a fully independent Audit Committee composed of Messrs. Cedric
Bridger, Ricardo Liberman and Mario Blejer.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Compensation of Audit Committee</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The members of our
Audit Committee do not receive compensation in addition to that
received for their service as members of our board of
directors.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
D.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="text-decoration: underline">Employees</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
<font style="text-decoration: underline">Operations Center in
Argentina</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As of June 30,
2016, we had 1,753 employees. Our Development and Sale of
Properties and Other Non-Shopping Center Businesses segment had 31
employees, 4 of whom were represented by the Commerce Union
(<font style="font-style: italic">Sindicato de Empleados de
Comercio, SEC</font>) and 10 were represented by the Horizontal
Property Union (<font style="font-style: italic">Sindicato
&#xDA;nico de Trabajadores de Edificios de Renta y Horizontal,
SUTERH</font>). Our Shopping Centers segment had 964 employees,
including 461 under collective labor agreements. Our Hotels segment
had 758 employees, with 622 represented by the Tourism, Hotel and
Gastronomic Workers Union (<font style="font-style: italic">Uni&#xF3;n de Trabajadores del Turismo,
Hoteleros y Gastron&#xF3;micos de la Rep&#xFA;blica Argentina,
UTHGRA</font>).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 52%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 26%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Year
ended on June 30,</font></div>
</td>
</tr><tr>
<td style="width: 52%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
</tr><tr>
<td style="width: 52%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Development and
Sale of Properties and Other Non-Shopping Center
Businesses&#xA0;<font style="vertical-align: super; font-size: 70%">(1)</font></font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">31</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">34</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">89</font></div>
</td>
</tr><tr>
<td style="width: 52%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Shopping Centers
and Offices<font style="vertical-align: super; font-size: 70%">(3)</font></font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">964</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">973</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">872</font></div>
</td>
</tr><tr>
<td style="width: 52%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Hotels<font style="vertical-align: super; font-size: 70%">(2)</font></font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">758</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">704</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">647</font></div>
</td>
</tr><tr>
<td style="width: 52%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,753</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,711</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,608</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">(1)&#xA0;<br></font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Includes IRSA,
Consorcio Libertador S.A. and Consorcio Maip&#xFA; 1300
S.A.</font></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font>&#xA0;&#xA0; <font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Includes Hotel
Intercontinental, Sheraton Libertador and Llao
Llao.</font></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(3)&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">In April and May
2015, the employees assigned to IRSA. who discharge duties in
connection with building&#x2019;s operations and the Real Estate
business were transferred to IRSA Propiedades Comerciales
S.A.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">169</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
<font style="text-decoration: underline">Operations Center in
Israel</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The following table
shows the number of employees as of March 31, 2016 of our Israeli
operating center divided by company:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 49%; border-top: solid 1px black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">IDBD</font></div>
</td>
<td style="width: 29%; border-top: solid 1px black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">29</font></div>
</td>
</tr><tr>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">DIC <font style="vertical-align: super; font-size: 70%">(1)</font></font></div>
</td>
<td style="width: 29%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">31</font></div>
</td>
</tr><tr>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Shufersal</font></div>
</td>
<td style="width: 29%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">13,726</font></div>
</td>
</tr><tr>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cellcom
<font style="vertical-align: super; font-size: 70%">(2)</font></font></div>
</td>
<td style="width: 29%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">3,138</font></div>
</td>
</tr><tr>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">PBC <font style="vertical-align: super; font-size: 70%">(3)</font></font></div>
</td>
<td style="width: 29%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">221</font></div>
</td>
</tr><tr>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other<font style="vertical-align: super; font-size: 70%">(4)</font></font></div>
</td>
<td style="width: 29%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1,042</font></div>
</td>
</tr><tr>
<td style="width: 49%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
<td style="width: 29%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">18,187</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1) Includes
Elron&#x2019;s employees.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2) Does not
include temporary or external employees.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(3) Includes 106
hotel and cleaning employees.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(4) Includes IDBG,
Bartan and IDB Tourism</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
E.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="text-decoration: underline; font-size: 13px">Share
Ownership</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The following table
sets forth the amount and percentage of our common shares
beneficially owned by our directors, senior managers and members of
the supervisory committee as of June 30, 2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 27%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Name</font></div>
</td>
<td style="width: 28%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Position</font></div>
</td>
<td style="width: 15%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Number
of Shares</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Percentage</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Directors</font></div>
</td>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Eduardo Sergio
Elsztain <font style="vertical-align: super; font-size: 70%">(1)</font></font></div>
</td>
<td style="width: 28%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Chairman</font></div>
</td>
<td style="width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">366,789,151</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">63.4%</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Sa&#xFA;l
Zang</font></div>
</td>
<td style="width: 28%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Vice-Chairman
I</font></div>
</td>
<td style="width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.0%</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Alejandro Gustavo
Elsztain</font></div>
</td>
<td style="width: 28%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Vice- Chairman
II</font></div>
</td>
<td style="width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">622,400</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.1%</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Fernando
Adri&#xE1;n Elsztain</font></div>
</td>
<td style="width: 28%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Regular
Director</font></div>
</td>
<td style="width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Carlos Ricardo
Esteves</font></div>
</td>
<td style="width: 28%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Regular
Director</font></div>
</td>
<td style="width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cedric D.
Bridger</font></div>
</td>
<td style="width: 28%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Regular
Director</font></div>
</td>
<td style="width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3400</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0,00%</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Marcos M.
Fischman</font></div>
</td>
<td style="width: 28%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Regular
Director</font></div>
</td>
<td style="width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Fernando
Rub&#xED;n</font></div>
</td>
<td style="width: 28%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Regular
Director</font></div>
</td>
<td style="width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">64,226</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.0%</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Gary S.
Gladstein</font></div>
</td>
<td style="width: 28%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Regular
Director</font></div>
</td>
<td style="width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">210,330</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.0%</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Mario
Blejer</font></div>
</td>
<td style="width: 28%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Regular
Director</font></div>
</td>
<td style="width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.0%</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Mauricio El&#xED;as
Wior</font></div>
</td>
<td style="width: 28%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Regular
Director</font></div>
</td>
<td style="width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Gabriel Adolfo
Gregorio Reznik</font></div>
</td>
<td style="width: 28%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Regular
Director</font></div>
</td>
<td style="width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ricardo
Liberman</font></div>
</td>
<td style="width: 28%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Regular
Director</font></div>
</td>
<td style="width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Daniel Ricardo
Elsztain</font></div>
</td>
<td style="width: 28%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Regular
Director</font></div>
</td>
<td style="width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">146,320</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.0%</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Gaston Armando
Lernoud</font></div>
</td>
<td style="width: 28%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Alternate
Director</font></div>
</td>
<td style="width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,782</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.0%</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Enrique
Antonini</font></div>
</td>
<td style="width: 28%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Alternate
Director</font></div>
</td>
<td style="width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Senior
Management</font></div>
</td>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Mat&#xED;as Ivan
Gaivironsky</font></div>
</td>
<td style="width: 28%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Chief Financial and
Administrative Officer</font></div>
</td>
<td style="width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">46,200</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.0%</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Javier Ezequiel
Nahmod</font></div>
</td>
<td style="width: 28%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Chief Real Estate
Officer</font></div>
</td>
<td style="width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">20,320</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.0%</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Supervisory
Committee</font></div>
</td>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Jos&#xE9; Daniel
Abelovich</font></div>
</td>
<td style="width: 28%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Member</font></div>
</td>
<td style="width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Marcelo H&#xE9;ctor
Fuxman</font></div>
</td>
<td style="width: 28%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Member</font></div>
</td>
<td style="width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Noem&#xED; Ivonne
Cohn</font></div>
</td>
<td style="width: 28%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Member</font></div>
</td>
<td style="width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Sergio Leonardo
Kolaczyk</font></div>
</td>
<td style="width: 28%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Alternate
member</font></div>
</td>
<td style="width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Roberto Daniel
Murmis</font></div>
</td>
<td style="width: 28%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Alternate
member</font></div>
</td>
<td style="width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Alicia Graciela
Rigueira</font></div>
</td>
<td style="width: 28%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Alternate
member</font></div>
</td>
<td style="width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(1)&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Includes (i)
366,788,251 common shares beneficially owned by Cresud, and (ii)
900 common shares owned directly by Mr. Eduardo S.
Elsztain.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(2)&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">David Alberto
Perednik resigned to his position as compliance officer on
September 29, 2016.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">170</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Option Ownership</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">No options to
purchase common shares have been granted to our Directors, Senior
Managers, members of the Supervisory Committee, or Audit
Committee.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Employees&#x2019; Participation in our Capital Stock</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">There are no
arrangements for involving our employees in our capital stock or
related to the issuance of options, common shares or securities,
other than those described under the following sections: (i) ITEM
6: Directors, Senior Management and Employees &#x2013; B.
Compensation &#x2013; Capitalization Plan and (ii) ITEM 6:
Directors, Senior Management and Employees &#x2013; B. Compensation
&#x2013; Mid and Long Term Incentive Program.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
ITEM
7.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;MAJOR
SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
A.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="text-decoration: underline; font-size: 13px">Major
Shareholders</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Information about Major Shareholders</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Share Ownership</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The following table
sets forth information regarding ownership of our capital stock by
each person known to us to own beneficially at least 5% of our
common shares, ANSES (The Argentine Social Security National
Agency) and all our directors and officers as a group. Percentages
are expressed on a fully diluted basis.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 52%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 26%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Share
Ownership as of June 30, 2016</font></div>
</td>
</tr><tr>
<td style="width: 52%; border-bottom: 2px solid #000">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Shareholder</font></div>
</td>
<td style="width: 15%; border-bottom: 2px solid #000">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Number
of Shares</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid #000">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Percentage
(3)</font></div>
</td>
</tr><tr>
<td style="width: 52%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cresud <font style="vertical-align: super; font-size: 70%">(1) (2)</font></font></div>
</td>
<td style="width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">366,789,151</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">63.8%</font></div>
</td>
</tr><tr>
<td style="width: 52%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Directors and
officers (excluding Eduardo Elsztain)</font></div>
</td>
<td style="width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,130,278</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.2%</font></div>
</td>
</tr><tr>
<td style="width: 52%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">ANSES</font></div>
</td>
<td style="width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">25,914,834</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4.5%</font></div>
</td>
</tr><tr>
<td style="width: 52%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
<td style="width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">393,834,263</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">68.5%</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 12px">
<font><font style="font-size: 13px; font-family: Times New Roman">1.&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Eduardo S. Elsztain
is the beneficial owner of 154,993,977, which includes (i)
154,898,780 common shares beneficially owned by IFISA (ii) 880
common shares beneficially owned by Consultores Venture Capital
Uruguay S.A., (iii) 752 common shares held by Consultores
Asset&#xA0;&#xA0;Management S.A. ; and (iv) 93,565 common shares
held directly by him, representing 30.9% of its total share
capital. Although Mr. Elsztain does not own a majority of the
common shares of Cresud, he is its largest shareholder and
exercises substantial influence over Cresud. If Mr. Elsztain is
considered to be the beneficial owner of Cresud due to his
substantial influence over it, he would be the beneficial owner of
63.4% of our common shares by virtue of his investment in
Cresud.</font></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 12px">
<font><font style="font-size: 13px; font-family: Times New Roman">2.&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Includes (i)
366,788,251 common shares beneficially owned by Cresud, and (ii)
900 common shares owned directly by Mr. Eduardo S. Elsztain. As a
result, Mr. Elsztain&#x2019;s aggregate beneficial ownership of our
outstanding common shares may be as high as 366,789,251 common
shares, representing 63.4% of our outstanding common
shares.</font></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 12px">
<font><font style="font-size: 13px; font-family: Times New Roman">3.&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">As of June 30,
2016, the number of outstanding common shares was
578,676,460.</font></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 12px">
<font><font style="font-size: 13px; font-family: Times New Roman">4.&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Cresud is a leading
Argentine producer of basic agricultural products. Cresud&#x2019;s
common shares began trading in the MERVAL<font style="font-style: italic">&#xA0;</font>on December 12, 1960, under the
trading symbol &#x201C;CRES&#x201D; and on March 1997 its GDSs began
trading in the Nasdaq under the trading symbol
&#x201C;CRESY.&#x201D;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td colspan="19" style="width: 78%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Changes in Share Ownership</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 18%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Shareholder</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 11%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,2016 (%)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 11%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,2015 (%)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 11%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,2014 (%)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30, 2013 (%)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30, 2012 (%)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 18%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cresud <font style="vertical-align: super; font-size: 70%">(1)</font></font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">63.4</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">64.3</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">65.5</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">65.5</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">64.2</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 18%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Inversiones
Financieras del Sur S.A. <font style="vertical-align: super; font-size: 70%">(2)</font></font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">0.5</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">0.6</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1.7</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 18%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Directors and
officers <font style="vertical-align: super; font-size: 70%">(3)</font></font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">0.2</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">0.3</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">0.3</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">0.5</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">0.8</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 18%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">ANSES</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">4.5</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">4.5</font></div>
</td>
<td style="width: 1%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">4.5</font></div>
</td>
<td style="width: 1%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">4.5</font></div>
</td>
<td style="width: 1%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">4.5</font></div>
</td>
<td style="width: 1%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 18%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">68.1</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">69.1</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">70.8</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">71.1</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">71.2</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 12px">
<font><font style="font-size: 13px; font-family: Times New Roman">1.&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Eduardo S. Elsztain
is the beneficial owner of 154,993,977 common shares of Cresud,
representing 30.9% of its total share capital. Although Mr.
Elsztain does not own a majority of the common shares of Cresud, he
is its largest shareholder and exercises substantial influence over
Cresud. If Mr. Elsztain is considered to be the beneficial owner of
Cresud due to his substantial influence over it, he would be the
beneficial owner of 63.4% of our common shares by virtue of his
investment in Cresud.</font></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 12px">
<font><font style="font-size: 13px; font-family: Times New Roman">2.&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Eduardo S. Elsztain
is the Chairman of the board of directors of IFIS Limited, a
corporation organized under the laws of Bermuda and Inversiones
Financieras del Sur S.A., a corporation organized under the laws of
Uruguay. Mr. Elsztain holds (through companies controlled by him
and proxies) a majority of the voting power in IFIS Limited., which
owns 100% of IFISA</font></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 12px">
<font><font style="font-size: 13px; font-family: Times New Roman">3.&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Includes only
direct ownership of our directors and senior
management.</font></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 12px">
<font><font style="font-size: 13px; font-family: Times New Roman">4.&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">As of June 30,
2016, the number of outstanding common shares was
578,676,460.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Differences in Voting Rights</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Our major
shareholders do not have different voting rights.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Arrangements for change in control</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We are not aware of
any arrangements that may, when in force, result in a change in
control.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">171</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Securities held in the host country</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As of June 30,
2016, our total issued capital stock outstanding consisted of
578,676,460 common shares. As of June 30, 2016, there were
approximately 34,670,001 Global Depositary Shares (representing
346,700,013 of our common shares, or 59.9% of all or our
outstanding common shares) held in the United States by
approximately 73 registered holders.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
B.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Related
Party Transactions</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We enter into
transactions with related parties on an arm&#x2019;s-length basis. A
related party transaction means any transaction entered into
directly or indirectly by us or any of our subsidiaries that is
material based on the value of the transaction to (a) any director,
officer or member of our management or shareholders&#x37E; (b) any
entity in which any such person described in clause (a) is
interested&#x37E; or (c) any person who is connected or related to
any such person described in clause (a).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Offices
and Shopping centers spaces leases</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The offices of our
president are located at 108 Bolivar, in the Autonomous City of
Buenos Aires. The property has been rented to Isaac Elsztain e
Hijos S.A., a company controlled by some family members of Eduardo
Sergio Elsztain, our president, and to Hamonet S.A., a company
controlled by Fernando A. Elsztain, one of our directors, and some
of his family members.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">&#xB7;</font><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">In addition, we,
Cresud, Tarshop, BACS, BHN Sociedad de Inversi&#xF3;n S.A., BHN
Seguros Generales S.A. and BHN Visa S.A. rent offices owned by IRSA
CP in different buildings.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">&#xB7;</font><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Furthermore, we
also let various spaces in our Shopping Centers (stores, stands,
storage space or advertising space) to third parties and related
parties such us Tarshop S.A. and BHSA.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Lease agreements
entered into with associates included similar provisions and
amounts to those included in agreements with third
parties.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Agreement
for the Exchange of Corporate Services with Cresud and IRSA
CP</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Considering that
each of IRSA CP, Cresud and us have operating areas which are
somewhat similar, the Board of Directors deemed it advisable to
implement alternatives aimed at reducing certain fixed costs of our
combined activities and to lessen their impact on operating results
while seizing and optimizing the individual efficiencies of each of
them in the different areas comprising the management of
operations.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">To such end, on
June 30, 2004, a Master Agreement for the Exchange of Corporate
Services (&#x201C;Frame Agreement&#x201D;) was entered into between
IRSA CP, Cresud and us, which was amended several times to bring it
in line with evolving requirements. The agreement has a term of 24
months, is renewable automatically for equal periods, unless it is
terminated by any of the parties upon prior notice.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">This agreement
currently provides for the exchange and sharing of services among
the following areas: Human Resources, Finance, Institutional
Relations, Administration and Control, Insurance, Security,
Agreements, Technical Tasks, Infrastructure and Services,
Procurement, Architecture and Design, Development and Works, Real
Estate, Hotels, Board of Directors, Board of directors of Real
Estate Business, General Manager Office, Board Safety, Audit
Committee, Real Estate Business Management, Human Resources of Real
Estate Business, Fraud Prevention, Internal Audit and Agricultural
Investment Management.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Pursuant to this
agreement, the companies hired Deloitte &amp; Co., an external
consulting firm, to review and evaluate half-yearly the criteria
used in the process of liquidating the corporate services, as well
as the basis for distribution and source documentation used in the
process indicated above, by means of a half-yearly
report.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The operations
indicated above allow both IRSA CP and Cresud to keep our strategic
and commercial decisions fully independent and confidential, with
cost and profit apportionment being allocated on the basis of
operating efficiency and equity, without pursuing individual
economic benefits for any of the related companies.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Donations
granted to Fundaci&#xF3;n IRSA and Fundaci&#xF3;n Museo de los
Ni&#xF1;os</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Fundaci&#xF3;n IRSA
is a non-profit charity institution that seeks to support and
generate initiatives concerning education, the promotion of
corporate social responsibility and the entrepreneurial spirit of
the youth. It carries out corporate volunteering programs and
fosters donations by the Company&#x2019;s employees. The main
members of Fundaci&#xF3;n IRSA&#x2019;s Board of Directors are:
Eduardo S. Elsztain (President); Saul Zang (Vice President I),
Alejandro Elsztain (Vice President II) and Mariana C. de Elsztain
(secretary). It finances its activities with donations from IRSA,
IRSA CP, Cresud and others related companies.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">172</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On October 31,
1997, IRSA CP entered into an agreement with Fundaci&#xF3;n IRSA
whereby 3,800 square meters of the constructed area at the Abasto
shopping center was granted under a gratuitous bailment agreement
for a term of 30 years. Subsequently, on October 29, 1999,
Fundaci&#xF3;n IRSA assigned free of cost all the rights of use
over such store and its respective obligations to Fundaci&#xF3;n
Museo de los Ni&#xF1;os.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On November 29,
2005, IRSA CP signed another agreement with Fundaci&#xF3;n Museo de
los Ni&#xF1;os granting under gratuitous bailment 2,670.11 square
meters of the constructed area at Alto Rosario shopping center for
a term of 30 years.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Fundaci&#xF3;n
Museo de los Ni&#xF1;os has used these spaces to set up
&#x201C;Museo de los Ni&#xF1;os&#x201D;, Abasto and &#x201C;Museo de
los Ni&#xF1;os, Rosario&#x201D;, two interactive learning centers
intended for children and adults. Both agreements establish the
payment of common expenses and direct expenses related to the
services performed by these stores should be borne by
Fundaci&#xF3;n Museo de los Ni&#xF1;os.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Legal
Services</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We hire legal
services from Estudio Zang, Bergel &amp; Vi&#xF1;es, in which
Sa&#xFA;l Zang is a partner. Mr. Zang is a member of our Board of
Directors and that of our related companies. During the fiscal
years ended June 30, 2016, 2015 and 2014 we paid Zang, Bergel &amp;
Vi&#xF1;es Abogados an aggregate amount of approximately Ps.5.2
million, Ps.3.9 million and Ps.3.5 million, respectively, as
payment for legal services.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">CRESUD
purchase of agrochemicals from Adama</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama is a company
specialized in agrochemicals, particularly used in farming, and is
a worldwide leader in active ingredients used in agricultural
production. CRESUD, in the normal course of its business, acquires
agrochemical products and/or hires services from
Adama.&#xA0;&#xA0;On July 17, 2016, DIC reported that it had signed
an agreement with ChemChina to sell 40% of Adama Agricultural
Solutions Ltd.&#x2019;s shares, indirectly controlled by IDBD
through DIC. For more information see &#x201C;Recent
Developments.&#x201D;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Purchase
and sale of goods and/or service hiring</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In the normal
course of its business and with the aim of making resources more
efficient, we, or our related parties, including our parent
company, in certain occasions purchases and/or hires services which
later sells and/or recovers for companies or other related parties,
based upon their actual utilization, without generating any profit
to the companies.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Sale
of advertising space in media</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We and our related
parties frequently enter into agreements with third parties whereby
we sell/acquire rights of use to advertise in media (TV, radio
stations, newspapers, etc.) that will later be used in advertising
campaigns. Normally, these spaces are sold and/or recovered to/from
other companies or other related parties, based on their actual use
, without generating any profit to the companies.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Hospitality
Services</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We and our related
parties hire, in certain occasions, hotel services and lease
conference rooms for events to Nuevas Fronteras S.A., Hoteles
Argentinos S.A. and Llao Llao Resorts S.A., subsidiaries of
IRSA.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Purchase
of financial assets</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We usually invest
excess cash in several instruments that may include those issued by
related companies, like Banco Hipotecario or BACS, acquired at
issuance or from unrelated third parties through secondary market
deals.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Investment
in mutual funds of BACS Administradora de Activos S.A.
S.G.F.C.I.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We invest from time
to time our liquid fund in mutual funds managed by BACS
Administradora de Activos S.A. S.G.F.C.I., which is a subsidiary of
Banco Hipotecario, among other entities.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Borrowings</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In the normal
course of its activities, we enter into diverse loan agreements or
credit facilities between the related companies and/or other
related parties. These loans accrue interest at market
rates.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Line
of Credit granted to IRSA</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On June 25, 2014,
IRSA CP increased the existing credit line expiring on June 25,
2015 to US$60 million, which is priced at the one year LIBOR rate
plus 3.0%. Under this credit line, IRSA CP and any of their
subsidiaries will be lenders and we and/or our subsidiaries (not
our subsidiaries) will be the borrowers. In June 2015, the line of
credit was renewed for an additional year until June 24, 2016. In
addition, on July 5, 2016 the credit line was increased by up to
US$120.0 million at an annual rate of 9% and expires on June 24,
2017.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman">As of the date of
this annual report, the total amount granted from IRSA CP to us
amounts to US$45 million.</font><br></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">173</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Financial
and service operations</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We work with
several financial entities in Argentina for operations including,
but not limited to, credit, investment, purchase and sale of
securities and financial derivatives. Such entities include Banco
Hipotecario S.A. and its subsidiaries. Furthermore, Banco
Hipotecario S.A. and BACS Banco de Cr&#xE9;dito y
Securitizaci&#xF3;n S.A. usually act as underwriters in Capital
Market transactions. In addition, we have entered into agreements
with BHSA, who provides collection services for our Shopping
Centers.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Property
purchase sale</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We in the course of
business operations may acquire or sell to or from other related
parties certain real estate properties used for rental
purposes.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Investment
Properties transferred to IRSA CP</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On December 22,
2014, we transferred to IRSA CP, 83,789 m2 of our premium office
portfolio including the buildings Rep&#xFA;blica, Bouchard 710,
Della Paolera 265, Intercontinental Plaza and Suipacha 652 and the
&#x201C;Intercontinental II&#x201D; plot of land in order to
consolidate a vehicle which main corporate purpose is to develop
and operate commercial properties in Argentina. The total purchase
price of the transaction was US$308 million, which had been paid as
of June 30, 2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On April 7, 2016,
we sold to IRSA CP, 16,012 m2 covering 14 floors and 142 garages in
the building to be developed in the area of
&#x201C;Catalinas&#x201D;, City of Buenos Aires. The purchase price
of the transaction was established taking into account two
components. On the one hand, the total surface area as measured in
square meters to be acquired, settled on the amount of Ps.455.7
million, which were already paid. On the other hand, an amount that
will be determined according to the actual cost of the construction
by square meters.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Investment
in Dolphin</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As of the date of
this annual report, we have invested approximately US$544
million&#xA0;in Dolphin, through our subsidiaries. Dolphin Fund
Ltd, is an investment fund incorporated under the laws of Bermuda,
whose investment manager is Consultores Venture Capital Uruguay
S.A., a company controlled indirectly by our Chairman, Eduardo S.
Elsztain. Dolphin Netherlands is a subsidiary of Dolphin Fund Ltd,
incorporated in the Netherlands. Such investments were made in
order to carry out the investment in IDB Development Corp. For more
information please see Item 4. Information on the Company &#x2013;
A. History and development of the Company &#x2013; &#x201C;Investment
of IDB Development Corporation Ltd. (IDBD).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Acquisition
of DIC shares from IDBD</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On September 23,
2016, we acquired from IDBD 8,888,888 shares of DIC for of NIS 99
million (approximately US$26.7 million), equivalent to the 8.8% of
its shares outstanding. For more information see &#x201C;Recent
Developments.&#x201D;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Transactions
with IFISA</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In June 2014, we,
through our subsidiary Real Estate Investment Group IV LP, renewed
a credit facility granted by IFISA, a company indirectly controlled
by Eduardo Sergio Elsztain, for a total amount of 1.4 million
shares of Hersha Hospitality Trust. The transaction was agreed upon
for a term of 30 days, which could be renewed for up to 360 days;
the facility was priced at Libor (3 months) + 50 bps. This credit
facility was cancelled after the end of fiscal year 2014 in order
to sell the remaining amount of Hersha.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On February 10,
2015, Dolphin, sold 71,388,470 IDBD shares to IFISA, for an amount
of US$25.6 million, US$4.0 million of which were paid upon
execution and the remaining balance of US$21.6 million were
financed for a term of up to 360 days and priced at Libor 1M (one
month) + 3%. On May 9, 2016, the parties agreed to extend the
expiration date for 30 days as from execution of the addenda, to be
automatically renewable every 30 days for a maximum term of 180
days, and increasing the rate to 9% since February 10,
2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On May 31, 2015,
we, through Dolphin, sold to IFISA 46 million of warrants Series 4
for a total amount of NIS 0.46 million (equivalent to US$0.12
million at the time of the transaction), provided IFISA agreed to
exercise them fully when Dolphin were so required by
IDBD.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On July 28, 2015,
Dolphin granted a loan to IFISA for an amount of US$7.2 million,
due in July 2016, which accrues interest at Libor 1M (one month) +
3%. On May 9, the parties agreed to extend the expiration date to
June 8, 2016, to be automatically renewable every 30 days for a
maximum term of 180 days, and increased the rate to
9%.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On October 9, 2015,
we granted a loan in the amount of US$40 million to IFISA. 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.
On October <font style="font-style: italic">&#xA0;</font></font><font style="font-size: 13px; font-family: Times New Roman">9, 2016, the
parties agreed to extend the expiration date to be automatically
renewable every 30 days for a maximum term of 180 days and increase
the rate to 9%.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">174</font></div>
</div>
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<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In February 2016,
DN B.V., a subsidiary of Dolphin, entered into an option contract
with IFISA whereby Dolphin is granted the right, but not the
obligation to acquire 92,665,925 shares of IDBD held by IFISA at a
share price of NIS 1.64 plus an annual interest of 8.5%. The
exercise date for the option extends for two years.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Purchase
of farmland &#x201C;La Adela&#x201D;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In July 2014, we
bought from Cresud &#x201C;La Adela&#x201D; farmland &#x2013; an area
of approximately 1,058 hectares located in the municipality of
Luj&#xE1;n, Province of Buenos Aires, for a total amount of Ps.210
million. Given the development and proximity to Buenos Aires, there
is a high potential for urbanization of this farmland; therefore,
the purpose of the sale is to undertake a new real estate
development.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Transfer
of tax credits</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Sociedad
An&#xF3;nima Carnes Pampeanas S.A. (subsidiary of Cresud) and
Cresud, assigned credits to IRSA CP and other related parties
corresponding to value added tax export refunds related to such
companies&#x2019; business activity.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
C.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Interests
of Experts and Counsel</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">This section is not
applicable</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
ITEM
8.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;FINANCIAL
INFORMATION</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
A.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Consolidated
Statements and Other Financial Information</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">See Item 18 for our
Audited Consolidated Financial Statements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Legal or Arbitration Proceedings</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Legal Proceedings</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
<font style="text-decoration: underline">Operations Center in
Argentina</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Set forth below is
a description of certain material legal proceedings to which we are
a party. We are not engaged in any other material litigation or
arbitration and no other material litigation or claim is known to
us to be pending or threatened against us or our subsidiaries.
Nevertheless, we may be involved in other litigation from time to
time in the ordinary course of business.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Puerto Retiro</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On November 18,
1997, in connection with our acquisition of our subsidiary
Inversora Bol&#xED;var, we indirectly acquired 35.2% of the capital
stock of Puerto Retiro. Inversora Bol&#xED;var had purchased such
common shares of Puerto Retiro from Redona Investments Ltd. N.V. in
1996. In 1999, we, through Inversora Bol&#xED;var, increased our
interest in Puerto Retiro to 50.0% of its capital stock. On April
18, 2000, Puerto Retiro was served notice of a filing made by the
Argentine government, through the Ministry of Defense, seeking to
extend the bankruptcy of Indarsa to the Company. Upon filing of the
complaint, the bankruptcy court issued an order restraining the
ability of Puerto Retiro to dispose of, in any manner, the real
property it had purchased in 1993 from Tandanor. Puerto Retiro
appealed the restraining order which was confirmed by the Court on
December 14, 2000.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In 1991, Indarsa
had purchased 90% of Tandanor, a former government-owned company,
which owned a piece of land near Puerto Madero of approximately 8
hectares, divided into two parcels: Planta 1 and 2. After the
purchase of Tandanor by Indarsa, in June 1993, Tandanor sold
&#x201C;Planta 1&#x201D; to Puerto Retiro, for a sum of US$18 million
pursuant to a valuation performed by J.L. Ramos, a well-known real
estate brokerage firm in Argentina. Indarsa failed to pay to the
Argentine government the price for its purchase of the stock of
Tandanor, and as a result the Ministry of Defense requested the
bankruptcy of Indarsa. Since the only asset of Indarsa was its
holding in Tandanor, the Argentine government is seeking to extend
Indarsa&#x2019;s bankruptcy to other companies or individuals which,
according to its view, acted as a single economic group. In
particular, the Argentine government has requested the extension of
Indarsa&#x2019;s bankruptcy to Puerto Retiro which acquired Planta 1
from Tandanor.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The deadline for
producing evidence in relation to these legal proceedings has
expired. The parties have submitted their closing arguments and are
awaiting a final judgment. However, the judge has delayed his
decision until a final judgment in the criminal proceedings against
the former Defense Minister and former directors of Indarsa has
been delivered. It should be noticed, regarding the abovementioned
criminal procedure, that on February 23, 2011 it was resolved to
declare its expiration, and to dismiss certain defendants. However,
this resolution is not final because it was appealed. We
cannot</font> <font style="font-size: 13px; font-family: Times New Roman">give you any
assurance that we will prevail in this proceeding, and if the
plaintiff&#x2019;s claim is upheld by the courts, all of the assets
of Puerto Retiro would likely be used to pay Indarsa&#x2019;s debts
and our investment in Puerto Retiro, would be lost. As of June 30,
2016, we had not established any reserve with respect of this
contingency.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">175</font></div>
</div>
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<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Tandanor has filed
a civil action against Puerto Retiro and the people charged in the
referred criminal case looking forward to be reimbursed from all
the losses which have arose upon the fraud committed. On March 7,
2015 Puerto Retiro responded filing certain preliminary objections,
such as prescription or limitation, lack of information to respond
the lawsuit, lack of legitimacy (active and passive).&#xA0;&#xA0;On
July 12, 2016 Puerto Retiro was legally notified of the decision
adopted by the Tribunal Oral Federal N&#xB0; 5 related to the
preliminary objections above mentioned. Two of them were rejected
&#x2013;lack of information and lack of legitimacy (passive). We
filed an appeal with regard to the rejection of these two
objections. But, on the other hand, the other two objections will
be studied at the moment of deliver the sentence, which is an
important step in order to obtain a favorable
decision.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Legal issues with the City Hall of Neuqu&#xE9;n</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In June 2001,
Shopping Neuqu&#xE9;n requested that the City of Neuqu&#xE9;n allow
it to transfer certain parcels of land to third parties so that
each participant in the commercial development to be constructed
would be able to build on its own land. Neuqu&#xE9;n&#x2019;s
Executive Branch previously rejected this request under Executive
Branch Decree N&#xB0; 1437/2002 which also established the
expiration of the rights arising from Ordinance 5178 due to not
building the shopping center in time, including the loss of the
land and of any improvement and expenses incurred. As a result,
Shopping Neuqu&#xE9;n had no right to claim indemnity charges and
annulled its buy-sell land contracts.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Shopping
Neuqu&#xE9;n submitted a written appeal to this decision on January
21, 2003. It also sought permission to submit a revised schedule of
time terms for the construction of the shopping center, taking into
account the economic situation at that time and including
reasonable short and medium term projections. Neuqu&#xE9;n&#x2019;s
Executive Branch rejected this request in their Executive Branch
Decree 585/2003. Consequently, on June 25, 2003, Shopping
Neuqu&#xE9;n filed an &#x201C;Administrative Procedural
Action&#x201D; with the High Court of Neuqu&#xE9;n requesting, among
other things, the annulment of Executive Branch Decrees 1,437/2002
and 585/2003 issued by the City Executive Branch. On December 21,
2004, the High Court of Neuqu&#xE9;n communicated its decision that
the administrative procedural action that Shopping Neuqu&#xE9;n had
filed against the City of Neuqu&#xE9;n had expired. Shopping
Neuqu&#xE9;n filed an extraordinary appeal for the case to be sent
to the Argentine Supreme Court.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On December 13,
2006, while the case was under study in the Argentine Supreme
Court, Shopping Neuqu&#xE9;n signed an agreement with both the City
and the Province of Neuqu&#xE9;n that put an end to the lawsuit
between them and stipulated a new timetable for construction of the
commercial and housing enterprises (the &#x201C;Agreement&#x201D;).
Also, Shopping Neuqu&#xE9;n was permitted to transfer certain
parcels to third parties so that each participant in the commercial
development to be constructed would be able to build on its own
land, with the exception of the land in which the shopping center
would be constructed. The Legislative Council of the City of
Neuqu&#xE9;n duly ratified the Agreement. The City Executive Branch
promulgated the ordinance issued on February 12, 2007.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Shopping
Neuqu&#xE9;n came to an agreement and paid all of the City&#x2019;s
lawyers, including pending fees contested in court.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Shopping
Neuqu&#xE9;n finished the construction and opened the shopping
center in March, 2015, obtaining also all necessary provincial and
city authorizations for it.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Arcos del Gourmet</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In December 2011,
IRSA Commercial Properties started to develop, through our
subsidiary Arcos, the &#x201C;Arcos&#x201D; project located in the
neighborhood of Palermo, City of Buenos Aires. On December 10,
2013, Administrative and Tax Contentious Court of Appeal of the
City of Buenos Aires ratified an injunction that suspends the
opening of the shopping center on the grounds that it has failed to
obtain certain government permits. Despite the fact that the
construction has all government permits in place, IRSA Commercial
Properties has filed an appeal against the decision and have
requested that the injunction be lifted. In such sense, on April
10, 2014, the government of the City of Buenos Aires issued a new
environmental compliance certificate. IRSA Commercial Properties
obtained a favorable decision on this case based on procedural
grounds. Notwithstanding, the plaintiff appealed this decision, and
the file was placed on the Court of Appeal on September 23,
2014.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On the other hand,
there is another judicial process entitled &#x201C;Federaci&#xF3;n
de Comercio e Industria de la Ciudad de Buenos Aires y Otros c/
Gobierno de la Ciudad Aut&#xF3;noma de Buenos Aires s/
Amparo&#x201D;. On August 29, 2014 the lower court rendered a
decision rejecting the case. This resolution was appealed but
afterwards, was confirmed in December, 2014. Therefore, on December
18th, 2014, the &#x201C;Arcos&#x201D; Project was opened to the
public, operating normally nowadays. Notwithstanding, the plaintiff
appeared before the Superior Court of the City of Buenos Aires to
request the review of the case based on the constitutional&#x2019;s
matters involved. The Court has not rendered a decision
yet.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">176</font></div>
</div>
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<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Moreover, on May
18th, 2015 IRSA Commercial Properties was notified of the
revocation of the Agreement for the Reorganization for Use and
Exploitation N&#xBA; AF000261 (&#x201C;<font style="font-style: italic">Contrato de Readecuaci&#xF3;n de
Concesi&#xF3;n de Uso y Explotaci&#xF3;n
N&#xBA;AF000261</font>&#x201D;)<font style="font-style: italic">&#xA0;</font> issued by the Agency for the
Management of the State Assets (&#x201C;<font style="font-style: italic">Agencia de Administraci&#xF3;n de Bienes del
Estado</font>&#x201D; or &#x201C;AABE&#x201D;) through Resolution
N&#xBA; 170/2014. This Resolution was not enacted due to breach of
contract by Arcos del Gourmet nor it has implied up to the date of
this annual report the interruption of the economic exploitation
neither of the functioning of the shopping center that IRSA
Commercial Properties operate there. IRSA Commercial Properties has
filed the proper administrative and judicial motions to revoke the
Resolution and as of the date of this annual report these
proceedings are ongoing.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Notwithstanding the
aforesaid, the &#x201C;<font style="font-style: italic">Federaci&#xF3;n de Comercio e Industria de la
Ciudad de Buenos Aires</font>&#x201D; has filed a motion opposing of
the injuction. On March 17, 2015 this request was rejected. As a
consequence, it has filed an appeal, remain pending.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Other Litigation</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As of July 5, 2006,
the Administraci&#xF3;n Federal de Ingresos P&#xFA;blicos
(&#x201C;AFIP&#x201D;) filed a preliminary injunction with the
Federal Court for Administrative Proceedings against IRSA
Commercial Properties for an aggregate amount of Ps.3.7 million,
plus an added amount, provisionally estimated, of Ps.0.9 million
for legal fees and interest. The main dispute is about the income
tax due for admission rights. In the first instance, AFIP pleaded
for a general restraining order. On November 29, 2006, the Federal
Court issued an order substituting such restraining order for an
attachment on the parcel of land located in Caballito neighborhood,
City of Buenos Aires, where IRSA Commercial Properties is planning
to develop a shopping center. As of June 30, 2011, under court
proceedings, the building was subject to a legal attachment for
Ps.36.8 million. On December 12, 2012, the legal attachment was
lifted and accredited in the file concerned in February
2013.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">After we sold the
Edificio Costeros, dique II, on November 20, 2009, we requested an
opinion to the Argentine Antitrust Authority as to whether it was
necessary to report this transaction. The Argentine Antitrust
Authority advise us that it was required to notify the transaction.
We challenged this decision, but it was confirmed. On December 5,
2011, we notified the transaction and on April 30, 2013 the
transaction was approved by the Argentine Antitrust Authority by
Resolution No 38, as a result of that this legal proceeding was
concluded.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On January 15, 2007
we were notified of two claims filed against us before the
Argentine Antitrust Authority, one by a private individual and the
other one by the licensee of the shopping center, both opposing the
acquisition from the province of C&#xF3;rdoba of a property known
as Ex-Escuela Gobernador Vicente de Olmos. On February 1, 2007 we
responded the claims. On June 26, 2007, the Argentine Antitrust
Authority notified us that it has initiated a summary proceeding to
determine whether the completion of the transaction breaches the
Antitrust Law. As of the date of this filing the result of this
proceeding has not been determined.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On December 3,
2009, IRSA Commercial Properties filed a request for the Argentine
Antitrust Authority&#x2019;s opinion regarding IRSA Commercial
Properties&#x2019; acquisition of common shares of Arcos del Gourmet
S.A. The Argentine Antitrust Authority advised the parties that the
transaction has to be notified. On December, 2010 the transaction
was filed with the Argentine Antitrust Authority. As of the date of
this annual report, the decision of the Argentine Antitrust
Authority is still pending.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On April 11, 2011,
Quality Invest requested the Argentine Antitrust Authority opinion
regarding Quality&#x2019;s acquisition Property of a warehouse owned
by Nobleza Piccardo S.A.I.C. y F. located in San Mart&#xED;n,
Province of Buenos Aires. The Argentine Antitrust Authority stated
that there was an obligation to notify the situation, but Quality
Invest filed an appeal against this decision. Subsequently, the
Court of Appeals confirmed the Argentine Antitrust
Authorities&#x2019; decision regarding the obligation to notify and,
therefore, on February 23, 2012, the transaction was filed. As of
the date of this annual report, the Argentine Antitrust Authority
is analyzing this decision.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On august 23, 2011,
IRSA Commercial Properties notified the Argentine Antitrust
Authority the direct and indirect acquisition of common shares of
NPSF, the transaction involved the direct acquisition of 33.33% of
NPSF and 16.66% through our controlled vehicle Torodur S.A. As of
the date of this annual report the transaction is being analyzed by
the Argentine Antitrust Authority.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On June 16, 2012,
we sold to Caba&#xF1;a Don Francisco S.A. certain Costeros Dique
IV&#x2019;s functional units, to be used for office space, and
complementary units to be used for parking. In addition, we
assigned upon the purchaser all rights and interests arising from
lease agreements involving the conveyed units. As a result, an
advisory opinion was requested from the Argentine Antitrust
Authority as to the need to report such transaction. The Argentine
Antitrust Authority resolved that the transaction was exempt from
report on May 21, 2014, so this legal process was
finished.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">177</font></div>
</div>
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<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On December 7,
2012, we filed with the Argentine Antitrust Authority the
adquisition of EHSA, which has the beneficial ownership of 50% of
La Rural S.A That company runs an exposition center known as Predio
Ferial de Palermo. As of the date of this annual report, the
Argentine Antitrust Authority is analyzing the
transaction.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Through the
issuance of Resolution N&#xB0; 16,521 dated February 17, 2011 the
CNV commenced a summary proceeding against the members of
IRSA&#x2019;s board of directors and its supervisory committee
members (all of them at that time, including among others Eduardo
S. Elsztain), alleging certain formal errors in the Inventory and
Balance Sheet Book, specifically the failure by the Company to
comply with certain formalities in the presentation of a table
included in the Memoria (annual report); arising from an
investigation carried out by the CNV in October 2010. Applicable
law requires that the corrections of any errors in the annual
report include a legend identifying each error and the way in which
it was corrected, including insertion of the holographic signature
from the chairman of the board. In this case, we first corrected
the mistake and after the request from the CNV included the legend
and the holographic signature of the chairman, required by the
relevant formalities.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">IRSA&#x2019;s
response to the CNV&#x2019;s allegations containing the arguments
for the defense was filed in March 2011 and the first hearing was
held in May 2011. In April, 2013, the CNV imposed (as a result of
the aforementioned alleged charge) a fine on the members of
IRSA&#x2019;s board of directors and its supervisory committee
members. The fine imposed by the CNV amounts to Ps.270,000
equivalent to US$49,632 and it was imposed against IRSA and the
members of the board together. The amount of the fine demonstrates
the immaterial nature of the alleged violations. Even though the
fine was paid, in April 2013, IRSA appealed such resolution, which
is still ongoing in Court Room N&#xB0; IV of the National Chamber
of Appeals in Federal Administrative Procedures (C&#xE1;mara
Nacional de Apelaciones en lo Contencioso Administrativo
Federal).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">For more
information see &#x201C;Item. 3(d) Risk Factors&#x2014;Risk related
to our Business&#x2014;Our business is subject to extensive
regulation and additional regulations may be imposed in the
future&#x201D;.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Class actions in the United States</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On May 9, 2016, a
putative shareholder class action was filed in the United States
District Court for the Eastern District of Pennsylvania against
IRSA, certain of its officers and directors, and
Cresud.&#xA0;&#xA0;The complaint asserts violations of the federal
securities laws on behalf of persons &#xA0;&#xA0;&#xA0; that
purchased IRSA&#x2019;s American Depositary Receipts between
November 3, 2014 and December 30, 2015, and alleges that defendants
made materially false and misleading statements and omissions
relating to IRSA&#x2019;s investment in IDBD. More specifically, the
complaint alleges that IRSA&#x2019;s disclosures during that time
period misrepresented and failed to disclose that (1) IDBD&#x2019;s
US$6.7 billion net debt should have been consolidated in
IRSA&#x2019;s financial statements and (2) as so consolidated,
IRSA&#x2019;s debt would violate the covenants specified in
IRSA&#x2019;s Global Notes Indenture.<br></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">These class actions
were transferred to the United States District Court for the
Southern District of New York on July 14, 2016, and were referred
to Judge Vernon S. Broderick on July 19, 2016.&#xA0;&#xA0;In each
action, a putative class representative has filed a motion to be
appointed as lead plaintiff and to appoint class
counsel.&#xA0;&#xA0;Both such motions remain pending before the
Court. Defendants believe that there is no merit to the claims
alleged and intend to vigorously defend these actions.
Nevertheless, no assurance can be given that we will be successful
in defending these claims.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
<font style="text-decoration: underline">Operations Center in
Israel</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Litigation against IDB</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In recent years
there has been an increasing trend of filing derivative and class
action claims in the area of corporate and securities laws in
Israel. While taking into account such issues and the financial
position of IDB and its holding structure, claims in considerable
amounts may be filed against IDB, including in connection with its
financial position and cash flows, with offerings that it makes,
and transactions that were carried out or not completed, including
with regards to the contentions and claims of the controlling
shareholders that took place in IDB.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Arbitration proceedings relating to the obtainment of control in
IDBD.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On May 7, 2014, a
transaction was agreed whereby the Company, acting indirectly
through Dolphin, acquired jointly with ETH (a non-related company
established under the laws of the State of Israel, which was
presented to Dolphin as a company controlled by Mordechay Ben
Mosh&#xE9;), 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 Arrangement of IDBH, IDBD's parent company,
with its creditors.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Under the terms of
the agreement entered into between Dolphin and ETH (the
&#x201C;Shareholders&#x2019; Agreement&#x201D;), Dolphin acquired 50%
interest in this investment, and ETH acquired the remaining 50%.
The initial total investment amount was NIS 950, equivalent to
approximately US$272 at the exchange rate prevailing on that
date.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On May 28, 2015,
ETH launched the BMBY mechanism provided in the Shareholders&#x2019;
Agreement (clause which establishes that each party of the
Shareholders' 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). In addition, ETH further added that the purchaser
thereunder required to assume all obligations of
seller.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">178</font></div>
</div>
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<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On June 10 and 11,
2015, Dolphin gave notice to ETH of its intention to buy all the
shares of IDBD held by ETH.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">After certain
aspects of the offer were resolved through an arbitration process
brought by Dolphin and ETH, on September 24, 2015, the competent
arbitrator resolved that: (i) Dolphin and IFISA (related company to
the Company) were entitled to act as buyers in the BMBY process,
and ETH had to sell all of the IDBD shares held by it (92,665,925
shares) at a price of NIS 1.64 per share; (ii) The buyer had to
fulfill all of the commitments included in the Arrangement,
including the commitment to carry out Tender Offers; (iii) The
buyer had to pledge in favor of the Arrangement Trustees the shares
that were previously pledged in favor of the Arrangement Trustees
by the seller.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On October 11,
2015, the BMBY process concluded, and IFISA acquired all IDBD's
shares of stock held by ETH. Consequently, the Shareholders'
Agreement ceased and members of IDBD's Board of Directors
representing ETH submitted their irrevocable resignation to the
Board, therefore Dolphin was hence empowered to appoint the new
members to the Board. Additionally, on the same date, Dolphin
pledged additional shares as collateral to secure compliance with
the IDBD stock purchase agreement, thereby increasing the number of
pledged shares to 64,067,710. As a consequence, the Company gained
control of IDBD and started to consolidate financial statements as
from that date.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In addition to the
competent arbitrator&#x2019;s decision issued on September 24, 2015,
ETH and Dolphin still have counterclaims of different kinds which
are subject to such arbitration proceeding. As of the filing date
of this Annual Report, the proceeding is still being
heard.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
&#xA0;Litigation against Clal Insurance and its
subsidiaries</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">This exposure is
especially high in the areas of long-term savings and long-term
health insurance in which Clal Insurance operates, <font style="font-style: italic">inter alia</font>,<font style="font-style: italic">&#xA0;</font>in view of the fact that in these
areas the policies were issued decades ago, while at present, after
significant changes in the regulatory environment and against the
background of developments in legal precedent and the Israeli
authority&#x2019;s position, the same policies may be interpreted
differently, retrospectively, and may be subjected to different
interpretation standards than those that were customary at the time
that the policies were made. Moreover, in these areas the policies
are valid for dozens of years and, therefore, there is a risk that
in those cases in which a customer&#x2019;s claim is accepted and a
new interpretation is given to the policy, the future profitability
of Clal Insurance in respect of the existing policy portfolio will
also be affected. This is in addition to the possible compensation
that could be given to the customers due to past
activity.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Alongside these
aspects, during 2015 amendments were made to reflect a significant
reform in the field of approving an insurance program which allows
the Israeli authority, under certain conditions, to order the
insurer to stop introducing an insurance policy or to order an
insurer to make a change to an insurance policy, even with regard
to policies that have already been marketed by the insurer. It is
not possible to foresee to what extent insurers are exposed to
claims in connection with the provisions of the policy, the manner
of implementing the Israeli authority&#x2019;s powers pursuant to
the insurance policy reform and its implications, which may be
raised, <font style="font-style: italic">inter alia</font>, by
means of the procedural mechanism provided in the Israeli Class
Actions Law.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">There are claims
that have been recognized as class action suits, claims for which
there are pending motions to have them certified as class action
suits, and other claims which are immaterial. These claims include
mainly claims of improper actions, not in accordance with laws,
licenses or breaches of agreements with customers or performance of
tort damages toward customers (especially misleading a customer, or
a negligent misrepresentation), causing damage, either monetary or
non-monetary, to customers. A significant amount of these claims
also include claims of charging excessive premiums and payment of
lower than called for insurance compensation. In addition, there
are pending motions to have claims certified as derivative
actions.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Sale of shares of Clal Insurance Enterprises Holdings
Ltd</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On August 21, 2013,
on the background of concerns about the ability of the previous
controlling shareholders of IDBD (Dankner group) to meet the
requirements to have control over an insurance company, set forth
by the Commissioner of Capital Markets, Insurance and Savings
(which is a division within the Ministry of Finance of Israel; the
"Commissioner"), the Commissioner required that IDBD transfer 51%
of the shares in Clal to Mr. Moshe Terry ("the Trustee") and to
grant the Trustee an irrevocable power of attorney with regard to
the voting of such shares in Clal.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On November 27,
2013, and as part of the debt arrangement In IDB Holdings
Corporation Ltd., the Commissioner set forth an outline to enable
the change of control in IDBD (as part of the debt arrangement),
whereby the Commissioner would not view such change of control as
being a breach of the Supervision of Financial Services (Insurance)
Law, 1981 (the "Insurance Law"), subject to certain conditions,
including terms whereby if until 31.12.2014 a control permit for
Clal Insurance will not be obtained for the new controlling
shareholders in IDBD, or, that an agreement for the sale of the
controlling stake in Clal Insurance will not have been signed, then
the Trustee will be authorized to sell the Clal Insurance shares
that the Trustee holds. Both groups that had submitted proposals in
the debt arrangement process (including the Dolphin group) approved
such outline.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On December 30,
2014, the Commissioner sent an additional letter setting a term by
which IDBD&#x2019;s control over and equity interests in Clal were
to be sold and giving directions as to the Trustee&#x2019;s
continuity in office, among other aspects.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The sale
arrangement outlined in the letter involves IDBD&#x2019;s and the
Trustee&#x2019;s interests in the sale process under different
options and timeframes. As of June 30, 2016, the current sale
arrangement involved the sale of the interest, as per the following
detail and by the following dates:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: -24px;"><font style="font-size: 13px; font-family: Times New Roman">a.&#xA0;&#xA0; IDBD
would have to sell at least 5% of its equity interest in Clal per
each 4 month period beginning as of January 7, 2016.</font></div>
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: -24px;"><font style="font-size: 13px; font-family: Times New Roman">b.&#xA0;&#xA0;
During each of the subsequent four-month periods, IDBD would have
to sell at least an additional 5% of its equity interest in
Clal.</font></div>
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: -24px;"><font style="font-size: 13px; font-family: Times New Roman">c.&#xA0;&#xA0; If
IDBD sells more than 5% of its equity interest in Clal in any given
four-month period, the percentage in excess of the required 5%
would be offset against the percentage required in the following 4
month period.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">IDBD would be
required to continue to sell all of its holdings in Clal apart for
such holdings that do not require a permit pursuant to applicable
law, or, alternatively, such holdings that IDBD will be permitted
to hold pursuant to applicable law.&#xA0;<br></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In case IDBD does
not fulfill its obligation in the manner described in the above
paragraph the Trustee would be entitled to act upon the specified
arrangement in lieu of IDBD, pursuant to all powers that had been
vested under the representations of the trust letter. The
consideration for the sale would be transferred to IDBD, with the
expenses incurred in the sale process to be solely borne by
IDBD.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On May 7 ,2016 the
Commissioner requested that the Trustee act to sell 5% of the
shares of Clal Insurance according to the December 30, 2014 letter.
IDBD has objected to such sale, and notified the Trustee that in
case the Trustee shall sell shares then IDBD will consider claiming
against the Trustee for damages. As a result, on July 13, 2016 the
Trustee applied to the Tel Aviv District Court to obtain
instruction on whether and how to sell such 5% of Clal Insurance
shares.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On May 26, 2016
IDBD's board decided to commence a competitive process for the sale
of a control stake in Clal. Following such decision, on July 1,
2016 IDBD entered into an agreement with JP Morgan to serve as an
investment bank on behalf of IDBD for the sale of a control stake
in Clal.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In addition, in
June 2015, an application for a Israeli court to approve the
commencement of a class action against IDBD, IDBD&#x2019;s directors
(some of which are also our directors), Dolphin Netherlands B.V.
and C.A.A Extra Holdings Ltd. was filed by individuals who argue
that IDBD&#x2019;s controlling shareholders and board of directors
acted in concert to frustrate the sale of shares of Clal Insurance
Enterprises Holdings Ltd (or Clal) to JT Capital Fund. The
applicants argue that this caused them material damages as under
the terms of the debt restructuring of IDBD&#x2019;s holding
company, IDB Holdings Corporation Ltd. with its creditors, they
would have been entitled to receive a larger payment had the above
mentioned sale been consummated. Furthermore, they allege that the
2014 and 2015 rights offerings of IDBD discriminated against the
minority shareholders.&#xA0;&#xA0;On March 21, 2016, the
respondents filed a motion to dismiss this class action
application. On June 2, 2016, the Court partially accepted this
motion, and ordered the applicants to file an amended class action
application that would include only the arguments and remedies with
respect to the said Clal transaction. On August 2, 2016, the
respondents filed a motion to appeal (regarding the decision not to
dismiss the arguments concerning the Clal transaction) and, on
August 14, 2016, the applicants filed an appeal (regarding the
decision to dismiss the arguments concerning the rights offering)
both before the Israeli Supreme Court. As of the date of this
annual report, the Supreme Court has decided that the motion to
appeal and the appeal will be heard jointly, and has ordered a stay
of the procedings.<br></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">179</font></div>
</div>
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<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Litigation against Cellcom and its subsidiaries</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In the normal
course of business, claims have been filed against Cellcom by its
customers. These are mostly motions for approval of class actions,
primarily concerning allegations of illegal collection of funds,
unlawful conduct or breach of license, or a breach of agreements
with customers, causing monetary and non-monetary damage to
them.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In addition, in the
normal course of business, claims have been filed against Cellcom
in issues related to the environment, including claims regarding
non-ionizing radiation from cellular handsets and claims in respect
of sites belonging to Cellcom. These are mostly motions for
approval of class actions, relating to allegations of unlawful
conduct or breach of license causing monetary and non-monetary
damage (including claims for future damages).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Litigation against Adama and its subsidiaries</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In the normal
course of business, Adama is involved in various legal claims
involving environmental claims for smell and noise hazards relating
to its site. <font style="font-weight: bold">&#xA0;</font>claims<font style="font-weight: bold">&#xA0;</font>by employees, subcontractors,
suppliers, authorities and others which concern, <font style="font-style: italic">inter alia</font>, claims for breaches of
provisions of the law regarding termination of employment and
obligatory payments to employees, claims for breach of contract and
patent infringement, and compulsory payments to
authorities.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Litigation against Shufersal</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In the normal
course of business, legal claims were filed against Shufersal by
its customers. These are mostly motions for certification of class
actions, which mainly concern claims of charging money unlawfully,
acting contrary to the law or a license, or a breach of the
agreements with customers, causing financial and non-financial loss
to them.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In addition in the
normal course of business, legal claims were filed with the courts
against Shufersal by employees, subcontractors, suppliers,
authorities and others, which relate mainly to claims of breaches
of the provisions of the law in relation to the termination of
workers&#x2019; employment and compulsory payments to employees,
claims of breaches of contract and compulsory payments to
authorities.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Dividend Policy</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Pursuant to
Argentine law, the distribution and payment of dividends to
shareholders is allowed only if they result from realized and net
profits of the company pursuant to annual financial statements
approved by our shareholders. The approval, amount and payment of
dividends are subject to the approval by our shareholders at our
annual ordinary shareholders&#x2019; meeting. The approval of
dividends requires the affirmative vote of a majority of the shares
entitled to vote at the meeting.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In accordance with
Argentine law and our by-laws, net and realized profits for each
fiscal year are allocated as follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">1.&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">5% to our legal
reserve, up to 20% of our capital stock;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">2.&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">a certain amount
determined at a shareholders&#x2019; meeting is allocated to
compensation of our directors and the members of our Supervisory
Committee;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">3.&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">to an optional
reserve, a contingency reserve, a new account or for whatever other
purpose our shareholders may determine.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">According to rules
issued by <font style="font-style: italic">Comisi&#xF3;n Nacional
de Valores</font>, cash dividends must be paid to shareholders
within 30 days of the resolution approving their distribution. In
the case of stock dividends, the shares must be delivered to
shareholders within three months of the annual ordinary
shareholders&#x2019; meeting that approved them.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Our dividend policy
consists in the distribution of an amount not to exceed the higher
of a) twenty percent (20%) of the sales, leases and services of
&#x201C;Offices and Others&#x201D; segment, as recorded in Segment
reporting, as of June 30 of each year, or b) 20% of Net income as
recorded in the Consolidated Statements of Income as of June 30 of
each year. This policy requires that we must at all times comply
with the covenants imposed by our financial obligations. Given the
recent transfer of office buildings to our subsidiary IRSA
Commercial Properties, the company is evaluating to make certain
modifications to the policy set forth.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The table below
presents the dividend payment ratio and the total amount of
dividends paid for, each paid entirely in common shares, for the
mentioned years. Figures in Pesos are stated in historical Pesos of
their respective payment date.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">180</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 19%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Year
declared</font></div>
</td>
<td style="width: 14%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Cash
dividends</font></div>
</td>
<td style="width: 14%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Cash
dividends<font style="vertical-align: super; font-size: 70%">(1)</font></font></div>
</td>
<td style="width: 14%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Stock
dividends<font style="vertical-align: super; font-size: 70%">(1)</font></font></div>
</td>
<td style="width: 15%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
per common share</font></div>
</td>
</tr><tr>
<td style="width: 19%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(in
millions of Ps.)</font></div>
</td>
<td style="width: 14%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(Ps.)</font></div>
</td>
<td style="width: 14%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(Ps.)</font></div>
</td>
<td style="width: 15%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(Ps.)</font></div>
</td>
</tr><tr>
<td style="width: 19%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1997</font></div>
</td>
<td style="width: 14%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">15.0</font></div>
</td>
<td style="width: 14%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.110</font></div>
</td>
<td style="width: 14%">
<div style="text-align: center; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#x2014;</font></div>
</td>
<td style="width: 15%">
<div style="text-align: center; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.110</font></div>
</td>
</tr><tr>
<td style="width: 19%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1998</font></div>
</td>
<td style="width: 14%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">13.0</font></div>
</td>
<td style="width: 14%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.060</font></div>
</td>
<td style="width: 14%">
<div style="text-align: center; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.05</font></div>
</td>
<td style="width: 15%">
<div style="text-align: center; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.110</font></div>
</td>
</tr><tr>
<td style="width: 19%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1999</font></div>
</td>
<td style="width: 14%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">18.0</font></div>
</td>
<td style="width: 14%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.076</font></div>
</td>
<td style="width: 14%">
<div style="text-align: center; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.04</font></div>
</td>
<td style="width: 15%">
<div style="text-align: center; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.116</font></div>
</td>
</tr><tr>
<td style="width: 19%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2000</font></div>
</td>
<td style="width: 14%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#x2014;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#x2014;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: center; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.20</font></div>
</td>
<td style="width: 15%">
<div style="text-align: center; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.204</font></div>
</td>
</tr><tr>
<td style="width: 19%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2001-2008</font></div>
</td>
<td style="width: 14%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#x2014;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#x2014;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: center; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#x2014;</font></div>
</td>
<td style="width: 15%">
<div style="text-align: center; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#x2014;</font></div>
</td>
</tr><tr>
<td style="width: 19%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2009</font></div>
</td>
<td style="width: 14%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">31.7</font></div>
</td>
<td style="width: 14%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.055</font></div>
</td>
<td style="width: 14%">
<div style="text-align: center; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#x2014;</font></div>
</td>
<td style="width: 15%">
<div style="text-align: center; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.055</font></div>
</td>
</tr><tr>
<td style="width: 19%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2010</font></div>
</td>
<td style="width: 14%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">120.0</font></div>
</td>
<td style="width: 14%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.207</font></div>
</td>
<td style="width: 14%">
<div style="text-align: center; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#x2014;</font></div>
</td>
<td style="width: 15%">
<div style="text-align: center; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.207</font></div>
</td>
</tr><tr>
<td style="width: 19%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2011</font></div>
</td>
<td style="width: 14%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">311.6</font></div>
</td>
<td style="width: 14%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.539</font></div>
</td>
<td style="width: 14%">
<div style="text-align: center; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#x2014;</font></div>
</td>
<td style="width: 15%">
<div style="text-align: center; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.539</font></div>
</td>
</tr><tr>
<td style="width: 19%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2012</font></div>
</td>
<td style="width: 14%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">99.0</font></div>
</td>
<td style="width: 14%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.171</font></div>
</td>
<td style="width: 14%">
<div style="text-align: center; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#x2014;</font></div>
</td>
<td style="width: 15%">
<div style="text-align: center; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.171</font></div>
</td>
</tr><tr>
<td style="width: 19%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2013</font></div>
</td>
<td style="width: 14%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">180.0</font></div>
</td>
<td style="width: 14%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.311</font></div>
</td>
<td style="width: 14%">
<div style="text-align: center; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#x2014;</font></div>
</td>
<td style="width: 15%">
<div style="text-align: center; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.311</font></div>
</td>
</tr><tr>
<td style="width: 19%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
<td style="width: 14%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">306.6</font></div>
</td>
<td style="width: 14%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.532</font></div>
</td>
<td style="width: 14%">
<div style="text-align: center; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#x2014;</font></div>
</td>
<td style="width: 15%">
<div style="text-align: center; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.532</font></div>
</td>
</tr><tr>
<td style="width: 19%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="width: 14%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">56.6</font></div>
</td>
<td style="width: 14%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.9869</font></div>
</td>
<td style="width: 14%">
<div style="text-align: center; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#x2014;</font></div>
</td>
<td style="width: 15%">
<div style="text-align: center; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.9869</font></div>
</td>
</tr><tr>
<td style="width: 19%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="width: 14%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#x2014;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#x2014;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: center; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#x2014;</font></div>
</td>
<td style="width: 15%">
<div style="text-align: center; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#x2014;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Corresponds to
payments per common share.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The table below
presents the dividend payment ratio to the total amount of
dividends paid for by our subsidiary IRSA Commercial Properties,
from which we collect dividends in our capacity as shareholders,
each fully paid, for the years indicated in the table
below.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 19%; border-top: solid 1px #ffffff">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Year
declared</font></div>
</td>
<td style="width: 19%; border-top: solid 1px #ffffff">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Cash
dividends<font style="vertical-align: super; font-size: 70%">(1)</font></font></div>
</td>
<td style="width: 19%; border-top: solid 1px #ffffff">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Stock
dividends<font style="vertical-align: super; font-size: 70%">(1)</font></font></div>
</td>
<td style="width: 19%; border-top: solid 1px #ffffff">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
per share</font></div>
</td>
</tr><tr>
<td style="width: 19%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 19%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(Ps.)</font></div>
</td>
<td style="width: 19%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(Ps.)</font></div>
</td>
<td style="width: 19%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(Ps.)</font></div>
</td>
</tr><tr>
<td style="width: 19%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2005</font></div>
</td>
<td style="width: 19%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14,686,488</font></div>
</td>
<td style="width: 19%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 19%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.0188</font></div>
</td>
</tr><tr>
<td style="width: 19%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2006</font></div>
</td>
<td style="width: 19%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">29,000,000</font></div>
</td>
<td style="width: 19%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 19%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.0372</font></div>
</td>
</tr><tr>
<td style="width: 19%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2007</font></div>
</td>
<td style="width: 19%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">47,000,000</font></div>
</td>
<td style="width: 19%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 19%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.0601</font></div>
</td>
</tr><tr>
<td style="width: 19%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2008</font></div>
</td>
<td style="width: 19%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">55,721,393</font></div>
</td>
<td style="width: 19%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 19%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.0712</font></div>
</td>
</tr><tr>
<td style="width: 19%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2009</font></div>
</td>
<td style="width: 19%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">60,237,864</font></div>
</td>
<td style="width: 19%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 19%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.0770</font></div>
</td>
</tr><tr>
<td style="width: 19%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2010</font></div>
</td>
<td style="width: 19%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">56,000,000</font></div>
</td>
<td style="width: 19%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 19%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.0716</font></div>
</td>
</tr><tr>
<td style="width: 19%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2011</font></div>
</td>
<td style="width: 19%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">243,824,500</font></div>
</td>
<td style="width: 19%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 19%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.1936</font></div>
</td>
</tr><tr>
<td style="width: 19%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2012</font></div>
</td>
<td style="width: 19%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">294,054,600</font></div>
</td>
<td style="width: 19%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 19%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.2334</font></div>
</td>
</tr><tr>
<td style="width: 19%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2013</font></div>
</td>
<td style="width: 19%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">306,500,000</font></div>
</td>
<td style="width: 19%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 19%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.2432</font></div>
</td>
</tr><tr>
<td style="width: 19%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
<td style="width: 19%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">407,522,074</font></div>
</td>
<td style="width: 19%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 19%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.3234</font></div>
</td>
</tr><tr>
<td style="width: 19%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="width: 19%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">437,193,000</font></div>
</td>
<td style="width: 19%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 19%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.3469</font></div>
</td>
</tr><tr>
<td style="width: 19%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="width: 19%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">283,580,353</font></div>
</td>
<td style="width: 19%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 19%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.2250</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">181</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
B.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Significant
Changes.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
<font style="background-color: #ffffff">Annual Shareholders
Meeting.</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Ordinary and
Extraordinary Shareholders&#x2019; Meeting has been called for
October 31, 2016, at 1:00 p.m., to address the following
agenda:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Consideration of
documents contemplated in Section 234, paragraph 1, of the
Argentine Companies Law No. 19,550 for the fiscal year ended June
30, 2016.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Consideration of
the fiscal year&#x2019;s results, consisting of a Ps.1,254 million.
Ratification of the Board of Directors&#x2019; resolution of May 12,
2016, to fund the legal reserve with funds from the future
dividends reserve, in accordance with Art. 5, Chapter III, Title IV
of CNV Rules.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Consideration of
Board of Directors&#x2019; performance.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Consideration of
Supervisory Committee&#x2019;s performance.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Consideration of
compensation payable to the Board of Directors for Ps.24 million
for the fiscal year ended June 30, 2016.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Consideration of
compensation payable to the Supervisory Committee for the fiscal
year ended June 30, 2016.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Determination of
the number and election of Regular Directors and Alternate
Directors, as applicable.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Appointment of
Regular and Alternate Members of the Supervisory
Committee.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Appointment of
Certifying Accountant for the next fiscal year and determination of
its compensation. Delegation of powers.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Updating of report
on Shared Services Agreement.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Treatment of
amounts paid as personal assets tax levied on the
shareholders.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Consideration of
(i) request for extension of the Global Note Program for up to
US$300 million currently outstanding, in accordance with the
resolutions adopted at the Shareholders&#x2019; Meeting dated
October 31, 2011, for a further five years or more, if applicable;
(ii) request for extension of the Program for an additional US$200
million.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Consideration of
(i) delegation on the Board of Directors of powers to implement the
time and amount extension requests of the Global Note Program
and/or its reduction, and to determine the terms and conditions of
the Program not expressly approved by the shareholders&#x2019;
meeting, such as time and currency of issue and further terms and
conditions of the notes to be issued under the Global Note
Program&#xA0;; (ii) authorization to Board of Directors to (a)
approve, celebrate, enter into and/or subscribe any agreement,
contract, document, instrument and/or note related to the time
extension of the Program and/or the implementation of the amount
increase and/or the issuance of notes and/or series of notes under
the Program; (b) request to the Argentine Securities Commission the
authorization for the public offering of such notes; (c) request to
the applicable stock Exchange, local or foreign, the authorization
for the listing of such notes; and (d) undertake any action or take
any necessary step in order to the time extension request of the
Program and/or its amount increase and/or the issuance of notes
and/or series of notes under the Program; and (iii) authorization
to the Board of Directors to delegate the powers and authorizations
granted in (i) and (ii) to one or many of its
members.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Consideration of
the granting of indemnity to current and former members of the
Board of Directors, members of the Supervisory Committee and the
Senior Management of the Company, in subsidy of the D&amp;O
policies.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Consideration of
reform of article 24 of the by-laws in order to include distance
meetings.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
ITEM
9.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;THE
OFFER AND LISTING</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
A.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="text-decoration: underline; font-size: 13px">Offer
and Listing Details</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The following
summary provides information concerning our share
capital.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Stock Exchanges in which our securities are listed</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Our common shares
are listed in the MERVAL and our GDSs in the NYSE.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">182</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The following
description of the material terms of our capital stock is subject
to our certificate of incorporation and bylaws, which are included
as exhibits to this Form 20-F , and the provisions of applicable
Argentine Law.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Price history of our stock in the BASE and NYSE</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Our common shares
are traded in Argentina on the MERVAL, under the trading symbol
&#x201C;IRSA.&#x201D; Since 1994, our GDSs, each presenting 10 common
shares, have been listed in the NYSE under the trading symbol
&#x201C;IRS.&#x201D; The Bank of New York Mellon is the depositary
with respect to the GDSs.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The table below
shows the high and low daily closing prices of our common shares in
Pesos and the quarterly trading volume of our common shares on the
Buenos Aires Stock Exchange for the first quarter of 2012 through
October 27, 2016. The table also shows the high and low daily
closing prices of our GDSs in U.S. Dollars and the quarterly
trading volume of our GDSs on the NYSE. Each GDS represents ten
common shares.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 28%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Buenos
Aires Stock Exchange</font></div>
</td>
<td colspan="3" style="width: 29%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NYSE</font></div>
</td>
</tr><tr>
<td style="width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Share</font></div>
</td>
<td colspan="2" style="width: 15%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Ps.per
Share</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">GDS</font></div>
</td>
<td colspan="2" style="width: 15%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">US$per
GDS</font></div>
</td>
</tr><tr>
<td style="width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%; border-bottom: 2px solid #000">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Volume</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid #000">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">High</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid #000">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Low</font></div>
</td>
<td style="width: 13%; border-bottom: 2px solid #000">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Volume</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid #000">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">High</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid #000">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Low</font></div>
</td>
</tr><tr>
<td style="width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Fiscal
Year 2012</font></div>
</td>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1st
Quarter</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1,559,282</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">5.83</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">4.00</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2,145,035</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">13.75</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">8.52</font></div>
</td>
</tr><tr>
<td style="width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2nd
Quarter</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">980,406</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">5.20</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">3.95</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1,398,563</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">11.17</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">8.60</font></div>
</td>
</tr><tr>
<td style="width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3rd
Quarter</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1,338,946</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">5.50</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">4.60</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2,481,773</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">11.24</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">10.01</font></div>
</td>
</tr><tr>
<td style="width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4th
Quarter</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1,298,975</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">5.03</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">3.87</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">5,169,653</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">9.67</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">6.48</font></div>
</td>
</tr><tr>
<td style="width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Annual</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">5,177,609</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">5.83</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">3.87</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">11,195,024</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">13.75</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">6.48</font></div>
</td>
</tr><tr>
<td style="width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Fiscal
Year 2013</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1st
Quarter</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1,583,675</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">4.90</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">4.25</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2,809,916</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">7.35</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">6.55</font></div>
</td>
</tr><tr>
<td style="width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2nd
Quarter</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1,299,758</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">5.65</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">4.40</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2,584,636</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">8.10</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">6.88</font></div>
</td>
</tr><tr>
<td style="width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3rd
Quarter</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">5,457,467</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">8.00</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">4.95</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">3,557,654</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">9.48</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">7.26</font></div>
</td>
</tr><tr>
<td style="width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4th
Quarter</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2,940,138</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">8.50</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">5.80</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">5,672,720</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">9.53</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">7.00</font></div>
</td>
</tr><tr>
<td style="width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Annual</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">11,281,038</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">8.50</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">4.25</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">14,624,926</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">9.53</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">6.55</font></div>
</td>
</tr><tr>
<td style="width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Fiscal
Year 2014</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1st
Quarter</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2,288,603</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">8.15</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">5.60</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">3,003,517</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">8.92</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">7.28</font></div>
</td>
</tr><tr>
<td style="width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2nd
Quarter</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2,143,645</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">11.50</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">8.10</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">3,821,126</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">12.22</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">9.06</font></div>
</td>
</tr><tr>
<td style="width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3rd
Quarter</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1,044,008</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">12.00</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">10.45</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1,469,214</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">12.06</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">9.41</font></div>
</td>
</tr><tr>
<td style="width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4th
Quarter</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1,018,570</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">18.45</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">10.70</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">4,515,032</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">17.73</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">10.71</font></div>
</td>
</tr><tr>
<td style="width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Annual</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">6,494,826</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">18.45</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">5.60</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">12,808,889</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">17.73</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">7.28</font></div>
</td>
</tr><tr>
<td style="width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Fiscal
Year 2015</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1st
Quarter</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">4,637,175</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">21.00</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">14.00</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">3,942,683</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">17.39</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">13.76</font></div>
</td>
</tr><tr>
<td style="width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2nd
Quarter</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">591,870</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">21.00</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">16.90</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">4,186,746</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">17.72</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">12.90</font></div>
</td>
</tr><tr>
<td style="width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3rd
Quarter</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1,769,874</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">25.00</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">17.50</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">4,887,484</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">21.10</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">15.26</font></div>
</td>
</tr><tr>
<td style="width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4th
Quarter</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1,268,471</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">24.00</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">20,50</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">3,739,942</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">19.88</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">17.61</font></div>
</td>
</tr><tr>
<td style="width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Annual</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">8,267,390</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">25.00</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">14.00</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">16,756,855</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">21.10</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">12.90</font></div>
</td>
</tr><tr>
<td style="width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Fiscal
Year 2016</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1st
Quarter</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2,212,746</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">24.50</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">18.50</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">3,058,409</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">18.54</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">13.92</font></div>
</td>
</tr><tr>
<td style="width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2nd
Quarter</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1,896,649</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">25.50</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">16.70</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">8,991,424</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">18.15</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">12.01</font></div>
</td>
</tr><tr>
<td style="width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3rd
Quarter</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">3,164,802</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">21.90</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">11.60</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">6,577,472</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">14.96</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">8.60</font></div>
</td>
</tr><tr>
<td style="width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4th
Quarter</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2,039,601</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">25.10</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">19.10</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">4,803,840</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">16.81</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">14.03</font></div>
</td>
</tr><tr>
<td style="width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Annual</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">9,313,798</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">25.50</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">11.60</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">23,431,145</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">18.54</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">8.60</font></div>
</td>
</tr><tr>
<td style="width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Fiscal
Year 2017</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1st
Quarter</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">4,880,744</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">29.80</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">24.00</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">4,387,317</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">19.49</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">16.58</font></div>
</td>
</tr><tr>
<td style="width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As of October 27,
2016</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1,333,612</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">30.80</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">28.50</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1,686,135</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">20.14</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">18.50</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Source: Bloomberg</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
B.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Plan
of Distribution</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">This section is not
applicable.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
C.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Markets</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Argentine
Securities Markets</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In December 2012
the Argentine government has enacted a new Capital Markets Law,
which sets out the rules to govern capital markets, its players,
and the securities traded therein subject to the CNV regulation and
monitoring.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">183</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On September 5,
2013, the CNV has enacted the CNV Rules, by virtue of which it
regulates the new provisions of the Capital Markets Law for issuers
of securities, in regard to the initial public offering and
reporting duties.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Almost all the
provisions of the former Decree No.677/2011 (the
&#x201C;Transparency Decree&#x201D;) have been incorporated in the
Capital Markets Law and in the CNV Rules. The Capital Markets Law
provides rules and provisions guided by the following goals and
principles:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="background-color: #ffffff">&#x25CF;</font></font> <font style="font-size: 13px; font-family: Times New Roman">Promoting the
participation of small investors, union associations, industry
groups and trade associations, professional associations and all
public savings entities in the capital market, particularly
encouraging mechanisms designed to promote domestic savings and
channel such funds towards the development of
production;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="background-color: #ffffff">&#x25CF;</font></font> <font style="font-size: 13px; font-family: Times New Roman">Strengthening
mechanisms for the protection of and prevention of abuses against
small investors for the protection of consumers&#x2019;
rights;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="background-color: #ffffff">&#x25CF;</font></font> <font style="font-size: 13px; font-family: Times New Roman">Promoting access of
small and medium-sized companies to the capital
market;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="background-color: #ffffff">&#x25CF;</font></font> <font style="font-size: 13px; font-family: Times New Roman">Fostering the
creation of a federally integrated capital market through
mechanisms designed to achieve an interconnection of computer
systems from different trading markets, with the use of
state-of-the-art technology;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="background-color: #ffffff">&#x25CF;</font></font> <font style="font-size: 13px; font-family: Times New Roman">Encouraging simpler
trading procedures available to users to attain greater liquidity
and competitiveness in order to provide the most favorable
conditions for the implementation of transactions.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The CNV is a
self-administered agency of the Argentine Government with
jurisdiction covering the territory of Argentina, governed by the
provisions of the Capital Markets Law, and the CNV Rules among
other related statutory regulations. The relationship of the CNV
and the Argentine Executive is maintained through the <font style="font-style: italic">Ministerio de Econom&#xED;a y Finanzas
P&#xFA;blicas</font> (Ministry of Economy and Public Finance),
which shall hear any appeals filed against decisions made by the
CNV, notwithstanding any other legal actions and remedies
contemplated in the Capital Markets Law.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The CNV supervises
and regulates the authorized markets in which the securities and
the collective investment products are traded, the corporations
authorized in the public offer regime, and all the other players
authorized to operate in the public offer regime, as the registered
agents, the trading agents, the financial advisors, the
underwriters and distributors, the brokers, the settlement and
clearing agents, the managers of collective investment products,
the custodians of collective investment products, the collective
depositories, and the risk rating agencies, among others. Argentine
institutional investors and insurance companies are regulated by
separate government agencies, whereas financial institutions are
regulated mainly by the Central Bank.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Before offering
securities to the public in Argentina, an issuer must meet certain
requirements established by the CNV with regard to the
issuer&#x2019;s assets, operating history and management. Only
securities approved for a public offering by the CNV may be listed
on a stock exchange. However, CNV approval does not imply any kind
of certification as to the quality of the securities or the
solvency of the issuer, even though issuers of listed securities
are required to file unaudited quarterly financial statements and
audited annual financial statements in accordance with IFRS, as
issued by the IASB (excluding financial institutions under the
supervision of the Central Bank, insurance companies under the
supervision of the Insurance Superintendence and medium and small
enterprises) and various other periodic reports with the CNV and
the stock exchange on which their securities are listed, as well as
to report to the CNV and the relevant stock exchange any event
related to the issuer and its shareholders that may affect
materially the value of the securities traded.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In Argentina, debt
and equity securities traded on an exchange must, unless otherwise
instructed by their shareholders, be deposited with a Central
Securities Depository, in Argentina. Currently the only depositary
authorized to act in accordance with the Capital Markets Law and
CNV Rules is Caja de Valores S.A. a corporation owned by the BCBA,
the MVBA and certain provincial exchange, and provides central
depositary facilities, as well as acting as a clearinghouse for
securities trading and as a transfer and paying agent for
securities transactions.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Before the
enactment of the Capital Markets Law and the CNV Rules there were
12 securities exchanges in Argentina, which were located in the
City of Buenos Aires, Bah&#xED;a Blanca, Chaco, Corrientes,
C&#xF3;rdoba, La Plata, La Rioja, Mendoza, Rosario, Salta, Santa
Fe, and Tucum&#xE1;n. Six of these exchanges (the BASE, Rosario,
C&#xF3;rdoba, La Rioja, Mendoza, and Santa Fe) had affiliated stock
markets in accordance with the requirements of Law No.17,811 which
was derogated by the Capital Markets Law.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">184</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Pursuant to the
Capital Markets Law, the CNV has authorized 6 stock markets since
September 2014, which are: Mercado Abierto Electr&#xF3;nico S.A.
(&#x201C;MAE&#x201D;), Mercado a T&#xE9;rmino de Buenos Aires S.A.,
Mercado a T&#xE9;rmino de Rosario S.A., MVBA., Mercado de Valores
de C&#xF3;rdoba S.A. y Mercado Argentino de Valores
S.A.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The principal
exchange for the Argentine securities market under the previous
legislation was the BCBA. Under the new Capital Markets Law the
BCBA has been authorized to operate as qualified entity, under the
appointment of the MVBA. As a result of the foregoing, the MVBA is
currently the principal exchange market in Argentina in which the
securities are listed.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The MVBA is a
corporation consisting of 183 shareholders who used to be the sole
and exclusive individuals or entities authorized to trade in the
MVBA, either as principals or agents, before Capital Markets Law
became into force. Since then, all agents registered and authorized
to act as intermediaries by the CNV will be able to trade in any
securities exchange, including the BCBA as long as they obtain a
membership of such stock exchange, not applying any longer the
requirements to be a shareholder of such stock
exchange.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The securities that
may be listed on the MVBA are: stocks, corporate bonds, convertible
corporate bonds, close-ended investment funds, financial trust,
indexes, derivatives and public bonds. The MVBA is legally
qualified for admission, suspension, and delisting of securities
according to its own rules approved by the CNV.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Another relevant
exchange of the securities market in Argentina is the MAE, which
was recently authorized to operate by the CNV under the new
regulations. The MAE works as an electronic platform to process
Over the Counter transactions. It is an electronic exchange where
both government securities and corporate bonds are traded through
spot and forward contracts. MAE brokers/dealers members, include
national banks, provincial banks, municipal banks, private national
banks, foreign banks, cooperative banks, financial institutions,
foreign exchange entities and pure brokers/dealers (exclusively
engaged in brokerage activities). Both Argentine or foreign capital
banks and financial institutions may be the MAE&#x2019;s
brokers/dealers. Securities to be traded must be registered with
the pertinent supervising authorities and may be traded in the MAE,
in other exchanges or in both of them concurrently.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Argentina&#x2019;s
equity markets have historically been composed of individual
investors, though in recent years there has been an increase in the
level of investment by banks and insurance companies in these
markets; however, Argentine mutual funds (<font style="font-style: italic">fondos comunes de inversi&#xF3;n</font>)
continue to have very low participation.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Information regarding the BCBA</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 63%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 13%; border-bottom: 4px double black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">As
of June 30,</font></div>
</td>
</tr><tr>
<td style="width: 63%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
</tr><tr>
<td style="width: 63%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Market
capitalization (Ps.billion)</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,625</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,025</font></div>
</td>
</tr><tr>
<td style="width: 63%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Average daily
trading volume <font style="vertical-align: super; font-size: 70%">(1)</font>
(Ps.million)</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">310</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">150</font></div>
</td>
</tr><tr>
<td style="width: 63%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Number of listed
companies</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">99</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1) During the
month of June.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Although companies
may list all of their capital stock on the MVBA, in many cases a
controlling block is retained by the principal shareholders
resulting in only a relatively small percentage of many
companies&#x2019; stock being available for active trading by the
public on the MVBA. As of June 30, 2016, approximately 100
companies had equity securities listed on the MVBA. The Argentine
securities markets are substantially more volatile than the
securities markets in the United States and certain other developed
countries. The Merval Index experienced a 30.1% decrease in 2011, a
15.9% increase in 2012, a 88.9% increase in 2013, a 59.1% increase
in 2014, a 36.1% increase in 2015 and a 25.8%increase during the
six months of 2016. In order to control price volatility, the MVBA
operates a system pursuant to which the negotiation of a particular
stock or debt security is suspended for a 15 minute period when the
price of the security registers a variation on its price between
10% and 15% and between 15% and 20%. Any additional 5% variation on
the price of the security after that results in additional 10
minute successive suspension periods.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
The NYSE</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Our Global
Depositary Shares are listed on the NYSE under the trading symbol
&#x201C;IRS&#x201D;.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
D.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="text-decoration: underline; font-size: 13px">Selling
Shareholders</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">This item is not
applicable.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
E.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="text-decoration: underline; font-size: 13px">Dilution</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">This item is not
applicable.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">185</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
F.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="text-decoration: underline; font-size: 13px">Expenses
of the Issue</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">This item is not
applicable.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
ITEM
10.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;ADDITIONAL
INFORMATION</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
</font><font style="font-weight: bold"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">A.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="text-decoration: underline">Share
Capital</font></font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">This item is not
applicable.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
B.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="text-decoration: underline">Memorandum
and Articles of Association</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Our corporate purpose</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Our legal name is
IRSA Inversiones y Representaciones Sociedad An&#xF3;nima. We were
incorporated under the laws of Argentina on April 30, 1943 as a
<font style="font-style: italic">sociedad an&#xF3;nima</font>
(stock corporation) and were registered with the Public Registry of
Commerce of the City of Buenos Aires (<font style="font-style: italic">Inspecci&#xF3;n General de Justicia</font> or
&#x201C;IGJ&#x201D;) on June 23, 1943 under number 284, on page 291,
book 46 of volume A. Pursuant to our by-laws, our term of duration
expires on April 5, 2043.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Pursuant to article
4 of our by-laws our purpose is to perform the following
activities:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Invest, develop and
operate real estate developments;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Invest, develop and
operate personal property, including
securities;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Construct and
operate works, services and public property;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Agency
activities;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Manage real or
personal property, whether owned by us or by third
parties;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Build, recycle, or
repair real property whether owned by us or by third
parties;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Advise third
parties with respect to the aforementioned
activities;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Finance projects,
undertakings, works and/or real estate transactions of third
parties;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Finance, create,
develop and operate projects related to
Internet.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Board of Directors</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Voting on proposals in which directors have material
interest</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">shall not be
allowed to make use of any corporate assets or confidential
information for his/her own private purposes;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">shall not be
allowed to profit or permit a third party to profit, whether by an
action or an omission to act, from any business opportunities
available to the company;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">shall be required
to exercise any powers conferred to them solely for the purposes
for which they were conferred under the law or the corporate bylaws
or by a shareholders&#x2019; meeting or the board of
directors;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">shall be required
to meticulously ensure that no conflict of interest, whether direct
or indirect, shall under any circumstances arise between his/her
actions and the company&#x2019;s interests.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In case of doubt as
to a director&#x2019;s compliance with his/her duty of loyalty, the
burden of proof shall be borne by such person.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Argentine
Corporations Law establishes in Section 271 that directors may
enter into agreements with the company, that concern the business
in which the company engages, always provided that they are entered
into under market conditions. The agreements that do not fulfill
the requirements mentioned above may only be executed with the
prior approval of the board of directors.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Furthermore, the
Capital Markets Law (as defined below) in Section 72 states for
companies authorized in the public offer regime, that any acts
performed or contracts executed between the company and a related
party and involving a significant amount shall be performed or
executed pursuant to the procedure set forth below:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><br></font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">186</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">a) A &#x201C;related
party&#x201D; shall mean any of the following persons with respect
to the issuer:<br></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">i.&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Directors, members
of the supervisory body or surveillance committee, as well as chief
executive officers or special managers of the issuing company
appointed under section 270 of Argentine Corporation
Law;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">ii.&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Natural persons or
legal entities controlling or holding a substantial interest, as
determined by the CNV, in the capital stock of the issuer or the
issuer&#x2019;s controlling entity;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">iii.&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Any other company
under the common control of the same controlling
entity;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">iv.&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">The ascendants,
descendants, spouses or siblings of any of the natural persons
referred to in paragraphs i) and ii) above;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">v.&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Companies in which
any of the persons referred to in paragraphs i) to iv) above hold a
significant direct or indirect interest. Provided none of the
circumstances described above is present, a subsidiary of the
issuer shall not be deemed a &#x201C;related
party&#x201D;.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">b) A
&#x201C;significant amount&#x201D; shall be deemed involved in an act
or contract when such amount exceeds 1% of the company&#x2019;s
shareholders&#x2019; equity as shown in the most recently approved
balance sheet.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The board of
directors or any members thereof shall request the audit committee
to state whether in its opinion the terms of a transaction may be
reasonably deemed adapted to regular and usual market conditions.
The audit committee shall issue its pronouncement within 5 business
days.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Notwithstanding the
above inquiry from the audit committee, a resolution may be adopted
by the company on the basis of a report from 2 independent
evaluation companies, which shall express their opinion on the same
matter and other terms of the transaction.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Nevertheless that,
Section 272 of the Argentine Corporations Law provides that when a
director has an opposite interest to the one of the company, he or
she should notify that situation to the board of directors and the
supervisory committee and abstain to vote in that respect. The
violation of this provision results in the director being jointly
and severally unlimitedly liable.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Approval
of compensation of the members of the Board of Directors, Senior
Management and Supervisory Committee</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Our bylaws do not
establish the compensation to be paid to members of the board of
directors and the supervisory committee, and therefore pursuant to
Section 261 of the Argentine Corporations Law N&#xB0;19,550, it
should be approved by the shareholders. The maximum amount that may
be paid as compensation to members of the board of directors and
the supervisory committee should not exceed 25% of the realized and
net earnings of the company and 5% when there is no distribution of
dividends. If the company does not distribute the total earnings,
the amount of the compensation should be proportional to that
distribution and within the mentioned limits. These limits may only
be surpassed by express approval of the shareholders.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Powers of directors</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Our bylaws
establish, in Section 18, that the board of directors has full and
broad powers to organize, manage and direct us to fulfilling the
corporate purpose.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Retirement of directors</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Our bylaws do not
establish any requirements or provisions regarding age limits for
director&#x2019;s retirement, nor do they require a number of common
shares a director must own to qualify for the
position.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Meetings of the Board of Directors</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Board of
Directors is allowed to celebrate their meetings using
teleconference technology. An absolute majority of the directors
will constitute the quorum. Only the directors physically present
at the time and those using teleconference technologies will be
taken into consideration for the quorum. The resolutions of the
Board of Directors will be passed by the vote of the majority
present at the meeting.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Rights, preferences and restrictions attaching to the common
shares</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Dividend rights</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Corporations
Law establishes that the distribution and payment of dividends to
shareholders is valid only if they result from realized and net
earnings of the company pursuant to an annual financial statements
approved by the shareholders. The approval, amount and payment of
dividends is subject to the approval of our annual ordinary
shareholders meeting of the company. That approval requires the
affirmative vote of the majority of the present votes with right to
vote at the meeting.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">187</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Pursuant to the
Corporations Law and Section 28 of our bylaws, liquid and realized
profits of each fiscal year shall be distributed as
follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">allocate 5% of such
net profits to legal reserve, until the amount of such reserve
equals 20% of the capital stock;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">the sum established
by the shareholders&#x2019; meeting as remuneration of the of
Directors and the supervisory committee;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">dividends,
additional dividends to preferred shares if any, or to optional
reserve funds or contingency reserves or to a new account, or for
whatever purpose the shareholders&#x2019; meeting
determines.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Dividends are paid
<font style="font-style: italic">pro rata</font> according to the
interests held by shareholders within thirty days after approval
and the right to collection expires upon the expiration of a term
of three years since they were made available to
shareholders.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The
shareholders&#x2019; meeting may authorize payment of dividends on a
quarterly basis provided no applicable regulations are violated. In
that case, all and each of the members of the Board of Directors
and the supervisory committee will be jointly and severally liable
for the refund of those dividends if, as of the end of the
respective fiscal year, the realized and net earnings of the
company are not sufficient to allow the payment of
dividends.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Voting rights and staggered elections</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Our stock capital
is composed by book-entry common shares with face value of Ps.1 per
share and entitled to one vote each. All directors and alternate
directors are elected for a three-year term.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Our by laws do not
consider staggered elections.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Rights to share in IRSA&#x2019;s profits</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The holders of our
common shares have the right to participate in our net and realized
profits on a <font style="font-style: italic">pro rata</font> basis
of their respective interests.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Pursuant to the
Corporations Law and Section 29 of our bylaws, liquidated and
realized profits of each fiscal year shall be distributed as
follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">allocate 5% of such
net profits to legal reserve, until the amount of such reserve
equals 20% of our capital stock;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">the sum established
by the shareholders&#x2019; meeting as remuneration of the board of
Directors and the supervisory committee; and</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">dividends,
additional dividends to preferred shares if any, or to optional
reserve funds or contingency reserves or to a new account, or for
whatever purpose the shareholders determine at the
shareholders&#x2019; meeting.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Rights to share in any surplus in the event of
liquidation</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In the event of
liquidation, dissolution or winding-up of our company, our assets
are:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">to be applied to
satisfy our liabilities; and</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">to be
proportionally distributed among holders of preferred stock in
accordance with the terms of the preferred stock. If any surplus
remains, our shareholders are entitled to receive and share
proportionally in all net assets available for distribution to our
shareholders, subject to the order of preference established by our
by-laws.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Provisions related to a shareholder&#x2019;s ownership of certain
amount of common shares</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Section 9 of our
by-laws provides that the acquisition by any person or group,
directly or indirectly of our common shares, convertible
securities, rights to receive any of those securities that may
grant that person the control of our company or 35% or more of our
capital stock may only be done by complying with certain tender
offer rules for all of our common shares, except for:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">acquisitions by
persons holding or controlling common shares or convertible
securities in accordance to Decree N&#xB0; 677/2001, supersede by
Law N&#xB0; 26,831, notwithstanding the provisions of the
Comisi&#xF3;n Nacional de Valores ; and</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">holdings of more
than 35%, which derive from the distribution of common shares or
dividends paid in shares approved by the shareholders, or the
issuance of common shares as a result of a merger approved by the
shareholders; in both cases, the excess holding shall be disposed
of within 180 days of its registration in the relevant
shareholder&#x2019;s account, or prior to the holding of our
shareholders meeting, whatever occurs first.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Our shareholders
modified the first of the above exceptions in their shareholder
meeting on October 10, 2007, to include the control concept under
the Transparency Decree, which provides for the effective control
regularly held in addition to the legal control.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">188</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Directors, senior
managers, executive officers, members of the supervisory committee,
and controlling shareholders of an Argentine company whose
securities are publicly listed, should notify the<font style="font-style: italic">&#xA0;</font>CNV on a monthly basis, of their
beneficial ownership of common shares, debt securities, and call
and put options related to securities of such companies and their
controlling, controlled or affiliated companies.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In addition, the
CNV must be immediately notified of transactions which cause a
person&#x2019;s holdings of capital stock of an Argentine company
whose securities are publicly listed to hold 5% or more of the
voting power and of every change in the holdings of such person
that represents a multiple of 5% of the voting power. Holders of
more than 50% of the common shares of a company or who otherwise
have voting control of a company, as well as directors, officers
and members of the supervisory committee, must provide the CNV with
annual reports setting forth their holdings in the capital stock of
such companies and monthly reports of any change in their
holdings.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Procedure to change the rights of stockholders</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The rights of
holders of stock are established in the Argentine Corporations Law
and in the bylaws. The rights of shareholders provided for by the
Argentine Corporations Law may not be diminished by the bylaws.
Section 235 of the Argentine Corporations Law establishes that the
amendment of the bylaws should be approved by the absolute majority
of our shareholders at an extraordinary shareholders
meeting.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Ordinary and extraordinary shareholders&#x2019;
meetings</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Our by-laws provide
that shareholders&#x2019; meetings may be called by our board of
directors or by our Supervisory Committee or at the request of the
holders of common shares representing no less than 5% of the common
shares. Any meetings called at the request of shareholders must be
held within 30 days after the request is made. Any shareholder may
appoint any person as its duly authorized representative at a
shareholders meeting, by granting a proxy. Co-owners of common
shares must have single representation.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In general, the
following matters can be considered only at a special
shareholders&#x2019; meeting (<font style="font-style: italic">asamblea extraordinaria</font>):</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">matters that may
not be approved at an ordinary shareholders&#x2019;
meeting;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">the amendment of
our by-laws;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">reductions in our
share capital;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">redemption,
reimbursement and amortization of our shares;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">mergers, and other
corporate changes, including dissolution and
winding-up;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">limitations or
suspensions to preemptive rights to the subscription of the new
shares; and</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">issuance of
debentures, convertible negotiable obligations and bonds that not
qualify as notes (obligaciones negociables).</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In addition,
pursuant to the Capital Markets Law, at an ordinary
shareholders&#x2019; meeting, our shareholders must consider (i) the
disposition of, or creation of any lien over, our assets as long as
such decision has not been performed under the ordinary course of
business; (ii) the execution of administration or management
agreements; and (iii) whether to approve the payment of any
agreement providing assets or services to us as long as such
payment is material when measured against the volume of the
ordinary course of business and our shareholders&#x2019;
equity.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In accordance with
our by-laws, ordinary and special shareholders&#x2019; meetings
(<font style="font-style: italic">asamblea extraordinaria</font>)
are subject to a first and second quorum call, the second to occur
upon the failure of the first. The first and second notice of
ordinary shareholders&#x2019; meetings may be made simultaneously.
In the event that both are made on the same day, the second must
occur at least one hour after the first. If simultaneous notice was
not given, the second notice must be given within 30 days after the
failure to reach quorum at the first. Such notices must be given in
compliance with applicable regulations.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">A quorum for an
ordinary shareholders&#x2019; meeting on the first call requires the
presence of a number of shareholders holding a majority of the
common shares entitled to vote and, on the second call, the quorum
consists of the number of shareholders present, whatever that
number. Decisions at ordinary shareholders&#x2019; meetings must be
approved by a majority of the votes validly exercised by the
shareholders.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">A quorum for a
special shareholders&#x2019; meeting (<font style="font-style: italic">asamblea extraordinaria</font>) on the first
call requires the presence of persons holding 60% of the shares
entitled to vote and, on the second call, the quorum consists of
the number of shareholders present, whatever that number. Decisions
at special shareholders&#x2019; meeting (<font style="font-style: italic">asamblea extraordinaria</font>) generally must
be approved by a majority of the votes validly
exercised.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">189</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">However, pursuant
to the Argentine Corporations Law, all shareholders&#x2019;
meetings, whether convened on a first or second quorum call,
require the affirmative vote of the majority of shares with right
to vote in order to approve the following decisions:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">advanced winding-up
of the company;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">transfer of the
domicile of the company outside of Argentina;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">fundamental change
in the purpose of the company;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">total or partial
mandatory repayment by the shareholders of the paid-in capital;
and</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">a merger or a
spin-off, when our company will not be the surviving
company.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Holders of common
shares are entitled to one vote per share. Owners of common shares
represented by GDRs exercise their voting rights through the GDR
Depositary, who acts upon instructions received from such
shareholders and, in the absence of instructions, votes in
accordance with the instructions given to the GDR Depositary by the
board of directors as set forth in a written notice delivered to
the GDR Depositary prior to the meeting.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The holders of
preferred stock are not entitled to voting rights. However, in the
event that no dividends are paid to such holders for their
preferred stock, the holders of preferred stock are entitled to
voting rights. Holders of preferred stock are also entitled to vote
on certain special matters, such as a transformation of the
corporate type, early dissolution, change to a foreign domicile,
fundamental change in the corporate purposes, total or partial
replacement of capital losses, mergers in which our company is not
the surviving entity, and spin-offs. The same exemption will apply
in the event the preferred stock is traded on any stock exchange
and such trading is suspended or canceled.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Limitations to own securities by non-resident or foreign
shareholders</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">There are no legal
limitations on ownership of securities or exercise of voting
rights, by non-resident or foreign shareholders. However, foreign
shareholders must fulfill certain requirements with the IGJ in
order to assure that they will be able to properly exercise their
voting rights. General Resolution N&#xB0; 7 passed in July 2015 by
the IGJ with effects as of November 2015, and other related
regulations set forth certain requirements for foreign entities
registered with the IGJ. It provides, among other requirements,
disclosure of information related to their proprietary interests in
assets located outside Argentina to be at least equivalent in value
to those located inside Argentina. The entities must comply with
these requirements in order to (1) perform activities on a regular
basis through their Argentine branches (Section 118 Argentine
Corporate Law), or (2) exercise their ownership rights in Argentine
Companies (Section 123 Argentine Corporate Law). In cases where the
IGJ has concluded that the entities (a) do not have assets outside
Argentina; or (b) have non-current assets that are not materially
significant compared to those non-current assets which are owned by
them and located in Argentina; or (c) the entity&#x2019;s address in
Argentina becomes the place where this entity makes a majority of
its decisions, corporate or otherwise, the entities may be required
to amend and register their by-laws to comply with Argentine law,
thereby becoming an Argentine entity subject to Argentine law
according to Section 124 of Argentine Corporation Law. In addition,
Argentine companies with shareholders consisting of such entities
that fail to comply with these requirements may be subject to the
following sanctions: the IGJ may not register corporate decisions
adopted by the Argentine Company when its off-shore shareholder
votes as a shareholder. Any decisions made pursuant to such vote
related to the approval of its annual balance sheet may be declared
null and void for administrative purposes.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Ownership threshold above which ownership should be
disclosed</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Rules of the
CNV require that transactions, which cause a person&#x2019;s
holdings of capital stock of a registered Argentine company, to
equal or exceed 5% of the voting power, should be immediately
notified to the<font style="font-style: italic">&#xA0;</font>CNV.
Thereafter, every change in the holdings that represents a multiple
of 5% of the voting power should also be notified.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Directors, senior
managers, executive officers, members of the supervisory committee,
and controlling shareholders of an Argentine company whose
securities are publicly offered, should notify the CNV on a monthly
basis, of their beneficial ownership of common shares, debt
securities, and call and put options related to securities of such
companies and their controlling, controlled or affiliated
companies.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Furthermore, the
CNV must be immediately notified of transactions which cause a
person&#x2019;s holdings of capital stock of an Argentine company
whose securities are publicly offered to equal or exceed 5% of the
voting power and every change in the holdings that represents a
multiple of 5% of the voting power. Holders of more than 50% of the
common shares or who otherwise control decision making in
shareholders&#x2019; meetings, as well as directors, officers and
members of the supervisory committee must provide the CNV with
annual reports of their holdings in the capital stock of such
companies and monthly reports of any change in their
holdings.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
<br></font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">190</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On the
shareholders&#x2019; meeting held on October 25, 2007, our
shareholders decided to amend the following sections of the
by-laws: (i) Section Twelve in order to adapt the performance bonds
granted by directors to current rules and regulations, and (ii)
Section Fifteen in order to incorporate the possibility of holding
remote board meetings pursuant to the provisions of section 65 of
Decree 677/01. Such amendment is attached hereto as Exhibit
1.2.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On October 31,
2012, the annual shareholders meeting passed an amendment to the
corporate by-laws which allowed the Board of Directors to celebrate
their meetings using teleconference technology. An absolute
majority of the directors will constitute the quorum. Only the
directors physically present at the time and those using
teleconference technologies will be taken into consideration for
the quorum. The resolutions of the Board of Directors will be
passed by the vote of the majority present at the meeting. Such
amendment is attached hereto of Exhibit 1.3 to this annual
report.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On November 14,
2014, the shareholder&#x2019;s meeting decided to amend the
following sections of the by-laws: (i) Section First in order to
comply with the Capital Markets Law No. 26,831, and (ii) Section
Twenty-Four in order to incorporate the regulation of the
shareholders&#x2019; meeting held with shareholders present or
communicated through teleconference technologies.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
C.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="text-decoration: underline; font-size: 13px">Material
Contracts</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We do not have any
material contract entered into outside the ordinary course of
business other than some of the operations previously described
under the sections Related Party Transactions, Recent Developments,
and Our Indebtedness.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
D.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="text-decoration: underline; font-size: 13px">Exchange
Controls</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Foreign Currency Regulation</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Under Decree
No.260/2002, the Argentine government had set up an exchange market
through which all foreign currency exchange transactions are made.
Such transactions were subject to the regulations and requirements
imposed by the Argentine Central Bank. Under Communication
&#x201C;A&#x201D; 3471, as amended, the Central Bank established
certain restrictions and requirements applicable to foreign
currency exchange transactions.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Under Communication
&#x201C;A&#x201D; 6037, dated August 8<font style="vertical-align: super; font-size: 70%">th</font>, 2016, no further
authorization is required for residents and non-residents to have
access to local exchange market and there is no amount or matter
that limits the access thereto.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Outflow
and Inflow of Capital</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Inflow of capital</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Under Argentine
Foreign Investment Law N&#xB0; 21,382, as amended, and the wording
restated under Executive Branch Decree N&#xB0; 1853/1993, the
purchase of stock of an Argentine company by an individual or legal
entity domiciled abroad or by an Argentine &#x201C;foreign
capital&#x201D; company (as defined under the Foreign Investment
Law) represents a foreign investment.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Under Decree
N&#xB0; 616/2005, as amended by Decree N&#xBA;. 3/2015, the
Argentine government softened certain restrictions on the inflow
and outflow of foreign currency into and from the Argentine
exchange market, including that inflowing new indebtedness and debt
renewals by persons domiciled abroad must be agreed and cancelled
within periods not shorter than 120 calendar days &#x2013;instead of
the 365.day period as originally established-, irrespective of the
method of payment. Additionally, such debt may not be prepaid
before the lapse of such period. Such restrictions do not apply to
(i) foreign trade financing, or (ii) primary public offering of
equity or debt instruments issued under the public offering
procedure and listed on self-regulated markets.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
<font style="text-decoration: underline">Obligation for the
settlement of funds through the MULC.</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
General rules. Exports.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Pursuant to
Executive Decree N&#xB0; 1606/2011 and Communications
&#x201C;A&#x201D; 3602 and &#x201C;A&#x201D; 3493 of the Central Bank
any foreign currency derived from foreign trade must be settled
through the MULC.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Within 365 running
days as of the date of the disbursement of the funds abroad,
corresponding to the payment of exportation of goods, advance
payments of exports and pre financing loans for exports, such funds
must be settled through the MULC. Such funds shall be credited in a
local bank account duly opened in favor of the client, which may be
either in Pesos or in another currency.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
<br></font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">191</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Services</font><br></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Communication
&#x201C;A&#x201D; 5264 set forth that the payments in foreign
currency received by residents for the export of services and
payment of losses for insurance policies hired with nonresidents
under the applicable rules must be settled through the MULC within
365 running days as of its collection abroad or locally or its
deposit in foreign bank accounts.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Such funds are
exempted to be settled through the MULC to the extent such
exemption is actually contemplated in the foreign exchange
regulations and such amounts are applied for the cancellation of
foreign financial indebtedness.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Outflow of capital, including the availability of cash or cash
equivalents</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Exchange Transactions Inquiry Program</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Communication
&#x201C;A&#x201D; 5850, of December 2015, revoke Communication
&#x201C;A&#x201D; 5245 that regulated an Exchange Transaction Inquiry
Program established on October 28, 2011, by the Federal
Administration of Public Revenues (<font style="font-style: italic">Administraci&#xF3;n Federal de Ingresos
P&#xFA;blicos</font>, or &#x201C;AFIP&#x201D;) through which the
entities authorized by the Central Bank to deal in foreign exchange
were supposed to inquire and register through an IT system the
total Peso amount of each exchange transaction at the moment it is
closed.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Financial Indebtedness</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Any transactions
arising from financial indebtedness of the financial sector,
private non-financial sector and local governments are no longer
subject to be settled in the foreign exchange market. However, if
settled in the foreign exchange market, then according to Decree
No. 616/2005 and 3/2015, these cannot be set off before the minimum
term of stay, which is 120 running days (except for bonds listed in
the authorized exchange stock markets).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Formation of off-shore assets by residents with and without
subsequent allocation to specific purposes</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Under Communication
&#x201C;A&#x201D; 5850, 5899 and 6037 of the Central Bank, residents
shall have access to the local exchange market without prior
authorization of the Central Bank in order to purchase foreign
currency for the formation of off-shore assets.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Outflow of funds for payment to non-residents</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">According to
Communication &#x201C;A&#x201D; 5264, amended by Communication
&#x201C;A&#x201D; 5377 (issued on December 14, 2012) and
Communication &#x201C;A&#x201D; 6037, there are no limits or
restrictions applicable for residents who access the foreign
exchange market to pay services, debts and profits to
non-residents. The access to the MULC requires the filing of
certain documentation by residents demonstrating the validity of
transactions in which the funds are purchased for its remittance
abroad.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Payment of services</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As it was mentioned
above, there is no restriction applicable for payments to be made
to non-residents for performed services. The regulation covers all
types of services without making any specifications. The financial
entity shall require the filing of documentation supporting the
authenticity of the transaction, the service rendered by the
non-resident to the resident and the amount to be transferred
abroad.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Should performed
services are not related to the activities actually developed by
the resident; the financial entity shall require a copy of the
contract by which the payment obligation arises from and an auditor
report. Such requirements intend to demonstrate the actual
rendering of services to the non-resident and the existence of the
debt.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Payment of rents (interest, profits and dividends)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As of January 8,
2003, Communication &#x201C;A&#x201D; 3859, item 3, allowed Argentine
companies to transfer abroad profits and dividends related to
closed financial statements certified by independent accountants
without being required to obtain the prior authorization of the
Central Bank. Such Communication was replaced by Communication
&#x201C;A&#x201D; 5264, amended by Communication &#x201C;A&#x201D; 5377
and Communication &#x201C;A&#x201D; 6037.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The payments of
profits and dividends to non-residents or ADR&#x2019;s is
authorized, insofar such payments are made according to financial
statements duly closed, audited and approved by shareholders&#x2019;
meeting.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Payment of foreign financial indebtedness</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Access to the
exchange market is allowed for payments of principal amounts
due.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In general terms,
access to MULC for payment of principal, interest and prepayment of
financial indebtedness incurred by Argentine residents in the
private non-financial sector and financial sector are allowed
subject to regulations set forth by Communications &#x201C;A&#x201D;
6037 of August 8<font style="vertical-align: super; font-size: 70%">th</font>,
2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">192</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Pursuant to
Communication &#x201C;A&#x201D; 6037, no settlement in the local
exchange market is required for the repayment of principal and
interests, as long as it has been verified that the reporting
system has been complied with in accordance with Communication
&#x201C;A&#x201D; 3602. Additionally, the payment may only proceed if
the funds disbursed remain in Argentina for at least 120 calendar
days, in accordance with Decree No.616/2005.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Direct Investment Reporting System</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Direct Investments made in Argentina by nonresidents</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Under Communication
&#x201C;A&#x201D; 4237, the Central Bank established a reporting
system in connection with direct investments and real estate
investments made by nonresidents in Argentina and by residents
abroad.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Nonresidents must
comply every semester with the above mentioned reporting system if
the amount of the investment in Argentina reaches or exceeds U.S.
500,000. If such amount is not reached, the reporting system is
optional.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Direct investments made outside Argentina by Argentine
residents</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Argentine residents
are required to meet the reporting system set forth in
Communication &#x201C;A&#x201D; 4237 every year if the value of their
investments abroad reaches or exceeds US$1.0 million and its under
US$5.0 million, and every semester if it reaches or exceeds US$5.0
million. If the value of such investments abroad does not reach
US$1.0 million, compliance with the reporting system is
optional.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Sales of foreign exchange to nonresidents</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Access to local
exchange market shall be given as well to non residents for them to
transfer to their own foreign accounts the payments collected in
the country. Specific documentation that backs up the cause of the
payment may be required by the Central Bank.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">For further details
regarding the exchange regulations applicable in Argentina,
investors should consult their professional advisers and read the
full text of Decree No.616/2005, and Communication &#x201C;A&#x201D;
6037&#xA0;&#xA0;of the Central Bank. Interested parties may consult
such regulations through the website of the Ministry of Economy and
Public Finance (http://www.infoleg.gob.ar) or the Central Bank
(http://www.bcra.gob.ar).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Money
Laundering</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Argentine Law
N&#xB0; 25,246, as amended by Laws Nos.26,118, 26,268 and 26,683,
categorizes money laundering as a crime, which is defined as the
exchange, transfer, management, sale or any other use of money or
other assets obtained through a crime, by a person who did not take
part in such original crime, with the potential result that such
original assets (or new assets resulting from such original assets)
have the appearance of having been obtained through legitimate
means. In spite of the fact that there is a specific amount for the
money laundering category (Ps.300,000), the crimes committed for a
lower amount are also punished, but the prison sentence is
reduced.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">After the enactment
of Law N&#xB0; 26,683, money laundering was included in the Penal
Code as an independent crime against economic and financial order
and it was split from the title &#x201C;Concealment&#x201D; as
originally disposed. Therefore, money laundering is a crime which
may be prosecuted independently.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The money
laundering law created the Financial Information Unit (UIF). UIF is
in charge of the analysis, treatment and transmission of
information to prevent and impede the money laundering originating
from, among others:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">a) Crimes related
to the traffic and illegal commercialization of drugs (Law N&#xB0;
23,737)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">b) Crimes related
to arms traffic (Law N&#xB0; 22,415);</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">c) Crimes related
to illegal association of terrorist association</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">d) Crimes committed
by illegal associations organized to commit crimes for political or
racial purposes;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">e) Crimes against
Public Administration</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">f) Crimes of
minor&#x2019;s prostitution and child pornography</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">g) Crimes related
to terrorism financing</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The UIF analyzes
the information received by entities that have the obligation to
report suspicious activities or operations and, as the case may be,
inform the Public Ministry to carry out the investigations that may
be considered relevant or necessary.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">193</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The money
laundering legal framework in Argentina also assigns information
and control duties to certain private sector entities, such as
banks, agents, non-profits organizations, stock exchanges,
insurance companies, according to the <font style="font-style: italic">&#xA0;</font></font><font style="font-size: 13px; font-family: Times New Roman">regulations of the
Financial Information Unit, and for financial entities, the Central
Bank. These regulations apply to many Argentine companies,
including us. These obligations consist mainly of: (i) maintaining
internal policies and procedures aimed at money laundering
prevention and financing of terrorism, especially through the
application of the policy &#x201C;know your client&#x201D;; (ii)
reporting any suspicious activity or operation and (iii) acting
according the Money Laundering Law with respect to the
confidentiality of the information obtained from the clients. For
that purpose, each entity involved must appoint an officer
responsible for the monitoring and control under the Money
Laundering Law.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On May 8, 2009, and
in its capacity as obliged subject under the rules enacted by UIF,
the CNV issued Resolution N&#xB0; 554 which incorporated within the
exchange market many provisions aimed at comply with money
laundering prevention pursuant to Law N&#xB0; 25,246, as amended.
In that regard, such resolution established that any entity subject
to the supervision of CNV could only take part in securities
transactions if they were ordered by parties that were registered
or domiciled in jurisdictions not included in the list of tax
havens detailed in Decree N&#xB0; 1344/98. Furthermore, the
Resolution provided that securities transactions made by parties
registered or domiciled in jurisdictions that are not included in
such list, but that act as intermediaries of securities&#x2019;
markets under the supervision of an agency similar to the CNV, were
allowed only if such agency has signed a memorandum of mutual
understanding with the CNV.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On February 2,
2012, Resolution N&#xB0; 554 was replaced by Resolution N&#xB0; 602
so as to adapt and complement the instructions issued by UIF
applying to the entities under the supervision of CNV, including
some payment modalities and control proceedings for the reception
and deliver of funds to the clients, fixing amounts and instruments
to be used. Moreover, such resolution updated the reference to the
Decree which referred to tax havens (N&#xB0; 1,037).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As part of a more
comprehensive modification of the rules that govern the scope of
supervision of CNV, derive from the enactment of the Capital
Markets Law and the CNV Rules, which stablished a new regime for
the public offer of securities, CNV issued a new re-arranged text
of its rules. Through the CNV Rules, the CNV incorporates a new
chapter of Money Laundering and Terrorist Financing including
dispositions related to the fulfillment of duties to be complied by
&#x201C;<font style="font-style: italic">Agentes de
Negociaci&#xF3;n</font>&#x201D;, &#x201C;<font style="font-style: italic">Agentes de Liquidaci&#xF3;n y
Compensaci&#xF3;n</font>&#x201D;, &#x201C;<font style="font-style: italic">Agentes de Distribuci&#xF3;n y
Colocaci&#xF3;n</font>&#x201D; and &#x201C;<font style="font-style: italic">Agentes de Administraci&#xF3;n de Productos de
Inversi&#xF3;n Colectiva</font>&#x201D;, considered as obliged
subject under the terms of sections 4, 5 and 22 of article 20 of
Law N&#xB0; 25,246. Such agents are obliged to comply with any
provision arising from Law N&#xB0; 25,246 and its amendments,
regulations enacted by UIF, including decrees of National Executive
Power with reference to the decisions adopted by the United Nations
Security Council, in the fight against terrorism and to comply with
the resolutions issued by the Ministry of Foreign Affairs,
International Trade and Religion. Furthermore, &#x201C;<font style="font-style: italic">Agentes de Custodia de Productos de
Inversi&#xF3;n Colectiva (Sociedades Depositarias de Fondos Comunes
de Inversi&#xF3;n&#x201D;); &#x201C;Agentes de corretaje&#x201D;,
&#x201C;Agentes de dep&#xF3;sito colectivo</font>&#x201D; and listed
companies with respect to contribution, irrevocable contributions
or indebtedness made by a shareholder or a third person to become a
shareholder in the future, are also reached by the
resolution.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Those subjects must
send by internet (through the online application of CNV) their tax
identification number. Additionally, in case of companies, it must
be informed the personal data of the &#x201C;Compliance
Officer&#x201D; (both regular and alternate).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The CNV Rules
provide that the subjects under their jurisdiction, may only take
action to transactions in the scope of public offering of
securities, stipulated, future or optional contracts of any nature
and other instruments and financial products when made or directed
by registered, domiciled or domestic subjects or those who reside
in dominions, jurisdictions, territories or associated states that
appear included in the list of cooperating countries provided in
article 2&#xBA;, subsection b) of Decree N&#xB0;
589/2013.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">When those subjects
are not included in the referred list and, in their origin
jurisdictions, are only registered intermediates of an entity
subject to control and supervision of a body who fulfills similar
duties such as the CNV, the transactions shall only have effect
provided that the body in their origin jurisdiction has signed a
memorandum of understanding, cooperation and exchange of
information with the CNV.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">With the purpose of
strengthen the requirements in order to grant the authorization to
operate in the exchange market, some new requisites were
established in connection with: (i) competence and capacity; (ii)
moral integrity and honesty and (iii) solvency. Such requisites are
subject to the appraisal of CNV and must be fulfilled by managers,
directors, auditors and any other individual who perform duties or
activities within the company.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Pursuant to Decree
360/2016 dated February 16, 2016, the Argentine government created
the &#x201C;National Coordination Program for Combating Money
Laundering and Terrorist Financing&#x201D; within the purview of the
Ministry of Justice and Human Rights. Its purpose is to rearrange,
coordinate and strengthen the anti-money laundering and
anti-terrorist financing system at national level, in light of the
actual risks that could impact the Argentine territory and the
global requirements to be met under the scope of the obligations
and international recommendations of the United Nations and FATF
standards.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">194</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Moreover, Law No.
27.260, which introduced certain tax modifications and a new regime
for residents to disclose undeclared assets, established that the
UIF would now be within the purview of the Ministry of Economy and
Finances.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Some other measures
are set forth related to listed companies or their shareholders or
beneficial owners who had been convicted or condemned in connection
with money laundering and/or terrorist financing activities or
appeared in the list published by the United Nation Security
Council.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">E.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;TAXATION</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">United
States Taxation</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The following
summary describes the material United States federal income tax
consequences of the ownership of common shares and GDSs as of the
date hereof. The discussion set forth below is applicable to U.S.
Holders (as defined below). Except where noted, this discussion
deals only with U.S. Holders that hold the common shares or GDSs as
capital assets. This summary does not represent a detailed
description of the United States federal income tax consequences
applicable to you if you are subject to special treatment under the
United States federal income tax laws, including if you
are:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">a
bank;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">a dealer in
securities or currencies;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">a financial
institution;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">a regulated
investment company;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">a real estate
investment trust;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">an insurance
company;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">a tax exempt
organization;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">a person holding
the common shares or GDSs as part of a hedging, integrated or
conversion transaction, constructive sale or
straddle;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">a trader in
securities that has elected the mark-to-market method of accounting
for your securities;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">a person liable for
alternative minimum tax;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">a person who owns
or is deemed to own 10% or more of the voting stock of our
company;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">a partnership or
other pass&#x2013;through entity for United States federal income
tax purposes; or</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">a person whose
&#x201C;functional currency&#x201D; is not the U.S.
Dollar.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Furthermore, the
discussion below is based upon the provisions of the Internal
Revenue Code of 1986, as amended (the &#x201C;Code&#x201D;), and
regulations, rulings and judicial decisions thereunder as of the
date hereof, and such authorities may be repealed, revoked or
modified so as to result in United States federal income tax
consequences different from those discussed below. This summary
does not contain a detailed description of all the United States
federal income tax consequences to you in light of your particular
circumstances and does not address the Medicare tax on net
investment income, or the effects of any state, local or non-United
States tax laws. In addition, this summary is based, in part, upon
representations made by the GDS depositary to us and assumes that
the deposit agreement governing the GDSs, and all other related
agreements, will be performed in accordance with their
terms.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As used herein, the
term &#x201C;U.S. Holder&#x201D; means a beneficial owner of common
shares or GDSs that is for United States federal income tax
purposes:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">an individual
citizen or resident of the United States;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">a corporation
created or organized in or under the laws of the United States, any
state thereof or the District of Columbia;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">an estate the
income of which is subject to United States federal income taxation
regardless of its source; or</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">a trust if it (1)
is subject to the primary supervision of a court within the United
States and one or more United States persons have the authority to
control all substantial decisions of the trust or (2) has a valid
election in effect under applicable United States Treasury
regulations to be treated as a United States
person.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">195</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">If a partnership
holds common shares or GDSs, the tax treatment of a partner will
generally depend on the status of the partner and the activities of
the partnership. If you are a partner of a partnership holding
common shares or GDSs, you should consult your tax
advisors.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IF
YOU ARE CONSIDERING THE PURCHASE, OWNERSHIP OR DISPOSITION OF
COMMON SHARES OR GDSS YOU SHOULD CONSULT YOUR OWN TAX ADVISOR
CONCERNING THE UNITED STATES FEDERAL INCOME TAX CONSEQUENCES TO YOU
AS WELL AS ANY CONSEQUENCES ARISING UNDER THE LAWS OF ANY OTHER
TAXING JURISDICTION.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
GDSs</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">If you hold GDSs,
for United States federal income tax purposes, you generally will
be treated as the owner of the underlying common shares that are
represented by such GDSs. Accordingly, deposits or withdrawals of
common shares for GDSs by U.S. Holders will not be subject to
United States federal income tax.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Distributions on Common Shares or GDSs</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Subject to the
discussion under &#x201C;&#x2014;Passive Foreign Investment
Company&#x201D; below, the gross amount of distributions on our
common shares or GDSs (including amounts withheld to reflect
Argentinean withholding taxes, if any) will be taxable as dividends
to the extent paid out of our current or accumulated earnings and
profits, as determined under United States federal income tax
principles. Such dividends will be includable in your gross income
as ordinary income on the day actually or constructively received
by you, in the case of our common shares, or by the GDS depositary,
in the case of our GDSs. Such dividends will not be eligible for
the dividends received deduction allowed to
corporations.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">With respect to
United States non-corporate investors, certain dividends received
from a qualified foreign corporation may be subject to reduced
rates of taxation. A foreign corporation is treated as a qualified
foreign corporation with respect to dividends received from that
corporation on common shares (or GDSs representing such common
shares) that are readily tradable on an established securities
market in the United States. United States Treasury Department
guidance indicates that our GDSs (which are listed on the NYSE),
but not our common shares, are readily tradable on an established
securities market in the United States. Thus, we do not believe
that dividends that we pay on our common shares that are not
represented by GDSs currently meet the conditions required for
these reduced tax rates. Non-corporate holders that do not meet a
minimum holding period requirement during which they are not
protected from the risk of loss or that elect to treat the dividend
income as &#x201C;investment income&#x201D; pursuant to Section
163(d)(4) of the Code will not be eligible for the reduced rates of
taxation regardless of our status as a qualified foreign
corporation. In addition, the rate reduction will not apply to
dividends if the recipient of a dividend is obligated to make
related payments with respect to positions in substantially similar
or related property. This disallowance applies even if the minimum
holding period has been met. Non-corporate U.S. Holders should
consult their own tax advisors regarding the application of these
rules given their particular circumstances.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The amount of any
dividend paid in Pesos will equal the U.S. Dollar value of the
Pesos received calculated by reference to the exchange rate in
effect on the date the dividend is actually or constructively
received by you, in the case of our common shares, or by the GDS
depositary, in the case of our GDSs, regardless of whether the
Pesos are converted into U.S. Dollars. If the Pesos received as a
dividend are not converted into U.S. Dollars on the date of
receipt, you will have a tax basis in the Pesos equal to their U.S.
Dollar value on the date of receipt. Any gain or loss realized on a
subsequent conversion or other disposition of the Pesos will be
treated as United States source ordinary income or
loss.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Subject to certain
complex conditions and limitations, Argentinean withholding taxes
on dividends, if any, may be treated as foreign taxes eligible for
credit against your United States federal income tax liability. For
purposes of calculating the foreign tax credit, dividends paid on
our common shares or GDSs will be treated as income from sources
outside the United States and will generally constitute passive
category income. If you do not elect to claim a credit for any
foreign taxes paid during a taxable year, you may instead claim a
deduction in respect of such foreign taxes. Further, in certain
circumstances, if you have held our common shares or GDSs for less
than a specified minimum period during which you are not protected
from risk of loss, or are obligated to make payments related to the
dividends, you will not be allowed a foreign tax credit for foreign
taxes imposed on dividends paid on our common shares or GDSs. The
rules governing the foreign tax credit are complex. You are urged
to consult your tax advisors regarding the availability of the
foreign tax credit under your particular
circumstances.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">To the extent that
the amount of any distribution (including amounts withheld to
reflect Argentinean withholding taxes, if any) exceeds our current
and accumulated earnings and profits for a taxable year, as
determined under United States federal income tax principles, the
distribution will first be treated as a tax-free return of capital,
causing a reduction in the adjusted basis of our common shares or
GDSs, and thereafter as capital gain recognized on a sale or
exchange (as discussed below under &#x201C;&#x2014;Taxation of
Capital Gains&#x201D;). However, we do not expect to keep earnings
and profits in</font> <font style="font-size: 13px; font-family: Times New Roman">accordance with
United States federal income tax principles. Therefore, you should
expect that a distribution will generally be treated as a dividend
(as discussed above).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Distributions of
our common shares that are received as part of a pro rata
distribution to all of our shareholders generally will not be
subject to United States federal income taxes.<br></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">196</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Passive Foreign Investment Company</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Based on the
current and projected composition of our income and the valuation
of our assets, including goodwill, we do not believe we were a
passive foreign investment company (&#x201C;PFIC&#x201D;) for United
States federal income tax purposes for the taxable year ending June
30, 2016, and we do not currently expect to become a PFIC, although
there can be no assurance in this regard. The determination of
whether we are a PFIC is made annually. Accordingly, it is possible
that we may be a PFIC in the current or any future taxable year due
to changes in our asset or income composition or if our projections
are not accurate. The volatility and instability of
Argentina&#x2019;s economic and financial system may substantially
affect the composition of our income and assets and the accuracy of
our projections. In addition, this determination is based on the
interpretation of certain U.S. Treasury regulations relating to
rental income, which regulations are potentially subject to
differing interpretation.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In general, we will
be a PFIC for any taxable year in which:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">at least 75% of our
gross income is passive income; or</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">at least 50% of the
value (determined based on a quarterly average) of our assets is
attributable to assets that produce or are held for the production
of passive income.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">For this purpose,
cash is a passive asset and passive income generally includes
dividends, interest, royalties, and rents (other than royalties and
rents derived in the active conduct of a trade or business and not
derived from a related person). If we own at least 25% by value of
the stock of another corporation, we will be treated, for purposes
of the PFIC tests, as owning our proportionate share of that other
corporation&#x2019;s assets and receiving our proportionate share of
its income. If we are a PFIC for any taxable year during which you
hold our common shares or GDSs, unless you make the mark-to-market
election discussed below, you will be subject to special tax rules
discussed below.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">If we are a PFIC
for any taxable year during which you hold our common shares or
GDSs, you will be subject to special tax rules with respect to any
&#x201C;excess distributions&#x201D; received and any gain realized
from a sale or other disposition, including a pledge, of such
common shares or GDSs. Distributions received in a taxable year
that are greater than 125% of the average annual distributions
received during the shorter of the three preceding taxable years or
your holding period for the common shares or GDSs will be treated
as excess distributions. Under these special tax
rules:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">the excess
distribution or gain will be allocated ratably over your holding
period for the common shares or GDSs;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">the amount
allocated to the current taxable year, and any taxable year prior
to the first taxable year in which we become a PFIC, will be
treated as ordinary income; and</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">the amount
allocated to each other year will be subject to tax at the highest
tax rate in effect for that year and the interest charge generally
applicable to underpayments of tax will be imposed on the resulting
tax attributable to each such year.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">If we are a PFIC
for any taxable year during which you hold our common shares or
GDSs and any of our non- United States subsidiaries is also a PFIC,
you would be treated as owning a proportionate amount (by value) of
the common shares of the lower tier PFIC for purposes of the
application of these rules. You are urged to consult your tax
advisors about the application of the PFIC rules to any of our
subsidiaries.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In addition,
non-corporate U.S. Holders will not be eligible for reduced rates
of taxation on any dividends received from us, if we are a PFIC in
the taxable year in which such dividends are paid or in the
preceding taxable year. You will generally be required to file
Internal Revenue Service Form 8621 if you hold our common shares or
GDSs in any year in which we are classified as a PFIC.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In certain
circumstances, in lieu of being subject to the excess distribution
rules discussed above, you may make an election to include gain on
the stock of a PFIC as ordinary income under a mark-to-market
method, provided that such stock is regularly traded on a qualified
exchange. Under current law, the mark-to-market election is only
available for stock traded on certain designated United States
exchanges and foreign exchanges which meet certain trading,
listing, financial disclosure and other requirements to be treated
as a qualified exchange under applicable United States Treasury
regulations. Our common shares are listed on the Buenos Aires Stock
Exchange, which must meet the trading, listing, financial
disclosure and other requirements under applicable United States
Treasury regulations for purposes of the mark-to-market election,
and no assurance can be given that the common shares are or will be
&#x201C;regularly traded&#x201D; for purposes of</font> <font style="font-size: 13px; font-family: Times New Roman"><font style="font-style: italic"><font style="font-weight: bold">&#xA0;</font></font>the mark-to-market
election. Our GDSs are currently listed on the NYSE, which
constitutes a qualified exchange under the United States Treasury
regulations, although there can be no assurance that the GDSs are
or will be &#x201C;regularly traded.&#x201D;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
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<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">197</font></div>
</div>
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<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">If you make an
effective mark-to-market election, you will include in ordinary
income each year that we are a PFIC the excess of the fair market
value of our common shares or GDSs at the end of the year over your
adjusted tax basis in our common shares or GDSs. You will be
entitled to deduct as an ordinary loss in each such year the excess
of your adjusted tax basis in our common shares or GDSs over their
fair market value at the end of the year, but only to the extent of
the net amount previously included in income as a result of the
mark-to-market election. Any gain or loss on the sale of the common
shares or GDSs will be ordinary income or loss, except that such
loss will be ordinary loss only to the extent of the previously
included net mark-to-market gain.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Your adjusted tax
basis in our common shares or GDSs will be increased by the amount
of any income inclusion and decreased by the amount of any
deductions under the mark-to-market rules. If you make a mark-to
market election, it will be effective for the taxable year for
which the election is made and all subsequent taxable years unless
our common shares or GDSs are no longer regularly traded on a
qualified exchange or the Internal Revenue Service consents to the
revocation of the election. You are urged to consult your tax
advisors about the availability of the mark-to-market election, and
whether making the election would be advisable in your particular
circumstances.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In some cases,
holders of common shares or GDSs in a PFIC may be able to avoid the
rules described above by electing to treat the PFIC as a
&#x201C;qualified electing fund&#x201D; under Section 1295 of the
Code. This option will not be available to you because we do not
intend to comply with certain calculation and reporting
requirements necessary to permit you to make this
election.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">You are urged to
consult your tax advisors concerning the United States federal
income tax consequences of holding our common shares or GDSs if we
are considered a PFIC in any taxable year.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Taxation of Capital Gains</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Subject to the
discussion under &#x201C;&#x2014;Passive Foreign Investment
Company&#x201D; above, for United States federal income tax
purposes, you will generally recognize capital gain or loss on any
sale, exchange, redemption or other taxable disposition of our
common shares or GDSs in an amount equal to the difference between
the U.S. Dollar value of the amount realized for the common shares
or GDSs and your tax basis in the common shares or GDSs determined
in U.S. Dollars. Capital gains of non-corporate U.S. Holders
derived with respect to capital assets held for more than one year
are eligible for reduced rates of taxation. The deductibility of
capital losses is subject to limitations under the Code. Any gain
or loss recognized by you will generally be treated as United
States source gain or loss for United States foreign tax credit
purposes. Consequently, you may not be able to use the foreign tax
credit arising from any Argentinean tax imposed on the disposition
of our common shares or GDSs unless such credit can be applied
(subject to applicable limitations) against tax due on other income
treated as derived from foreign sources.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Argentine Personal Assets Tax</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Amounts paid on
account of the Argentine personal assets tax, if any, will not be
eligible as a credit against your United States federal income tax
liability, but may be deductible subject to applicable limitations
in the Code.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Information Reporting and Backup Withholding</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In general,
information reporting will apply to dividends in respect of our
common shares or GDSs and the proceeds from the sale, exchange or
redemption of our common shares or GDSs that are paid to you within
the United States (and in certain cases, outside the United
States), unless you are an exempt recipient. A backup withholding
tax may apply to such payments if you fail to provide a correct
taxpayer identification number or certification of other exempt
status or fail to report in full dividend and interest
income.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Backup withholding
is not an additional tax. Any amounts withheld under the backup
withholding rules will be allowed as a refund or a credit against
your United States federal income tax liability provided the
required information is timely furnished to the Internal Revenue
Service.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Argentine
Taxation</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The following
discussion is a summary of certain Argentine tax considerations
associated with an investment in, ownership or disposition of, the
common shares or the GDSs by (i) an individual holder that is
resident in Argentina, (ii) an individual holder that is neither
domiciled nor resident in Argentina, (iii) a legal entity organized
under the laws of Argentina (iv) a permanent business establishment
in Argentina owned by a foreign entity and (v) a legal entity that
is not organized under the laws of Argentina, that does not have a
permanent establishment in Argentina and is not otherwise doing
business in Argentina on a regular basis. The discussion is for
general information only and is based on current Argentine tax
laws. Moreover, while this summary is considered to be a correct
interpretation of existing laws in force a s</font><font style="font-size: 13px; font-family: Times New Roman">of the date of this
20-F Form, no assurance can be given that the courts or
administrative authorities responsible for the administration of
such laws will agree with this interpretation or that changes in
such laws or interpretations will not occur.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
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<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">198</font></div>
</div>
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<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">PROSPECTIVE INVESTORS ARE URGED TO CONSULT
THEIR OWN TAX ADVISOR REGARDING THE PARTICULAR TAX CONSEQUENCES
ARISING UNDER ANY TAXING JURISDICTION</font>.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Income tax</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Law N&#xB0; 26,893,
enacted on September 12, 2013 and published in the Official Gazette
on September 23, 2013, introduced several amendments to Income Tax
Law N&#xB0; 20,628 in connection with, among others, the taxation
of dividend distributions and gains derived from transfers of
shares and other securities, including the derogation of Section 78
of Decree N&#xB0; 2,284/1991, which provided that foreign holders
with no permanent establishment in Argentina were exempt from
paying income tax on the capital gains arising from the sale or
other disposition of shares or GDSs.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On February 7,
2014, the Executive Branch issued Decree N&#xB0; 2,334/13, which
regulates Law N&#xB0; 26,893.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The changes
introduced by Law N&#xB0; 26,893 are effective as from the date of
publication of such law in the Official Gazette and are applicable
to taxable events consummated from such date onwards.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Taxation on Dividends</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Until Law N&#xB0;
26,893 became effective, dividends, whether in cash, in shares or
in kind, approved by our shareholders were not subject to income
tax withholding except for the application of the
&#x201C;Equalization Tax&#x201D; described below.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">From the
effectiveness of Law N&#xB0; 26,893, dividends are subject to an
income tax withholding (the &#x201C;Dividend Tax&#x201D;) at a 10%
rate on the amount of such dividends in respect of both Argentine
and non-Argentine resident shareholders. The &#x201C;Dividend
Tax&#x201D; has been repealed by Law No. 27,260 for dividend
payments since July 22, 2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">An&#xA0;&#xA0;income
tax withholding will be applied to the amount of dividends
distributed in excess of a company&#x2019;s net taxable income
determined in accordance with general income tax regulations for
the fiscal years preceding the date of the distribution of such
dividends (the &#x201C;Equalization Tax&#x201D;). The legislation
requires that companies withhold 35% of the amount of distributed
dividends in excess of the net taxable income of such distribution,
as determined in accordance with the income tax law. Dividends
distributed by an Argentine company are not subject to this tax to
the extent that those dividends arise from dividend income or other
distributions received by such company from other Argentine
companies.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Dividend
distributions made in kind (other than cash) will be subject to the
same tax rules as cash dividends. Stock dividends on fully paid
shares are not subject&#xA0;&#xA0;to Equalization Tax.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Certain tax
treaties contemplate the application of a ceiling tax rate on
dividends (i.e. 10% on gross dividends).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Taxation on Capital Gains</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">From the
effectiveness of Law N&#xB0; 26,893 income from sale, exchange,
disposition or transfer of common shares or GDSs is subject to
income tax, irrespective of the person that obtains such income,
exception made of transactions made by resident individuals
involving common shares and other securities that are listed on
securities exchanges or markets and/or authorized to be offered to
the public.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Resident individuals</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Capital gains
obtained by resident individuals from the sale of common shares and
other securities are subject to income tax at a 15% rate on net
income, unless such securities were traded in stock markets and/or
have public offering authorization, in which case an exemption
applies. The amendments introduced by the implementing Decree
N&#xB0; 2,334/13 state that the exemption includes income derived
from the sale of common shares and other securities made through a
stock exchange market duly authorized by Argentine Securities
<font style="font-style: italic">(Comisi&#xF3;n Nacional de
Valores, or &#x201C;CNV&#x201D;</font>).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">It is not clear
whether the term &#x201C;includes&#x201D; (as used in the
implementing Decree 2334/2013) means that the exemption only refers
to sales of securities made through a stock exchange market duly
authorized by the CNV or whether the implementing Decree 2334/2013
intended to clarify that such sales were just one of the
possibilities that may be covered by the exemption (in addition to
publicly offering authorized securities, as provided in the
Argentine Income Tax Law). Certain qualified tax authorities have
publicly opined that the exemption exclusively refers to sales of
securities made through a stock exchange market duly authorized by
the CNV.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Losses arising from
the sale, exchange or other disposition of common shares or GDSs
can be applied only to offset such capital gains arising from the
sale, exchange or other disposition of these securities, for a
five-year carryover period.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
<br></font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">199</font></div>
</div>
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<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">Foreign
beneficiaries</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Capital gains
obtained by non-Argentine individuals or non-Argentine entities
from the sale, exchange or other disposition of common shares are
subject to income tax, as the abovementioned exemption for shares
is not applicable to non-Argentine beneficiaries. Therefore, the
gain derived from the disposition of common shares by foreign
beneficiaries is subject to Argentine income tax at a 15% rate on
the net capital gain or at a 13.5% rate on the gross price at the
seller&#x2019;s election. However there is currently no regulation
under Argentine law with respect to how this election is made. When
both the seller and the buyer are non-residents, the person liable
to pay the tax shall be the buyer of the shares, quotas, equity
interests and other securities transferred. However, as of the date
of this annual report, no regulations have been issued stipulating
the withholding and payment mechanism that the non-resident buyer
should follow.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Notwithstanding the
above, based on certain tax precedents, there may be support to
argue that gains obtained by a non-resident from the disposal of
GDSs should be regarded as foreign source income and, therefore,
not subject to Argentine income tax. As this is a controversial
issue, further analysis is required.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Argentine entities</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Capital gains
obtained by Argentine entities (in general entities organized or
incorporated under Argentine law, certain traders and
intermediaries, local branches of non-Argentine entities, sole
proprietorships and individuals carrying on certain commercial
activities in Argentina) derived from the sale, exchange or other
disposition of common shares or GDSs are subject to income tax at
the rate of 35%.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Losses arising from
the sale, exchange or other disposition of common shares or GDSs
can be applied only to offset such capital gains arising from the
sale, exchange or other disposition of these securities, for a
five-year carryover period.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">WE
RECOMMEND PROSPECTIVE INVESTORS TO CONSULT THEIR OWN TAX ADVISOR
REGARDING THE PARTICULAR TAX CONSEQUENCES CONCERNING THE SALE OR
OTHER DISPOSITIONS OF COMMON SHARES AND GDSs.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Value Added Tax</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The sale, exchange,
disposition, or transfer of common shares or GDSs is not subject to
Value Added Tax.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Personal Assets Tax</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Argentine entities,
such as us, have to pay the personal assets tax corresponding to
Argentine and foreign domiciled individuals and foreign domiciled
entities for the holding of our shares. The applicable tax rate for
fiscal year 2016 is 0.25% and is levied on the proportional net
worth value (valor patrimonial proporcional), or the book value, of
the shares arising from the last balance sheet of the Argentine
entity calculated under Argentine GAAP. Pursuant to the Personal
Assets Tax Law, the Argentine company is entitled to seek
reimbursement of such paid tax from the applicable Argentine
domiciled individuals and/or foreign domiciled
shareholders.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Our shareholders
approved the absorption of personal asset tax by us for the years
2002 to 2015. There can be no assurance that in the future this tax
will be absorbed by us.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Tax on Minimum Notional Income (Impuesto a la Ganancia M&#xED;nima
Presunta, IGMP)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Entities domiciled
in Argentina, partnerships, foundations, sole proprietorships,
trusts, certain mutual funds organized in Argentina, and permanent
business establishments owned by foreign persons, among other
taxpayers, shall apply a 1% rate to the total value of assets held
by such persons, above an aggregate nominal amount of Ps.200,000.
Nevertheless, common shares and GDSs issued by entities subject to
such tax are exempt from the IGMP.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Law No. 27.260 has
repealed this tax for fiscal years commenced since January 1,
2019.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Turnover Tax</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The gross turnover
tax is a local tax; therefore, the rules of the relevant provincial
jurisdiction should be considered, which may levy this tax on the
customary purchase and sale, exchange or other disposition of
common shares and GDSs, and/or the collection of dividends at an
average rate of 6%, unless an exemption is applicable. In the
particular case of the City of Buenos Aires, any transaction
involving common shares and/or the collection of dividends and
revaluations is exempt from this tax.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">There is no gross
income tax withholding system applicable to the payments made to
foreign beneficiaries.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Stamp Tax</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Stamp tax is a
local tax that is generally levied on the formal execution of
onerous transactions within a certain provincial jurisdiction or
outside a certain provincial jurisdiction but with effects in such
jurisdiction; therefore, the rules of the relevant provincial
jurisdiction should be considered for the issuance of instruments
which implement onerous transactions</font> <font style="font-size: 13px; font-family: Times New Roman"><font style="font-style: italic"><font style="font-weight: bold">&#xA0;</font></font>(including issuance,
subscription, placement and transfer) involving the common shares
or GDSs, executed in those jurisdictions, or with effects in those
jurisdictions.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">200</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Notwithstanding,
for the City of Buenos Aires, any instrument related to the
transfer of common shares which public offering is authorized by
the CNV is exempt from this tax.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Tax on Credits and Debits in Bank Accounts</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Credits to and
debits from bank accounts held at Argentine financial institutions,
as well as certain cash payments, are subject to this tax, which is
assessed at a general rate of 0.6%. There are also increased rates
of 1.2% and reduced rates of 0.075%. Owners of bank accounts
subject to the general 0.6% rate may consider 34% of the tax paid
upon credits to such bank accounts as a tax credit while taxpayers
subject to the 1.2% rate may consider 17% of all tax paid upon
credits to such bank accounts as a credit. Such amounts can be
utilized as a credit for income tax or tax on presumed minimum
income.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Other Taxes</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">There are no
Argentine federal inheritance or succession taxes applicable to the
ownership, transfer or disposition of our common shares or GDSs.
The provinces of Buenos Aires and Entre R&#xED;os establish a tax
on free transmission of assets, including inheritance, legacies,
donations, etc. Free transmission of our shares could be subject to
this tax. In the case of litigation regarding the shares before a
court of the City of Buenos Aires, a 3% court fee would be charged,
calculated on the basis of the claim.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Tax Treaties</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Argentina has
entered into tax treaties with several countries. There is
currently no tax treaty or convention in effect between Argentina
and the United States.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">F.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;DIVIDENDS
AND PAYING AGENTS</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">This Section is not
applicable.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
G.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="text-decoration: underline; font-size: 13px">Statement
by Experts</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">This section is not
applicable.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
H.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="text-decoration: underline; font-size: 13px">Documents
on display</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We file annual,
quarterly and other information with the SEC. You may read and copy
any document that we file at the public reference rooms of the SEC
at 450 Fifth Street, N.W., Washington, D.C. 20549; and 500 West
Madison Street, Suite 1400, Chicago, Illinois 60661. You may obtain
information on the operation of the Public Reference Rooms by
calling the SEC at 1-800-SEC-0330. Our Internet address is
<font style="text-decoration: underline; font-size: 13px">http://www.irsa.com.ar</font>
.. It should be noted that nothing on our website should be
considered part of this annual report. You may request a copy of
these filings at no cost, by writing or calling our offices,
Bolivar 108, (C1066AAB) City of Buenos Aires, Argentina. Our
telephone number is +54-11-4323-7400.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
I.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="text-decoration: underline; font-size: 13px">Subsidiary
Information</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">This section is not
applicable.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
ITEM
11.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;QUANTITATIVE
AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In the normal
course of business, we are exposed to foreign exchange risk,
interest rate risks and other price risk, primarily related to
changes in exchange rates and interest rates. We manage our
exposure to these risks through the use of various financial
instruments, none of which are entered into for trading purposes.
We have established policies and procedures governing the use of
financial instruments, specifically as they relate to the type and
volume of such financial instruments. For further information on
our market risks, please see Note 4 to our consolidated financial
statements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
ITEM
12.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;DESCRIPTION
OF OTHER THAN EQUITY SECURITIES</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
A.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="text-decoration: underline; font-size: 13px">Debt
Securities</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">This item is not
applicable</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
B.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="text-decoration: underline">Warrants
and Rights</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">This item is not
applicable</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">201</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
C.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="text-decoration: underline; font-size: 13px">Other
Securities</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">This item is not
applicable</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold"><font style="font-style: italic">D</font></font>.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font><font style="font-style: italic"><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline"><font style="font-weight: bold">American
Depositary Shares</font></font></font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Bank of New
York Mellon, as depositary for the GDSs (the
&#x201C;Depositary&#x201D;) collects its fees for delivery directly
from investors depositing shares or surrendering GDSs for the
purpose of withdrawal. The Depositary also collects taxes and
governmental charges from the holders of GDSs. The Depositary
collects these fees and charges by deducting those fees from the
amounts distributed or by selling a portion of distributable
property to pay the fees (after attempting by reasonable means to
notify the holder prior to such sale).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Depositary has
agreed to reimburse or pay on our behalf, certain reasonable
expenses related to our GDS program and incurred by us in
connection with the program (such as NASDAQ listing fees, legal and
accounting fees incurred with preparation of Form 20-F and ongoing
SEC compliance and listing requirements, distribution of proxy
materials, investor relations expenses, etc). The Depositary has
covered all such expenses incurred by us for the period 2014 - 2015
for an amount of US$ 50,000, net of taxes. The amounts the
Depositary reimbursed or paid are not perforce related to the fees
collected by the depositary from GDSs holders.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We agree to pay the
fees, reasonable expenses and out-of-pocket charges of the
Depositary and those of any registrar only in accordance with
agreements in writing entered into between the Depositary and the
Company from time to time. The Depositary shall present its
statement for such charges and expenses to the Company once every
three months. The charges and expenses of the custodian are for the
sole account of the Depositary.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The following
charges shall be incurred by any party depositing or withdrawing
common shares or by any party surrendering receipts or to whom
receipts are issued (including, without limitation, issuance
pursuant to a stock dividend or stock split declared by the Issuer
or an exchange regarding the receipts or deposited securities or a
distribution of receipts), whichever applicable: (1) taxes and
other governmental charges, (2) such registration fees as may from
time to time be in effect for the registration of transfers of
common shares generally on our common share register or foreign
registrar and applicable to transfers of common shares to the name
of the Depositary or its nominee or the custodian or its nominee on
the making of deposits or withdrawals hereunder, (3) such cable,
telex and fax transmission expenses as are expressly provided, (4)
such expenses as are incurred by the Depositary in the conversion
of foreign currency (5) a fee of US$5.00 or less per 100 GDS (or
portion), (6) a fee of US$0.02 or less per GDS (or portion) for any
cash distribution made pursuant to the deposit agreement including,
but not limited to, and (7) a fee not in excess of US$1.50 per
certificate for receipt for transfers made pursuant to the deposit
agreement.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
PART II</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
</font><font style="font-weight: bold"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">ITEM
13.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="text-decoration: underline">DEFAULTS,
DIVIDEND ARREARAGES AND DELINQUENCIES</font></font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">This item is not
applicable.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
ITEM
14.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;MATERIAL
MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF
PROCEEDS</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
A.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="text-decoration: underline">Fair
Price Provision</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">At our annual
meeting held on October 30, 2000, our shareholders approved an
amendment to our bylaws which included the adoption of a fair price
provision (the &#x201C;Fair Price Provision&#x201D;). On March 8,
2002 our shareholders decided to make a new amendment to Article
Nine of our bylaws including, among others, an increase in the
minimum percentage of capital obliged to comply with the Fair Price
Provision, from twenty percent (20%) to thirty five percent (35%),
according to Decree N&#xB0; 677/2001. On October 10, 2007, our
shareholders decided to make a new amendment to Article Nine of our
bylaws, to include the control concept under Decree N&#xB0;
677/2001, which provides for the effective control regularly held
in addition to the legal control.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The following
description is a summary of the main provisions of the Fair Price
Provision, which constitutes Article Nine of our bylaws and does
not contain a description of all of the terms of the Fair Price
Provision. The Fair Price Provision prohibits a party seeking to
acquire, directly or indirectly, either control or (together with
such party&#x2019;s other holdings) thirty five percent (35%) or
more of our capital stock without complying with the procedural and
price requirements described below. Acquisitions made in violation
of the Fair Price Provision are deemed ineffective against us and
will not be registered in our share registry. Common shares
acquired in violation of the Fair Price Provision shall have no
voting or</font> <font style="font-size: 13px; font-family: Times New Roman">equity rights until
the Fair Price Provision has been complied with. The Fair Price
Provision applies to transactions involving shares of our common
stock and any securities convertible in shares of our common stock,
including, without limitation, convertible debentures and bonds and
our GDRs. The Fair Price Provision excludes certain acquisitions of
common shares in certain limited circumstances.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">202</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Fair Price
Provision provides that a party seeking to acquire, directly or
indirectly, control of our company or thirty five percent (35%) or
more of our capital stock shall be required to make a public tender
offer for all of the outstanding common stock of us and any shares
of common stock into which outstanding securities of our company
are presently convertible or exchangeable in accordance with the
procedural and price terms of the Fair Price Provision and in
accordance with applicable law. For purposes of the thirty five
percent threshold contained in the Fair Price Provision parties
acting in concert or which are under common control or
administration are deemed a single party.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">There are cases
excluded from the tender offer requirements:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">acquisitions by
existing shareholders or by those exercising control over shares or
convertible securities in accordance with the provisions under Law
26.831, irrespective of the application of the regulations imposed
by the CNV; and</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">holdings of more
than 35%, which derive from the distribution of common shares or
dividends paid in shares approved by the shareholders, or the
issuance of common shares as a result of a merger approved by the
shareholders; in both cases, the excess holding shall be disposed
of within 180 days of its registration in the relevant
shareholder&#x2019;s account, or prior to the holding of our
shareholders meeting, whatever occurs first.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="background-color: #ffffff">The Fair Price Provision requires the
offering party to notify use of the tender offer simultaneously
with its filing of the public tender offer with the</font>
<font style="background-color: #ffffff; font-style: italic">Comisi&#xF3;n
Nacional de Valores</font><font style="background-color: #ffffff">.
The notice to us is required to set forth all of the terms and
conditions of any agreement that the offering party has made with
any other of our shareholders with respect to the proposed
transaction and to provide, among other things, the following
information:</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">the identity and
nationality of the offering party and, in the event the offer is
made by a group, the identity of each member of the
group;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">the terms and
conditions of the offering, including the price, the tender offer
period and the requirements for accepting the tender
offer;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">accounting
documentation required by Argentine law relating to the offering
party;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">details of all
prior acquisitions by the offering party of common shares or
securities convertible into shares of our capital
stock.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We will distribute
the information provided by the offering party to our
shareholders.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="background-color: #ffffff">The CNV</font><font style="background-color: #ffffff; font-style: italic">&#xA0;</font><font style="background-color: #ffffff">regulations
require that transactions which cause a person&#x2019;s holdings of
capital stock of a registered Argentine company, to hold 5% or more
of the voting power, should be immediately notified to the CNV.
Thereafter, every change in the holdings that represents a multiple
of 5% of the voting power should also be
notified.</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="background-color: #ffffff">The Fair Price Provision requires that
the consideration paid in the tender offer be paid in cash and that
the price paid for each common share in the tender offer be the
same and not less than the highest price per common share derived
from the five following alternative valuation
methods:</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">the highest price
per share of our common stock paid by the offering party, or on
behalf of the offering party, for any acquisition of shares or
convertible securities within the 2 years prior to the commencement
of the tender offer;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">the highest closing
selling price of a share of our common stock on the BASE during the
thirty day period immediately preceding the commencement of the
tender offer;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">the highest price
resulting from the calculations made according to the provisions of
(i) and (ii) above multiplied by a fraction the numerator of which
is such highest price and the denominator of which is the lowest
closing price of a share of our common stock on the BASE during the
two-year period prior to the period referred to in sub-sections (i)
or (ii), as applicable;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">our aggregate net
earnings per common share during our preceding four completed
fiscal quarters prior to the commencement of the tender offer,
multiplied by our highest price to earnings ratio during the
two-year period immediately preceding the commencement of the
tender offer. Such multiples shall be determined considering the
average closing selling price of our common stock in the BASE, and
our aggregate net income from our preceding four completed fiscal
quarters; and,</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">203</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">the book value per
share of our common stock at the time the tender offer is
commenced, multiplied by the highest ratio determined by a fraction
the numerator of which is the closing selling price of a share of
our common stock oi the BASE on each day during the two year period
prior to the commencement of the tender offer and the denominator
of which is the latest known book value per share of our common
stock on each such date.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
B.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="text-decoration: underline">Limitations
on the payment of dividends.</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On February 2,
2007, we issued our Series I Notes for an aggregate principal
amount of US$150.0 million.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In addition, on
July 20, 2010, we issued our Series II Notes.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Indentures of
the Notes contained restrictions on the distribution of dividends.
However, on March 28, 2016 and on April 7, 2016, the Trustee and us
entered into First Supplemental Indentures to the 2020 Notes
Indenture and to the 2017 Notes Indenture, respectively. The
Supplemental Indentures amended, modified and/or deleted certain
provisions of the Indentures. Among them, the restrictions on the
distribution of dividends.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As a result, we
cannot give you any assurance that we will pay any dividends with
respect to our common shares in the future.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
C.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="background-color: #ffffff; text-decoration: underline; font-size: 13px">This
section is not applicable.</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
D.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="background-color: #ffffff; text-decoration: underline; font-size: 13px">This
section is not applicable.</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
E.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="background-color: #ffffff; text-decoration: underline; font-size: 13px">This
section is not applicable.</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
&#xA0;ITEM
15.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="text-decoration: underline; font-size: 13px">CONTROLS
AND PROCEDURES</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">A.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="text-decoration: underline">Disclosure
Controls and Procedures</font>.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We maintain
disclosure controls and procedures that are designed to ensure that
information required to be disclosed in the reports we file or
submit under the Exchange Act is recorded, processed, summarized
and reported within the time periods specified in the SEC&#x2019;s
rules and forms, and that such information is accumulated and
communicated to management, including our Chief Executive Officer
and Chief Financial and Administrative Officer, to allow our
management to make timely decisions regarding required disclosure.
Any controls and procedures, no matter how well designed and
operated, can provide only reasonable assurance of achieving the
desired control objective. In connection with the preparation of
this Annual Report on Form 20-F, we carried out an evaluation under
the supervision and with the participation of members of our
management team, including our Chief Executive Officer and Chief
Financial and Administrative Officer, of the effectiveness of the
design and operation of our disclosure controls and procedures (as
defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as
of June 30, 2016. Based upon this evaluation our Chief Executive
Officer and Chief Financial and Administrative Officer concluded
that our disclosure controls and procedures as of the end of the
period covered by this Annual Report on Form 20-F were effective at
the reasonable assurance level.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">B.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Management&#x2019;s
Annual Report on Internal Control Over Financial
Reporting</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Our management is
responsible for establishing and maintaining adequate Internal
Control over Financial Reporting (as defined in Rules 13a-15(f) and
15d-15(f) under the Exchange Act). Our Internal Control over
Financial Reporting includes a series of procedures designed to
provide reasonable assurance regarding the reliability of financial
reporting and the preparation of consolidated financial statements
for external purposes, in accordance with International Financial
Reporting Standards and includes those policies and procedures that
(1) pertain to the maintenance of records that, in reasonable
detail, accurately and fairly reflect the transactions and
dispositions of our assets, (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of
consolidated financial statements in accordance with International
Financial Reporting Standards and that a company&#x2019;s receipts
and expenditures are being made only in accordance with
authorizations of our management and directors, and (3) provide
reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use, or disposition of our assets that
could have a material effect on our consolidated financial
statements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Because of its
inherent limitations, Internal Control over Financial Reporting may
not prevent or detect misstatements. Also, projections of any
evaluation of effectiveness to future periods are subject to the
risk that controls may become inadequate because of changes in
conditions, or that the degree of compliance with policies and
procedures may deteriorate.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Management assessed
the effectiveness of our Internal Control over Financial Reporting
as of June 30, 2016. In making this assessment, management used the
criteria set forth by the Committee of Sponsoring Organizations of
the Treadway Commission (COSO) in Internal Control&#x2013;Integrated
Framework (2013). Based on this evaluation, management concluded
that our Internal Control over Financial Reporting was effective as
of June 30, 2016. However, the management has</font> <font style="font-size: 13px; font-family: Times New Roman">excluded IDB
Development from its assessment of Internal Control over Financial
Reporting as of June 30, 2016 because it was acquired by us in
purchase business combinations during the fiscal year 2016. IDB
Development is an indirect subsidiary (through Tyrus S.A.) whose
total assets and total revenues represent 92% and 86%,
respectively, of our Audited Consolidated Financial Statements
amount as of and for the year ended June 30, 2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">204</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">C.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="text-decoration: underline">Attestation
Report of the</font> <font style="text-decoration: underline">Registered Public Accounting</font>
<font style="text-decoration: underline">Firm</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The effectiveness
of the Company&#x2019;s internal control over financial reporting as
of June 30, 2016 has been audited by Price Waterhouse &amp; Co
S.R.L, Buenos Aires Argentina- member firm of
PricewaterhouseCoopers International Limited-, an independent
registered public accounting firm, as stated in their report which
appears herein.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">D.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="text-decoration: underline">Changes
in</font> <font style="text-decoration: underline">Internal Control
Over Financial</font><font style="font-style: italic; font-weight: bold; text-decoration: underline; font-family: Times New Roman">&#xA0;</font><font style="text-decoration: underline">Reporting</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">There was no change
in our internal control over financial reporting occurred during
the period covered by this annual report that has materially
affected, or is reasonably likely to materially affect, our
internal control over financial reporting.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-style: italic; font-size: 13px">ITEM&#xA0;16</font><font style="font-style: italic; font-size: 13px">.</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
A.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="text-decoration: underline">Audit
Committee Financial Expert</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Pursuant to the
former applicable rules regarding the Capital Market Law (former
Transparency Decree) and the applicable Rules of the CNV at such
moment, our board of directors has established on May 2004 an Audit
Committee. The main functions of the Audit Committee are to assist
the board of directors in performing their duty of exercising due
care, diligence and competence in issues relating to us,
specifically in the enforcement of the accounting policy and in the
issue of accounting and financial information, the management of
business risk and of internal control systems, the conduct and
ethical soundness of the company&#x2019;s business, the supervision
of the integrity of our financial statements, the compliance by our
company with the legal provisions, the independence and capability
of the independent auditor and the performance of the internal
audit function of our company and of the external auditors. Also,
according to the applicable regulations, we may request to our
audit committee to render its opinion in certain transactions, and
its conditions, as is the case of related party transactions, as
may be reasonably considered adequate according to normal market
conditions.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Since November 3,
2008 the member of the Audit Committee are Cedric Bridger, Ricardo
Liberman and Mario Blejer, all of them as independent members.
Cedric Bridger is the financial expert in accordance with the
relevant SEC rules. We have a fully independent audit committee as
per the standard provided in Rule 10 (A) -3(B) (1).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
B.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="text-decoration: underline; font-size: 13px">Code
of Ethics</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We have adopted a
code of ethics that applies to our directors, officers and
employees. Our code of ethics is posted in our website
www.irsa.com.ar. On July 25 2005, our Code of Ethics was amended by
our Board of Directors. The amendment was reported in a report on
Form 6-K on August 1, 2005.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">If we make any
substantive amendment to the code of ethics or grant any waivers,
including any implicit waiver to any of its provision we will
disclose the nature of such amendment or waiver in a report on Form
6-K or in our next annual report and we will post it in our
website.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
C.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="text-decoration: underline">Principal
Accountant Fees and Services</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Audit Fees</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">During the fiscal
years ended June 30, 2016 and 2015, we were billed a total amount
of Ps. 12.3 million and Ps.7.4 million respectively, for
professional services rendered by our principal accountants for the
audit of our annual Audited Consolidated Financial Statements,
performance of the audit of internal controls over financial
reporting of the company and other services normally provided in
connection with regulatory filings or engagements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Audit-Related Fees</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">During the fiscal
years ended June 30, 2016 and 2015, no audit-related services were
provided.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Tax Fees</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">During the fiscal
year ended June 30, 2016 and 2015, we were billed a total amount of
nil and Ps.0.01 million, respectively for professional services
rendered by our principal accountants for tax compliance, tax
advice and tax planning.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
All Other Fees</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">During the fiscal
year ended June 30, 2016 and June 30, 2015 we were billed for
professional services rendered by our principal accountants,
including fees mainly related to training seminaries, a total
amount of Ps. 0.1 million and Ps.0 million,
respectively.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Audit Committee Pre-Approval Policies and Procedures</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Audit Committee
pre-approves all services, fees and services provided by the
external auditors to ensure auditors&#x2019; independence. One of
the main tasks of the Audit Committee is to give it opinion in
relation to the appointment of the external auditors, proposed by
the Board of Directors to the General Shareholder&#x2019;s Meeting.
In order to accomplish such task, the Audit Committee
shall:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Require any
additional and complementary documentation related to this
analysis.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Verify the
independence of the external auditors;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Analyze different
kinds of services that the external auditor would provide to the
company. This description must also include an estimate of the fees
payable for such services, specifically in order to maintain the
principle of independence;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Inform the fees
billed by the external auditor, separating the services related to
the audit services and other special services that could be not
included in the audit services previously
mentioned.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Take notice of any
strategy proposed by of the external auditors and review it in
accordance with the reality other business and the risks
involved;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Analyze and
supervise the working plan of the external auditors considering the
business&#x2019; reality and the estimated
risks;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Propose adjustments
(if necessary) to such working plan;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Hold meetings with
the external auditors in order to: (a) analyze the difficulties,
results and conclusions of the proposed working plan; (b) analyze
eventual possible conflicts of interests, related party
transactions, compliance with the legal framework and information
transparency; and</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Evaluate the
performance of external auditors and their opinion regarding the
Financial Statements.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">D.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="text-decoration: underline">Exemption
from the Listing Standards for Audit</font> <font style="text-decoration: underline">Committees</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">This section is not
applicable.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">E.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="text-decoration: underline">Purchase
of Equity Securities by the Issuer</font> <font style="text-decoration: underline">and its</font> <font style="text-decoration: underline">Affiliates</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">This section is not
applicable.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">F.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="text-decoration: underline; font-size: 13px">Change
in Registrant&#x2019;s Certifying</font> <font style="text-decoration: underline; font-size: 13px">Accountant</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">This section is not
applicable.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">G.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="text-decoration: underline; font-size: 13px">Corporate
Governance</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Compliance with NYSE listing standards on corporate
governance</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
NYSE and Argentine Corporate Governance Requirements</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Our corporate
governance practices are governed by the applicable Argentine law;
particularly, the Argentine Corporation Law, Capital Markets Law
N&#xBA; 26,831 and the Rules of the CNV, as well as by our bylaws.
We have securities that are registered with the Securities and
Exchange Commission and are NYSE, and is therefore subject to
corporate governance requirements applicable to NYSE-listed
non-U.S. companies (a &#x201C;NYSE-listed&#x201D;
company).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">NYSE-listed
non-U.S. companies that are categorized as &#x201C;Foreign Private
Issuers&#x201D; may, in general, follow their home country corporate
governance practices in lieu of most of the new NYSE corporate
governance requirements (the &#x201C;NYSE Sections&#x201D;) codified
in Section 303A of the NYSE&#x2019;s Listed Company Manual. However,
Foreign Private Issuers must comply with NYSE Sections 303A.06,
303A.11 and 303A.12(b) and 303A.12(c). Foreign Private Issuers must
comply with Section 303A.06 prior to July 31, 2005 and with
Sections 303A.11 and 303A.12(b) prior to the first annual meeting
of shareholders held after January 15, 2004, or by October 31,
2004.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">NYSE Section
303A.11 requires that Foreign Private Issuers disclose any
significant ways in which their corporate governance practices
differ from U.S. companies under NYSE standards. A Foreign Private
Issuer is simply required to provide a brief, general summary of
such significant differences to its U.S. investors either 1) on the
company&#x2019;s website</font> <font style="font-size: 13px; font-family: Times New Roman">(in English) or 2)
in Form 20-F as distributed to their U.S. investors. In order to
comply with Section 303A.11, we have prepared and have updated the
comparison in the table below.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">205</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
&#xA0;THE MOST RELEVANT DIFFERENCES BETWEEN OUR CORPORATE
GOVERNANCE PRACTICES AND NYSE STANDARDS FOR LISTED COMPANIES ARE AS
FOLLOWS:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 36%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 40%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NYSE
Standards for U.S. companies Listed Companies Manual Section
303.A</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 36%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA&#x2019;s
Corporate Practices</font></div>
</td>
</tr><tr>
<td style="width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Section 303A.01 A
NYSE-listed company must have a majority of independent directors
on its board of directors.</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 36%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We follow Argentine
law which does not require that a majority of the board of
directors be comprised of independent directors. Argentine law
instead requires that public companies in Argentina have a
sufficient number of independent directors to be able to form an
audit committee of at least three members, the majority of which
must be independent pursuant to the criteria established by
the<font style="font-style: italic">&#xA0;</font>Rules of the
CNV.</font></div>
</td>
</tr><tr>
<td style="width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Section 303A.02
This section establishes general standards to evaluate
directors&#x2019; independence (no director qualifies as
&#x201C;independent&#x201D; unless the board of directors
affirmatively determines that the director has no material
relationship with the listed company (either directly or as a
partner, shareholder or officer of an organization that has a
relationship with the company)), and emphasizes that the concern is
independence from management. The board is also required to express
an opinion with regard to the independence or lack of independence,
on a case by case basis, of each individual director.</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 36%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">CNV standards
(former General Resolution N&#xB0; 400 and now General Resolution
622/2013, as amended) for purposes of identifying an independent
director are substantially similar to NYSE&#x2019;s
standards.<font style="font-style: italic">&#xA0;</font>CNV
standards provide that independence is required with respect to the
company itself and to its shareholders with direct or indirect
material holdings (35% or more). To qualify as an independent
director, such person must not perform executive functions within
the company. Close relatives of any persons who would not qualify
as &#x201C;independent directors&#x201D; shall also not be considered
&#x201C;independent.&#x201D; When directors are appointed, each
shareholder that nominates a director is required to report at the
meeting whether or not such director is independent.</font></div>
</td>
</tr><tr>
<td style="width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Section 303A.03
Non-management directors must meet at regularly scheduled executive
meetings not attended by management.</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 36%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Neither Argentine
law nor our by-laws require that any such meetings be
held.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Our board of
directors as a whole is responsible for monitoring the
company&#x2019;s affairs. In addition, under Argentine law, the
board of directors may approve the delegation of specific
responsibilities to designated directors or non-director managers
of a company. Also, it is mandatory for public companies to form a
supervisory committee (composed of syndics) which is responsible
for monitoring legal compliance by a company under Argentine law
and compliance with its by-laws.</font></div>
</td>
</tr><tr>
<td style="width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Section 303A.05(a)
Listed companies shall have a &#x201C;Compensation Committee&#x201D;
comprised entirely of independent directors.</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 36%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Neither Argentine
law nor our by-laws require the formation of a &#x201C;Compensation
Committee.&#x201D; Under Argentine law, if the compensation of the
members of the board of directors and the supervisory committee is
not established in the by-laws of a company, it should be
determined at the shareholders meeting.</font></div>
</td>
</tr><tr>
<td style="width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Section 303A.05(b).
The &#x201C;Compensation Committee&#x201D; shall have a written
charter addressing the committee&#x2019;s purpose and certain
minimum responsibilities as set forth in Section</font></div>
</td>
<td colspan="2" style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Neither Argentine
law nor our by-laws require the formation of a &#x201C;Compensation
Committee.&#x201D;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">206</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">303A.05(b)(i) and
(ii).</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 36%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 40%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NYSE
Standards for U.S. companies Listed Companies Manual Section
303.A</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 36%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA&#x2019;s
Corporate Practices</font></div>
</td>
</tr><tr>
<td style="width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Section 303A.06
Listed companies must have an &#x201C;Audit Committee&#x201D; that
satisfies the requirements of Rule 10 A-3 under the 1934 Exchange
Act (the &#x201C;Exchange Act&#x201D;). Foreign private issuers must
satisfy the requirements of Rule 10 A-3 under the Exchange Act as
of July 31, 2005.</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 36%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Pursuant to the
Capital Markets Law and the Rules of the CNV, from May 27, 2004 we
have appointed an &#x201C;Audit Committee&#x201D; composed of three
of the members of the Board of Directors. Since December 21, 2005
all of its members are independent as per the criteria of Rule 10
A-3 under the Exchange Act.</font></div>
</td>
</tr><tr>
<td style="width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Section 303A.07(a)
The Audit Committee shall consist of at least three members. All of
its members shall be financially literate or must acquire such
financial knowledge within a reasonable period and at least one of
its members shall have experience in accounting or financial
administration.</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 36%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In accordance with
Argentine law, a public Company must have an Audit Committee with a
minimum of three members of the board of directors, the majority of
which shall be independent pursuant to the criteria established by
the<font style="font-style: italic">&#xA0;</font>CNV. There is no
requirement related to the financial expertise of the members of
the Audit Committee. However, our Audit Committee has a financial
expert. The committee creates its own written internal code that
addresses among others: (i) its purpose; (ii) an annual performance
evaluation of the committee; and (iii) its duties and
responsibilities.</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
H.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="text-decoration: underline; font-size: 13px">Mine
Safety Disclosures</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">This section is not
applicable.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">207</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
PART III</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
ITEM
17.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="text-decoration: underline; font-size: 13px">FINANCIAL
STATEMENTS</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We have responded
to Item 18 in lieu of responding to this Item.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
ITEM
18.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="text-decoration: underline; font-size: 13px">FINANCIAL
STATEMENTS</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Reference is made
to pages F-1 through F-373</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Index to Financial
Statements (see page F-1).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
ITEM&#xA0;19.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<a name="19">&#xA0;</a><font style="text-decoration: underline">EXHIBITS</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 78%">
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">INDEX
OF EXHIBITS</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; margin-left: 0px; margin-right: 0px; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td rowspan="1" style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Exhibit
N&#xBA;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 88%">
<div style="text-align: left; margin-left: 12px; margin-right: auto; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Description
of Exhibit</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">1.1</font><font style="font-size: 13px; font-family: Times New Roman">*</font></div>
</td>
<td style="vertical-align: bottom; width: 88%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Estatutos sociales
of the registrant, which serve as the registrant&#x2019;s articles
of incorporation and bylaws, and an English translation
thereof.</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">1.2</font><font style="font-size: 13px; font-family: Times New Roman">****</font></div>
</td>
<td style="vertical-align: bottom; width: 88%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">English translation
of the amendment to the bylaws.</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">1.3</font><font style="font-size: 13px; font-family: Times New Roman">**********</font></div>
</td>
<td style="vertical-align: bottom; width: 88%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Amended and
restated English translation of the bylaws.</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">2.1</font><font style="font-size: 13px; font-family: Times New Roman">*</font></div>
</td>
<td style="vertical-align: bottom; width: 88%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Form of Deposit
Agreement among us, The Bank of New York, as Depositary, and the
holders from time to time of American Depositary Receipts issued
there under.</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">2.2</font><font style="font-size: 13px; font-family: Times New Roman">*</font></div>
</td>
<td style="vertical-align: bottom; width: 88%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Shareholders
Agreement, dated November 18, 1997, among IRSA International
Limited, Parque Arauco S.A. and Sociedad An&#xF3;nima Mercado de
Abasto Proveedor (SAMAP).</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">2.3</font><font style="font-size: 13px; font-family: Times New Roman">*</font></div>
</td>
<td style="vertical-align: bottom; width: 88%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Put Option
Agreement dated November 17, 1997, among IRSA Inversiones y
Representaciones Sociedad An&#xF3;nima and GSEM/AP.</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">2.4</font><font style="font-size: 13px; font-family: Times New Roman">*</font></div>
</td>
<td style="vertical-align: bottom; width: 88%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Offering Circular,
dated March 24, 2000, regarding the issuance of Ps.85,000,000 of
our 14.875% Notes due 2005.</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">2.5</font><font style="font-size: 13px; font-family: Times New Roman">*******</font></div>
</td>
<td style="vertical-align: bottom; width: 88%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Indenture, dated
July 20, 2010, between us as Issuer, The Bank of New York Mellon as
Trustee, Co-Registrar, Principal Paying Agent and Transfer Agent,
and Banco Santander R&#xED;o S.A. as Registrar, Paying Agent,
Transfer Agent and Representative of the Trustee in Argentina, with
respect to our US$400,000,000 Global Note Program, pursuant to
which US$150,000,000 aggregate principal amount of our 11.500%
Notes due 2020, Series No. 2, were issued.</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">2.6</font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 88%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">First Supplemental
Indenture, dated March 28, 2016, between us as Issuer and The Bank
of New York Mellon as Trustee, Co-Registrar, Principal Paying Agent
and Transfer Agent to the Indenture, dated July 20, 2010, between
us as Issuer, The Bank of New York Mellon as Trustee, Co-Registrar,
Principal Paying Agent and Transfer Agent, and Banco Santander
R&#xED;o S.A. as Registrar, Paying Agent, Transfer Agent and
Representative of the Trustee in Argentina, with respect to our
US$400,000,000 Global Note Program, pursuant to which
US$150,000,000 aggregate principal amount of our 11.500% Notes due
2020, Series No. 2, were issued.</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">2.7</font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 88%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Indenture, dated
March 23, 2016, between IRSA Propiedades Comerciales S.A. as
Issuer, The Bank of New York Mellon as Trustee, Co-Registrar,
Principal Paying Agent and Transfer Agent, and Banco Santander
R&#xED;o S.A. as Registrar, Paying Agent, Transfer Agent and
Representative of</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">208</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; margin-left: 0px; margin-right: 0px; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td rowspan="1" style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 88%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">the Trustee in
Argentina, with respect to IRSA Propiedades Comerciales
S.A.&#x2019;s US$500,000,000 Global Note Program, pursuant to which
US$360,000,000 aggregate principal amount of IRSA Propiedades
Comerciales S.A.&#x2019;s 8.750% Notes due 2023, Series No. 2, were
issued.</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">2.8</font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 88%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">First Supplemental
Indenture, dated March 23, 2016, between IRSA Propiedades
Comerciales S.A., as Issuer and The Bank of New York Mellon, as
Trustee, Co-Registrar, Principal Paying Agent and Transfer Agent,
The Bank of New York Mellon (Luxembourg) S.A., as Luxembourg Paying
Agent and Luxembourg Transfer Agent and Banco Santander R&#xED;o
S.A., as Registrar, Paying Agent, Transfer Agent and Representative
of the Trustee in Argentina to the Indenture, dated March 23, 2016,
between IRSA Propiedades Comerciales S.A. as Issuer, The Bank of
New York Mellon as Trustee, Co-Registrar, Principal Paying Agent
and Transfer Agent, and Banco Santander R&#xED;o S.A. as Registrar,
Paying Agent, Transfer Agent and Representative of the Trustee in
Argentina, with respect to IRSA Propiedades Comerciales
S.A.&#x2019;s US$500,000,000 Global Note Program, pursuant to which
US$360,000,000 aggregate principal amount of IRSA Propiedades
Comerciales S.A.&#x2019;s 8.750% Notes due 2023, Series No. 2, were
issued.</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">4.1</font><font style="font-size: 13px; font-family: Times New Roman">**</font></div>
</td>
<td style="vertical-align: bottom; width: 88%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Agreement for the
exchange of Corporate Service between us, IRSA and Cresud dated
June 30, 2004.</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">4.2</font><font style="font-size: 13px; font-family: Times New Roman">****</font></div>
</td>
<td style="vertical-align: bottom; width: 88%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">English translation
of the Amendment to the Agreement for the exchange of Corporate
Service between us, IRSA and Cresud dated August 23,
2007</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">4.3</font><font style="font-size: 13px; font-family: Times New Roman">*****</font></div>
</td>
<td style="vertical-align: bottom; width: 88%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">English translation
of the Second Agreement for the Implementation of the Amendment to
the Corporate Services Master Agreement, dated August 14,
2008.</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">4.4</font><font style="font-size: 13px; font-family: Times New Roman">******</font></div>
</td>
<td style="vertical-align: bottom; width: 88%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">English translation
of the Third Agreement for the Implementation of the Amendment to
the Corporate Services Master Agreement, dated November 27,
2009.</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">4.5</font><font style="font-size: 13px; font-family: Times New Roman">*******</font></div>
</td>
<td style="vertical-align: bottom; width: 88%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">English translation
of the Amendment to the Agreement for the exchange of Corporate
Service between us, IRSA and Cresud, dated March 12,
2010.</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">4.6</font><font style="font-size: 13px; font-family: Times New Roman">********</font></div>
</td>
<td style="vertical-align: bottom; width: 88%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">English translation
of the Amendment to the Agreement for the exchange of Corporate
Service between us, IRSA and Cresud, dated July 11,
2011.</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">4.7</font><font style="font-size: 13px; font-family: Times New Roman">*********</font></div>
</td>
<td style="vertical-align: bottom; width: 88%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">English translation
of the Fifth Agreement for the implementation of Amendments to the
Corporate Services Master Agreement, October 15, 2012</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">4.8</font><font style="font-size: 13px; font-family: Times New Roman">**********</font></div>
</td>
<td style="vertical-align: bottom; width: 88%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">English translation
of the Sixth Agreement for the Implementation of the Amendment to
the Corporate Services Master Agreement dated November 12,
2013.</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">4.9</font><font style="font-size: 13px; font-family: Times New Roman">***********</font></div>
</td>
<td style="vertical-align: bottom; width: 88%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">English translation
of the Second Amendment to the exchange of Operating
Services&#xA0;Agreement between the Company, Cresud and Alto
Palermo, dated February 24, 2014.</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">4.10</font><font style="font-size: 13px; font-family: Times New Roman">************</font></div>
</td>
<td style="vertical-align: bottom; width: 88%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">English translation
of the Seventh Agreement for the Implementation of the Amendment to
the Corporate Services Master Agreement dated February 18,
2015.</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">4.11</font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 88%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">English translation
of the Eighth Agreement for the Implementation of the Amendment to
the Corporate Services Master Agreement dated November 12,
2015.</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">8.1</font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 88%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">List of
Subsidiaries</font></div>
</td>
</tr><tr style="background-color: #ffffff">
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">11.1</font><font style="font-size: 13px; font-family: Times New Roman">***</font></div>
</td>
<td style="vertical-align: bottom; width: 88%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Code of Ethics of
the Company.</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">209</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">12.1</font></div>
</td>
<td style="width: 63%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Certification
pursuant to Section 302 of the Sarbanes-Oxley Act 2002</font></div>
</td>
</tr><tr>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">12.2</font></div>
</td>
<td style="width: 63%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Certification
pursuant to Section 302 of the Sarbanes-Oxley Act 2002</font></div>
</td>
</tr><tr>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">13.1</font></div>
</td>
<td style="width: 63%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Certification
pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of
the Sarbanes-Oxley Act of 2002.</font></div>
</td>
</tr><tr>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">13.2</font></div>
</td>
<td style="width: 63%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Certification
pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of
the Sarbanes-Oxley Act of 2002.</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">*</font></div>
</td>
<td style="width: 63%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Incorporated herein
by reference to the same-numbered exhibit to the registrant&#x2019;s
registration statement on Form 20-F (File N&#xB0;
000-30982).</font></div>
</td>
</tr><tr>
<td style="width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">**</font></div>
</td>
<td style="width: 63%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Incorporated herein
by reference to the registrant&#x2019;s registration statement on
Form 6-K (SEC File N&#xB0; 000-30982).</font></div>
</td>
</tr><tr>
<td style="width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">***</font></div>
</td>
<td style="width: 63%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Incorporated herein
by reference to the registrant&#x2019;s registration statement on
Form 6-K reported on August&#xA0;1, 2005.</font></div>
</td>
</tr><tr>
<td style="width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">****</font></div>
</td>
<td style="width: 63%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Incorporated herein
by reference to the annual report on Form 20-F (File
N&#xB0;&#xA0;128 0-30982) filed with the SEC on December&#xA0;27,
2007.</font></div>
</td>
</tr><tr>
<td style="width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">*****</font></div>
</td>
<td style="width: 63%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Incorporated herein
by reference to the annual report on Form 20-F (File
N&#xB0;&#xA0;128 0-30982) filed with the SEC on December&#xA0;30,
2008.</font></div>
</td>
</tr><tr>
<td style="width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">******</font></div>
</td>
<td style="width: 63%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Incorporated herein
by reference to the annual report on Form 20-F (File
N&#xB0;&#xA0;1280-30982) filed with the SEC on December&#xA0;30,
2009.</font></div>
</td>
</tr><tr>
<td style="width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">*******</font></div>
</td>
<td style="width: 63%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Incorporated herein
by reference to the annual report on Form 20-F (File N&#xB0;
1280-30982) filed with the SEC on December 30, 2010.</font></div>
</td>
</tr><tr>
<td style="width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">********</font></div>
</td>
<td style="width: 63%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Incorporated herein
by reference to the annual report on Form 20-F (File N&#xB0;
1280-30982) filed with the SEC on December 28, 2011.</font></div>
</td>
</tr><tr>
<td style="width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">*********</font></div>
</td>
<td style="width: 63%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Incorporated herein
by reference to the annual report on Form 20-F (File N&#xB0;
1280-30982) filed with the SEC on October 26, 2012.</font></div>
</td>
</tr><tr>
<td style="width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">**********</font></div>
</td>
<td style="width: 63%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Incorporated herein
by reference to the annual report on Form 20-F (File N&#xB0;
1280-30982) filed with the SEC on October 31, 2014.</font></div>
</td>
</tr><tr>
<td style="width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">***********</font></div>
</td>
<td style="width: 63%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Incorporated herein
by reference to the annual report on Form 20-F (File N&#xB0;
1280-30982) filed with the SEC on November 17, 2015.</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">SIGNATURES</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The registrant
hereby certifies that it meets all of the requirements for filing
on Form 20-F and that it has duly caused and authorized the
undersigned to sign this annual report on its behalf.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 38%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Date October 31,
2016</font></div>
</td>
<td style="width: 3%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">By:</font></div>
</td>
<td style="width: 31%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">/s/ Matias I.
Gaivironsky</font></div>
</td>
<td style="width: 6%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Name Mat&#xED;as I.
Gaivironsky</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Title Chief
Financial and Administrative Officer</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">210</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 24px; font-family: Times New Roman">Index</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font><font style="font-weight: bold; font-size: 24px; font-family: Times New Roman">&#xA0;</font><br>

&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 72%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Report of
Independent Registered Public Accounting
Firm&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 72%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Glossary&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">F-1<br></font></div>
</td>
</tr><tr>
<td style="width: 72%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Consolidated
Statements of Financial
Position&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">F-2</font></div>
</td>
</tr><tr>
<td style="width: 72%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Consolidated
Statements of
Operations&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">F-3</font></div>
</td>
</tr><tr>
<td style="width: 72%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Consolidated
Statements of Comprehensive
Operations&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">F-4</font></div>
</td>
</tr><tr>
<td style="width: 72%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Consolidated
Statements of Changes in Shareholders&#x2019;
Equity&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">F-5</font></div>
</td>
</tr><tr>
<td style="width: 72%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Consolidated
Statements of Cash
Flows&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">F-8</font></div>
</td>
</tr><tr>
<td style="width: 72%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Notes to
Consolidated Financial
Statements&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">F-9</font></div>
</td>
</tr><tr>
<td style="width: 72%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Schedule
I<br></font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">F-147</font></div>
</td>
</tr><tr>
<td style="width: 72%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Schedule
II<br></font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">F-150</font></div>
</td>
</tr><tr>
<td style="width: 72%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Schedule
III<br></font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">F-152</font></div>
</td>
</tr><tr>
<td style="width: 72%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 72%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 72%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 72%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 72%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 72%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
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</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
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</div>
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<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
Report of Independent Registered Public Accounting
Firm</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">To the
Board of Directors and Shareholders of</font></div>
<div style="text-align: left; padding-bottom: 13.3px; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; padding-bottom: 13.3px; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">In our
opinion, the accompanying consolidated statements of financial
position and the related consolidated statements of income,
comprehensive income, changes in shareholders&#x2019; equity and
cash flows present fairly, in all material respects, the financial
position of IRSA Inversiones y Representaciones Sociedad
An&#xF3;nima and its subsidiaries at June 30, 2016 and 2015, and
the results of their operations and their cash flows for each of
the three years in the period ended June 30, 2016 in conformity
with International Financial Reporting Standards as issued by the
International Accounting Standards Board. In addition, in our
opinion, the financial statement schedules listed in the
accompanying index<font style="font-weight: bold; font-size: 70%; vertical-align: top">&#xA0;</font>present
fairly, in all material respects, the information set forth therein
when read in conjunction with the related consolidated<font style="font-weight: bold">&#xA0;</font>financial statements. Also, in our
opinion, the Company maintained, in all material respects,
effective internal control over financial reporting as of June 30,
2016, based on criteria established in <font style="font-style: italic">Internal Control - Integrated Framework</font>
2013 issued by the Committee of Sponsoring Organizations of the
Treadway Commission (COSO). The Company's management is responsible
for these financial statements and financial statement schedules,
for maintaining effective internal control over financial reporting
and for its assessment of the effectiveness of internal control
over financial reporting, included in accompanying
Management&#x2019;s Annual Report on Internal Control Over Financial
Reporting under Item 15. Our responsibility is to express opinions
on these financial statements, on the financial statement
schedules, and on the Company's internal control over financial
reporting based on our integrated audits. We conducted our audits
in accordance with the standards of the Public Company Accounting
Oversight Board (United States). Those standards require that we
plan and perform the audits to obtain reasonable assurance about
whether the financial statements are free of material misstatement
and whether effective internal control over financial reporting was
maintained in all material respects. Our audits of the financial
statements included examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing
the accounting principles used and significant estimates made by
management, and evaluating the overall financial statement
presentation. Our audit of internal control over financial
reporting included obtaining an understanding of internal control
over financial reporting, assessing the risk that a material
weakness exists, and testing and evaluating the design and
operating effectiveness of internal control based on the assessed
risk. Our audits also included performing such other procedures as
we considered necessary in the circumstances. We believe that our
audits provide a reasonable basis for our opinions.</font></div>
<div style="text-align: left; padding-bottom: 13.3px; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">The
accompanying financial statements have been prepared assuming that
the Company will continue as a going concern. As discussed in Note
1 to the consolidated financial statements, there are risks and
uncertainties in relation to the Company&#x2019;s subsidiary IDB
Development. These financial statements do not include any
adjustments related to the valuation of IDBD&#x2019;s assets and
liabilities that would be required if IDBD were not able to
continue as a going-concern.</font></div>
<div style="text-align: left; padding-bottom: 13.3px; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">A
company&#x2019;s internal control over financial reporting is a
process designed to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally
accepted accounting principles. A company&#x2019;s internal control
over financial reporting includes those policies and procedures
that (i)&#xA0;pertain to the maintenance of records that, in
reasonable detail, accurately and fairly reflect the transactions
and dispositions of the assets of the company; (ii)&#xA0;provide
reasonable assurance that transactions are recorded as necessary to
permit preparation of financial statements in accordance with
generally accepted accounting principles, and that receipts and
expenditures of the company are being made only in accordance with
authorizations of management and directors of the company; and
(iii)&#xA0;provide reasonable assurance regarding prevention or
timely detection of unauthorized acquisition, use, or disposition
of the company&#x2019;s assets that could have a material effect on
the financial statements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<div id="ftr">
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</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; padding-bottom: 13.3px; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Because
of its inherent limitations, internal control over financial
reporting may not prevent or detect misstatements. Also,
projections of any evaluation of effectiveness to future periods
are subject to the risk that controls may become inadequate because
of changes in conditions, or that the degree of compliance with the
policies or procedures may deteriorate.</font></div>
<div style="text-align: left; padding-bottom: 13.3px; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">As
described in &#x201C;Management&#xB4;s Annual Report on Internal
Control over Financial Reporting&#x201D;, management has excluded
IDB Development from its assessment of internal control over
financial reporting as June 30, 2016 because it was acquired by the
Company in a purchase business combination during 2016. We have
also excluded IDB Development from our audit of internal control
over financial reporting. IDB Development is an indirect subsidiary
(through Tyrus S.A.) whose total assets and total revenue represent
92&#xA0;% and 86&#xA0;%, respectively, of the related consolidated
financial statement amounts as of and for the year ended June 30,
2016.</font></div>
<div style="text-align: justify; padding-bottom: 13.3px; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; padding-bottom: 13.3px; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">PRICE
WATERHOUSE &amp; Co. S.R.L.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
&#xA0;<font style="text-decoration: underline; font-family: Times New Roman; font-size: 13px">By:
/s/</font> <font style="text-decoration: underline; font-family: Times New Roman; font-size: 13px">
<font style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration: underline; display: inline !important; float: none;">
Eduardo A. Loi&#xE1;cono</font> (Partner)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
Eduardo A. Loi&#xE1;cono</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Buenos
Aires, Argentina</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">October&#xA0;31,
2016</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<div id="ftr">
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</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">
Glossary</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;</font><br>

&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The followings are
not technical definitions, but help the reader to understand
certain terms used in the wording of the notes to the Group&#xB4;s
Financial Statements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 28%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Terms</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 49%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Definitions</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">BACS</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Banco de
Cr&#xE9;dito y Securitizaci&#xF3;n S.A.</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Baicom</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Baicom Networks
S.A.</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Bartan</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Bartan Holdings and
Investments Ltd.</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">BASE</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Buenos Aires Stock
Exchange</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">BCRA</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Central Bank of the
Argentine Republic.</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">BHSA</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Banco Hipotecario
S.A.</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Bitania</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Bitania 26
S.A</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">BMBY</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Buy Me Buy You
(Note 3.A.a)</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cellcom</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cellcom Israel
Ltd.</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Clal</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Clal Holdings
Insurance Enterprises Ltd.</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">CNV</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Securities Exchange
Commission.</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">CODM</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Chief Operating
Decision Maker</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Condor</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Condor Hospitality
Trust Inc.</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cresud</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cresud S.A.C.I.F. y
A.</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cyrsa</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cyrsa
S.A.</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">DFL</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Dolphin Fund
Ltd.</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">DIC</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Discount Investment
Corporation Ltd.</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">DN
B.V.</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Dolphin Netherlands
B.V.</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Dolphin</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Dolphin Fund Ltd.
and Dolphin Netherlands B.V.</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">EHSA</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Entertainment
Holdings S.A.</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">ENUSA</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Entretenimiento
Universal S.A.</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">ERSA</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Emprendimiento
Recoleta S.A.</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financial
Statements</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Consolidated
Financial Statement</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">ETH</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">C.A.A. Extra
Holdings Ltd.</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">CPF</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Collective
Promotion Funds</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">IASB</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">International
Accounting Interpretations Board</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">IDB
Tourism</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">IDB Tourism (2009)
Ltd</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">IDBD</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">IDB Development
Corporation Ltd.</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">IDBGI</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">IDB Group
Investment Inc.</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">IDBH</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">IDB Holdings
Corporation Ltd.</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">IFISA</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Inversiones
Financieras del Sur S.A.</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">IFRIC</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">International
Financial Reporting Standards Interpretation Committee</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">IFRS</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">International
Financial Reporting Standards</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Indarsa</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Inversora
D&#xE1;rsena Norte S.A.</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">CPI</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Consumer Price
Index</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">IRSA, "the
Company", "we "<br></font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">IRSA Inversiones y
Representaciones Sociedad An&#xF3;nima</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">IRSA
CP</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">IRSA Propiedades
Comerciales S.A.</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Koor</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Koor Industries
Ltd.</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Lipstick</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Lipstick Management
LLC</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">LRSA</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">La Rural
S.A.</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Metropolitan</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Metropolitan 885
Third Avenue Leasehold LLC</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">New
Lipstick</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">New Lipstick
LLC</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">IAS</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">International
Accounting Standards</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">IFRS</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">International
Financial Reporting Standards</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">NCN</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Non-Convertible
Notes</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">New Israel&#xED;
Shekel</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">NFSA</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Nuevas Fronteras
S.A.</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">NPSF</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Nuevo Puerto Santa
Fe S.A.</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">NYSE</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">New Stock
Exchange</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">PAMSA</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Panamerican Mall
S.A.</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">PBC</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Property &amp;
Building Corporation Ltd.</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">PBEL</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Real Estate
LTD</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Puerto
Retiro</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Puerto Retiro
S.A.</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Quality</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Quality Invest
S.A.</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Rigby</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Rigby 183
LLC</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Shufersal</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Shufersal
Ltd.</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">SRA</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Sociedad Rural
Argentina</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Tarshop</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Tarshop
S.A.</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">TASE</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Tel Aviv Stock
Exchange</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-1</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">IRSA Inversiones y Representaciones Sociedad
An&#xF3;nima</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Consolidated
Statements of Financial Position</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">as
of June 30, 2016 and 2015</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Note</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">06.30.16</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">06.30.15</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">ASSETS</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Non-current
assets</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Investment
properties<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">10 and Schedule
I<br></font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">49,872</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,490</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Property, plant and
equipment<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">11</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">24,055</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">243</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Trading
properties<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">12</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,471</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">128</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Intangible
assets<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">13</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11,763</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">127</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Investments in
associates and joint ventures<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">8 and
9</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">16,236</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,552</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Deferred income tax
assets<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">22</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">638</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">53</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Income tax and
minimum presumed income tax ("MPIT") credit</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">123</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">109</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Restricted
assets<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">54</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Trade and other
receivables<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">15</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,441</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">115</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Employee
benefits<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">32</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Investments in
financial assets<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">14</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,226</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">703</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financial assets
held for sale<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">16</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,346</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Derivative
financial instruments<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">17</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">206</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
non-current assets<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">116,237</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">7,726</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Current
assets</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Trading
properties<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">12</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">241</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Inventories<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,246</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">23</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Restricted
assets<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">564</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Income tax and
minimum presumed income tax ("MPIT") credit</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">506</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">19</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financial assets
held for sale<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">16</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,256</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Trade and other
receivables<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">15</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">13,409</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,143</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Investments in
financial assets<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">14</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9,656</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">295</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Derivative
financial instruments<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">17</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">19</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">29</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cash and cash
equivalents<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">18</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">13,866</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">375</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
current assets<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">42,763</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,896</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">TOTAL
ASSETS<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">159,000</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">9,622</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">SHAREHOLDERS&#x2019;
EQUITY</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: justify; margin-left: 12px; margin-right: 6px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Capital
and reserves attributable to equity holders of the
parent</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Share
capital<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">575</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">574</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Treasury
shares<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Inflation
adjustment of share capital and treasury shares</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">123</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">123</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Share
premium<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">793</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">793</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Additional paid-in
capital from treasury shares<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">16</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Legal
reserve<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">117</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">117</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Special
reserve<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other
reserves<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">24</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">726</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">299</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Accumulated
deficit<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,243)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(40)</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
capital and reserves attributable to equity holders of the
parent</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,115</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,882</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Non-controlling
interest<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">12,386</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">376</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">TOTAL
SHAREHOLDERS&#x2019; EQUITY<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">13,501</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,258</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">LIABILITIES</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Non-current
liabilities</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Trade and other
payables<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">19</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,518</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">255</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Borrowings<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">21</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">90,680</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,736</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Derivative
financial instruments<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">17</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">105</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">265</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Deferred income tax
liabilities<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">22</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7,571</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">51</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Employee
benefits<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">32</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">689</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Salaries and social
security liabilities<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Provisions<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">20</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,325</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">374</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
non-current liabilities<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">101,899</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">4,683</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Current
liabilities</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Trade and other
payables<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">19</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">17,874</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">896</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Borrowings<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">21</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">22,252</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,237</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Derivative&#xA0;&#xA0;financial
instruments<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">17</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">112</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">238</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Salaries and social
security liabilities<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,707</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">123</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Provisions<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">20</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,039</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">52</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Income tax and
minimum presumed income tax ("MPIT") liabilities</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">616</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">135</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
current liabilities<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">43,600</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,681</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">TOTAL
LIABILITIES<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">145,499</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">7,364</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">TOTAL
SHAREHOLDERS&#x2019; EQUITY AND LIABILITIES</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">159,000</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">9,622</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The accompanying
notes are an integral part of these Consolidated Financial
Statements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 17%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 25%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 25%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 19%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br>
</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-2</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">IRSA Inversiones y Representaciones Sociedad
An&#xF3;nima</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">.</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Consolidated
Statements of Operations</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">for
the fiscal years ended June 30, 2016, 2015 and 2014</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except&#xA0;otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Note</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">06.30.16</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">06.30.15</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">06.30.14</font></div>
</td>
</tr><tr>
<td style="width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Revenues&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">25</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">32,675</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,403</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,845</font></div>
</td>
</tr><tr>
<td style="width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Costs&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">26</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(22,499)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,511)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,354)</font></div>
</td>
</tr><tr>
<td style="width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Gross
profit<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">10,176</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,892</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,491</font></div>
</td>
</tr><tr>
<td style="width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Gain from disposal
of investment
properties&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">10</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,113</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,163</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">236</font></div>
</td>
</tr><tr>
<td style="width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">General and
administrative
expenses&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">27</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,933)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(374)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(297)</font></div>
</td>
</tr><tr>
<td style="width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Selling
expenses&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">27</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(5,948)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(194)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(146)</font></div>
</td>
</tr><tr>
<td style="width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other operating
results,
net&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">29</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">24</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">28</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(46)</font></div>
</td>
</tr><tr>
<td style="width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Profit
from operations<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3,432</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,515</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,238</font></div>
</td>
</tr><tr>
<td style="width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Share of profit
(loss) of associates and joint ventures</font></div>
</td>
<td style="width: 5%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">8 and
9</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">447</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,023)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(414)</font></div>
</td>
</tr><tr>
<td style="width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Profit
from operations before financial results and income tax<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3,879</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,492</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">824</font></div>
</td>
</tr><tr>
<td style="width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Finance
income&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">30</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,788</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">137</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">132</font></div>
</td>
</tr><tr>
<td style="width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Finance
costs&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">30</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(5,938)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,107)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,749)</font></div>
</td>
</tr><tr>
<td style="width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other financial
results&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">30</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(870)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">37</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(102)</font></div>
</td>
</tr><tr>
<td style="width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Financial
results,
net&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">30</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(5,020)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(933)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1,719)</font></div>
</td>
</tr><tr>
<td style="width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(Loss)
/ Profit before income tax<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1,141)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">559</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(895)</font></div>
</td>
</tr><tr>
<td style="width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Income tax
expense&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">22</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(149)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(489)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">64</font></div>
</td>
</tr><tr>
<td style="width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(Loss)
/ Profit for the year<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1,290)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">70</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(831)</font></div>
</td>
</tr><tr>
<td style="width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Attributable
to:</font></div>
</td>
<td style="width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Equity holders of
the
parent&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(693)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(41)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(786)</font></div>
</td>
</tr><tr>
<td style="width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Non-controlling
interest&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(597)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">111</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(45)</font></div>
</td>
</tr><tr>
<td style="width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Loss
per share attributable to equity holders of the parent during the
year:</font></div>
</td>
<td style="width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Basic&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">31</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1.21)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(0.07)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1.36)</font></div>
</td>
</tr><tr>
<td style="width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Diluted&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">31</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1.21)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(0.07)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1.36)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The accompanying
notes are an integral part of these Consolidated Financial
Statements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 17%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 25%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 25%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 19%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br>
</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-3</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">IRSA Inversiones y Representaciones Sociedad
An&#xF3;nima</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Consolidated
Statements of Comprehensive Operations</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">for
the fiscal years ended June 30, 2016, 2015 and 2014</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">06.30.16</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">06.30.15</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">06.30.14</font></div>
</td>
</tr><tr>
<td style="width: 47%">
<div style="text-align: justify; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(Loss) / Profit for
the year<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,290)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">70</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(831)</font></div>
</td>
</tr><tr>
<td style="width: 47%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Other
comprehensive income / (loss):</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 47%">
<div style="text-align: justify; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Items
that may be reclassified subsequently to profit or
loss:</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 47%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Currency
translation adjustment<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(760)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(164)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">472</font></div>
</td>
</tr><tr>
<td style="width: 47%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Share of currency
translation adjustment of joint ventures and associates accounted
for using the equity method</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,765</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">56</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(29)</font></div>
</td>
</tr><tr>
<td style="width: 47%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Share of change in
the fair value of hedging instruments of associates and joint
ventures accounted for using the equity method</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(93)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 47%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Items
that may not be reclassified subsequently to profit or
loss:</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 47%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Actuarial loss from
defined benefit plans net of income taxes<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(42)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 47%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Other
comprehensive income / (loss) for the year<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3,870</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(108)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">443</font></div>
</td>
</tr><tr>
<td style="width: 47%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
comprehensive income / (loss) for the year<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,580</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(38)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(388)</font></div>
</td>
</tr><tr>
<td style="width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;Attributable
to:</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;Equity
holders of the
parent&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(840)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(165)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(438)</font></div>
</td>
</tr><tr>
<td style="width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;Non-controlling
interest&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,420</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">127</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">50</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The accompanying
notes are an integral part of these Consolidated Financial
Statements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 17%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 25%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 25%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 19%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br>
</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-4</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">IRSA Inversiones y Representaciones Sociedad
An&#xF3;nima</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Consolidated
Statements of Changes in Shareholders&#x2019; Equity</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">for
the fiscal years ended June 30, 2016, 2015 and 2014</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="10" style="border-top: solid 1px black; width: 80%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Attributable
to equity holders of the parent</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td rowspan="3" style="width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="3" style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Share
capital</font></div>
</td>
<td rowspan="3" style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Treasury
shares</font></div>
</td>
<td rowspan="3" style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Inflation
adjustment</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;of
share capital and treasury</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;shares
(2)</font></div>
</td>
<td rowspan="3" style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Share
premium</font></div>
</td>
<td rowspan="3" style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Additional
paid-in capital from treasury shares</font></div>
</td>
<td rowspan="3" style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Legal</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">reserve</font></div>
</td>
<td rowspan="3" style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Special
reserve</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td rowspan="3" style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Other
reserves (Note 24)</font></div>
</td>
<td rowspan="3" style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Accumulated
deficit</font></div>
</td>
<td rowspan="3" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Subtotal</font></div>
</td>
<td rowspan="3" style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Non-controlling
interest</font></div>
</td>
<td rowspan="3" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Shareholders&#x2019; equity</font></div>
</td>
</tr><tr>
<td>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
</td>
</tr><tr>
<td>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Balance
at July 1st,
2015&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">574</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">5</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">123</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">793</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">7</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">117</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">299</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(40)</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,882</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">376</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,258</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Loss for the
year&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(693)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(693)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(597)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,290)</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other comprehensive
(loss) / income for the year<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(147)</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(147)</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,017</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,870</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
comprehensive (loss) / income for the year<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(147)</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(693)</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(840)</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3,420</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,580</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Appropriation of
retained earnings approved by Shareholders&#x2019; meeting held
11.26.15</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">520</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(520)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Reserve for
share-based compensation<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">17</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">34</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">51</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Share of changes in
subsidiaries&#x2019; equity<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">37</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">37</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">51</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">88</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cumulative
translation adjustment for interest held before business
combination (Note 3)</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(91)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(91)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(91)</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Incorporation for
business combination<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8,630</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8,630</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Capital
reduction&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(4)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(4)</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Transactions with
non-controlling interest (Note 3)<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">483</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">583</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Capital
contribution from non-controlling interest<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Reimbursement of
expired dividends<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">10</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">10</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">10</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Dividends
distribution to non-controlling interest<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(615)</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(615)</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Balance
at June 30,
2016&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">575</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">123</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">793</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">16</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">117</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">726</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1,243)</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,115</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">12,386</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">13,501</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The accompanying
notes are an integral part of these Consolidated Financial
Statements.</font></div>
&#xA0; <font style="font-family: Times New Roman; font-size: 13px;"><br>
</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 0px">
<font><font style="font-size: 13px; font-family: Times New Roman">(1)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Related to CNV
General Resolution No. 609/12. See Note 24.</font></font></div>
</div>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 0px">
<font><font style="font-size: 13px; font-family: Times New Roman">(2)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Includes Ps. 1 of
Inflation adjustment of treasury shares. See Note
24.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 17%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 25%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 25%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 19%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br>
</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-5</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">IRSA Inversiones y Representaciones Sociedad
An&#xF3;nima</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Consolidated
Statements of Changes in Shareholders&#x2019; equity</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">for
the fiscal years ended June 30, 2016, 2015 and 2014</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="11" style="border-top: 1px solid black; width: 80%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Attributable
to equity holders of the parent</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Share
capital</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Treasury
shares</font></div>
</td>
<td style="width: 13%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Inflation
adjustment</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;of
share capital and treasury shares (2)</font></div>
</td>
<td colspan="2" style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Share
premium</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Additional
paid-in capital from treasury shares</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Legal
reserve</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Special
reserve</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Other
reserves (Note 24)</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Accumulated
deficit</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Subtotal</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Non-controlling
interest</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Shareholders&#x2019; equity</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Balance
at July 1st, 2014<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">574</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">5</font></div>
</td>
<td style="width: 13%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">123</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">793</font></div>
</td>
<td colspan="2" style="width: 11%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">117</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">375</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">806</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(785)</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,008</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">548</font></div>
</td>
<td colspan="2" style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,556</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Profit for the
year<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(41)</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(41)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">111</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">70</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other comprehensive
(loss) / income for the year<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 13%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(124)</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(124)</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">16</font></div>
</td>
<td colspan="2" style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(108)</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
comprehensive (loss) / income for the year<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 13%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(124)</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(41)</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(165)</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">127</font></div>
</td>
<td colspan="2" style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(38)</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: justify; margin-left: 12px; margin-right: 5px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Appropriation of
retained earnings approved by&#xA0;&#xA0;Shareholder&#x2019;s&#x2019;
meeting held 06.19.14</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(371)</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(414)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">785</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Reserve for
share-based compensation<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">22</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">22</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">22</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Share-based
compensation<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(7)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Capital
reduction<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(228)</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(228)</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Transactions with
non-controlling interest<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">16</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">16</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(22)</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(6)</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Reimbursement of
expired dividends<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Dividends
distribution to non-controlling interest<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(65)</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(65)</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Capital
contribution from non-controlling interest<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 13%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">16</font></div>
</td>
<td colspan="2" style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">16</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Balance
at June 30, 2015<font id="TAB2" style="letter-spacing: 3pt; color: black">&#xA0;</font></font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">574</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">5</font></div>
</td>
<td style="width: 13%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">123</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">793</font></div>
</td>
<td colspan="2" style="width: 11%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">7</font></div>
</td>
<td style="width: 6%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">117</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">299</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(40)</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,882</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">376</font></div>
</td>
<td colspan="2" style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,258</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The accompanying
notes are an integral part of these Consolidated Financial
Statements.</font></div>
&#xA0; <font style="font-family: Times New Roman; font-size: 13px;"><br>
</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 0px">
<font><font style="font-size: 13px; font-family: Times New Roman">(1)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Related to CNV
General Resolution No. 609/12. See Note 24.</font></font></div>
</div>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 0px">
<font><font style="font-size: 13px; font-family: Times New Roman">(2)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Includes Ps. 1 of
Inflation adjustment of treasury shares. See Note
24.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 17%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 25%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 25%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 19%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br>
</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-6</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">IRSA Inversiones y Representaciones Sociedad
An&#xF3;nima</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Consolidated
Statements of Changes in Shareholders&#x2019; equity</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">for
the fiscal years ended June 30, 2016, 2015 and 2014</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="9" style="border-top: 1px solid black; width: 67%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Attributable
to equity holders of the parent</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Share
capital</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Treasury
shares</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Inflation
adjustment</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;of
share capital and treasury</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;shares
(2)</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Share
premium</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Legal
reserve</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Special
reserve</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Other
reserves (Note 24)</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Accumulated</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">deficit</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Subtotal</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Non-controlling
interest</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Shareholders&#x2019; equity</font></div>
</td>
</tr><tr>
<td style="width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Balance
at July 1st,
2013&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">579</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">123</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">793</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">85</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">395</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">532</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">239</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,746</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">385</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3,131</font></div>
</td>
</tr><tr>
<td style="width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Loss for the
year&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(786)</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(786)</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(45)</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(831)</font></div>
</td>
</tr><tr>
<td style="width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other comprehensive
income for the year<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">348</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">348</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">95</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">443</font></div>
</td>
</tr><tr>
<td style="width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
comprehensive income / (loss) for the year<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">348</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(786)</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(438)</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">50</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(388)</font></div>
</td>
</tr><tr>
<td style="width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 5px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Distribution of
retained earnings approved by Shareholders&#x2019; meeting held
10.31.13</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">32</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(20)</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(12)</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 5px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Release of reserve
for new developments approved by Shareholders&#x2019; meeting held
10.31.13</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(23)</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">23</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Distribution of
dividends approved by Shareholders&#x2019; meeting held
10.31.13</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(250)</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(250)</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(250)</font></div>
</td>
</tr><tr>
<td style="width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 5px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Release of reserve
for new developments approved by Shareholders&#x2019; meeting held
06.19.14</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(57)</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">57</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Reserve for
share-based compensation</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">45</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">45</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">45</font></div>
</td>
</tr><tr>
<td style="width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Acquisition of
treasury
shares&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(5)</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(38)</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(38)</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(38)</font></div>
</td>
</tr><tr>
<td style="width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Distribution of
share capital of subsidiaries</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(4)</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(4)</font></div>
</td>
</tr><tr>
<td style="width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Transactions with
non-controlling interest (Note 3)</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
</tr><tr>
<td style="width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Reimbursement of
expired dividends</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Distribution of
dividends approved by Shareholders&#x2019; meeting
held&#xA0;&#xA0;06.19.14</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(57)</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(57)</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(57)</font></div>
</td>
</tr><tr>
<td style="width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Distribution of
dividends of subsidiaries</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(21)</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(21)</font></div>
</td>
</tr><tr>
<td style="width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Capital
contribution from non-controlling interest</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">139</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">139</font></div>
</td>
</tr><tr>
<td style="width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Balance
at June 30,
2014&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">574</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">5</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">123</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">793</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">117</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">375</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">806</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(785)</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,008</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">548</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,556</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The accompanying
notes are an integral part of these Consolidated Financial
Statements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Related to CNV
General Resolution No. 609/12. See Note 24.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2)</font><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Includes Ps. 1 of
Inflation adjustment of treasury shares. See Note 24.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 17%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 25%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 25%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 19%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br>
</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-7</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">IRSA Inversiones y Representaciones Sociedad
An&#xF3;nima</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Consolidated
Statements of Cash Flows</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">for
the fiscal years ended June 30, 2016, 2015 and 2014</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Note</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">06.30.16</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">06.30.15</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">06.30.14</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 5px; text-indent: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operating
activities:</font></div>
</td>
<td style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 5px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Cash generated from
operations&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">18</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,946</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,263</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,298</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 5px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Income tax and
Minimum Presumed Income tax paid</font></div>
</td>
<td style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(807)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(429)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(276)</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 5px; text-indent: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Net
cash generated by operating
activities&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">4,139</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">834</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,022</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 5px; text-indent: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Investing
activities:</font></div>
</td>
<td style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 5px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Capital
contributions to joint ventures and associates</font></div>
</td>
<td style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(207)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(39)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(20)</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 5px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Purchases of joint
ventures and
associates&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,242)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,132)</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 5px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Purchases of
investment
properties&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(888)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(407)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(265)</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 5px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Proceeds from sale
of investment
properties&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,393</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,447</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">402</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 5px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Purchases of
property, plant and
equipment&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,056)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(48)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(23)</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 5px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Purchases of
intangible
assets&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(134)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(5)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(12)</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 5px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Increase in
investments in financial
assets&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(11,901)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2,934)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,533)</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 5px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Proceeds from sale
of investments in financial assets</font></div>
</td>
<td style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11,957</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,339</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,648</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 5px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Advance
payments&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(7)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(14)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(30)</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 5px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Proceeds from sale
of equity interest in associates and joint ventures</font></div>
</td>
<td style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">56</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">23</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 5px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Interest received
of financial
assets&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">112</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">95</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">10</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 5px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Loans granted to
related
parties&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(852)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 5px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Cash incorporated
by business
combination&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">3</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9,193</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 5px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Dividends
received&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">591</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">13</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">17</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 5px; text-indent: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Net
cash generated by (used in) investing activities</font></div>
</td>
<td style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">8,210</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">261</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(917)</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 5px; text-indent: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Financing
activities:</font></div>
</td>
<td style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Proceeds from
borrowings&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6,011</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">606</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">502</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Repayments of
borrowings&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(9,634)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(967)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(448)</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Repayment of seller
financing of
shares&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(106)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Dividends
paid&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(106)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(69)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(113)</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Receipts from
claims&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">90</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Issuance of
NCN&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7,622</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">218</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Acquisition of
non-controlling interest in subsidiaries</font></div>
</td>
<td style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,047)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(6)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Capital
contribution of non-controlling
interest&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">16</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">139</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Interest
paid&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(3,774)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(547)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(415)</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Proceeds of
borrowings from associates and joint ventures</font></div>
</td>
<td style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">22</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">17</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Repayment of
borrowings from associates and joint ventures<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(6)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(189)</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Distribution of
capital to non-controlling interest in subsidiaries</font></div>
</td>
<td style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(207)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(228)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(4)</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Repurchase of
shares&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(38)</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Acquisition of
derivative financial
instruments&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(620)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(111)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(38)</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Repurchase of
NCN&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(121)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Proceeds from
derivative financial
instruments&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,951</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">62</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Repayment of
principal from
NCN&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(4,132)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(287)</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 5px; text-indent: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Net
cash used in financing
activities&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(3,968)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1,390)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(597)</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 5px; text-indent: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Net
Increase (Decrease) in cash and cash equivalents</font></div>
</td>
<td style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">8,381</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(295)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(492)</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Cash and cash
equivalents at beginning of
year&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">18</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">375</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">610</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">797</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Foreign exchange
gain on cash and cash equivalents</font></div>
</td>
<td style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5,110</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">60</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">305</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 5px; text-indent: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Cash
and cash equivalents at end of year</font></div>
</td>
<td style="width: 4%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">18</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">13,866</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">375</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">610</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The accompanying
notes are an integral part of these Consolidated Financial
Statements.</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 17%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 25%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 25%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 19%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-8</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to Consolidated Financial Statements</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">The
Group&#x2019;s business and general information</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">IRSA was founded in
1943, and is engaged in a diversified range of real estate
activities in Argentina since 1991.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">IRSA and its
subsidiaries are collectively referred to hereinafter as &#x201C;the
Group&#x201D;.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Cresud is our
parent company and is a corporation established and domiciled in
Argentina and IFIS Limited is the ultimate parent company of the
Group.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The Board of
Directors has approved these Financial Statements for issue on
October 31, 2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">As of June 30,
2016, the Group has established two Operations Centers to manage
its global business, mainly through the following companies (see
Note 6).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><img src="opcenterfs.jpg" alt=""></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><img src="estructurajpg.jpg" alt=""></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">(i)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Remains in current
and non-current assets, as financial asset held for sale (see Note
16).</font></font></div>
</div>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">(ii)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Corresponds to
Group&#x2019;s associates, which are hence excluded from
consolidation.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-9</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to the Consolidated Financial
Statements</font>&#xA0;(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">The Group&#x2019;s business and general
information</font> (Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">
Operations Center in Argentina</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The activities of
the operations center in Argentina are mainly developed through
IRSA and its principal subsidiary, IRSA CP. Through IRSA and IRSA
CP, the Group owns, manages and develops 16 shopping centers across
Argentina, a portfolio of offices and other rental properties in
the Autonomous City of Buenos Aires, and it entered the United
States of America (&#x201C;USA&#x201D;) 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 &#x201C;real estate&#x201D; indistinctively in
these Financial Statements to denote investment, development and/or
trading properties activities. IRSA CP's shares are listed and
traded on both the BASE (Merval: IRCP) and in NASDAQ (National
Association of Securities Dealers Automated Quotation) (NASDAQ:
IRCP). IRSA's shares are listed on the BASE (Merval: IRSA) and the
NYSE (NYSE: IRSA).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The activities of
the Group&#x2019;s segment &#x201C;financial operations and
others&#x201D; is carried out mainly through BHSA, where we have a
29.91% interest (without considering treasury shares). 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's shares are listed on the BASE. Besides
that, the Group has a 42.81% indirect equity interest in Tarshop,
whose main activities are credit card and loan origination
transactions.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">
Operations Center in Israel</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">During the fiscal
year ended June 30, 2014, the Group made an investment in the
Israeli market, through DFL and DN B.V., in IDBD (an Israeli
Company), with of an initial interest of 26.65%. IDBD is one of the
Israeli largest and most diversified conglomerates, which is
involved, through its subsidiaries and other investments, in
several markets and industries, including real estate, retail,
agribusiness, insurance, telecommunications, etc.; controlling or
participating in companies such as: Clal (Insurance Company),
Cellcom (Telecomunications), Adama (Agrochemicals), Shufersal
(Supermarket), PBC (Real Estate), among others. IDBD traded its
shares in TASE between May 2014 and March 2016. To date, it is only
listed as a &#x201C;Debentures Company&#x201D; under the Israeli law,
because some of its bonds are trading.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">On October 11,
2015, the Group gained effective control over IDBD (see Note 3). As
a result, the Group has consolidated significant figures of several
industries from IDBD and its subsidiaries.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-10</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to the Consolidated Financial
Statements</font>&#xA0;(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">The Group&#x2019;s business and general
information</font> (Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">IDBD has diverse
debts containing certain covenants which have been successively
negotiated, resulting in several waivers actually expiring in
December 2016. IDBD estimates that if the original covenants of
such loans were to become effective again, it would not be able to
honor them. Non-compliance could have the effect of creditors
requiring immediate repayment of the debt.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">As a holding
company, IDBD&#x2019;s main sources of funds derive from the
dividends distributed by its subsidiaries, which have experienced a
reduction in recent years. Yet, there are restrictions as to the
payment of dividends based on the indebtedness level in some
subsidiaries. IDBD has projected future cash flows and expects to
have the required liquidity to meet its commitments by issuing new
debt in Israel, selling financial assets such as Clal and dividend
payouts by Clal. IDBD could also secure additional financing
through the private issuance of equity securities.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">On December, 2013,
it was published in the Official Gazette of Israel the Promotion of
Competition and Reduction of Concentration the Law, 5.774-13
(&#x2018;the Concentration Law&#x2019;). This law has material
implications for IDBD and its investments, including the disposal
of the controlling interest in Clal, a potential delisting of IDBD
or DIC so as to no longer trade its shares publicly, or a merger
between IDBD and DIC.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">All factors
mentioned above, mainly (i) IDBD&#x2019;s current financial position
and need of financing to honor its financial debt and other
commitments, (ii) the renegotiation underway with financial
creditors, and (iii) the term set by Israel&#x2019;s governmental
authorities to sell the equity interest in Clal and the potential
effects of such sale, in particular, on its market value, raise
significant uncertainties as to IDBD&#x2019;s capacity to continue
as a going-concern. These financial statements do not include the
adjustments or reclassifications related to the valuation of
IDBD&#x2019;s assets and liabilities that would be required if IDBD
were not able to continue as a going-concern.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The Group is and
will continue working to address the uncertainties described
above.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-11</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to the Consolidated Financial
Statements</font>&#xA0;(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">The Group&#x2019;s business and general
information</font> (Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">
The Group</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The financial
position of IDBD and its subsidiaries at the operations center in
Israel does not affect the financial position of IRSA and its
subsidiaries at the operations center in Argentina.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">IRSA and its
subsidiaries are not facing financial constraints and are compliant
with their financial commitments. In addition, the commitments and
other covenants resulting from IDBD&#x2019;s debt do not have impact
on IRSA since such debt has no recourse against IRSA and it is not
granted by IRSA&#x2019;s assets.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">There are no
significant uncertainties as to the capacity of the Group, as a
whole, to operate as a going-concern perspective, with such
uncertainties being limited to the operation center in
Israel.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Summary
of significant accounting policies</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.1.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Basis
of preparation of the Financial Statements</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 72px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(a)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Basis
of preparation</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">These consolidated
financial statements have been prepared in accordance with IFRS
issued by the IASB and IFRIC (known as the old Standard
Interpretations Committee &#x201C;SIC&#x201D;). All IFRS applicable
as of the date of these consolidated financial statements have been
applied.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Under IAS 29
&#x201C;Financial Reporting in Hyperinflationary Economies&#x201D;,
the financial statements of an entity whose functional currency
belongs to a hyperinflationary economy, regardless of whether they
apply historic cost or current cost methods, should be stated at
the current unit of measure as of the date of this consolidated
financial statements. For such purpose, in general, inflation is to
be computed in non-monetary items from the acquisition or
revaluation date, as applicable. In order to determine whether an
economy is to be considered hyperinflationary, the standard lists a
set of factors to be taken into account, including an accumulated
inflation rate near or above 100% over a three years
period.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">As of June 30,
2016, it is not possible to compute the accumulated inflation rate
for the three years period ending on that date based on the
official statistics of the INDEC (Argentina Statistics Office),
because in October 2015, the INDEC ceased to compute the Wholesale
Domestic Price Index, and started to compute it again as from
January 2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-12</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to the Consolidated Financial
Statements</font>&#xA0;(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Summary of significant accounting
policies</font> (Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">As of the date of
this consolidated financial statements, the Argentine peso does not
meet the conditions to be treated as the currency of a
hyperinflationary economy, pursuant to the guidelines set forth by
IAS 29. Therefore, these consolidated financial statements have not
been restated in constant currency.</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">However, over the
last years, certain macroeconomic variables affecting the
Group&#x2019;s business, such as payroll costs, input prices and
service rates, have experienced significant annual changes. This
factor should be taken into consideration in assessing and
interpreting the financial situation and results of operations of
the Group in these consolidated financial statements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">On October 11,
2015, the Group took over IDBD. IDBD&#x2019;s fiscal year ends on
December 31 each year and the Group&#x2019;s fiscal year ends on
June 30. IDBD&#x2019;s quarterly and annual reporting follows the
guidelines of Israeli standards, which means that the information
is only available after the applicable statutory terms in
Argentina. Therefore, the Group is not able to include IDBD&#x2019;s
quarterly results in its consolidated financial statements to be
filed with the CNV within the applicable statutory terms in
Argentina. The Group has started to consolidate IDBD&#x2019;s
results of operations with a three-month lag, adjusted for the
effects of material transactions that may have taken place during
the reported period. Hence, IDBD&#x2019;s results of operations for
the period beginning on October 11, 2015 (the acquisition date)
through March 31, 2016 are included in the Group&#x2019;s
consolidated statement of comprehensive income for the fiscal year
ended June 30, 2016, adjusted by such material transactions
occurred between April 1 and June 30, 2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Given the
materiality of IDBD&#x2019;s figures incorporated, the Group had to
change the format of its financial statements for the ease of
reading and analysis. The most significant change is in line with
the new organizational structure, which is split into two large
operations centers in Argentina and Israel. In this regard, changes
have been made to certain notes and tables and their respective
order, classification and content in the financial statements, on a
geographic basis and taking into consideration the significance of
the Group&#x2019;s global operations following IDBD&#x2019;s
consolidation.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 72px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(b)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Current
and non-current classification</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The Group presents
current and non-current assets, and current and non-current
liabilities, as separate classifications in its statement of
financial position according with the operating cycle of each
activity. Current assets and current liabilities include the assets
and liabilities that are either realized or settled within 12
months from the end of the fiscal year.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-13</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to the Consolidated Financial
Statements</font>&#xA0;(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Summary of significant accounting
policies</font> (Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">All other assets
and liabilities are classified as non-current. Current and deferred
tax assets and liabilities (income tax liabilities) are presented
separately from each other and from other assets and liabilities as
current and non-current, respectively.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 72px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(c)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Presentation
currency</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The consolidated
financial statements are presented in millions of Argentine Pesos.
Unless otherwise stated or the context otherwise requires,
references to &#x2018;Peso amounts&#x2019; or &#x2018;Ps.&#x2019;, are
of Argentine Pesos, references to &#x2018;US$&#x2019; or &#x2018;US
dollars&#x2019; are of United States dollars and references to "NIS"
are of New Israeli Shekel.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 72px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(d)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Fiscal
year-end</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The fiscal year
begins on July 1st and ends on June 30 of the following
year.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 72px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(e)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Accounting
criteria</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The consolidated
financial statements have been prepared under historical cost
criteria, as modified by financial assets and financial liabilities
(including derivative instruments) at fair value through profit or
loss, financial assets and other assets held for sale and
share-based compensation at fair value.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 72px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(f)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Reporting
cash flows</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The Group reports
cash flows from operating activities using the indirect method.
Interest paid is presented within financing cash flows. Interest
received is presented within investing activities. The acquisitions
and disposals of investment properties are disclosed as cash flows
from investing activities as this most appropriately reflects the
Group&#x2019;s business activities. Cash flows in respect to trading
properties are disclosed as cash flows from operating activities
because these items are sold in the ordinary course of
business.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 72px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(g)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Use
of estimates</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The preparation of
consolidated financial statements at a certain date requires making
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 year. Actual results might differ from the estimates and
evaluations made at the date of preparation of these financial
statements. The most significant judgments made by Management in
applying the Group&#x2019;s accounting policies and the major
estimations and significant judgments are described in Note
5.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-14</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to the Consolidated Financial
Statements</font>&#xA0;(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">2.</font></font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Summary of significant accounting
policies</font> (Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.2.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">New
accounting standards</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The following
standards, amendments and interpretations have been issued by the
IASB and by the IFRIC. Below we outline the standards, amendments
and interpretations that may potentially have an impact on the
Group at the time of application.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">IFRS 16 "Leases".</font> Will supersede IAS 17
currently in force (and associated interpretations) and its scope
includes all leases, with a few specific exceptions. Under the new
standard, lessees are required to account for leases under one
single model in the balance sheet that is similar to the one used
to account for financial leases under IAS 17. There are two
exceptions to this rule: to recognize the lease of low-cost assets
(for example, personal computers) and short-term leases (for
instance, leases for a 12 months or shorter term). As regards the
lease commencement date, the lessee shall recognize the obligation
to make rental payments (for instance, leases payable) and an asset
that represents the right to use the leased asset during the term
of the lease agreement (rights of use). There is almost no changes
to lessor accounting. Becomes effective for fiscal years beginning
on January 1, 2019, that is, in the case of the Group for the
fiscal year ended on June 30, 2020. It may be applied earlier
provided IFRS 15 is also adopted. The Group is currently assessing
the potential impact of the amendments on its financial
statements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Amendments to IAS 7 "Disclosure
initiative".</font> Amendments provide that the entity shall
disclose information so that users of the financial statements may
assess the changes in liabilities resulting from financing
activities, including both cash-flow and non-cash-flow derivatives.
Becomes effective for fiscal years beginning on January 1, 2017,
that is, in the case of the Group for the fiscal year ended on June
30, 2018. Comparative information for prior fiscal years is not
mandatory. Earlier adoption is permitted. The Group is currently
assessing the potential impact of the amendments on its financial
statements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Amendments to IAS 12 "Recognition of deferred
tax assets for unrealized losses".</font> The amendments clarify
the accounting of deferred income tax assets in the case of
unrealized losses on instruments measured at fair
value.&#xA0;&#xA0;Becomes effective for fiscal years beginning on
January 1, 2017, that is, in the case of the Group for the fiscal
year ended on June 30, 2018. Earlier adoption is permitted. The
Group is currently assessing the potential impact of the amendments
on its financial statements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-15</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to the Consolidated Financial
Statements</font>&#xA0;(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">2.</font></font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Summary of significant accounting
policies</font> (Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Amendments to IAS 1 "Presentation of Financial
Statements".</font> Amendments establish guidance on grouping
significant items,&#xA0;&#xA0;provides for the disclosure of
relevant information for certain items and disclosures that are to
be included in relation to accounting policies adopted by each
entity and other additional disclosures in financial statements.
Becomes effective for fiscal years beginning on January 1, 2016,
that is, in the case of the Group for the fiscal year ended on June
30, 2017. Earlier adoption is permitted. The Group is currently
assessing the potential impact of the amendments on its financial
statements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Cycle of annual improvements 2014. IFRS 5
&#x201C;Non-current Assets Held for Sale and Discontinued
Operations&#x201D;:</font> A new classification category has been
established for these assets and the amendment adds guidance on how
to treat changes to disposal plans for those assets classified as
held for sale. Becomes effective for fiscal years beginning on
January 1, 2016, that is, in the case of the Group for the fiscal
year ended on June 30, 2017. The Group is currently assessing the
potential impact of the amendments on its financial
statements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Cycle of annual improvements 2014. IFRS 7
&#x201C;Financial Instruments: Disclosures&#x201D;:</font> It
clarifies that amendments established in December, 2011 on
offsetting financial assets and liabilities, and amendments
established in September 2014 will be of retroactive application to
annual fiscal years as from January 1, 2013, in the first case, and
January 1, 2016 in the second case. In addition, it sets forth the
specific disclosure requirements related to servicing contracts
related to financial assets transferred. Becomes effective for
fiscal years beginning on January 1, 2016, that is, in the case of
the Group for the fiscal year ended on June 30, 2017. The Group is
currently assessing the potential impact of the amendments on its
financial statements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">IAS 27 Revised &#x201C;Consolidated Financial
Statements&#x201D;.</font> On August 12, 2014 the IASB has released
an amendment to IAS 27 &#x201C;Equity method in Separate Financial
Statements&#x201D;. The amendment reinstates the equity method as an
option to account for investments in subsidiaries, joint ventures
and associates in separate financial statements. The amendment
becomes effective for fiscal years beginning on or after January 1,
2016; that is, in the case of the Group for the fiscal year ended
on June 30, 2017. It may be applied earlier. The Group is currently
assessing the potential impact of the amendments on its financial
statements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">IFRS 9 &#x201C;Financial
Instruments&#x201D;.</font> Adds a new impairment model based on
expected losses and introduces some minor amendments to the
classification and measurement of financial assets. Additionally,
this amendment to IFRS 9 includes the new general hedge accounting
model, allow adoption of the treatment of fair value changes due to
own credit on liabilities designated at fair value through profit
or loss.&#xA0;&#xA0;The new standard replaces all previous versions
of IFRS 9 and becomes effective for fiscal years starting on or
after January 1, 2018, that is, in the case of the Group for
financial statements ended on June 30, 2019. The Group is currently
assessing the potential impact of the amendments on its financial
statements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-16</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to the Consolidated Financial
Statements</font>&#xA0;(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">2.</font></font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Summary of significant accounting
policies</font> (Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">IFRS 15 &#x201C;Revenues from contracts with
customers&#x201D;.</font> Replaces IAS 11 &#x201C;Construction
Contracts&#x201D;, IAS 18 &#x201C;Revenue&#x201D;, IFRIC 13
&#x201C;Customer Loyalty Programs&#x201D;, IFRIC 15 &#x201C;Agreements
for the Construction of Real Estate&#x201D;, IFRIC 18
&#x201C;Transfer of Assets from Customers&#x201D; and SIC-31
&#x201C;Revenue - Barter Transactions Involving Advertising
Services&#x201D;. Provides the new revenue recognition model derived
from contracts with customers. The core principle underlying the
model is satisfaction of obligations assumed with customers.
Applies to all contracts with customers, other than those covered
by other IFRSs, such as leases, insurance and financial instruments
contracts. The standard does not address recognition of interest or
dividend income. IFRS 15 becomes effective for all fiscal years
beginning as from January 1st, 2018, that is, for financial
statements ended on June 30, 2019 and may be adopted earlier.
Application is retroactive. As of the date of these consolidated
financial statements, the Group is assessing the impact that this
standard shall have on its financial position and the results of
operations.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Amendments to IAS 16 &#x201C;Property, Plant and
Equipment&#x201D; and IAS 38 &#x201C;Intangible Assets&#x201D;</font>.
The amendments provide further guidance on the calculation of
depreciation and amortization. Become effective for fiscal years
beginning on or after January 1st, 2016; hence, in the case of the
Group, they become effective for the fiscal year ended June 30,
2017. It may be applied earlier. The Group is currently assessing
the potential impact of the amendments on its financial
statements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Amendments to IFRS 11 &#x201C;Joint
Arrangements&#x201D;.</font> The amendments clarify accounting for
acquisitions where the business involves joint operations.
Amendments become effective for fiscal years beginning on or after
January 1st, 2016; hence, in the case of the Group, they become
effective for the fiscal year ended June 30, 2017. It may be
applied earlier. The Group is currently assessing the potential
impact of the amendments on its financial statements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">On the issue date
of these financial statements there are no other standards,
amendments and interpretations issued by the IASB and IFRIC that
are yet to become effective and that are expected to have a
material effect on the Group.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.3.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Scope
of consolidation</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 72px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(a)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Subsidiaries</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Subsidiaries are
all entities (including structured entities) over which the Group
has control. The Group controls an entity when the Group is exposed
to, or has rights to variable returns from its involvement with the
entity and has the ability to affect those returns through its
power over the entity. The Group also analyzes whether there is
control when it does not hold more than 50% of the voting rights of
an entity, but does have capacity to define its relevant activities
because of de-facto control.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-17</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to the Consolidated Financial
Statements</font>&#xA0;(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">2.</font></font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Summary of significant accounting
policies</font> (Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The Group uses the
acquisition method of accounting to account for business
combinations. The consideration transferred for the acquisition of
a subsidiary is the fair value of the assets transferred, the
liabilities incurred and the equity interests issued by the Group.
Acquisition-related costs are expensed as incurred. Identifiable
assets acquired and liabilities and contingent liabilities assumed
in a business combination are measured initially at their fair
values at the acquisition date.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The Group
recognizes any non-controlling interest in the acquire on an
acquisition-by-acquisition basis either at fair value or at the
non-controlling interest&#x2019;s proportionate share of the
acquirer&#x2019;s net assets. The Group chooses the method to be
used on a case by case base.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The excess of the
sum of the consideration transferred, the amount of any
non-controlling interest in the acquire and the acquisition-date
fair value of any previous equity interest in the acquire over the
fair value of the identifiable net assets acquired is recorded as
goodwill. If the total of consideration transferred,
non-controlling interest recognized and previously held interest
measured is less than the fair value of the net assets of the
subsidiary acquired in the case of a bargain purchase, the
difference is recognized directly in the statement of income as
&#x201C;Bargain purchase gains&#x201D;.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The Group conducts
its business through several operating and investment companies,
the principal are listed below:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 18%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 20%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30, 2016</font></div>
</td>
<td colspan="2" style="width: 20%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30, 2015</font></div>
</td>
<td colspan="2" style="width: 19%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30, 2014</font></div>
</td>
</tr><tr>
<td style="width: 18%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Name
of the entity</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Country</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Main
activity</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">%
of ownership interest held</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;by
the Group (4)</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">%
of ownership interest held</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">by
the</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">non-controlling
interest</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">%
of ownership interest held</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;by
the Group (4)</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">%
of ownership interest held</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">by
the</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">non-controlling
interest</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">%
of ownership interest held</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;by
the Group (4)</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">%
of ownership interest held</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">by
the</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">non-controlling
interest</font></div>
</td>
</tr><tr>
<td style="width: 18%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Direct
interest of IRSA:</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 18%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">IRSA CP
(3)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Argentina</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Real
estate</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">94.61%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">5.39%</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">95.80%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">4.20%</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">95.71%</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">4.29%</font></div>
</td>
</tr><tr>
<td style="width: 18%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">E-Commerce Latina
S.A. (3)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Argentina</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Investment</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 18%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Efanur
S.A.</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Uruguay</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Investment</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 18%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Hoteles Argentinos
S.A.</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Argentina</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Hotel</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">80.00%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">20.00%</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">80.00%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">20.00%</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">80.00%</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">20.00%</font></div>
</td>
</tr><tr>
<td style="width: 18%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Inversora
Bol&#xED;var S.A.</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Argentina</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Investment</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 18%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Llao Llao Resorts
S.A. (1)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Argentina</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Hotel</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">50.00%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">50.00%</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">50.00%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">50.00%</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">50.00%</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">50.00%</font></div>
</td>
</tr><tr>
<td style="width: 18%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Nuevas Fronteras
S.A.</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Argentina</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Hotel</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">76.34%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">23.66%</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">76.34%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">23.66%</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">76.34%</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">23.66%</font></div>
</td>
</tr><tr>
<td style="width: 18%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Palermo Invest
S.A.</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Argentina</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Investment</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 18%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ritelco
S.A.</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Uruguay</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Investment</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 18%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Solares de Santa
Mar&#xED;a S.A. (8)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Argentina</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Real
estate</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 18%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Tyrus
S.A.</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Uruguay</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Investment</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 18%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Unicity S.A.
(8)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Argentina</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Investment</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-18</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to the Consolidated Financial
Statements</font>&#xA0;(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">2.</font></font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Summary of significant accounting
policies</font> (Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 20%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30, 2016</font></div>
</td>
<td colspan="2" style="width: 20%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30, 2015</font></div>
</td>
<td colspan="2" style="width: 20%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30, 2014</font></div>
</td>
</tr><tr>
<td style="width: 19%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Name
of the entity</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Country</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Main
activity</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">%
of ownership interest held</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;by
the Group (4)</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">%
of ownership interest held by the non-controlling
interest</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">%
of ownership interest held</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;by
the Group (4)</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">%
of ownership interest held by the non-controlling
interest</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">%
of ownership interest held</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;by
the Group (4)</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">%
of ownership interest held by the non-controlling
interest</font></div>
</td>
</tr><tr>
<td style="width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Interest
indirectly held through IRSA CP:</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Arcos del Gourmet
S.A.</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">Argentina</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">Real
estate</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">90.00%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">10.00%</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">90.00%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">10.00%</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">90.00%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">10.00%</font></div>
</td>
</tr><tr>
<td style="width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Emprendimiento
Recoleta S.A.</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">Argentina</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">Real
estate</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">53.68%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">46.32%</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">53.68%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">46.32%</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">53.68%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">46.32%</font></div>
</td>
</tr><tr>
<td style="width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Fibesa
S.A.</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">Argentina</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">Real
estate</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Panamerican Mall
S.A.</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">Argentina</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">Real
estate</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">80.00%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">20.00%</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">80.00%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">20.00%</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">80.00%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">20.00%</font></div>
</td>
</tr><tr>
<td style="width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Shopping
Neuqu&#xE9;n S.A.</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">Argentina</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">Real
estate</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">99.14%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">0.86%</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">99.14%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">0.86%</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">99.07%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">0.93%</font></div>
</td>
</tr><tr>
<td style="width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Torodur
S.A.</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">Uruguay</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">Investment</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Interest
indirectly held through Tyrus S.A.:</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Dolphin Fund Ltd.
(2)</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">Bermuda</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">Investment</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">91.57%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">8.43%</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">91.57%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">8.43%</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">86.16%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">13.84%</font></div>
</td>
</tr><tr>
<td style="width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">I Madison
LLC</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">United
States</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">Investment</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">IRSA Development
LP</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">United
States</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">Investment</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">IRSA International
LLC</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">United
States</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">Investment</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Jiwin
S.A.</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">Uruguay</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">Investment</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Liveck
S.A.</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">Uruguay</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">Investment</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Real Estate
Investment Group IV LP (REIG IV)</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">Bermuda</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">Investment</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Real Estate
Investment Group V LP</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">Bermuda</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">Investment</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Real Estate
Strategies LLC</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">United
States</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">Investment</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Interest
indirectly held through Efanur S.A.:</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Real Estate
Strategies LP</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">Bermuda</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">Investment</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">66.83%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">33.17%</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">66.83%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">33.17%</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">66.83%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">33.17%</font></div>
</td>
</tr><tr>
<td style="width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Interest
indirectly held through Dolphin Fund Ltd.</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">IDB Development
Corporation Ltd. (7)</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">Investment</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">68.28%</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">31.72%</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-19</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to the Consolidated Financial
Statements</font>&#xA0;(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">2.</font></font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Summary of significant accounting
policies</font> (Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 25%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30, 2016</font></div>
</td>
</tr><tr>
<td style="width: 26%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Name
of the entity</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Country</font></div>
</td>
<td style="width: 19%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Main
activity</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">%
of ownership interest held</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;by
the Group (4)</font></div>
</td>
<td style="width: 13%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">%
of ownership interest held by the non-controlling
interest</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Interest
indirectly held through IDBD:</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Discount Investment
Corporation Ltd.</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Investment</font></div>
</td>
<td style="width: 12%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">76.43%</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">23.57%</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">IDB Tourism (2009)
Ltd.</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Holding company in
the tourism services sector</font></div>
</td>
<td style="width: 12%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">IDB Group
Investment Inc.</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Investment</font></div>
</td>
<td style="width: 12%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Interest
indirectly held through Discount Investment Corporation
Ltd:</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Property &amp;
Building Corporation Ltd.</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Real
estate</font></div>
</td>
<td style="width: 12%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">76.45%</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">23.55%</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Gav Yam Land
Ltd.</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Real
estate</font></div>
</td>
<td style="width: 12%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">52.80%</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">47.20%</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Israel Property
Rental Corporation Ltd. (ISPRO)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Real
estate</font></div>
</td>
<td style="width: 12%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">76.45%</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">23.55%</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">MATAM - Haifa
Science Industries Center</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Real
estate</font></div>
</td>
<td style="width: 12%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">38.30%</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">61.70%</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Neveh-Gad Building
&amp; Development Ltd.</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Real
estate</font></div>
</td>
<td style="width: 12%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">76.45%</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">23.55%</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Hadarim Properties
Ltd.</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Real
estate</font></div>
</td>
<td style="width: 12%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">76.45%</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">23.55%</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">PBC USA Investment
Inc.</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">United
States</font></div>
</td>
<td style="width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Real
estate</font></div>
</td>
<td style="width: 12%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">76.45%</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">23.55%</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Shufersal
Ltd.</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Supermarket</font></div>
</td>
<td style="width: 12%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">52.95%</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">47.05%</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Shufersal Real
Estate Ltd.</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Supermarket</font></div>
</td>
<td style="width: 12%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">52.95%</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">47.05%</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Koor Industries
Ltd.(5)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Holding company in
the agrochemical sector</font></div>
</td>
<td style="width: 12%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cellcom Israel Ltd.
(6)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Communication
services</font></div>
</td>
<td style="width: 12%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">41.77%</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">58.23%</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Netvision
Ltd.</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Communication
services</font></div>
</td>
<td style="width: 12%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">41.77%</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">58.23%</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Elron Electronic
Industries Ltd.</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Technology
development &#x2013; Holding</font></div>
</td>
<td style="width: 12%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">50.32%</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">49.68%</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Bartan Holdings and
Investments Ltd.</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Investment</font></div>
</td>
<td style="width: 12%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">55.68%</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">44.32%</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Epsilon Investment
House Ltd.</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Investment</font></div>
</td>
<td style="width: 12%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">68.75%</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: -12px"><font style="font-size: 13px; font-family: Times New Roman">31.25%</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 84px">
<font><font style="font-size: 13px; font-family: Times New Roman">(1)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">The Group has
consolidated the investment in Llao Llao Resorts S.A. considering
its equity interest and a shareholder agreement that confers it
majority of votes in the decision making
process.</font></font></div>
</div>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 84px">
<font><font style="font-size: 13px; font-family: Times New Roman">(2)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Includes interest
indirectly held through Ritelco S.A..</font></font></div>
</div>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 84px">
<font><font style="font-size: 13px; font-family: Times New Roman">(3)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Includes interest
indirectly held through Tyrus S.A..</font></font></div>
</div>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 84px">
<font><font style="font-size: 13px; font-family: Times New Roman">(4)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Correspond to
interest directly held in each company.</font></font></div>
</div>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 84px">
<font><font style="font-size: 13px; font-family: Times New Roman">(5)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Owns a 40% equity
interest of Adama.</font></font></div>
</div>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 84px">
<font><font style="font-size: 13px; font-family: Times New Roman">(6)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">The Group has
consolidated the interest in Cellcom taking into consideration its
equity interest and decision-making power given the fact that the
remaining interests are too disperse.</font></font></div>
</div>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 84px">
<font><font style="font-size: 13px; font-family: Times New Roman">(7)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Until takeover was
secured, IDBD was valued at fair value in accordance with IAS 28
exception.</font></font></div>
</div>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 84px">
<font><font style="font-size: 13px; font-family: Times New Roman">(8)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Were merged on July
1, 2015.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The Group takes
into account both quantitative and qualitative aspects in order to
determine which non-controlling interests in subsidiaries are
considered significant.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 72px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(b)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Changes
in ownership interests in subsidiaries without change of
control</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Transactions with
non-controlling interests that do not result in loss of control are
accounted for as equity transactions &#x2013; that is, as
transactions with the owners in their capacity as owners. The
recorded value corresponds to the difference between the fair value
of the consideration paid and/or receive and the relevant share
acquired and/or transferred of the carrying value of net assets of
the subsidiary.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-20</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to the Consolidated Financial
Statements</font>&#xA0;(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">2.</font></font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Summary of significant accounting
policies</font> (Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 72px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(c)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Disposal
of subsidiaries without of control</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">When the Group
ceases to have control any retained interest in the entity is
re-measured at its fair value at the date when control is lost,
with changes in carrying amount recognized in profit or loss. The
fair value is the initial carrying amount for the purposes of
subsequently accounting for the retained interest as an associate,
joint venture or financial asset. In addition, any amounts
previously recognized in other comprehensive income in respect of
that entity are accounted for as if the Group had directly disposed
of the related assets or liabilities. This may mean that amounts
previously recognized in other comprehensive income are
reclassified to profit or loss.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 72px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(d)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Associates</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Associates are all
entities over which the Group has significant influence but not
control, representing an interest between 20% and at least 50% of
the voting rights. Investments in associates are accounted for
using the equity method of accounting, except as otherwise
indicated as explained below. Under the equity method, the
investment is initially recognized at cost, and the carrying amount
is increased or decreased to recognize the investor&#x2019;s share
of the profit or loss of the investee after the date of
acquisition. The Group&#x2019;s investment in associates includes
goodwill identified on acquisition.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">IAS 28
&#x201C;Investments in Associates&#x201D; provides an exemption from
applying the equity method where investments in associates are held
through &#x201C;Venture Capital Organizations&#x201D; (VCO) or
venture capital entities, as defined in Spanish, even when the
Group is not a VCO. This type of investment may be accounted for at
fair value with changes in net income for the years because such
measure proves to be more useful to users of financial statements
than the equity method.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">As of each year end
or upon the existence of evidence of impairment, a determination is
made as to whether there is any objective indication of impairment
in the value of the investments in associates. If this is the case,
the Group calculates the amount of impairment as the difference
between the recoverable amount of the Associates and its carrying
value and recognizes the amount adjacent to "Share of profit /
(loss) of joint ventures&#x2019; and associates" in the statement of
income.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 72px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(e)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Joint
arrangements</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Joint arrangements
are arrangements of which the Group and other party or parties have
joint control bound by a contractual arrangement. Under IFRS 11,
investments in joint arrangements are classified as either joint
ventures or joint operations depending on the contractual rights
and obligations each investor has rather than the legal structure
of the joint arrangement. A joint venture is a joint arrangement
whereby the parties that have joint control of the arrangement have
rights to the net assets of the arrangement. A joint operation is a
joint arrangement whereby the parties that have joint control of
the arrangement have rights to the assets, and obligations for the
liabilities, relating to the arrangement. The Group has assessed
the nature of its joint arrangements and determined them to be
joint ventures.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-21</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to the Consolidated Financial
Statements</font>&#xA0;(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">2.</font></font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Summary of significant accounting
policies</font> (Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Investments in
joint ventures are accounted for under the equity method. Under the
equity method of accounting, interests in joint ventures are
initially recognized in the consolidated statements of financial
position at cost and adjusted thereafter to recognize the
Group&#x2019;s share of the post-acquisition profits or losses in
the income statements and in other comprehensive income
respectively.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The Group
determines at each reporting date whether there is any objective
evidence that the investment in the joint ventures is impaired. If
this is the case, the Group calculates the amount of impairment as
the difference between the recoverable amount of the joint venture
and its carrying value and recognizes the amount adjacent to "Share
of profit / (loss) of joint ventures and associates" in the
statement of income.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.4.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Segment
information</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Operating segments
are reported in a manner consistent with the internal reporting
provided to the chief operating decision-maker, responsible for
allocate resources and assessing performance. The operating
segments are included in Note 6.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.5.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Foreign
currency translation</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 72px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(a)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Functional
and presentation currency</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Items included in
the financial statements of each of the Group&#x2019;s entities are
measured using the currency of the primary economic environment in
which the entity operates (&#x2018;the functional currency&#x2019;).
The consolidated financial statements are presented in Argentine
Pesos, which is the Group&#x2019;s presentation
currency.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 72px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(b)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Transactions
and balances in foreign currency</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Foreign currency
transactions are translated into the functional currency using the
exchange rates prevailing at the dates of the transactions. Foreign
exchange gains and losses resulting from the settlement of such
transactions and from the translation at year-end exchange rates of
monetary assets and liabilities nominated in foreign currencies are
recognized in the profit or loss for the year.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Foreign exchange
gains and losses are presented in the statement of income within
finance income and finance costs, as appropriate, unless they are
capitalized.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-22</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to the Consolidated Financial
Statements</font>&#xA0;(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">2.</font></font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Summary of significant accounting
policies</font> (Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 72px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(c)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Group
companies</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The results and
financial position of all the Group entities (none of which has the
currency of a hyperinflationary economy) that have a functional
currency different from the presentation currency are translated
into the presentation currency as follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">(i)</font><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Assets, liabilities
and goodwill for each statement of financial position presented are
translated at the closing rate at the date of that financial
position;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">(ii)</font><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">income and expenses
for each statement of comprehensive income are translated at
average exchange rates (unless this average is not a reasonable
approximation of the cumulative effect of the rates prevailing on
the transaction dates, in which case income and expenses are
translated at the rate on the dates of the transactions);
and</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">(iii)</font><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">all resulting
exchange differences are recognized in the statement of
comprehensive income.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.6.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Investment
properties</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Investment
properties are those properties owned by the Group that are held
either to earn long-term rental income or for capital appreciation,
or both, and that is not occupied by the companies in the
consolidated Group. Investment property also includes property that
is being constructed or developed for future use as investment
property. The Group also classifies land whose future use has not
been determined yet as investment properties.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The Group&#x2019;s
investment properties primarily comprise the Group&#x2019;s
portfolio of shopping centers and offices, certain property under
development and undeveloped land.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Investment
properties are measured initially at cost. Cost comprises the
purchase price and directly attributable expenditures.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">For properties
under development, capitalization of costs includes not only
financial costs, but also all costs directly attributable to works
in process, from commencement of construction until it is completed
and property is in conditions to start operating.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Direct expenses
related to lease contract negotiation (such as payment to third
parties for services rendered and certain specific taxes related to
execution of such contracts) are capitalized as part of the book
value of the relevant investment properties and amortized over the
term of the lease.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-23</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to the Consolidated Financial
Statements</font>&#xA0;(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Summary of significant accounting
policies</font> (Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The Group has
adopted the cost model for all of its investment properties.
Therefore, at the date of each statement of financial position,
investment properties are carried at amortized cost, less
impairment losses, if any. Where individual components of an item
of investment property have different useful lives, they are
accounted for as separate items, which are depreciated separately.
Subsequent costs are included in the asset&#x2019;s carrying amount
or recognized as a separate asset, as appropriate, only when it is
probable that future economic benefits associated with the item
will flow to the Group and the cost of the item can be measured
reliably.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Land and property
under constructions are not depreciated. Depreciation of the
remaining investment properties is calculated, based on a component
approach, using the straight-line method over the estimated useful
life of each component. The remaining useful life as of June 30,
2016 is as follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; margin-right:0px;width:100%;font-size:13px;font-family:Times New Roman;margin-left:0px;">
<tr style="background-color:#cceeff;">
<td rowspan="1" style="width:34%;">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Shopping
Center&#xA0;portfolio&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td rowspan="1" style="width:24%;">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Between 11 and 30
years</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="width:34%;">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Offices and other
rental properties portfolio</font></div>
</td>
<td style="width:24%;">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Between 8 and 100
years</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">As of each year-end
an impairment test is performed on the recoverable value and/or
residual useful life of assets. If there be any indicators of
impairment, the recoverable amount and/or residual useful life of
impaired asset(s) is computed, and an impairment adjustment is
made, if applicable. The asset&#x2019;s residual values and useful
lives are reviewed, if appropriate, at least at each financial
year-end.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">An asset&#x2019;s
carrying amount is written down immediately to its recoverable
amount if the asset&#x2019;s carrying amount is greater than its
estimated recoverable amount.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Investment
properties are derecognized when they are disposed of or when they
are permanently withdrawn from use and no future economic benefits
are expected to arise from their disposals. Gains or losses on
disposals or retirements of investment properties are determined by
comparing the net disposal proceeds and their carrying amounts at
the date of disposal. The gains or losses are recognized in the
statements of income and disclosed separately under the line item
&#x201C;Gain from disposal of investment property&#x201D;. Proceeds
from the sale of such property are accounted for when the material
risks and benefits have been transferred to the
purchaser.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.7.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Property,
plant and equipment</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">This category
primarily comprises, buildings or portions of a building used for
administrative purposes, machines, computers, and other equipment,
motor vehicles, furniture, fixtures and fittings and improvements
to the Group&#x2019;s corporate offices.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The Group has also
several hotel properties. Based on the respective contractual
arrangements with hotel managers and / or given their direct
operators nature, the Group considers it retains significant
exposure to the variations in the cash flows of the hotel
operations, and accordingly, hotels are treated as owner-occupied
properties and classified under "Property, plant and
equipment".</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-24</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to the Consolidated Financial
Statements</font>&#xA0;(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Summary of significant accounting
policies</font> (Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">All property, plant
and equipment (&#x201C;PPE&#x201D;) are stated at acquisition cost
less depreciation and accumulated impairment, if any. The
acquisition cost includes expenditure that is directly attributable
to the acquisition of the items. For properties under development,
capitalization of costs includes not only financial costs, but also
all costs directly attributable to works in process, from
commencement of construction until it is completed and property is
in conditions to start operating.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Subsequent costs
are included in the asset&#x2019;s carrying amount or recognized as
a separate asset, as appropriate, only when it is probable that
future economic benefits associated with the item will flow to the
Group and the cost of the item can be measured reliably. Such costs
may include the cost of improvements and replacement of parts as
they meet the conditions to be capitalized. The carrying amount of
those parts that are replaced is derecognized Repairs and
maintenance are charged as incurred in the statement of income.
Depreciation, based on a component approach, is calculated using
the straight-line method to allocate the cost over the
assets&#x2019; estimated useful lives. The remaining useful life as
of June 30, 2016 is as follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; margin-right:0px;width:100%;font-size:13px;font-family:Times New Roman;margin-left:0px;">
<tr style="background-color:#cceeff;">
<td rowspan="1" style="width:40%;">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Buildings and
facilities&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td rowspan="1" style="width:21%;">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Between 5 and 50
years</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="width:40%;">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Machinery and
equipment&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width:21%;">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Between 3 and 17
years</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="width:40%;">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Communication
networks&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width:21%;">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Between 3 and 20
years</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="width:40%;">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Others&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width:21%;">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Between 3 and 25
years</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The assets&#x2019;
residual values and useful lives are reviewed and adjusted, if
appropriate, at least at each financial year-end.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">An asset&#x2019;s
carrying amount is written down immediately to its recoverable
amount if its carrying amount is greater than its estimated
recoverable amount.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Gains from the sale
of these assets are recognized when the significant risks and
rewards have transferred to the buyer. This will normally take
place on unconditional exchange, generally when legal title passes
to the buyer and it is probable that the buyer will pay. For
conditional exchanges, sales are recognized when these conditions
are satisfied.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Gains and losses on
disposals are determined by comparing the proceeds net of direct
expenses related to such sales, with the carrying amount as of the
date of each transaction. Gains and losses from the disposal of
property, plant and equipment items are recognized within
&#x201C;Other operating results, net&#x201D; in the statement of
comprehensive income.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-25</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to the Consolidated Financial
Statements</font>&#xA0;(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Summary of significant accounting
policies</font> (Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.8.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Leases</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Leases are
classified at their inception as either operating or finance leases
based on the economic substance of the agreement.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">A Group company is
the lessor:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Properties leased
out to tenants under operating leases are included in
&#x201C;Investment Properties&#x201D; in the statement of financial
position. See Note 2.23. for the recognition of rental income. The
Group does not have any assets leased out under finance
leases.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">A Group company is
the lessee:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The Group acquires
certain specific assets (especially machinery and computer
equipment) under finance leases. Finance leases are capitalized at
the commencement of the lease at the lower of the fair value of the
property and the present value of the minimum lease payments.
Capitalized lease assets are depreciated over the shorter of the
estimated useful life of the assets and the lease term. The finance
charges are charged over the lease period so as to produce a
constant periodic rate of interest on the remaining balance of the
liability for each period. Liabilities corresponding to finance
leases, measured at discounted value, are included in current and
non-current borrowings.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Operating leases
where the Group acts as lessee mainly include offices.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.9.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Intangible
assets</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 72px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(a)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Goodwill</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Goodwill represents
future economic benefits arising from assets that are not capable
of being individually identified and separately recognized by the
Group on an acquisition. Goodwill is initially measured as the
difference between the fair value of the consideration transferred,
plus the amount of non-controlling interest in the acquisition and,
in business combinations achieved in stages, the acquisition-date
fair value of the previously held equity interest in the
acquisition; and the net fair value of the identifiable assets and
liabilities assumed on the acquisition date.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Goodwill is not
amortized but tested for impairment on an annual basis, or more
frequently if there is an indication of impairment.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-26</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to the Consolidated Financial
Statements</font>&#xA0;(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Summary of significant accounting
policies</font> (Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">For the purpose of
impairment testing, assets are grouped at the lowest levels for
which there are separately identifiable cash flows, known as
cash-generating units (&#x201C;CGU&#x201D;). In order to determine
whether any impairment loss should be recognized, the book value of
CGU or CGU groups is compared against its recoverable value. Net
book value of CGU and CGU groups include goodwill and assets with
limited useful life (such as, investment properties, property,
plant and equipment, intangible assets and working capital
net).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">If the recoverable
amount of the CGU is less than the carrying amount of the unit, the
impairment loss is allocated first to reduce the carrying amount of
any goodwill allocated to the unit and then to the other assets of
the unit pro-rata on the basis of the carrying amount of each asset
in the unit. Impairment losses recognized for goodwill are not
reversed in a subsequent periods.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Recoverable amount
of a CGU is the higher of fair value less costs-to-sell and
value-in-use. The fair value is the amount at which a
cash-generating unit may be sold in a current transaction between
unrelated, willing and duly informed parties. Value-in-use is the
present value of all estimated future cash flows expected to be
derived from CGU or CGU groups.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 72px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(b)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Computer
software</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Acquired computer
software licenses are capitalized on the basis of the costs
incurred to acquire and bring to use the specific software. These
costs are amortized over their estimated useful lives of 3 years.
Costs associated with maintaining computer software programs are
recognized as an expense as incurred.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 72px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(c)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Branding
and client relationships</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">This relates to the
fair value of brands and client relationships arising at the time
of the business combination with IDBD. They are subsequently valued
at cost, less the accumulated amortization or impairment. Client
relationships have a 12-year useful life, while brands have an
indefinite useful life.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 72px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(d)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Right
to receive future units under barter agreements</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The Group also
enters into barter transactions where the Group normally exchanges
undeveloped parcels of land with third-party developers for future
property to be constructed on the bartered land. The Group
generally receives monetary assets as part of the transactions
and/or a right to receive future units to be constructed by
developers. Such rights are initially recognized at cost (which is
the fair value of the land assigned) and such rights are not
adjusted later, unless there is any sign of
impairment.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-27</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to the Consolidated Financial
Statements</font>&#xA0;(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Summary of significant accounting
policies</font> (Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">At the date of each
statements of financial position, the Group reviews the carrying
amounts of its intangible assets to determine whether there is any
indication that those assets have suffered an impairment loss. If
any such indication exists, the recoverable amount of the asset is
estimated in order to determine the extent, if any, of the
impairment loss.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.10.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Trading
properties</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Trading properties
comprises those properties either intended for sale or in the
process of construction for sale. Trading properties are carried at
the lower of cost and net realizable value. Where there is a change
in use of investment properties evidenced by the commencement of
development with a view to sale, the properties are reclassified as
trading properties at their cost, which is the carrying value at
the date of change in use. They are subsequently carried at the
lower of cost and net realizable value. Cost comprises all costs of
purchase, costs of conversion and other costs incurred in bringing
the trading properties to their present location and
condition.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.11.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Inventories</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Inventories include
assets held for sale in the ordinary course of the Group's business
activities, assets in production or construction process for sale
purposes, and materials, supplies or other assets held for
consumption in the process of producing sales and/or
services.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Inventories are
measured at the lower of cost or net realizable value.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Net realizable
value is the estimated selling price in the ordinary course of
business less selling expenses. It is determined on an ongoing
basis, taking into account the product type and aging, based on the
accumulated prior experience with the useful life of the product.
The Group periodically reviews the inventory and its aging and
books an allowance for impairment, as necessary.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The cost of
consumable supplies, materials and other assets is determined using
the weighted average cost method, the cost of inventories of mobile
phones, related accessories and spare parts is priced under the
moving average method, and the cost of the remaining inventories is
priced under the first in, first out (FIFO) method.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Cost comprises all
costs of purchase, costs of conversion and other costs incurred in
bringing the inventories to their present location and condition.
Inventories and materials are initially recognized at cash price,
and the difference being charged as finance cost.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-28</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to the Consolidated Financial
Statements</font>&#xA0;(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Summary of significant accounting
policies</font> (Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.12.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Financial
instruments</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The Group
classifies its financial assets in the following categories: those
to be measured subsequently at fair value, and those to be measured
at amortized cost. This classification depends on whether the
financial asset is an equity investment or a debt
investment.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Debt
investments</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">A debt investment
is classified as &#x201C;amortized cost&#x201D; only if both of the
following criteria are met: (i) the objective of the Group&#x2019;s
business model is to hold the asset to collect the contractual cash
flows; and (ii) the contractual terms give rise on specified dates
to cash flows that are solely payments of principal and interest on
the principal outstanding. The nature of any derivatives embedded
in the debt investment are considered in determining whether the
cash flows of the investment are solely payment of principal and
interest on the principal outstanding and are not accounted for
separately.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">If either of the
two criteria mentioned in the previous paragraph is not met, the
debt instrument is classified as &#x201C;fair value through profit
or loss&#x201D;. The Group has not designated any debt investment as
measured at fair value through profit or loss to eliminate or
significantly reduce an accounting mismatch. Changes in fair values
and gains from disposal of financial assets at fair value through
profit or loss are recorded within &#x201C;Financial results,
net&#x201D; in the statements of income.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Equity
investments</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">All equity
investments, which are not subsidiaries associate companies and
joint venture of the Group, are measured at fair value. Equity
investments that are held for trading are measured at fair value
through profit or loss. For all other equity investments, the Group
can make an irrevocable election at initial recognition to
recognize changes in fair value through other comprehensive income
rather than profit or loss. The Group decided to recognize changes
in fair value of equity investments through changes in profit or
loss.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">At initial
recognition, the Group measures a financial asset at its fair value
plus, in the case of a financial asset not at fair value through
profit or loss, transaction costs that are directly attributable to
the acquisition of the financial asset. Transaction costs of
financial assets carried at fair value though profit or loss are
expensed in the income statement.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">In general, the
Group uses the transaction price to ascertain the fair value of a
financial instrument on initial recognition. In the other cases,
the Group records a gain or loss on initial recognition only if the
fair value of the financial instrument can be supported by other
comparable transactions observable in the market for the same type
of instrument or if based on a technical valuation that only inputs
observable market data. Unrecognized gains or losses on initial
recognition of a financial asset are recognized later on, only to
the extent they arise from a change in factors (including time)
that market participants would consider upon setting the
price.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-29</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to the Consolidated Financial
Statements</font>&#xA0;(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Summary of significant accounting
policies</font> (Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Gains/losses on
debt instruments measured at amortized cost and not identified for
hedging purposes are charged to income where the financial assets
are derecognized or an impairment loss is recognized, and during
the amortization process under the effective interest method. The
Group is required to reclassify all affected debt investments when
and only when its business model for managing those assets
changes.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The Group assesses
at the end of each reporting period whether there is objective
evidence that a financial asset or group of financial assets
measured at amortized cost is impaired. A financial asset or a
group of financial assets is impaired and impairment losses are
incurred only if there is objective evidence of impairment as a
result of one or more events that occurred after the initial
recognition of the asset (a &#x2018;loss event&#x2019;) and that loss
event (or events) the can be reliably estimated. The amount of the
loss is measured as the difference between the asset&#x2019;s
carrying amount and the present value of estimated future cash
flows (excluding future credit losses that have not been incurred)
discounted at the financial asset&#x2019;s original effective
interest rate.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Financial assets
and liabilities are offset and the net amount reported in the
statements of financial position when there is a legally
enforceable right to offset the recognized amounts and there is an
intention to settle on a net basis, or realize the asset and settle
the liability simultaneously.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.13.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Derivative
financial instruments and hedging activities and
options</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Derivative
financial instruments are initially recognized at fair value. The
method of recognizing the resulting gain or loss depends on whether
the derivative is designated as a hedging instrument, and if so,
the nature of the item being hedged.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The Group manages
exposures to various risks using hedging instruments that provide
the appropriate economic outcome. The Group does not use derivative
financial instruments for speculative purposes. To date, the Group
has used put and call options, foreign currency future and forward
contracts and interest rate swaps as deemed
appropriate.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The Group&#x2019;s
policy is to apply hedge accounting where it is both permissible
under IFRS 9, practical to do so and its application reduces
volatility, but transactions that may be effective hedges in
economic terms may not always qualify for hedge accounting under
IFRS 9.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The fair values of
financial instruments that are traded in active markets are
computed by reference to market prices. The fair value of financial
instruments that are not traded in an active market is determined
by using valuation techniques. The Group uses its judgment to
select a variety of methods and make assumptions that are mainly
based on market conditions existing at the end of each reporting
year.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-30</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to the Consolidated Financial
Statements</font>&#xA0;(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Summary of significant accounting
policies</font> (Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The stock purchase
options involving shares of subsidiaries agreed at a fixed price
are accounted for under shareholders&#x2019; equity.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.14.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Groups
of assets and liabilities held for sale</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The groups of
assets and liabilities are classified as available for sale where
the Group is expected to recover their value by means of a sale
transaction (rather than through use) and where such sale is highly
probable. Groups of assets and liabilities available for sale are
valued at the lower of their net book value and fair value less
selling costs.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.15.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Trade
and other receivables</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Trade receivables
are recognized initially at fair value and subsequently measured at
amortized cost using the effective interest method.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">An allowance for
bad debts is recorded where there is objective evidence that the
Group may not be able to collect all receivables within their
original payment term. Indicators of bad debts include significant
financial distress of the debtor, the debtor potentially filing a
petition for reorganization or bankruptcy, or any event of default
or past due account.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">In the case of
larger non-homogeneous receivables, the impairment provision is
calculated on an individual basis.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The Group
collectively evaluates smaller-balance homogeneous receivables for
impairment. For that purpose they are grouped on the basis of
similar risk characteristics and account asset type, collateral
type, past-due status and other relevant factors are taken into
account.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The amount of the
provision is the difference between the asset&#x2019;s carrying
amount and the present value of estimated future cash flows,
discounted at the original effective interest rate. The carrying
amount of the asset is reduced through the use of a provision
account, and the amount of the loss is recognized in the statements
of income within &#x201C;Selling expenses&#x201D;. Subsequent
recoveries of amounts previously written off are credited against
&#x201C;Selling expenses&#x201D; in the statements of
income.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.16.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Trade
and other payables</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Trade payables are
initially recognized at fair value and subsequently measured at
amortized cost using the effective interest method.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-31</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to the Consolidated Financial
Statements</font>&#xA0;(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Summary of significant accounting
policie</font>s (Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.17.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Borrowings</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Borrowings are
recognized initially at fair value, net of transaction costs
incurred. Borrowings are subsequently stated at amortized cost; any
difference between the proceeds (net of transaction costs) and the
redemption value is recognized as finance cost over the period of
the borrowings using the effective interest method.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.18.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Provisions</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Provisions are
recognized when: (i) the Group has a present legal or constructive
obligation as a result of past events; (ii) it is probable that an
outflow of resources will be required to settle the obligation; and
(iii) a reliable estimate of the amount of the obligation can be
made. Provisions are not recognized for future operating
losses.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The Group bases its
accruals on up-to-date developments, estimates of the outcomes of
the matters and legal counsel experience in contesting, litigating
and settling matters. As the scope of the liabilities becomes
better defined or more information is available, the Group may be
required to change its estimates of future costs, which could have
a material effect on its results of operations and financial
condition or liquidity.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Provisions are
measured at the present value of the expenditures expected to be
required to settle the obligation using a pre-tax rate that
reflects current market assessments of the time value of money and
the risks specific to the obligation. The increase in the provision
due to passage of time is recognized in the statements of
income.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 60px;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 36px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(a)</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Warranties</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">A provision for
warranties is recognized when the underlying products or services
are sold. The provision is based on historic data of the warranties
granted and all potential results are weighted against associated
probabilities.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(b)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Onerous
contracts</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">A provision for
onerous contracts is recognized when the expected benefits are
lower than the costs of complying with contract obligations. The
provision is measured at the present value of the lower of expected
cost of terminating the contract and the net expected cost of
continuing the contract. Before recognizing a provision, the Group
recognizes the impairment of the assets related to the mentioned
contract.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-32</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to the Consolidated Financial
Statements</font>&#xA0;(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Summary of significant accounting
policies</font> (Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 24px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.19.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Irrevocable
right of use of the capacity of underwater communication
lines</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Transactions
carried out to acquire an irrevocable right of use of the capacity
of underwater communication lines are accounted for as service
contracts. The amount paid for the rights of use of the
communication lines is recognized as &#x201C;Prepaid expenses&#x201D;
under trade and other receivables, and is amortized over a
straight-line basis during the period set forth in the contract
(including the option term), which is the estimated useful life of
such capacity.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.20.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Employee
benefits</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 72px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(a)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Defined
contribution plans</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The Group operates
a defined contribution plan. A defined contribution plan is a
pension plan under which the Group pays fixed contributions into a
separate entity. The Group has no legal or constructive obligations
to pay further contributions if the fund does not hold sufficient
assets to pay all employees the benefits relating to employee
service in the current year or prior periods. The contributions are
recognized as employee benefit expense in the statements of Income
in the fiscal year they are incurred.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 72px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(b)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Termination
benefits</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Termination
benefits are payable when employment is terminated by the Group
before the normal retirement date, or whenever an employee accepts
voluntary redundancy in exchange for these benefits. The Group
recognizes termination benefits when it is demonstrably committed
to either terminating the employment of current employees according
to a detailed formal plan without possibility of withdrawal; or
providing termination benefits as a result of an offer made to
encourage voluntary redundancy.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 72px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(c)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Bonus
plans</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The Group
recognizes a liability and an expense for bonuses based on a
formula that takes into consideration the profit attributable to
the Company&#x2019;s shareholders after certain adjustments. The
Group recognizes a provision where contractually obliged or where
there is a past practice that has created a constructive
obligation.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 72px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(d)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Defined
benefit plans</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The Group&#x2019;s
net obligation concerning defined benefit plans are calculated on
an individual basis for each plan, estimating the future benefits
employees have gained in exchange for their services in the current
and prior periods. The benefit is disclosed at its present value,
net of the fair value of the plan assets. Calculations are made on
an annual basis by a qualified actuary.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-33</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to the Consolidated Financial
Statements</font>&#xA0;(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Summary of significant accounting
policies</font> (Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 72px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(e)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Other
long-term employee benefits</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The net obligation
of IDBD and its subsidiaries concerning employee long-term
benefits, other than retirement plans, is the amount of the future
benefits employees have gained in exchange for their services in
the current and prior periods. These benefits are discounted at
their present values.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 72px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(f)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Share-based
compensation plan</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The fair value of
the equity settled awards is measured at the date of grant. The
Group measures the fair value using the valuation technique that it
considers to be the most appropriate to value each class of award.
Methods used may include Black-Scholes calculations or other models
as appropriate. The valuations take into account factors such as
non-transferability, exercise restrictions and behavioral
considerations.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The fair value of
the share-based payment is expensed and charged to income under the
straight-line method over the vesting period in which the right to
the equity instrument becomes irrevocable (&#x201C;vesting
period&#x201D;); such value shall be based on the best available
estimate of the number of equity instruments expected to vest. Such
estimate shall be revised provided subsequent information available
indicates that the number of equity instruments expected to vest
differs from original estimates.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.21.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Current
income tax, deferred income tax and minimum presumed income
tax</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Tax expense for the
year comprises the charge for tax currently payable and deferred
income. Income tax is recognized in the statements of income,
except to the extent that it relates to items recognized in other
comprehensive income or directly in equity, in which case, the tax
is also recognized in other comprehensive income or directly in
equity, respectively.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The current income
tax charge is calculated on the basis of the tax laws enacted or
substantively enacted at the date of the statements of financial
position in the countries where the Company and its subsidiaries
operate and generate taxable income. The Group periodically
evaluates positions taken in tax returns with respect to situations
in which applicable tax regulation is subject to interpretation.
The Group establishes provisions where appropriate on the basis of
amounts expected to be paid to the tax authorities.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Deferred income tax
is recognized, using the liability method, on temporary differences
arising between the tax bases of assets and liabilities and their
carrying amounts in the&#xA0;consolidated financial statements.
However, deferred tax liabilities are not recognized if they arise
from the initial recognition of goodwill; deferred income tax is
not accounted for if it arises from initial recognition of an asset
or liability in a transaction other than a business combination
that at the time of the transaction affects neither accounting nor
taxable profit or loss. Deferred income tax is determined using tax
rates (and laws) that have been enacted or substantively enacted by
the date of the statements of financial position and are expected
to apply when the related deferred income tax asset is realized or
the deferred income tax liability is settled.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Deferred income tax
assets are recognized only to the extent that it is probable that
future taxable profit will be available against which the temporary
differences can be utilized.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-34</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to the Consolidated Financial
Statements</font>&#xA0;(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Summary of significant accounting
policies</font> (Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Deferred income tax
is provided on temporary differences arising on investments in
subsidiaries, joint ventures and associates, except for deferred
income tax liabilities where the timing of the reversal of the
temporary difference is controlled by the Group and it is probable
that the temporary difference will not reverse in the foreseeable
future.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Deferred income tax
assets and liabilities are offset when there is a legally
enforceable right to offset current tax assets against current tax
liabilities and when the deferred income taxes assets and
liabilities relate to income taxes levied by the same taxation
authority on either the same taxable entity or different taxable
entities where there is an intention to settle the balances on a
net basis.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The Group is able
to control the timing of dividends from its subsidiaries and hence
does not expect taxable profit. Hence deferred tax is recognized in
respect of the retained earnings of overseas subsidiaries only if
at the date of the statements of financial position, dividends have
been accrued as receivable or a binding agreement to distribute
past earnings in future has been entered into by the
subsidiary.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Entities in
Argentina are subject to the Minimum Presumed Income Tax
(&#x201C;MPIT&#x201D;). Pursuant to this tax regime, an entity is
required to pay the greater of the income tax or the MPIT. The MPIT
provision is calculated on an individual entity basis at the
statutory asset tax rate of 1% and is based upon the taxable assets
of each company as of the end of the year, as defined by Argentine
law. Any excess of the MPIT over the income tax may be carried
forward and recognized as a tax credit against future income taxes
payable over a 10-year period. When the Group assesses that it is
probable that it will use the MPIT payment against future taxable
income tax charges within the applicable 10-year period, recognizes
the MPIT as a current or non-current receivable, as applicable,
within &#x201C;Trade and other receivables&#x201D; in the statements
of financial position.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.22.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Cash
and cash equivalents</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">In the statements
of cash flows, cash and cash equivalents include cash in hand,
deposits held at call with banks, and other short-term highly
liquid investments with original maturities of three months or
less. Bank overdrafts are not included.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.23.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Revenue
recognition</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Group's revenue is
measured at the fair value of the consideration received or
receivable.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Revenue derived
from the sale of property is recognized when: (a) material risks
and benefits derived from title to property have been transferred;
(b) the company does not retain any management function on the
assets sold nor does it have any control whatsoever on such assets;
(c) the amount of revenues and costs associated to the transaction
may be measured on a reliable basis; and (d) the company is
expected to accrue the economic benefits associated to the
transaction.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-35</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to the Consolidated Financial
Statements</font>&#xA0;(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Summary of significant accounting
policies</font> (Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Revenue derived
from the provision of services is recognized when: (a) the amount
of revenue and costs associated to services may be measured on a
reliable basis; (b) the company is expected to accrue the economic
benefits associated to the transaction, and (c) the level of
completion of services may be measured on a reliable
basis.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 84px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Rental and services
- Shopping centers portfolio</font></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Revenues derived
from business activities developed in the Group&#x2019;s shopping
centers mainly include rental income under operating leases,
admission rights, commissions and revenue from several services
provided to the Group&#x2019;s lessees.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Rental income from
shopping center properties leased out under operating leases,
admission rights and fees related to their real estate agent
business, are recognized in the statements of income statement on a
straight-line basis over the term of the leases. When lease
incentives are granted, they are recognized as an integral part of
the net consideration for the use of the property and are therefore
recognized on the same straight-line basis.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Contingent rents,
being lease payments that are not fixed at the inception of a
lease, are recorded as income in the periods in which they are
known and can be determined. Rent reviews are recognized when such
reviews have been agreed with tenants.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Lease contracts
also provide that common area maintenance charges and collective
promotion funds of the Group&#x2019;s shopping centers are borne by
the corresponding lessees, generally on a proportionally basis.
These common area maintenance charges include all such expenses
convenient and necessary for various purposes including, but not
limited to, the operation, maintenance, management, safety,
preservation, repair, supervision, insurance and enhancement of the
shopping centers. The lessor is responsible for determining the
need and suitability of incurring a common area expense. The Group
makes the original payment for such expenses, which are then
reimbursed by the lessees. The Group considers that it acts as a
principal in these cases. Service charge income is presented
separately from property operating expenses. Property operating
expenses are expensed as incurred.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 84px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Rental and services
- Offices and other rental properties</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Rental income from
offices and other rental properties include rental income from
office leased out under operating leases, income for services and
expenses recovery paid by tenant.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-36</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to the Consolidated Financial
Statements</font>&#xA0;(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Summary of significant accounting
policies</font> (Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Rental income from
offices and other rental properties leased out under operating
leases is recognized in the income statements on a straight-line
basis over the term of the leases. When lease incentives are
granted, they are recognized as an integral part of the net
consideration for the use of the property and are therefore
recognized on the same straight-line basis.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">A substantial
portion of the Group&#x2019;s leases require the tenant to reimburse
the Group for a substantial portion of operating expenses, usually
a proportionate share of the allocable operating expenses. Such
property operating expenses includes necessary expenses such as
property operating, repairs and maintenance, security, janitorial,
insurance, landscaping, leased properties and other administrative
expenses, among others. The Group acts as the management of rent
properties. The Group makes the original payment for these
expenses, which are then reimbursed by the lessees. The Group
considers that it acts as a principal in these cases. The Group
accrues reimbursements from tenants as service charge revenue in
the period the applicable expenditures are incurred and is
presented separately from property operating expenses. Property
operating expenses are expensed as incurred.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 84px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Revenue from
supermarkets</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Revenue from the
sale of goods in the ordinary course of business are recognized at
the fair value of the consideration collected or receivable, net of
returns and discounts. When the credit term is short and financing
is that typical in the industry, consideration is not discounted.
When the credit term is longer than the industry&#x2019;s average,
in accounting for the consideration, the Group discounts it to its
net present value by using the client&#x2019;s risk premium or the
market rate. The difference between the fair value and the nominal
amount is accounted for under financial income. If discounts are
granted and their amount can be measured reliably, the discount is
recognized as a reduction of revenue.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Generally, the
Group recognizes revenue upon delivery of goods to the client. In
international sales, revenue is recognized upon loading goods with
the forwarder. Where two or more products are sold under one single
contract, the Group separates each component and gives them a
separate accounting treatment. The attribution of value to each
component is based on the relative fair value of each unit. Should
the fair value not be measurable on a reliable basis, then revenue
is attributed based on the difference arising between the total
amount of the executed contract and the fair value of the goods
delivered.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-37</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to the Consolidated Financial
Statements</font>&#xA0;(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Summary of significant accounting
policies</font> (Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">As regards client
loyalty programs, the fair value of the consideration received or
receivable in relation to the initial sale is allocated across the
rewards credits and the other components of the sale. The amount
allocated to rewards credits is estimated based on the market value
of the goods to be delivered. The fair value of the right to
purchase products at a discount is calculated considering the
expected exchange ratio and the expected terms. Such amount is
deferred and revenue is recognized only where rewards credits are
exchanged and the Group has complied with its obligation to provide
the products at a discount, or else when such reward credits have
expired. The amount of revenue recognized under such circumstances
is based on the number of reward credits that have been exchanged
for products with discounts, in relation to the total number of
reward credits expected to be exchanged. Deferred revenue is then
reversed when reward credits are no longer likely to be
exchanged.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">In addition, when
the Group acts as agent and not as main supplier in a transaction,
revenue is recognized at the net amount of commissions. Revenue
from commissions is recognized based on transactions conducted by
credit card companies at the rate and on the date they are
credited. Revenue from credit margins of credit cards is recognized
on the date the client is bound to pay and revenue for subscription
fees is recognized on a monthly basis.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 84px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Revenue from
communication services and sale of communication
equipment</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Revenue derived
from the use of communication networks by the Group, including
mobile phones, Internet services, international calls, fixed line
calls, interconnection rates and roaming service rates, are
recognized when the service is provided, proportionally to the
extent the transaction has been realized, and provided all other
criteria have been met for revenue recognition.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Revenue from the
sale of mobile phone cards are initially recognized as deferred
revenue and then recognized as revenue as they are used or upon
expiration, whichever takes place earlier.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">A transaction
involving the sale of equipment to a final user normally also
involves a service sale transaction. In general, this type of sale
is performed without a contractual obligation by the client to
consume telephone services for a minimum amount over a
predetermined period. As a result, the Group records the sale of
equipment separately and recognizes revenue pursuant to the
transaction value upon delivery of the equipment to the client.
Revenue from telephone services are recognized and accounted for as
they are provided. When the client is bound to make a minimum
consumption of services during a predefined period, the contract
formalizes a transaction of several elements and, therefore,
revenue from the sale of equipment is recorded at an amount that
should not exceed its fair value, and is recognized upon delivery
of the equipment to the client and provided the criteria for
recognition are met. The Group ascertains the fair value of
individual elements, based on the price at which it is normally
sold, after taking into account the relevant
discounts.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-38</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to the Consolidated Financial
Statements</font>&#xA0;(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Summary of significant accounting
policies</font> (Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Revenue derived
from long-term contracts is recognized at the present value of
future cash flows, discounted at market rates prevailing on the
transaction date. Any difference between the original credit and
its net present value is accounted for as interest income over the
credit term.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 72px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Revenue from
tourism services</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Revenue from
tourism services is recognized when the following conditions are
met:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 96px">
<font><font style="font-size: 13px">&#x25AA;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">The revenue amount
may be reliably measured;</font></font></div>
</div>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 96px">
<font><font style="font-size: 13px">&#x25AA;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">the economic
benefits associated to the transaction are expected to have an
impact on the Group;</font></font></div>
</div>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 96px">
<font><font style="font-size: 13px">&#x25AA;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">the degree of
completion of the transaction may be measured on a reliable basis;
and</font></font></div>
</div>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 96px">
<font><font style="font-size: 13px">&#x25AA;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">expenses incurred
in relation to the transaction as well as all necessary costs to
finalize the transaction may be reliably
measured.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.24.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Cost
of sale</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The cost of sales
of supermarkets, includes the acquisition costs for the products
less discounts granted by suppliers, as well as all expenses
associated with storing and handling inventories. It also includes
operational and management costs for shopping centers held by the
Group as part of its real estate investments.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The Group&#x2019;s
cost of sales in relation to the supply of communication services
mainly includes the costs to purchase equipment, salaries and
related expenses, service costs, royalties, ongoing license dues,
interconnection and roaming expenses, cell tower lease costs,
depreciation and amortization expenses and maintenance expenses
directly related to the services provided.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.25.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Share
capital</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Ordinary shares are
classified as equity. Incremental costs directly attributable to
the issue of new ordinary shares or options are shown in equity as
a deduction, net of tax, from the proceeds.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">When any Group
company purchases the Company&#x2019;s equity share capital
(treasury shares), the consideration paid, including any directly
attributable incremental costs (net of income taxes) is deducted
from equity attributable to the Company&#x2019;s equity holders
until the shares are cancelled or reissued. When such ordinary
shares are subsequently reissued, any consideration received, net
of any directly attributable incremental transaction costs and the
related income tax effects, is included in equity attributable to
the Company&#x2019;s equity holders.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-39</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to the Consolidated Financial
Statements</font>&#xA0;(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">2.</font></font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Summary of significant accounting
policies</font> (Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Instruments issued
by the Group that will be settled by the Company delivering a fixed
number of its own equity instruments in exchange for a fixed amount
of cash or another financial asset are classified as
equity.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.26.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Comparability
of information</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Balance items as of
June 30, 2015 and 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 year.
Note 2.1.(a)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">As required by IFRS
3, the information of IDBD is included in the financial statements
of the Group as from the acquisition date, and the prior periods
are not modified by this situation. Therefore, the financial
information consolidated for periods after the acquisition is not
comparative with prior periods.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">During the fiscal
year ended June 30, 2016, the Argentine Peso devalued against the
US$ and other currencies by around 65%. This has an impact in
comparative information presented in these Financial Statements,
due mainly to the currency exposure of our income and costs from
"offices and other properties" segment, and our assets and
liabilities in foreign currency (mainly assets and liabilities of
the Operations Center in Israel).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Acquisition
and dispositions</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 84px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">A)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IDBD</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 84px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">a)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Control
obtainment</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">On May 7, 2014, a
transaction was agreed whereby the Group, acting indirectly through
Dolphin, acquired jointly with ETH (a non-related company
established under the laws of the State of Israel to the Company
best knowledge controlled by Mordechay Ben Mosh&#xE9;), 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 arrangement of IDBH, IDBD's parent company, with
its creditors (the "Arrangement").</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Under the terms of
the agreement entered into between Dolphin and ETH (the
"Shareholders' Agreement"), Dolphin acquired 50% interest in this
investment, and 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.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-40</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to the Consolidated Financial
Statements</font>&#xA0;(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Acquisition and dispositions</font>
(Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">On May 28, 2015,
ETH launched the BMBY mechanism provided in the Shareholders&#x2019;
Agreement (clause which establishes that each party of the
Shareholders' 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). In addition, ETH further added that the purchaser
thereunder required to assume all obligations of
seller.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">On June 10 and 11,
2015, Dolphin gave notice to ETH of its intention to buy all the
shares of IDBD held by ETH.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">After certain
aspects of the offer were resolved through an arbitration process
brought by Dolphin and ETH, on September 24, 2015, the competent
arbitrator resolved that:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(i)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Dolphin and IFISA
(related company to the Group) were entitled to act as buyers in
the BMBY process, and ETH had to sell all of the IDBD shares held
by it (92,665,925 shares) at a price of NIS 1.64 per
share;</font></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman;"><font style="font-size: 13px; font-family: Times New Roman">(ii)&#xA0;&#xA0;</font></font><br>
</font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">The buyer had to
fulfill all of the commitments included in the Arrangement,
including the commitment to carry out Tender Offers whose
responsibility belonged to Dolphin; (iii) The buyer had to pledge
the shares that seller had pledged to them in favor of the
Arrangement Trustees.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">On October 11,
2015, the BMBY process concluded, and IFISA acquired all IDBD's
shares of stock held by ETH. Consequently, the Shareholders'
Agreement ceased and members of IDBD's Board of Directors
representing ETH submitted their irrevocable resignation to the
Board, therefore Dolphin was hence empowered to appoint the new
members to the Board. Additionally, on the same date, Dolphin
pledged additional shares as collateral to secure compliance with
the IDBD stock purchase agreement, thereby increasing the number of
pledged shares to 64,067,710. Consequently, the Group gained the
sole control of IDBD and started to consolidate financial
statements as from that date.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">In addition to the
competent arbitrator&#x2019;s decision issued on September 24, 2015,
ETH and Dolphin still have counterclaims of different kinds which
are subject to such arbitration proceeding. As of the filing date
of these financial statements, the proceeding is still being
heard.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-41</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to the Consolidated Financial
Statements</font>&#xA0;(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Acquisition and dispositions</font>
(Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The following chart
shows the consideration, the fair value of the acquired assets, the
assumed liabilities and the non-controlling interest as of the
acquisition date.</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><br>
&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">10.11.15</font></div>
</td>
</tr><tr>
<td style="width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 3px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Fair value of the
interest in IDBD&#x2019;s equity held before the business
combination and warrants</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,416</font></div>
</td>
</tr><tr>
<td style="width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 3px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
consideration&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,416</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">10.11.15</font></div>
</td>
</tr><tr>
<td style="width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Fair
value of identifiable assets and assumed liabilities:</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 3px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Investment
properties&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">29,586</font></div>
</td>
</tr><tr>
<td style="width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 3px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Property, plant and
equipment&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">15,104</font></div>
</td>
</tr><tr>
<td style="width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 3px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Intangible
assets&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6,603</font></div>
</td>
</tr><tr>
<td style="width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 3px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Joint ventures and
investment in
associates&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9,268</font></div>
</td>
</tr><tr>
<td style="width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 3px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financial assets
and other assets held for
sale&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5,129</font></div>
</td>
</tr><tr>
<td style="width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 3px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Trading
properties&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,656</font></div>
</td>
</tr><tr>
<td style="width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 3px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Inventories&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,919</font></div>
</td>
</tr><tr>
<td style="width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 3px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Income tax and
minimum presumed income tax (&#x201C;MPIT&#x201D;)
credit</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">91</font></div>
</td>
</tr><tr>
<td style="width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 3px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Trade and other
receivables&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9,713</font></div>
</td>
</tr><tr>
<td style="width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 3px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Investments in
financial
assets&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5,824</font></div>
</td>
</tr><tr>
<td style="width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 3px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cash and cash
equivalents&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9,193</font></div>
</td>
</tr><tr>
<td style="width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 3px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Deferred income
tax&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(4,681)</font></div>
</td>
</tr><tr>
<td style="width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 3px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Provisions&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;(969)</font></div>
</td>
</tr><tr>
<td style="width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 3px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Borrowings&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(60,306)</font></div>
</td>
</tr><tr>
<td style="width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 3px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Derivative
financial instruments,
net&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(54)</font></div>
</td>
</tr><tr>
<td style="width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 3px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Income tax and
minimum presumed income tax (&#x201C;MPIT&#x201D;)
liabilities</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(267)</font></div>
</td>
</tr><tr>
<td style="width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 3px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Employee
benefits&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(405)</font></div>
</td>
</tr><tr>
<td style="width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 3px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Trade and other
liabilities&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(19,749)</font></div>
</td>
</tr><tr>
<td style="width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 3px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
net identifiable
assets&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">8,655</font></div>
</td>
</tr><tr>
<td style="width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 3px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Non-controlling
interest&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(8,630)</font></div>
</td>
</tr><tr>
<td style="width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 3px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Goodwill&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,391</font></div>
</td>
</tr><tr>
<td style="width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 3px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,416</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The Group assessed
the fair value of the investment property with the assistance of
qualified independent appraisers. As of the acquisition date, the
Group estimates that recognized assets are recoverable. The value
of the non-controlling interest in IDBD has been determined on a
proportional basis to the fair value of net acquired assets and the
fair value of warrants.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Following the
control of IDBD, the cumulative currency translation accumulated in
shareholders&#x2019; equity from the interest held in IDBD before
the business combination in the amount of Ps. 91 was recognized in
the statement of income. Such result was disclosed under "Other
operating results, net" line in the statement of
income.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-42</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to the Consolidated Financial
Statements</font>&#xA0;(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Acquisition and dispositions</font>
(Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The revenues IDBD
has generated since October 11, 2015 and that have been disclosed
in the consolidated statement of income amount to Ps. 28,229. IDBD
has also run a net result of Ps. (1,984) during said period. If
IDBD had been included in the consolidation since July 1st, 2015,
the Group&#xB4;s consolidated income statement would have shown
pro-forma revenues in the amount of Ps. 49,637 and pro-forma net
result of Ps. (1,992).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Later on, following
the exercise of BMBY, Dolphin has entered into an option agreement
with IFISA that grants Dolphin the right, but not the obligation,
to acquire 92,665,925 shares in IDBD which IFISA acquired in the
BMBY process at a price per share of NIS 1.64 plus an annual
interest rate of 8.5%. The exercise date for the option extends for
two years. Additionally, Dolphin is entitled to a first refusal
right in case that IFISA agrees to sell these shares to a third
party. The value of the option agreement as of June 30, 2016 is
zero.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 84px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">b)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Acquisition
of non-controlling interest</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Dolphin was
required to carry out the first tranche of tender offers in
December 2015. Before expiration of such first tranche, Dolphin and
the agreement trustees (the " trustees") entered into an extension
agreement (the "Extension Agreement"), which was replaced by the
final agreement approved by approximately 95% of the
non-controlling shareholders of IDBD (excluding IFISA) and by
warrants holders of IDBD on March 2, 2016 and by the competent
court on March 10, 2016. The major amendments to the Agreement
were:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 84px">
<font><font style="font-size: 13px; font-family: Times New Roman">(i)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Replacement of the
obligation to conduct tender offers as previously established under
an agreement whereby Dolphin would purchase all the shares
outstanding on March 29, 2016 from non-controlling shareholders of
IDBD (except for those held by IFISA) on March 31, 2016. On March
29, 2016, all IDBD shares would cease to be traded in the TASE. On
that date, all IDBD warrants held by non-controlling shareholders
would expire and Dolphin would make capital contributions to IDBD
or grant subordinate loans, as described
hereafter.</font></font></div>
</div>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 84px">
<font><font style="font-size: 13px; font-family: Times New Roman">(ii)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">The price to be
paid for each IDBD share held by non-controlling shareholders on
March 29, 2016 would be NIS 1.25 in cash, plus NIS 1.20 adjusted
nominal value in bonds of the IDBD Series 9 (the &#x201C;IDBD
Bonds&#x201D;), which IDBD will issue directly to non-controlling
shareholders and holders of warrants, and Dolphin will inject funds
into IDBD equal to the adjusted nominal value of IDBD Bonds.
Additionally, Dolphin would undertake to pay NIS 1.05 (subject to
adjustments) in cash if Dolphin, either directly or indirectly,
gain control of Clal, or else if IDBD sells a controlling
shareholding in Clal under certain parameters (the &#x201C;Clal
payment&#x201D;), which refers mainly to Clal&#x2019;s sale price (at
a price which exceeds 75% of its book value upon execution of the
sale agreement, subject to adjustments) and, under certain
circumstances, the proportion of Clal shares sold by
IDBD.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-43</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to the Consolidated Financial
Statements</font>&#xA0;(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Acquisition and dispositions</font>
(Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 84px">
<font><font style="font-size: 13px; font-family: Times New Roman">(iii)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">The warrants held
by non-controlling shareholders that have not been exercised until
March 28, 2016 expired on March 31, 2016. Each warrant holder was
entitled to elect whether: (a) to receive IDBD bonds (based on the
adjusted nominal value) in an amount equal to the difference
between NIS 2.45 and the exercise price of the warrants and be
entitled to the Clal payment; or (b) to receive a payment
determined by an independent appraiser.</font></font></div>
</div>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 84px">
<font><font style="font-size: 13px; font-family: Times New Roman">(iv)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Dolphin compromised
that would provide IDBD a total amount of NIS 515 million (the
&#x201C;Contribution to IDBD&#x201D;), out of which it has already
contributed NIS 15 million in February 2016 and NIS 85 million in
March 2016. The amount injected to IDBD would be reduced by any
capital contribution resulting from the exercise of warrants held
by non-controlling shareholders (maximum amount of approximately
NIS 37.5 million). The contribution to IDBD would further cover the
IDBD Bonds necessary to comply with the transactions described
above (between NIS 166.5 million and NIS 178 million), and the
balance would be contributed until completing the amount committed
by Dolphin either as a capital contribution or as a subordinated
loan (between NIS 284.5 million and NIS 333.5
million).</font></font></div>
</div>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 84px">
<font><font style="font-size: 13px; font-family: Times New Roman">(v)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Dolphin had to
pledge 28% of its IDBD shares, as well as all rights held by
Dolphin in relation to the subordinated loan granted in the amount
of NIS 210 million in December 2015, until the payment obligation
for Clal has been completed or has expired, after which the pledge
will be discharged. Should new shares be issued by IDBD, Dolphin
will have to pledge additional shares until completing the 28% of
all IDBD share capital. This pledge supersedes the existing pledge
on approximately 64 million shares of IDBD and all Dolphin&#x2019;s
rights in relation to the Subordinated Loan.</font></font></div>
</div>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 84px">
<font><font style="font-size: 13px; font-family: Times New Roman">(vi)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Additionally,
Dolphin agreed not to exercise its right to convert the
subordinated loans into shares of IDBD until the pledge described
above has been released. Should the pledge on subordinated loans be
exercised by the Arrangement Trustees, then those trustees may
convert the subordinated loans into shares; however, in such case,
the maximum percentage of the IDBD capital that may be pledged is
35%, and any shares in excess of such amount will be released from
the pledge.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">As a result of the
description above, on March 31, 2016: (i) Dolphin acquired all
shares from IDBD&#x2019; non-controlling shareholders (except for
IFISAS), (ii) all warrants held by IDBD non-controlling
shareholders expired, and (iii) Dolphin made additional
contributions to IDBD via subordinated loans pursuant to the
agreement. All commitments to invest in IDBD by Dolphin have been
fully complied so that the only obligation still pending is the
Clal payment, provided the conditions herein described are met.
Additionally, Dolphin is bound to exercise its warrants in the
event the following conditions occur jointly:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 60px;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 36px">
<font><font style="font-size: 13px; font-family: Times New Roman">(i)</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">An agreement is
reached to renegotiate the debt covenants of IDBD and its
subsidiaries;</font></font></div>
</div>
</div>
<div style="display: table; margin-left: 60px;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 36px">
<font><font style="font-size: 13px; font-family: Times New Roman">(ii)</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Control over Clal
is secured.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Should both
situations take place, the obligation would amount to NIS 391
million. The warrants mature on February 10, 2018.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-44</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to the Consolidated Financial
Statements</font>&#xA0;(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Acquisition and dispositions</font>
(Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">As of June 30,
2016, IRSA&#x2019;s indirect interest in IDBD was 68.28% without
considering dilution.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The transaction
described above represented the acquisition of an additional
interest of 19.28% in IDBD for a total amount of Ps. 1,249. As a
result of this transaction, the non-controlling interest was
increased by Ps. 346 and the interest attributable to the
shareholders&#x2019; of the controlling parents was increased by Ps.
234.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 84px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">B)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Acquisition
and sale of investment properties</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">During the fiscal
year ended June 30, 2016, the Group has sold certain floors
corresponding to Maip&#xFA; 1300 Building, Intercontinental Plaza,
all the floors corresponding to Dique IV and Isla Sirgadero, among
others for a total amount of Ps.&#xA0;1,393. All sales mentioned
above led to a combined profit for the Group of Ps. 1,113,
disclosed within the line &#x201C;Gain from disposal of investment
properties&#x201D; in the statement of income.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">During the fiscal
year ended June 30, 2015, the Group acquired five plots of
farmlands in Luj&#xE1;n for Ps. 210 and, through IRSA CP, a plot of
land in C&#xF3;rdoba for Ps. 3.1. Additionally the Group has sold
floors corresponding to Maip&#xFA; 1300 building, Intercontinental
Plaza, Bouchard 551, the entire Madison 183 building and parking
spaces in Bouchard 551, Libertador 498 and Maip&#xFA; 1300 for a
total amount of Ps.&#xA0;2,447. All sales mentioned above led to a
combined profit for the Group of Ps. 1,163, disclosed within the
line &#x201C;Gain from disposal of investment properties&#x201D; in
the statement of income.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">During the fiscal
year ended June 30, 2014, the Group acquired, through IRSA CP, a
building next to Alto Palermo Shopping for US$ 3.8 million.
Additionally the Group sold floors corresponding to Maip&#xFA; 1300
building, Bouchard 551 and the entire buildings Mayo 589, Rivadavia
565, Costeros Dique IV Constituci&#xF3;n 1159 and parking spaces in
Maip&#xFA; 1300, Bouchard 551 and Libertador 498 buildings for a
total amount of Ps.&#xA0;402. All sales mentioned above led to a
combined profit for the Group of Ps. 236, disclosed within the line
&#x201C;Gain from disposal of investment properties&#x201D; in the
statement of income.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 84px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">C)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Acquisition
of additional interest in BHSA</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">During the year
ended June 30, 2015, the Group acquired 3,289,029 additional shares
of BHSA in a total amount of Ps. 14.2, thus increasing its interest
in such company from 29.77% to 29.99%, without consideration of
treasury shares. During the year ended June 30, 2016, the Group
sold 1,115,165 shares of BHSA in a total amount of Ps. 7.7, thus
increasing its interest to 29.91%, without consideration of
treasury shares.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 84px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">D)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Disposal
of financial assets</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">During August 2014,
IRSA sold through its subsidiary REIG IV the balance of 1 million
shares of Hersha Hospitality Trust, at an average price of US$ 6.74
per share.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-45</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to the Consolidated Financial
Statements</font>&#xA0;(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Acquisition and dispositions</font>
(Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 84px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">E)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Sale
of Associates</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">On February 5,
2014, the Group, through Ritelco, sold its interest in Bitania,
representing 49% of its capital stock, for an amount of US$ 4.2
million. Such transaction generated a net gain of approximately Ps.
13.3, which are shown in the line "Other operating results, net" in
the Statements of income.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 84px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">F)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BACS</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The Group through
Tyrus, subscribed a purchase-sale agreement of shares of BACS,
representing an interest of 6.125%. The transaction amounts to US$
1.35 million. This operation is yet to be approved by the BCRA as
of June 30, 2016, according to regulations in force. The advance
payment related to this transaction is disclosed in &#x201C;Trade
receivables and other receivables&#x201D;. On August 24, 2016, the
operation was approved by the BCRA.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The Group through
IRSA, on June 17, 2015, subscribed Convertible Notes, issued by
BACS for a nominal value of 100,000,000, which are convertible into
common shares.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">On June 21, 2016,
we notified BACS on their right to convert all of the Convertible
Notes into common shares.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">As a consequence,
BACS initiated the relevant diligence before the Argentine Central
Bank in order to secure the authorization to issue the shares in
our favor.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 84px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">G)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Rigby
capital reduction</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">During fiscal year
2015, Rigby reduced its capital stock by distributing among
existing shareholders, proportionally to their shareholdings, the
gain made on the sale of Madison building. The total amount
distributed is US$ 103.8 million, of which the Group received US$
77.4 million (US$ 26.5 million through IRSA International and US$
50.9 million through IMadison LLC) and US$ 26.4 million were
distributed to other shareholders. As a result of such reduction,
the Group has decided to reverse the corresponding accumulated
conversion difference on a pro rata basis, which amounted to Ps.
188.3. This reversal has been recognized in the line "Other
operating results, net" in the Statements of income.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">4.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Financial
risk management and fair value</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The Group's
activities expose it to a variety of financial risks: market risk
(including foreign currency risk, interest rate risk, indexing risk
due to specific clauses and other price risk), credit risk,
liquidity risk and capital risk. Within the Group, risk management
functions are conducted in relation to financial risks associated
to financial instruments to which the Group is exposed during a
certain period or as of a specific date.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-46</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to the Consolidated Financial
Statements</font>&#xA0;(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">4.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Financial risk management and fair value</font>
(Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The general risk
management policies of the Group seek both to minimize adverse
potential effects on the financial performance of the Group and to
manage and control the financial risks effectively. The Group uses
financial instruments to hedge certain risk exposures when deemed
appropriate based on its internal management risk policies, as
explained below.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Given the diversity
of characteristics corresponding to the business conducted in its
operations centers, the Group has decentralized the risk management
policies geographically based on its two operations centers in
order to identify and properly analyze the various types of risks
to which each of the subsidiaries is exposed.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Below is a list of
the main risk management policies of each of the operations
centers:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
4.1&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Risk management in the
operations center in Argentina:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The risk management
function within the Group is carried out in respect of financial
risks. Financial risks are risks arising from financial instruments
to which the Group is exposed during or at the end of the reporting
period. Financial risk comprises market risk (including foreign
currency risk, interest rate risk and other price risk), credit
risk, liquidity risk and capital risk.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The Group&#x2019;s
diverse activities are exposed to a variety of financial risks in
the normal course of business. The Group&#x2019;s overall risk
management policy focuses on the unpredictability of financial
markets and seeks to minimize the Group&#x2019;s capital costs by
using suitable means of financing and to manage and control the
Group&#x2019;s financial risks effectively. The Group uses financial
instruments to hedge certain risk exposures when deemed appropriate
based on its internal management risk policies.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The Group&#x2019;s
principal financial instruments comprise cash and cash equivalents,
receivables, payables, interest bearing assets and liabilities,
other financial liabilities, other investments and derivative
financial instruments. The Group manages its exposure to key
financial risks in accordance with the Group&#x2019;s risk
management policies.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The Group&#x2019;s
management framework includes policies, procedures, limits and
allowed types of derivative financial instruments. The Group has
established a Risk Committee, comprising Senior Management and a
member of Cresud&#x2019;s Audit Committee (Parent Company of IRSA),
which reviews and oversees management&#x2019;s compliance with these
policies, procedures and limits and has overall accountability for
the identification and management of risk across the
Group.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-47</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to the Consolidated Financial
Statements</font>&#xA0;(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">4.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Financial risk management and fair value</font>
(Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
<font style="font-weight: bold">4.1</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold">Risk
management in the operations center in Argentina</font>
(Continued)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">This section
provides a description of the principal risks that could have a
material adverse effect on the Group&#x2019;s strategy, performance,
results of operations and financial condition. The risks facing the
businesses, set out below, do not appear in any particular order of
potential materiality or probability of occurrence.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The analysis of
sensitivities to market risks included below are based on a change
in one factor while holding all other factors constant. In practice
this is unlikely to occur, and changes in some of the factors may
be correlated &#x2013; for example, changes in interest rate and
changes in foreign currency rates.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">This sensitivity
analysis provides only a limited, point-in-time view. The actual
impact on the Group&#x2019;s financial instruments may differ
significantly from the impact shown in the sensitivity
analysis.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 84px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(a)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Market
risk management</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The market risk is
the risk of changes in the market price of financial instruments
with whom the Group operates. The Group&#x2019;s market risks arise
from open positions in foreign currencies, interest-bearing assets
and liabilities and equity securities of certain companies, to the
extent that these are exposed to market value movements. The Group
sets limits on the exposure to these risks that may be accepted,
which are monitored on a regular basis.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 48px">&#xA0;</font>Foreign Exchange risk and
associated derivative financial instruments</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The Group publishes
its consolidated financial statements in Argentine pesos but
conducts operations and holds positions in other currencies. As a
result, the Group is exposed to foreign currency exchange risk
through exchange rate movements, which affect the value of the
Group&#x2019;s foreign currency positions. Foreign exchange risk
arises when future commercial transactions or recognized assets or
liabilities are denominated in a currency that is not the
entity&#x2019;s functional currency.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The real estate,
commercial and/or financial activities of the Group&#x2019;s
subsidiaries from the operations center in Argentina have the
Argentine Peso as functional currency. An important part of the
business activities of these subsidiaries is conducted in that
currency, thus not exposing the Group to foreign exchange risk.
Other Group's subsidiaries have other functional currencies,
principally US dollar. In the ordinary course of business, the
Group, through its subsidiaries, transacts in currencies other than
the respective functional currencies of the subsidiaries. These
transactions are primarily denominated in US dollars and New
Israeli Shekel. Net financial position exposure to the functional
currencies is managed on a case-by-case basis, partly by entering
into foreign currency derivative instruments and/or by borrowings
in foreign currencies, or other methods, considered adequate by the
Management, according to circumstances.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-48</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to the Consolidated Financial
Statements</font>&#xA0;(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">4.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Financial risk management and fair value</font>
(Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-style: italic; font-weight: bold">4.1</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-style: italic; font-weight: bold">Risk
management in the operations center in Argentina</font><font style="font-weight: bold">&#xA0;</font><font style="font-style: italic">(Continued)</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Financial
instruments are considered sensitive to foreign exchange rates only
when they are not in the functional currency of the entity that
holds them. The following table shows the net carrying amounts of
the Company&#x2019;s financial instruments nominated in US$ and NIS,
broken down by the functional currencies in which the Company
operates for the years ended June 30, 2016 and 2015. The amounts
are presented in Argentine Pesos, the presentation currency of the
Group:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; margin-right:0px;width:100%;font-size:13px;font-family:Times New Roman;margin-left:0px;">
<tr>
<td rowspan="1" style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="4" rowspan="1" style="vertical-align:bottom;width:48%;">
<div><font style="text-align: left; padding-bottom:2px;width:2%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:96%;border-bottom:2px solid black;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">Net
monetary position (Liability)/Asset in million</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:2%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Functional
currency</font></div>
</td>
<td colspan="2" style="vertical-align:bottom;width:24%;">
<div><font style="text-align: left; vertical-align:bottom;width:5%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:90%;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">June
30, 2016</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:5%;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align:bottom;width:24%;">
<div><font style="text-align: left; vertical-align:bottom;width:5%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:90%;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">June
30, 2015</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:5%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:2px solid black;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">US$</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:2px solid black;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">NIS</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:2px solid black;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">US$</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:2px solid black;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">NIS</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Argentine
Peso&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(5,370</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(2,576</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Uruguayan
Peso&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">6</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(67</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align: bottom; width: 52%;">
<div style="padding-bottom: 2px;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">US
Dollar&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; padding-bottom: 2px;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">-</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; padding-bottom: 2px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; padding-bottom: 2px;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">(7</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; padding-bottom: 2px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; padding-bottom: 2px;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">-</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; padding-bottom: 2px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; padding-bottom: 2px;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">(245</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; padding-bottom: 2px;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 4px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:4px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:4px double black;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:4px double black;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(5,364</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:4px;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:4px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:4px double black;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:4px double black;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(7</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:4px;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:4px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:4px double black;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:4px double black;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(2,643</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:4px;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:4px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:4px double black;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:4px double black;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(245</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:4px;width:10%;font-size:13px;">)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The Group estimates
that, other factors being constant, a 10% appreciation of the US
dollar against the respective functional currencies at year-end
would increase loss before income tax for the year ended June 30,
2016 for an amount of Ps. 536. A 10% depreciation of the US dollar
against the functional currencies would have an equal and opposite
effect on the statements of income.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">On the other hand,
the Group also uses derivatives, such as forward exchange
contracts, to manage its exposure to foreign currency risk. As of
June 30, 2016 there are future exchange contracts pending in the
amount of US$ 21 million. Net book value of future exchange
contracts amounts to Ps. (3).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Interest
rate risk</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The Group is
exposed to interest rate risk on its investments in debt
instruments, short-term and long-term borrowings and derivative
financial instruments.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The primary
objective of the Group&#x2019;s investment activities is to preserve
principal while at the same time maximizing yields without
significantly increasing risk. To achieve this objective, the Group
diversifies its portfolio in accordance with the limits set by the
Group. The Group maintains a portfolio of cash equivalents and
short-term investments in a variety of securities, including both
government and corporate obligations and money market
funds.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-49</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to the Consolidated Financial
Statements</font>&#xA0;(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">4.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Financial risk management and fair value</font>
(Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
<font style="font-weight: bold">4.1</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold">Risk
management in the operations center in Argentina</font>
(Continued)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The Group&#x2019;s
interest rate risk principally arises from long-term borrowings
(Note 21). Borrowings issued at variable rates expose the Group to
cash flow interest rate risk. Borrowings issued at fixed rates
expose the Group to fair value interest rate risk. The Group
manages this risk by maintaining an appropriate mix between fixed
and floating rate interest bearing liabilities. These activities
are evaluated regularly to determine that the Group is not exposed
to interest rate fluctuations that could adversely impact its
ability to meet its financial obligations and to comply with its
borrowing covenants.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The Group
occasionally manages its cash flow interest rate risk exposure by
different hedging instruments, including but not limited to
interest rate swap, depending on each particular case. For example,
interest rate swaps have the economic effect of converting
borrowings from floating rates to fixed rates or vice
versa.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The interest rate
risk policy is approved by the Board of Directors. Management
analyses the Group&#x2019;s interest rate exposure on a dynamic
basis. Various scenarios are simulated, taking into consideration
refinancing, renewal of existing positions and alternative
financing sources. Based on these scenarios, the Group calculates
the impact on profit and loss of a defined interest rate shift. The
scenarios are run only for liabilities that represent the major
interest-bearing positions. Trade payables are normally
interest-free and have settlement dates within one year. The
simulation is done on a regular basis to verify that the maximum
potential loss is within the limits set by management.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Note 21 shows a
breakdown of the Group&#x2019;s fixed-rate and floating-rate
borrowings per currency denomination and functional currency of the
subsidiary issuing the loans for the fiscal years ended June 30,
2016 and 2015.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The Group estimates
that, other factors being constant, a 1% increase in floating rates
at year-end would increase net loss before income tax for the
fiscal year ended June 30, 2016, in Ps. 13.7. A 1% decrease in
floating rates would have an equal and opposite effect on the
statement of income.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Other
price risk</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The Group is
exposed to equity securities price risk or derivative financial
instruments because of investments held in entities that are
publicly traded,&#xA0;&#xA0;which were classified on the
consolidated statements of financial position at &#x201C;fair value
through profit or loss&#x201D;. The Group regularly reviews the
prices evolution of these equity securities in order to identify
significant movements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-50</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to the Consolidated Financial
Statements</font>&#xA0;(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">4.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Financial risk management and fair value</font>
(Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
<font style="font-weight: bold">4.1</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold">Risk
management in the operations center in Argentina</font>
(Continued)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">As of June 30, 2016
and 2015 the total value of Group&#xB4;s investments in shares and
derivative financial instruments of public companies amounts to Ps.
822 and Ps. 1,803, respectively.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The Group estimates
that, other factors being constant, a 10% decrease in quoted prices
of equity securities and in derivative financial instruments
portfolio at year-end would generate a loss before income tax for
the year ended June 30, 2016 of Ps. 82. An increase of 10% on these
prices would have an equal and opposite effect in the statement of
income.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 84px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(b)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Credit
risk management</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 48px">&#xA0;</font>The credit risk arises from
the potential non-performance of contractual obligations by the
parties, with a resulting financial loss for the Group. Credit
limits have been established to ensure that the Group deals only
with approved counterparties and that counterparty concentration
risk is addressed and the risk of loss is mitigated. Counterparty
exposure is measured as the aggregate of all obligations of any
single legal entity or economic entity to the Group.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The Group is
subject to credit risk arising from deposits with banks and
financial institutions, investments of surplus cash balances, the
use of derivative financial instruments and from outstanding
receivables Credit risk is managed on a country-by-country basis.
Each local entity is responsible for managing and analyzing the
credit risk.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The Group&#x2019;s
policy is to manage credit exposure to deposits, short-term
investments and other financial instruments by maintaining
diversified funding sources in various financial institutions. All
the institutions that operate with the Group are well known because
of their experience in the market and high credit quality. The
Group places its cash and cash equivalents, investments, and other
financial instruments with various high credit quality financial
institutions, thus mitigating the amount of credit exposure to any
one institution. The maximum exposure to credit risk is represented
by the carrying amount of cash and cash equivalents and short-term
investments in the statements of financial position.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-51</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to the Consolidated Financial
Statements</font>&#xA0;(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">4.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Financial risk management and fair value</font>
(Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
<font style="font-weight: bold">4.1</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold">Risk
management in the operations center in Argentina</font>
(Continued)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font id="TAB1" style="margin-left: 48px">&#xA0;</font>Trade receivables related to
leases and services provided by the Group represent a diversified
tenant base and account for 94.9% and 97.4% of the Group&#x2019;s
total trade receivables as of June 30, 2016 and 2015, respectively.
The Group has specific policies to ensure that rental contracts are
transacted with counterparties with appropriate credit quality. The
majority of the Group&#x2019;s shopping center, offices and other
rental properties&#x2019; tenants are well recognized retailers,
diversified companies, professional organizations, and others.
Owing to the long-term nature and diversity of its tenancy
arrangements, the credit risk of this type of trade receivables is
considered to be low. Generally, the Group has not experienced any
significant losses resulting from the non-performance of any
counterpart to the lease contracts and, as a result, the allowance
for doubtful accounts balance is low. Individual risk limits are
set based on internal or external ratings in accordance with limits
set by the Group. If there is no independent rating, risk control
assesses the credit quality of the customer, taking into account
its past experience, financial position, actual experience and
other factors. Based on the Group&#x2019;s analysis, the Group
determines the size of the deposit that is required from the tenant
at inception. Management does not expect any material losses from
non-performance by these counterparties. See details on Note
15.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">On the other hand,
property receivables related to the sale of trading properties
represent 3.7% and 0.16% of the Group&#x2019;s total trade
receivables as of June 30, 2016 and 2015, respectively. Payments on
these receivables have generally been received when due. These
receivables are generally secured by mortgages on the properties.
Therefore, the credit risk on outstanding amounts is considered
very low.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 84px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(c)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Liquidity
risk management</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The Group is
exposed to liquidity risks, including risks associated with
refinancing borrowings as they mature, the risk that borrowing
facilities are not available to meet cash requirements, and the
risk that financial assets cannot readily be converted to cash
without loss of value. Failure to manage liquidity risks could have
a material impact on the Group&#x2019;s cash flow and statements of
financial position. Prudent liquidity risk management implies
maintaining sufficient cash, the availability of funding through an
adequate amount of committed credit facilities and the ability to
close out market positions. Due to the dynamic nature of the
underlying businesses, the Group aims to maintain flexibility in
funding its existing and prospective debt requirements by
maintaining diversified funding sources.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The Group monitors
its current and projected financial position using several key
internally generated reports: cash flow; debt maturity; and
interest rate exposure. The Group also undertakes sensitivity
analysis to assess the impact of proposed transactions, movements
in interest rates and changes in property values on the key
profitability, liquidity and balance sheet ratios.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-52</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to the Consolidated Financial
Statements</font>&#xA0;(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">4.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Financial risk management and fair value</font>
(Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
<font style="font-weight: bold">4.1</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold">Risk
management in the operations center in Argentina</font>
(Continued)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The Group&#x2019;s
debt and derivative positions are continually reviewed to meet
current and expected debt requirements. The Group maintains a
balance between longer-term and shorter-term financings. Short-term
financing is principally raised through bank facilities and
overdraft positions. Medium to longer-term financing comprises
public and private bond issues, including private placements.
Financing risk is spread by using a variety of types of debt. The
maturity profile is managed in accordance with Group&#x2019;s needs,
by spreading the repayment dates and extending facilities, as
appropriate.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The tables below
show financial liabilities, including Group&#x2019;s derivative
financial liabilities groupings based on the remaining period at
the statements of financial position to the contractual maturity
date. The amounts disclosed in the tables are the contractual
undiscounted cash flows and as a result, they do not reconcile to
the amounts disclosed on the statements of financial position.
However, undiscounted cash flows in respect of balances due within
12 months generally equal their carrying amounts in the statements
of financial position, as the impact of discounting is not
significant. The tables include both interest and principal
flows.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Where the interest
payable is not fixed, the amount disclosed has been determined by
reference to the existing conditions at the reporting
date.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 28%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">At
June 30, 2016</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Less
than 1 year</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Between
1 and 2 years</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Between
2 and 3 years</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Between
3 and 4 years</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Later
than 4 years</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Trade and other
payables&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">627</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">204</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">832</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Borrowings
(excluding finance leases liabilities)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,518</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">494</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">475</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">491</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6,760</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11,738</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Finance leases
obligations&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Derivative
Financial Instruments</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">4,150</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">699</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">477</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">491</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">6,760</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">12,577</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 28%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">At
June 30, 2015</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Less
than 1 year</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Between
1 and 2 years</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Between
2 and 3 years</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Between
3 and 4 years</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Later
than 4 years</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Trade and other
payables&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">447</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">461</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Borrowings
(excluding finance leases liabilities)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">876</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,822</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">147</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">143</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,553</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5,541</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Finance leases
obligations&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Derivative
Financial Instruments</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">238</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">265</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">503</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,563</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3,099</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">150</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">143</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,553</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">6,508</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-53</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to the Consolidated Financial
Statements</font>&#xA0;(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">4.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Financial risk management and fair value</font>
(Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
<font style="font-weight: bold">4.1</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold">Risk
management in the operations center in Argentina</font>
(Continued)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 84px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(d)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Capital
risk management</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The capital
structure of the Group consists of shareholders&#x2019; equity and
net borrowings. The type and maturity of the Group&#x2019;s
borrowings are analyzed further in Note 24. The Group&#x2019;s
equity is analyzed into its various components in the statements of
changes in equity.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Capital is managed
so as to promote the long-term success of the business and to
maintain sustainable returns for shareholders.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The Group seeks to
manage its capital requirements to maximize value through the mix
of debt and equity funding, while ensuring that Group entities
continue to operate as going concerns, comply with applicable
capital requirements and maintain strong credit
ratings.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The Group assesses
the adequacy of its capital requirements, cost of capital and
gearing (i.e. debt/equity mix) as part of its broader strategic
plan. The Group continuously reviews its capital structure to
ensure that (i) sufficient funds and financing facilities are
available to implement the Group&#x2019;s property development and
business acquisition strategies, (ii) adequate financing facilities
for unforeseen contingencies are maintained, and (iii)
distributions to shareholders are maintained within the
Group&#x2019;s dividend distribution policy. The Group also protects
its equity in assets by taking out insurance.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The Group&#x2019;s
strategy is to maintain key financing metrics (net debt to total
equity ratio or gearing and debt ratio) in order to ensure that
asset level performance is translated into enhanced returns for
shareholders whilst maintaining an appropriate risk reward balance
to accommodate changing financial and operating market
cycles.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The following table
details the Group&#x2019;s key metrics in relation to managing its
capital structure. The ratios are within the ranges previously
established by the Group&#xB4;s strategy.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; margin-right:0px;width:100%;font-size:13px;font-family:Times New Roman;margin-left:0px;">
<tr>
<td rowspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px black;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">June
30,</font></div>
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">2016</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px black;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">June
30,</font></div>
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">2015</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Gearing ratio
(i)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">89.24</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">%</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">68.77</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">%</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Debt ratio
(ii)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">29.39</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">%</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">20.38</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">%</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 72px">
<font><font style="font-size: 13px; font-family: Times New Roman">(i)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Calculated as total
of current and non-current borrowings divided by total current and
non-current borrowings plus equity of the parent
company.</font></font></div>
</div>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 72px">
<font><font style="font-size: 13px; font-family: Times New Roman">(ii)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Calculated as total
current and non-current borrowings over total properties at fair
value (including trading properties, properties plants and
equipment, property investments and right to receive future units
under barter agreements).</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-54</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to the Consolidated Financial
Statements</font>&#xA0;(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">4.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Financial risk management and fair value</font>
(Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
<font style="font-weight: bold">4.1</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold">Risk
management in the operations center in Argentina</font>
(Continued)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Property
risk</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">There are several
risks affecting the Group&#x2019;s property investments. The
composition of the Group&#x2019;s property portfolio including asset
concentration and lot size may affect liquidity and relative
property performance. The Group has a large multi-asset portfolio
and monitors its concentration and average lot size.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">A change in trends
and economic conditions causes shifts in customer demands for
properties and impacts on new lettings, renewal of existing leases
and reduces rental growth. In addition, increases risk of tenant
insolvencies. The Group conducts several actions to mitigate some
of these risks whenever possible. The variety of asset types and
geographical spread as well as a diversified tenant base, with
monitoring of its concentration, helps mitigating these
risks.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The development,
administration and profitability of shopping centers are impacted
by various factors including: the accessibility and the
attractiveness of the area where the shopping center is located.
The intrinsic attractiveness of it, the flow of people, the level
of sales of each shopping center rental unit, the increasing
competition from internet sales, the amount of rent collected from
each shopping center rental unit and the fluctuations in occupancy
levels. In the event that there is an increase in operational
costs, caused by inflation or other factors, it could have a
material adverse effect on the Group if its tenants are unable to
pay their higher rent obligations due to the increase in expenses.
Argentine Law No. 24,808 provides that tenants may rescind
commercial lease agreements after the initial six months upon not
less than sixty days written notice, subject to penalties of only
one-and-a-half month rent if the tenant rescinds during the first
year of the lease, and one-month rent if the tenant rescinds during
the second year of the lease. The exercise of such rescission
rights could materially and adversely affect the
Group.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-55</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to the Consolidated Financial
Statements</font>&#xA0;(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">4.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Financial risk management and fair value</font>
(Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
<font style="font-weight: bold">4.1</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold">Risk
management in the operations center in Argentina</font>
(Continued)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Risks associated
with development properties activities include the following: a)
the potential abandonment of development opportunities; b)
construction costs exceeding original estimates, possibly making a
project uneconomical; c) occupancy rates and rents at newly
completed projects may be insufficient to make the project
profitable. On the other hand, a) the Group may not be able to
obtain financing favorable terms for the development of the
project, b) construction and lease-up may not be completed on
schedule, resulting in increased debt service expense and
construction costs, c) the Group may not be able to obtain, or
delay in obtaining, all necessary zoning, land-use, building,
occupancy and other required governmental permits and
authorizations, d) preconstruction buyers may default on their
purchase contracts or units in new buildings may remain unsold upon
completion of constructions, and e) prices for residential units
may be insufficient to cover development cost. The Group also takes
several actions to monitor these risks and respond appropriately
whenever it is under its control. The Group has in-house property
market research capability and development teams that monitor
development risks closely. The Group generally adopts conservative
assumptions on leasing and other variables and monitors the level
of committed future capital expenditure on development programs
relative to the level of undrawn facilities.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The Group&#x2019;s
hotel properties face specific risks as well. The success of the
Group&#x2019;s hotel properties will depend, in large part, upon the
Group&#x2019;s ability to compete in areas such as access, location,
quality of accommodations, room rate structure and the quality and
type of services offered. The Group&#x2019;s hotels may face
additional competition if other companies decide to build new
hotels or improve their existing hotels such that they are more
attractive to potential guests. In addition, their profitability
depends on (i) the Group&#x2019;s ability to form successful
relationships with international operators to run the hotels; (ii)
changes in travel patterns, including seasonal changes; and (iii)
taxes and governmental regulations which influence or determine
wages, prices, interest rates, construction procedures and
costs.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-56</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to the Consolidated Financial
Statements</font>&#xA0;(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">4.</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold">Financial
risk management and fair value</font> (Continued)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">4.2&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Risk
management in the operations center in Israel:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Given the diversity
of the activities conducted by IDBD and its subsidiaries, and the
resulting risks, IDBD manages the exposure to its own key financial
risks and those of its wholly-owned subsidiaries (except for IDB
Tourism) in conformity with a centralized risk management policy,
with the non-wholly owned IDBD subsidiaries being responsible for
establishing the risk policy, taking action to cover market risks
and managing their activities in a decentralized fashion. Both IDBD
as holding and each subsidiary are responsible for managing their
own financial risks in accordance with agreed global guidelines.
The Chief Financial Officers of each entity are responsible for
managing the risk management policies and systems, the definition
of hedging strategies, insofar as applicable and based on any
restriction that may be apply as a result of financial debt, the
supervision of its implementation and the answer to such
restrictions. The management framework includes policies,
procedures, limits and allowed types of derivative financial
instruments.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">This section
provides a description of the principal risks related to the
operations center in Israel that could have a material adverse
effect on the IDBD&#x2019;s strategy, performance, results of
operations and financial condition. The risks facing the
businesses, set out below, do not appear in any particular order of
potential materiality or probability of occurrence.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(a)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Market
risk management</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 95px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Foreign
currency risk</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Real estate,
business and/or financial activities of IDBD subsidiaries in the
operations center in Israel are developed mainly in Israeli
currency, although some operations, mostly borrowing, are expressed
in US dollars, thereby exposing IDBD to a foreign currency
risk.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Net financial
position exposure to the functional currencies is decentralized
managed on a case-by-case basis, by entering into foreign currency
derivative instruments and/or by borrowings in foreign currencies,
as the case may be, or by other methods, considered adequate by the
Management, according to circumstances.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">As of June 30,
2016, the Israeli subsidiaries&#x2019; net financial position, which
exposes the Group to the foreign currency risk, amounts to a
liability of Ps. 12,415. The Group estimates that, other factors
being constant, a 5% appreciation of the US dollar against the
Israeli currency would increase loss before income tax for the year
ended June 30, 2016 for an amount of Ps. 498. An equivalent
depreciation of the Israeli currency would have result in a profit
before income tax for the year June 30, 2016 for an amount of
Ps.&#xA0;489.&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-57</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to the Consolidated Financial
Statements</font>&#xA0;(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">4.</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold">Financial
risk management and fair value</font> (Continued)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
<font style="font-weight: bold">4.2</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold">Risk
management in the operations center in Israel</font>
(Continued)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 95px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Risk
of fluctuations of the Consumer Price Index ("CPI") of
Israel</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">IDBD has financial
liabilities indexed by the Israeli CPI. As of the balance sheet
date, more than half of the financial liabilities arising from the
center of operations in Israel were adjusted by the Israeli
CPI.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Net financial
position exposure to the Israeli CPI fluctuations is decentralized
managed on a case-by-case basis, by entering into derivative
financial instruments, as the case may be, or by other methods,
considered adequate by the Management, according to
circumstances.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The Group estimates
that, other factors being constant, a 1% appreciation of the CPI
would increase loss before income tax for the year ended June 30,
2016 for an amount of Ps. 415. An equivalent depreciation of the
CPI would have result in a profit before income tax for the year
June 30, 2016 for an amount of Ps. 319.&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Interest rate risk</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The IDBD&#x2019;s
interest rate risk principally arises from long-term borrowings
(See Note 21). Borrowings issued at floating rate expose IDBD to
cash flow interest rate risk, partially compensated by financial
assets at floating interest rate. Borrowings issued at fixed rates
expose IDBD to fair value interest rate risk.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">IDBD manages the
exposure to the interest rate risk on a dynamic basis. Various
scenarios are simulated by IDBD, taking into consideration
refinancing, renewal of existing positions, alternative financing
sources or hedging instruments, maintaining an appropriate mix
between fixed and floating rate interest bearing liabilities. The
exposure to the interest rate risk is managed in a decentralized
fashion and is monitored regularly by different management offices
with a view to confirming that there are no adverse effects over
its ability to meet its financial obligations and to comply with
its borrowings covenants.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">As of the date of
these financial statements, approximately 96% of the Group&#x2019;s
long-term financial borrowings in the operations center in Israel
are at fixed interest rate; therefore, IDBD is not significantly
exposed to the interest rate fluctuation risk.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">IDBD estimates
that, other factors being constant, a 1% increase in floating rates
at year-end would increase net loss before income tax for the year
ended June 30, 2016, in Ps. 25, approximately. An equivalent
decrease of the floating rates would have result in a profit before
income tax for the year June 30, 2016 for an amount of Ps.
26.&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Other price risk</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">IDBD is exposed to
equity securities price risk or derivative financial instruments
price risk because of investments held in entities that are
publicly traded.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-58</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to the Consolidated Financial
Statements</font>&#xA0;(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">4.</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold">Financial
risk management and fair value</font> (Continued)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
<font style="font-weight: bold">4.2</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold">Risk
management in the operations center in Israel</font>
(Continued)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">As indicated in
Note 16, investment in Clal is classified on the statements of
financial position at "fair value through profit or loss" and
represents the most significant IDBD&#x2019;s exposure to price
risk. IDBD has not used hedging against these risks.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">IDBD regularly
reviews the prices evolution of these equity securities in order to
identify significant movements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 84px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(b)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Credit
risk management</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The credit risk
arises from the potential non-performance of contractual
obligations by the parties, with a resulting financial loss for
IDBD. IDBD&#x2019;s credit risk, as well as that of its wholly-owned
subsidiaries (except for IDB Tourism), is managed in a centralized
manner by IDBD. In contrast, the credit risk of the other
subsidiaries is managed in a decentralized fashion by each
subsidiary. Each entity is responsible for managing and analyzing
the credit risk and limits have been established to ensure that
IDBD deals only with approved counterparties and that counterparty
concentration risk is addressed and the risk of loss is mitigated.
Counterparty exposure is measured as the aggregate of all
obligations of any single legal entity or economic entity to
IDBD.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">IDBD and
subsidiaries invest their surplus liquidity so as to obtain a fair
return on it, while maintaining a suitable return-risk ratio, in
solid channels &#x2013; mainly short-term shekel deposits in a
number of major Israeli financial institutions, and they also
invest in liquid securities, which mainly include trust funds,
exchange traded funds, government and corporate bonds with a rating
of at least A- and corporate bonds abroad have been rated with the
international rating of Investment Grade and above. In addition,
the maximum percentage of securities of a single issuer, which IDBD
or a subsidiary holds in its portfolio does not exceed 10% of the
value of its investment portfolio. IDBD and subsidiaries carry out
transactions in derivative financial instruments only through
banking corporations and entities that are required to maintain
collateral levels in accordance with scenarios.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-59</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to the Consolidated Financial
Statements</font>&#xA0;(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">4.</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold">Financial
risk management and fair value</font> (Continued)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
<font style="font-weight: bold">4.2</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold">Risk
management in the operations center in Israel</font>
(Continued)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">IDBD&#x2019;s
primary objective for holding derivative financial instruments is
to manage currency exchange rate risk and interest rate risk. IDBD
generally enters into derivative transactions with
high-credit-quality counterparties and, by policy, limits the
amount of credit exposure to each counterparty. The amounts subject
to credit risk related to derivative instruments are generally
limited to the amounts, if any, by which counterparty&#x2019;s
obligations exceed the obligations that IDBD has with that
counterparty. The credit risk associated with derivative financial
instruments is representing by the carrying value of the assets
positions of these instruments.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The IDBD&#x2019;s
policy is to manage credit exposure to trade and other receivables
within defined trading limits. All IDBD&#x2019;s significant
counterparties have internal trading limits.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Trade receivables
from investment and development property activities are primarily
derived from leases and services from shopping centers, office and
other rental properties; receivables from the sale of trading
properties and investment properties (primarily undeveloped land
and non-retail rental properties). IDBD has a large customer base
and is not dependent on any single customer. (See Note 15 for
details).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">There is not a high
credit risk concentration in trade receivables from
telecommunications and supermarket activity, as the business does
not rely on few customers and most of the transactions are paid in
cash or credit card. (See Note 15 for details).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 84px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(c)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Liquidity
risk management</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The most important
risk in the operations center in Israel is the liquidity risks,
including risks associated with refinancing borrowings as they
mature, the risk that borrowing facilities are not available to
meet cash requirements, and the risk that financial assets cannot
readily be converted to cash without loss of value. Failure to
manage liquidity risks could have a material impact on the
IDBD&#x2019;s cash flow and statements of financial position.
Prudent liquidity risk management implies maintaining sufficient
cash, the availability of funding through an adequate amount of
committed credit facilities and the ability to close out market
positions. Due to the dynamic nature of the underlying businesses,
IDBD aims to maintain flexibility in funding its existing and
prospective debt requirements by maintaining diversified funding
sources.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">IDBD monitors its
current and projected financial position using several key
internally generated reports: cash flow forecasts; debt maturity;
and interest rate exposure. IDBD also undertakes sensitivity
analysis to assess the impact of proposed transactions, movements
in interest rates and changes in property values on the key
profitability, liquidity and balance sheet ratios.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-60</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to the Consolidated Financial
Statements</font>&#xA0;(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">4.</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold">Financial
risk management and fair value</font> (Continued)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
<font style="font-weight: bold">4.2</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold">Risk
management in the operations center in Israel</font>
(Continued)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">IDBD&#x2019;s debt
and derivative positions are continually reviewed to meet current
and expected debt requirements. IDBD maintains a balance between
longer-term and shorter-term financings. Short-term financing is
principally raised through bank facilities and overdraft positions.
Medium- to longer-term financing comprises public and private bond
issues, including private placements. Financing risk is spread by
using a variety of types of debt. The maturity profile is managed
in accordance with IDBD&#x2019;s needs, by spreading the repayment
dates and extending facilities, as appropriate.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The table below
shows financial liabilities, including Group&#x2019;s derivative
financial liabilities groupings based on the remaining period at
the statements of financial position to the contractual maturity
date. The amounts disclosed in the table are the contractual
undiscounted cash flows and as a result, they do not reconcile to
the amounts disclosed on the statements of financial
position.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">However,
undiscounted cash flows in respect of balances due within 12 months
generally equal their carrying amounts in the statements of
financial position, as the impact of discounting is not
significant. The tables include both interest and principal
flows.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Where the interest
payable is not fixed, the amount disclosed has been determined by
reference to the existing conditions at the reporting
date.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 26%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">At
June 30, 2016</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Less
than 1 year</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Between
1 and 2 years</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Between
2 and 3 years</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Between
3 and 4 years</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Later
than 4 years</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Trade and other
payables</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">13,046</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">234</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">561</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">54</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">13,899</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Borrowings<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">20,714</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">19,328</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">29,522</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9,435</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">52,232</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">131,231</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Lease
obligations<br></font></div>
</td>
<td style="width: 9%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,254</font></div>
</td>
<td style="width: 9%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,086</font></div>
</td>
<td style="width: 9%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,802</font></div>
</td>
<td style="width: 9%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,487</font></div>
</td>
<td style="width: 9%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,398</font></div>
</td>
<td style="width: 9%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11,027</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Purchase
obligations<br></font></div>
</td>
<td style="width: 9%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,089</font></div>
</td>
<td style="width: 9%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">162</font></div>
</td>
<td style="width: 9%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">15</font></div>
</td>
<td style="width: 9%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,266</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Derivative
Financial Instruments</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">105</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">47</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">58</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">210</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">37,208</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">21,857</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">31,958</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">10,976</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">55,634</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">157,633</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Given the current
financial debt conditions of the Operations Center in Israel, in
particular in the holding company IDBD, the main source of funding
has been capital contributions. See Note 21 that includes a
description of commitments and restrictions related to loans and
renegotiation processes under way.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-61</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to the Consolidated Financial
Statements</font>&#xA0;(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">5.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Significant
judgments, key assumptions and judgments</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The Group&#x2019;s
significant accounting policies are stated in Note 2. Not all of
these significant accounting policies require management to make
subjective or complex judgments or estimates. The following is
intended to provide an understanding of the policies that
management considers critical because of the level of complexity,
judgment or estimations involved in their application and their
impact on the consolidated financial statements. These judgments
involve assumptions or estimates in respect of future events.
Actual results may differ from these estimates.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="border-top: solid 1px black; width: 15%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Estimation</font></div>
</td>
<td style="border-top: solid 1px black; width: 35%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Main
assumptions</font></div>
</td>
<td style="border-top: solid 1px black; width: 19%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Potential
implications</font></div>
</td>
<td style="border-top: solid 1px black; width: 18%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Main
references</font></div>
</td>
</tr><tr>
<td style="width: 15%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Business
combination - Allocation of acquisition prices</font></div>
</td>
<td style="width: 35%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Assumptions
regarding timing, amount of future revenues and expenses, revenue
growth, expected rate of return, economic conditions, discount
rate, among other.</font></div>
</td>
<td style="width: 19%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Should the
assumptions made be inaccurate, the recognized combination may not
be correct.</font></div>
</td>
<td style="width: 18%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Note 3 &#x2013;
Acquisitions and dispositions</font></div>
</td>
</tr><tr>
<td style="width: 15%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Recoverable amounts
of cash-generating units (even those including goodwill),
associates and assets.</font></div>
</td>
<td style="width: 35%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The discount rate
and the expected growth rate before taxes in connection with
cash-generating units.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The discount rate
and the expected growth rate after taxes in connection with
associates.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cash flows are
determined based on past experiences with the asset or with similar
assets and in accordance with the Group&#x2019;s best factual
assumption relative to the economic conditions expected to
prevail.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Business continuity
and share market value of the public companies in connection with
cash-generating units.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Appraisals made by
external appraisers and valuators with relation to the
assets&#x2019; fair value, net of realization costs (including real
estate assets).</font></div>
</td>
<td style="width: 19%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Should any of the
assumptions made be inaccurate, this could lead to differences in
the recoverable values of cash-generating units.</font></div>
</td>
<td style="width: 18%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Note 10 &#x2013;
Investment properties</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Note 11 &#x2013;
Property, plant and equipment</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Note 13 &#x2013;
Intangible assets</font></div>
</td>
</tr><tr>
<td style="width: 15%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Control, joint
control or significant influence</font></div>
</td>
<td style="width: 35%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Judgment relative
to the determination that the Group holds an interest in the shares
of investees (considering the existence and influence of
significant potential voting rights), its right to designate
members in the executive management of such companies (usually the
Board of directors) based on the investees&#x2019; bylaws; the
composition and the rights of other shareholders of such investees
and their capacity to establish operating and financial policies
for investees or to take part in the establishment
thereof.</font></div>
</td>
<td style="width: 19%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Accounting
treatment of investments as subsidiaries (consolidation) or
associates (equity method)</font></div>
</td>
<td style="width: 18%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Note
2.3</font></div>
</td>
</tr><tr>
<td style="width: 15%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Estimated useful
life of intangible assets, investment properties and property,
plant and equipment</font></div>
</td>
<td style="width: 35%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Estimated useful
life of assets based on their conditions.</font></div>
</td>
<td style="width: 19%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Recognition of
accelerated or decelerated depreciation by comparison against final
actual earnings (losses).</font></div>
</td>
<td style="width: 18%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: -4px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Note 10 &#x2013;
Investment properties</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Note 11 &#x2013;
Property, plant and equipment</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Note 13 &#x2013;
Intangible assets</font></div>
</td>
</tr><tr>
<td style="width: 15%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Fair value
valuation of investment properties</font></div>
</td>
<td style="width: 35%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Fair value
valuation made by external appraisers and valuators.</font></div>
</td>
<td style="width: 19%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Incorrect exposure
of investment property values</font></div>
</td>
<td style="width: 18%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: -4px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Note 10 &#x2013;
Investment properties</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 15%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Income
tax</font></div>
</td>
<td style="width: 35%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Group estimates
the income tax amount payable for transactions where the
Treasury&#x2019;s Claim cannot be clearly determined.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Additionally, the
Group evaluates the recoverability of assets due to deferred taxes
considering whether some or all of the assets will not be
recoverable.</font></div>
</td>
<td style="width: 19%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Upon the improper
determination of the provision for income tax, the Group will be
bound to pay additional taxes, including fines and compensatory and
punitive interest.</font></div>
</td>
<td style="width: 18%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Note 22 &#x2013;
Taxes</font></div>
</td>
</tr><tr>
<td style="width: 15%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Allowance for
doubtful accounts</font></div>
</td>
<td style="width: 35%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">A periodic review
is conducted of receivables risks in the Group&#x2019;s
clients&#x2019; portfolios. Bad debts based on the expiration of
account receivables and account receivables&#x2019; specific
conditions.</font></div>
</td>
<td style="width: 19%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Improper
recognition of charges / reimbursements of the allowance for bad
debt.</font></div>
</td>
<td style="width: 18%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Note 15 &#x2013;
Trade and other receivables</font></div>
</td>
</tr><tr>
<td style="width: 15%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Hybrid financial
instrument related to the non-recourse loan from Koor
(Adama).</font></div>
</td>
<td style="width: 35%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xB7;</font><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">The value of
Adama&#x2019;s shares.</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xB7;</font><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Unobserved data
underlying the binomial model applied to the determination of the
embedded derivative instruments&#x2019; value.</font></div>
</td>
<td style="width: 19%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Changes in losses
or profits resulting from the variation in the fair value of the
embedded derivative, and variations in the book amount of the
primary contract recognized as revenues or expenses from
financing.</font></div>
</td>
<td style="width: 18%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Note 21 &#x2013;
Borrowings</font></div>
</td>
</tr><tr>
<td style="width: 15%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Level 2 and 3
financial instruments</font></div>
</td>
<td style="width: 35%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Main assumptions
used by the Group are:</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xB7;</font><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Discounted
projected income by interest rate.</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xB7;</font><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Values determined
in accordance with the company&#x2019;s shares in equity funds on
the basis of its financial statements, based on fair value or
investment assessments.</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xB7;</font><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Comparable market
multiple (EV/GMV ratio).</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xB7;</font><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Underlying asset
price (Market price); share price volatility (historical) and money
market interest-rate curve (Libor rate).</font></div>
</td>
<td style="width: 19%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Wrong recognition
of a charge to income / (loss).</font></div>
</td>
<td style="width: 18%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Note 14 &#x2013;
Financial instruments by category</font></div>
</td>
</tr><tr>
<td style="width: 15%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;Probability
estimate of contingent liabilities.</font></div>
</td>
<td style="width: 35%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Whether more
economic resources may be spent in relation to litigation against
the Group; such estimate is based on legal advisors&#x2019;
opinions.</font></div>
</td>
<td style="width: 19%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Charge / reversal
of provision in relation to a claim.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
</td>
<td style="width: 18%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Note 20 &#x2013;
Provisions</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-62</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to the Consolidated Financial
Statements</font>&#xA0;(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">6.</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Segment
information</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">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 CODM.
According to IFRS 8, the CODM represents a function whereby
strategic decisions are made and resources are assigned. The CODM
function is carried out by the President of the Group, Mr. Eduardo
S. Elsztain. In addition, and due to the acquisition of IDBD, two
responsibility levels have been established for resource allocation
and assessment of results of the two operations centers, through
executive committees in Argentina and Israel.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Following the
control of IDBD, the Group reports its financial and equity
performance based on the new segment structure for the year- end
2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Segment information
is now reported from two perspectives: geographic presence and
products and services. From the geographic point of view, the Group
has established two Operations Centers to manage its global
interests: Argentina and Israel. Within each operations center, the
Group considers separately the various activities being developed,
which represent reporting operating segments given the nature of
its products, services, operations and risks. Management believes
the operating segment clustering in each operations center reflects
similar economic characteristics in each region, as well as similar
products and services offered, types of clients and regulatory
environments.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Below is the
segment information prepared as follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operations
center in Argentina:</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 84px;"><font style="font-size: 13px; font-family: Times New Roman">Within this center,
the Group operates in the following segments:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 96px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">o&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">The <font style="font-weight: bold">&#x201C;Shopping Centers&#x201D;</font> segment
includes the assets and operating results of the activity of
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></font></div>
</div>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 96px">
<font><font style="font-size: 13px; font-family: Times New Roman">o&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">The <font style="font-weight: bold">&#x201C;Offices and others&#x201D;</font> segment
includes the assets and operating results from lease revenues of
offices and other rental space and other service revenues related
to the office activities.</font></font></div>
</div>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 96px">
<font><font style="font-size: 13px; font-family: Times New Roman">o&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">The <font style="font-weight: bold">&#x201C;Sales and Developments&#x201D;</font>
segment includes the assets and operating results of the sales of
undeveloped parcels of land and/or trading properties, as the
results related with its development and maintenance. 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></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-63</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to the Consolidated Financial
Statements</font>&#xA0;(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">6.</font></font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Segment information</font>
(Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 96px">
<font><font style="font-size: 13px; font-family: Times New Roman">o&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">The <font style="font-weight: bold">"Hotels"</font> segment includes the operating
results of hotels mainly comprised of room, catering and restaurant
revenues.</font></font></div>
</div>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 96px">
<font><font style="font-size: 13px; font-family: Times New Roman">o&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">The <font style="font-weight: bold">&#x201C;International&#x201D;</font> segment
includes assets and operating profit or loss from business related
to associates Condor and Lipstick. Through these associates, the
Group derives revenue from hotels and an office building in United
States, respectively. Until September 30, 2014, this segment
included revenue from a subsidiary that owned the building located
at 183 Madison Ave in New York, United States, which was sold on
September 29, 2014. Additionally, until October 11, 2015, this
international segment only included results from the investment in
IDBD carried at fair value.</font></font></div>
</div>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 96px">
<font><font style="font-size: 13px; font-family: Times New Roman">o&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">The <font style="font-weight: bold">&#x201C;Financial operations and
others&#x201D;</font> segment primarily includes the financial
activities carried out by BHSA and Tarshop and other residual
financial operations.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The CODM
periodically reviews the results and certain asset categories and
assesses performance of operating segments of this operations
center based on a measure of profit or loss of the segment composed
by the operating income plus the equity in earnings of joint
ventures and associates. 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 following:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 84px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Operating results
from joint ventures: Cyrsa, NPSF, Puerto Retiro, Baicom and Quality
are evaluated by the CODM applying proportional consolidation
method. Under this method the income/loss generated and assets, are
reported in the income statement line-by-line based on the
percentage held in joint ventures rather than in a single item as
required by IFRS. Management believes that the proportional
consolidation method provides more useful information to understand
the business return. Moreover, operating results of 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
LRSA.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 84px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Operating results
from Shopping Centers and Offices segments do not include the
amounts pertaining to building administration expenses and
collective promotion funds (&#x201C;FPC&#x201D;, as per its Spanish
acronym) as well as total recovered costs, whether by way of
expenses or other concepts included under financial results (for
example default interest and other concepts). The CODM examines the
net amount from these items (total surplus or deficit between
building administration expenses and FPC and recoverable
expenses).</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-64</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to the Consolidated Financial
Statements</font>&#xA0;(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">6.</font></font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Segment information</font>
(Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The assets&#x2019;
categories examined by the CODM are: investment properties,
property, plant and equipment, trading properties, inventories,
right to receive future units under barter agreements, investment
in associates and goodwill. The sum of these assets, classified by
business segment, is reported under &#x201C;assets by
segment&#x201D;. Assets are allocated to each segment based on the
operations and/or their physical location.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Within the
operations center in Argentina, most revenue from its operating
segments is derived from, and their assets are located in,
Argentina, except for earnings of associates included in the
&#x201C;International&#x201D; segment located in United
States.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Revenues for each
reporting segments derive from a large and diverse client base and,
therefore, there is no revenue concentration in any particular
segment.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operations
center in Israel:</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 84px;"><font style="font-size: 13px; font-family: Times New Roman">Within this center,
the Group operates in the following segments:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 96px">
<font><font style="font-size: 13px; font-family: Times New Roman">o&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">The <font style="font-weight: bold">&#x201C;Real Estate&#x201D;</font> segment
includes mainly assets and operating income derived from business
related to the subsidiary PBC. Through PBC, the Group operates
rental properties and residential properties in Israel, United
States and other parts of the world and carries out commercial
projects in Las Vegas.</font></font></div>
</div>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 96px">
<font><font style="font-size: 13px; font-family: Times New Roman">o&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">The <font style="font-weight: bold">&#x201C;Supermarkets&#x201D;</font> segment
includes assets and operating income derived from the business
related to the subsidiary Shufersal. Through Shufersal, the Group
mainly operates a supermarket chain in Israel.</font></font></div>
</div>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 96px">
<font><font style="font-size: 13px; font-family: Times New Roman">o&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">The <font style="font-weight: bold">&#x201C;Agrochemicals&#x201D;</font> segment
includes income derived from the associate Adama. Adama is a
company specialized in agrochemicals, particularly for the
production of crops.</font></font></div>
</div>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 96px">
<font><font style="font-size: 13px; font-family: Times New Roman">o&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">The <font style="font-weight: bold">&#x201C;Telecommunications&#x201D;</font> segment
includes assets and operating income derived from the business
related to the subsidiary Cellcom. Cellcom is a provider of
telecommunication services and its main activities include the
provision of mobile phone services, fixed line phone services, data
and Internet, among others.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-65</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to the Consolidated Financial
Statements</font>&#xA0;(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">6.</font></font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Segment information</font>
(Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 96px">
<font><font style="font-size: 13px; font-family: Times New Roman">o&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">The <font style="font-weight: bold">"Insurance"</font> segment includes the
investment in Clal. This company is one of the most important
insurance groups in Israel, and is mainly engaged in pension and
social security insurance, among others. As indicated in Note 16,
51% of the controlling shares of Clal are held in a trust following
the instructions of the Israel Securities Commission in order to
comply with the sale of the controlling shares of Clal. As a
result, the Company is not fully consolidated on a line-by-line
basis but rather in a single line as a financial instrument at fair
value, as required by the IFRS under the current circumstances
where no control is exercised.</font></font></div>
</div>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 96px">
<font><font style="font-size: 13px; font-family: Times New Roman">o&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">The <font style="font-weight: bold">"Others"</font> segment includes the assets and
income derived from other diverse business activities, such as
technological developments, tourism, oil and gas assets,
electronics, and others.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The CODM
periodically reviews the results and certain asset categories and
assesses performance of operating segments of this operations
center based on a measure of profit or loss of the segment composed
by the operating income plus the equity in earnings of joint
ventures and associates. The valuation criteria used in preparing
this information are consistent with IFRS standards used for the
preparation of the consolidated financial statements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">As indicated under
Note 2, the Group decided to consolidate income derived from its
operations center in Israel with a three-month lag, adjusted for
the effects of significant transactions. Hence, operating results
of IDBD for the period extending from October 11, 2015 (acquisition
date) through March 31, 2016 are included under comprehensive
income of the Group for the fiscal year ended June 30,
2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Furthermore,
comparative information has not been modified for as of that date
the Group did not exercise control over IDBD. The assessment of
this investment was part of the international segment of the
operations center in Argentina.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Goods and services
exchanged between segments are calculated based on market prices.
Intercompany transactions between segments, if any, are
eliminated.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">As to those
business segments involving the operations center in Argentina
where assets are reported under the proportional consolidation
method, each reported asset includes the proportional share of the
Group in the same class of assets of the associates and/or joint
ventures. Only as an example, the amount of investment properties
reported includes (i) the balance of investment properties as
stated in the statement of financial position, plus (ii) the
Group&#x2019;s share in the balances of investment properties of
joint ventures.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-66</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to the Consolidated Financial
Statements</font>&#xA0;(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">6.</font></font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Segment information</font>
(Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Within the
operations center in Israel, most revenue from its operating
segments are derived from, and their assets are located in, Israel,
except for part of earnings from the Real Estate segment, which are
generated from activities outside Israel, mainly in United
States.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Below is a
summarized analysis of the lines of business of the group for the
years ended June 30, 2016, 2015 and 2014:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="width: 33%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30, 2016</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operations
Center in Argentina</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operations
Center in</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operations
Center in Argentina</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operations
Center in Argentina</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Revenues&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,289</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">28,229</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">31,518</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,548</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,156</font></div>
</div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Costs&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(834)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(20,481)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(21,315)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(628)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(639)</font></div>
</div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Gross
profit&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,455</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">7,748</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">10,203</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,920</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,517</font></div>
</div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Gain from disposal
of investment properties</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,068</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">45</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,113</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,163</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">236</font></div>
</div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">General and
administrative expenses</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(554)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,387)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,941)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(378)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(300)</font></div>
</div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Selling
expenses&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(264)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(5,686)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(5,950)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(196)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(150)</font></div>
</div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other operating
results,
net&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">31</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">31</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">28</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(49)</font></div>
</div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Profit
from operations&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,736</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">720</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3,456</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,537</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,254</font></div>
</div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Share of (loss) /
profit of joint ventures and associates<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">99</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">338</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">437</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,035)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(440)</font></div>
</div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Segment
profit&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,835</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,058</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3,893</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,502</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">814</font></div>
</div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Reportable
assets&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5,027</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">146,989</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">152,016</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6,463</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7,207</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Reportable
liabilities&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(132,865)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(132,865)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Net
reportable
assets&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">5,027</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">14,124</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">19,151</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">6,463</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">7,207</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-67</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to the Consolidated Financial
Statements</font>&#xA0;(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">6.</font></font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Segment information</font>
(Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: -15px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Below is a
summarized analysis of the lines of business of Group&#x2019;s
operations center in Argentina for the year ended June 30,
2016:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman; margin: 0px auto 0px 0px;">
<tr>
<td style="width: 37%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%;">
<div><font>&#xA0;</font></div>
</td>
<td colspan="13" style="width: 80%; border-bottom: 2px solid black;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30, 2016</font></div>
</div>
</td>
</tr><tr>
<td style="width: 37%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%;">
<div><font>&#xA0;</font></div>
</td>
<td colspan="13" style="width: 80%; border-bottom: 2px solid black;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operations
Center in Argentina</font></div>
</div>
</td>
</tr><tr>
<td style="width: 37%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Shopping
Center</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Offices</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">and
others</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Sales
and developments</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Hotels</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">International</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Financial
operations and others</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%;">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 15%; border-bottom: 2px solid black;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
</div>
</td>
</tr><tr>
<td style="width: 37%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Revenues
(i)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,406</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">340</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">534</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%;">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,289</font></div>
</div>
</td>
</tr><tr>
<td style="width: 37%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Costs&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(402)</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(51)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(20)</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(361)</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%;">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 15%; border-bottom: 2px solid black;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(834)</font></div>
</div>
</td>
</tr><tr>
<td style="width: 37%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Gross
profit /
(loss)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,004</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">289</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(12)</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">173</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%;">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 15%; border-bottom: 2px solid black;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,455</font></div>
</div>
</td>
</tr><tr>
<td style="width: 37%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Gain from disposal
of investment property</font></div>
</div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,068</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%;">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,068</font></div>
</div>
</td>
</tr><tr>
<td style="width: 37%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">General and
administrative
expenses&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(179)</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(50)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(131)</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(103)</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(91)</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%;">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(554)</font></div>
</div>
</td>
</tr><tr>
<td style="width: 37%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Selling
expenses&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(145)</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(12)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(36)</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(69)</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2)</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%;">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(264)</font></div>
</div>
</td>
</tr><tr>
<td style="width: 37%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other operating
results,
net&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(42)</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(6)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(8)</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2)</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">88</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%;">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 15%; border-bottom: 2px solid black;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">31</font></div>
</div>
</td>
</tr><tr>
<td style="width: 37%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Profit
/ (Loss) from
operations&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,638</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">221</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">881</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1)</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(3)</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%;">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 15%; border-bottom: 2px solid black;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,736</font></div>
</div>
</td>
</tr><tr>
<td style="width: 37%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Share of profit /
(loss) of joint ventures and associates<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(151)</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">231</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%;">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 15%; border-bottom: 2px solid black;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">99</font></div>
</div>
</td>
</tr><tr>
<td style="width: 37%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Segment
Profit /
(Loss)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,638</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">235</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">886</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1)</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(154)</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">231</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%;">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 15%; border-bottom: 2px solid black;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,835</font></div>
</div>
</td>
</tr><tr>
<td style="width: 37%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%;">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 37%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Investment
properties&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,262</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">853</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">335</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%;">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,450</font></div>
</div>
</td>
</tr><tr>
<td style="width: 37%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Property, plant and
equipment&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">49</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">23</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">156</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%;">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">232</font></div>
</div>
</td>
</tr><tr>
<td style="width: 37%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Trading
properties&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">252</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%;">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">252</font></div>
</div>
</td>
</tr><tr>
<td style="width: 37%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Goodwill&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%;">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11</font></div>
</div>
</td>
</tr><tr>
<td style="width: 37%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Right to receive
future units under barter agreements<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">90</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%;">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">90</font></div>
</div>
</td>
</tr><tr>
<td style="width: 37%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Inventories&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">19</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%;">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">28</font></div>
</div>
</td>
</tr><tr>
<td style="width: 37%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Investments in
joint ventures and associates<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">31</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">62</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(832)</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,703</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%;">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 15%; border-bottom: 2px solid black;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">964</font></div>
</div>
</td>
</tr><tr>
<td style="width: 37%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operating
assets
(ii)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,337</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">911</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">742</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">164</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(830)</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,703</font></div>
</div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%;">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 15%; border-bottom: 4px double black;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">5,027</font></div>
</div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(i)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">From all the
revenues corresponding to the operations Center in Argentina, the
100% are originated mainly in Argentina. No external client
represents 10% or more of revenue of any of the reportable
segments.</font></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(ii)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">From all of the
assets corresponding to the operations Center in Argentina included
in the segment, Ps. 5,701 are located in Argentina and Ps. (674) in
other countries, principally in United States for Ps. (832) and
Uruguay for Ps. 158, respectively.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-68</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to the Consolidated Financial
Statements</font>&#xA0;(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">6.</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold">Segment
information</font> (Continued)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: -8px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Below is a
summarized analysis of the lines of business of Group&#x2019;s
operations center in Argentina for the fiscal year ended June 30,
2015:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 39%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="13" style="width: 84%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30, 2015</font></div>
</td>
</tr><tr>
<td style="width: 39%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="13" style="width: 84%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operations
Center in Argentina</font></div>
</td>
</tr><tr>
<td style="width: 39%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Shopping
Center</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Offices
and other</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Sales
and developments</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Hotels</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">International</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Financial
operations and others</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
</tr><tr>
<td style="width: 39%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Revenues
(i)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,778</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">333</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">15</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">396</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">26</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,548</font></div>
</div>
</td>
</tr><tr>
<td style="width: 39%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Costs&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(290)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(34)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(19)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(278)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(7)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(628)</font></div>
</div>
</td>
</tr><tr>
<td style="width: 39%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Gross
profit /
(loss)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,488</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">299</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(4)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">118</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">19</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,920</font></div>
</div>
</td>
</tr><tr>
<td style="width: 39%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Gain from disposal
of investment properties</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,163</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,163</font></div>
</div>
</td>
</tr><tr>
<td style="width: 39%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">General and
administrative
expenses&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(136)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(58)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(50)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(78)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(56)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(378)</font></div>
</div>
</td>
</tr><tr>
<td style="width: 39%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Selling
expenses&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(113)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(22)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(9)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(52)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(196)</font></div>
</div>
</td>
</tr><tr>
<td style="width: 39%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other operating
results,
net&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(49)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(117)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">13</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">183</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">28</font></div>
</div>
</td>
</tr><tr>
<td style="width: 39%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Profit
/ (Loss) from operations&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,190</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">102</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,113</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(12)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">146</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(2)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,537</font></div>
</div>
</td>
</tr><tr>
<td style="width: 39%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Share of (loss) /
profit of joint ventures and associates<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(3)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,189)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">155</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,035)</font></div>
</div>
</td>
</tr><tr>
<td style="width: 39%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Segment
profit / (loss)&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,190</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">99</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,114</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(11)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1,043)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">153</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,502</font></div>
</div>
</td>
</tr><tr>
<td style="width: 39%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 39%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Investment
properties&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,300</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">939</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">339</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,578</font></div>
</div>
</td>
</tr><tr>
<td style="width: 39%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Property, plant and
equipment&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">48</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">28</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">165</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">243</font></div>
</div>
</td>
</tr><tr>
<td style="width: 39%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Trading
properties&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">135</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">135</font></div>
</div>
</td>
</tr><tr>
<td style="width: 39%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Goodwill&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11</font></div>
</div>
</td>
</tr><tr>
<td style="width: 39%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Right to receive
future units under barter agreements<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">90</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">90</font></div>
</div>
</td>
</tr><tr>
<td style="width: 39%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Inventories&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">16</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">23</font></div>
</div>
</td>
</tr><tr>
<td style="width: 39%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Investment in joint
ventures and associates<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">21</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">47</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">911</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,404</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,383</font></div>
</div>
</td>
</tr><tr>
<td style="width: 39%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operating
assets
(ii)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,371</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">992</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">612</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">172</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">912</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,404</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">6,463</font></div>
</div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(i)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">From all revenues
corresponding to the operations Center in Argentina Ps. 2,522 are
generated in Argentina and Ps. 26 in United States. No external
client represents 10% or more of revenue of any of the reportable
segments.</font></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(ii)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">From all assets
corresponding to the operations Center in Argentina included in the
segment, Ps. 5,445 are located in Argentina and Ps. 1,639 in other
countries, principally in United States for Ps. 1,533 and Uruguay
for Ps. 106, respectively.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-69</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to the Consolidated Financial
Statements</font>&#xA0;(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">6.</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold">Segment
information</font> (Continued)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: -16px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Below is a
summarized analysis of the lines of business of Group&#x2019;s
operations center in Argentina for the year ended June 30,
2014:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 39%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="13" style="width: 84%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30, 2014</font></div>
</td>
</tr><tr>
<td style="width: 39%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="13" style="width: 84%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operations
Center in Argentina</font></div>
</td>
</tr><tr>
<td style="width: 39%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Shopping
Center</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Offices
and other</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Sales
and developments</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Hotels</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">International</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Financial
operations and others</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
</tr><tr>
<td style="width: 39%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Revenues
(i)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,383</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">271</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">85</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">332</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">84</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,156</font></div>
</div>
</td>
</tr><tr>
<td style="width: 39%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Costs&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(293)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(43)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(33)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(216)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(54)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(639)</font></div>
</div>
</td>
</tr><tr>
<td style="width: 39%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Gross
profit&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,090</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">228</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">52</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">116</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">30</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,517</font></div>
</div>
</td>
</tr><tr>
<td style="width: 39%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Gain from disposal
of investment properties</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">236</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">236</font></div>
</div>
</td>
</tr><tr>
<td style="width: 39%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">General and
administrative
expenses&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(102)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(42)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(37)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(60)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(59)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(300)</font></div>
</div>
</td>
</tr><tr>
<td style="width: 39%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Selling
expenses&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(73)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(21)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(14)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(42)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(150)</font></div>
</div>
</td>
</tr><tr>
<td style="width: 39%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other operating
results,
net&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(47)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(3)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(3)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(3)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(49)</font></div>
</div>
</td>
</tr><tr>
<td style="width: 39%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Profit
/ (Loss) from operations&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">868</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">162</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">245</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">11</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(30)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(2)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,254</font></div>
</div>
</td>
</tr><tr>
<td style="width: 39%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Share of (loss)
profit of joint ventures and associates<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(616)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">170</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(440)</font></div>
</div>
</td>
</tr><tr>
<td style="width: 39%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Segment
profit / (loss)&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">868</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">161</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">251</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">12</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(646)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">168</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">814</font></div>
</div>
</td>
</tr><tr>
<td style="width: 39%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 39%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Investment
properties&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,253</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">784</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">370</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,407</font></div>
</div>
</td>
</tr><tr>
<td style="width: 39%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Property, plant and
equipment&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">20</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">30</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">164</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">220</font></div>
</div>
</td>
</tr><tr>
<td style="width: 39%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Trading
properties&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">141</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">141</font></div>
</div>
</td>
</tr><tr>
<td style="width: 39%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Goodwill&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11</font></div>
</div>
</td>
</tr><tr>
<td style="width: 39%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Right to receive
future units under barter agreements<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">85</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">85</font></div>
</div>
</td>
</tr><tr>
<td style="width: 39%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Assets held for
sale&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,358</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,358</font></div>
</div>
</td>
</tr><tr>
<td style="width: 39%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Inventories&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">18</font></div>
</div>
</td>
</tr><tr>
<td style="width: 39%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Investment in joint
ventures and associates<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">23</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">38</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">22</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">629</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,255</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,967</font></div>
</div>
</td>
</tr><tr>
<td style="width: 39%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operating
assets
(ii)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,286</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">846</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">639</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">192</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,989</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,255</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">7,207</font></div>
</div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">(i)&#xA0;&#xA0;From
all revenues corresponding to the operations Center in Argentina
Ps. 2,072 are generated in Argentina and Ps. 84 in United States.
No external client represents 10% or more of revenue of any of the
reportable segments.</font></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">(ii) From all of
the assets corresponding to the operations Center in Argentina
included in the segment, Ps. 5,108 are located in Argentina and Ps.
2,099 in other countries, principally in United States for Ps.
1,988 and Uruguay for Ps. 111, respectively.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-70</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to the Consolidated Financial
Statements</font>&#xA0;(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">6.</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold">Segment
information</font> (Continued)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 40px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Below is a
summarized analysis of the lines of business of Group&#x2019;s
operations center in Israel for the year ended June 30,
2016:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="13" style="width: 87%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30, 2016</font></div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="13" style="width: 87%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operations
Center in Israel</font></div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Real
Estate</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Supermarkets</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Agrochemicals</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Telecommunications</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Insurances</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Others</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Revenues
(i)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,538</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">18,610</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6,655</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,426</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">28,229</font></div>
</div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Costs&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(837)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(13,925)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(4,525)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,194)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(20,481)</font></div>
</div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Gross
profit&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">701</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">4,685</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,130</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">232</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">7,748</font></div>
</div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Gain from disposal
of investment properties</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">45</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">45</font></div>
</div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">General and
administrative expenses</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(100)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(203)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(708)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(376)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,387)</font></div>
</div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Selling
expenses&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(29)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(4,058)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,493)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(106)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(5,686)</font></div>
</div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Profit
/ (Loss) from operations<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">617</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">424</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(71)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(250)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">720</font></div>
</div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Share of profit /
(loss) of joint ventures and associates</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">97</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">334</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(93)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">338</font></div>
</div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Segment
profit /
(loss)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">714</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">424</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">334</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(71)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(343)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,058</font></div>
</div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Operating assets
(ii)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">60,197</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">29,440</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">27,345</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,602</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">25,405</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">146,989</font></div>
</div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Operating
liabilities&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(49,452)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(23,614)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(21,657)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(38,142)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(132,865)</font></div>
</div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operating
assets (liabilities), net</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">10,745</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">5,826</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">5,688</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">4,602</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(12,737)</font></div>
</div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">14,124</font></div>
</div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">(i) From all
revenues corresponding to operations Center in Israel, Ps. 512 are
originated in United States and Ps. 27,717 in Israel. No external
client represents 10% or more of revenue of any of the reportable
segments.</font></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">(ii) From all
assets corresponding to the operations Center in Israel, included
in this segment, Ps. 14,070 are located in United States, Ps. 786
in India and remaining are located in Israel.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-71</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">6.</font></font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Segment information</font>
(Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The following
tables present a reconciliation between the total results of
operations as per segment information 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 from
operations center in Argentina accounted for under the equity
method under IFRS and the non-elimination of the inter-segment
transactions.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="9" style="width: 63%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30, 2016</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
as per segment information</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Adjustment
for share of profit&#xA0;&#xA0;/ (loss)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">of
joint ventures</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Expenses</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">and
collective promotion funds</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Adjustment
to income for elimination of</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">inter-segment
transactions</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
as per Statement</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">of
income</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: justify; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Revenues<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">31,518</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(29)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,194</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(8)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">32,675</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: justify; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Costs<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(21,315)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">17</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,207)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(22,499)</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: justify; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Gross
profit / (loss)<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">10,203</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(12)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(13)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">10,176</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: justify; margin-left: 12px; margin-right: 2px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Gain from disposal
of investment properties</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,113</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,113</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">General and
administrative expenses</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,941)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,933)</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Selling
expenses&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(5,950)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(5,948)</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other operating
results, net</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">31</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(5)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">24</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: justify; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Profit
/ (loss) from operations<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3,456</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(11)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(13)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3,432</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: justify; margin-left: 12px; margin-right: 2px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Share of (loss) /
profit of joint ventures and associates</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">437</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">10</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">447</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Net
segment profit / (loss) before financing and taxation<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3,893</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(13)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3,879</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="9" style="width: 64%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30, 2015</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
as per segment information</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Adjustment
for</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">share
of profit /</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(loss)
of</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">joint
ventures</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Expenses</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">and
collective promotion funds</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Adjustment
to income for</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">elimination
of</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;inter-segment
transactions</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
as per</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Statement</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">of
income</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: justify; margin-left: 24px; margin-right: 9px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Revenues&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,548</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(27)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">887</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(5)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,403</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: justify; margin-left: 24px; margin-right: 9px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Costs&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(628)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(901)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,511)</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: justify; margin-left: 24px; margin-right: 9px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Gross
profit /
(loss)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,920</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(13)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(14)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,892</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: justify; margin-left: 24px; margin-right: 9px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Gain from disposal
of investment properties</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,163</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,163</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: justify; margin-left: 24px; margin-right: 9px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">General and
administrative expenses</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(378)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(374)</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: justify; margin-left: 24px; margin-right: 9px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Selling
expenses&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(196)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(194)</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: justify; margin-left: 24px; margin-right: 9px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other operating
results, net</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">28</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">28</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: justify; margin-left: 24px; margin-right: 9px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Profit
/ (loss) from operations</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,537</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(8)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(14)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,515</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: justify; margin-left: 24px; margin-right: 9px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Share of (loss) /
profit of associates</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,035)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">12</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,023)</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: justify; margin-left: 24px; margin-right: 9px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Net
segment profit / (loss) before financing and taxation<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,502</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(14)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,492</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 17%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 25%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 25%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 19%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-72</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">6.</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold">Segment
information</font> (Continued)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="9" style="width: 64%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30, 2014</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
as per segment information</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Adjustment
for</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">share
of profit /</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(loss)
of</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">joint
ventures</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Expenses</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">and
collective promotion funds</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Adjustment
to income for elimination of</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;inter-segment
transactions</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
as per</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Statement</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">of
income</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: justify; margin-left: 24px; margin-right: 9px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Revenues&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,156</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(41)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">736</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(6)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,845</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: justify; margin-left: 24px; margin-right: 9px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Costs&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(639)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">24</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(744)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,354)</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: justify; margin-left: 24px; margin-right: 9px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Gross
profit /
(loss)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,517</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(17)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(8)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,491</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: justify; margin-left: 24px; margin-right: 9px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Gain from disposal
of investment properties</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">236</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">236</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: justify; margin-left: 24px; margin-right: 9px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">General and
administrative expenses</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(300)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(297)</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: justify; margin-left: 24px; margin-right: 9px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Selling
expenses&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(150)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(146)</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: justify; margin-left: 24px; margin-right: 9px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other operating
results, net</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(49)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(46)</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: justify; margin-left: 24px; margin-right: 9px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Profit
/ (loss) from operations</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,254</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(8)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(8)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,238</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: justify; margin-left: 24px; margin-right: 9px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Share of (loss) /
profit of associates</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(440)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">26</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(414)</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: justify; margin-left: 24px; margin-right: 9px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Net
segment profit / (loss) before financing and taxation</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">814</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">18</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(8)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">824</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The following
tables present a reconciliation between total segment assets and
liabilities as per segment information of operations centers in
Argentina and Israel and total assets as per the statement of
financial position.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 28%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operations
center in Argentina</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operations
center in Israel</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operations
center in Argentina</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operations
Center in Argentina</font></div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: justify; margin-left: 12px; margin-right: 2px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
assets per segment based on segment information</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">5,027</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">146,989</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">152,016</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">6,463</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">7,207</font></div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 2px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Less:</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 2px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Proportionate share
in assets per segment of joint ventures (3)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(118)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(118)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(97)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(150)</font></div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 2px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Plus:</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 2px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Investment in joint
ventures (1)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">203</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">203</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">169</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">294</font></div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 2px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other
non-reportable assets (2)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6,899</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6,899</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,087</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,459</font></div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: justify; margin-left: 12px; margin-right: 2px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
assets per segment as per statement of financial
position</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">12,011</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">146,989</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">159,000</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">9,622</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">9,810</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(1)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Represents the
equity value of joint ventures that were proportionately
consolidated for information by segment
purposes.</font></font></div>
</div>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(2)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Includes deferred
income tax, income tax credit, trade and other receivables,
investments in financial assets, cash and cash equivalent and
intangible assets except for goodwill and right to receive
units.</font></font></div>
</div>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(3)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Below is a detail
of the proportionate share in assets by segment of joint ventures
of the operations center in Argentina, included in the information
reported by segment:</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: justify; margin-left: 12px; margin-right: 2px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Investment
properties&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">111</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">88</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">137</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: justify; margin-left: 12px; margin-right: 2px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Property, plant and
equipment&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: justify; margin-left: 12px; margin-right: 2px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Trading
properties&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: justify; margin-left: 12px; margin-right: 2px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Goodwill&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: justify; margin-left: 12px; margin-right: 2px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
proportionate share in assets per segment of joint
ventures</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">118</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">97</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">150</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 17%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 25%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 25%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 19%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-73</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">6.</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold">Segment
information</font> (Continued)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 28%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operations
center in Argentina</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operations
center in</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operations
center in Argentina</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operations
center in Argentina</font></div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: justify; margin-left: 12px; margin-right: 2px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
liabilities per segment based on segment information</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">132,865</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">132,865</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 2px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Plus/Less:</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 2px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other
non-reportable liabilities<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">12,634</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">12,634</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7,364</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7,254</font></div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: justify; margin-left: 12px; margin-right: 2px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
liabilities per segment as per statement of financial
position</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">12,634</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">132,865</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">145,499</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">7,364</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">7,254</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 17%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 25%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 25%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 19%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-74</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 72px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">7.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Information
about the main subsidiaries</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">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. Significant
non-controlling interests have changed following the business
combination. As of June 30, 2016 and June 30, 2015, significant
non-controlling interests pertain to the operations center in
Israel and the operations center in Argentina,
respectively.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="13" style="width: 42%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">At
June 30, 2016</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="21" style="width: 78%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Year
ended June 30, 2016</font></div>
</td>
</tr><tr>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Non-controlling
shareholders interest</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">%</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Current</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">assets</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Non-current
assets</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Current
liabilities</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Non-</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;current
liabilities</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Net
assets</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Book
Value</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">of
non- controlling interests</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Revenues</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Net</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Income</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(loss)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Other
comprehensive loss</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
comprehensive</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">loss
/ income</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Profit
(Loss) attributable to non-controlling interest</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Other
comprehensive</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;loss
attributable to non-controlling interest</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Cash
of</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operating
activities</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Cash
of Investing activities</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Cash
of</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;financial
activities</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Net
Increase (decrease) in cash and cash equivalents</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Dividends
distribution to non-controlling shareholders</font></div>
</td>
</tr><tr>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 1px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Elron (2)<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">49.68%</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,145</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">922</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">82</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">31</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,954</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,522</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(97)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(103)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(200)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(55)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(71)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(171)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(58)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">13</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(216)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 1px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">PBC (2)<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">23.55%</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">10,435</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">47,546</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9,925</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">37,567</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">10,489</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8,419</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,538</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">621</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(267)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">354</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">370</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(116)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,039</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">280</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2,414)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,095)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(322)</font></div>
</td>
</tr><tr>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 1px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cellcom
(2)</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">58.23%</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9,368</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">16,113</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7,629</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">13,210</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,642</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,795</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6,655</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(64)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(3)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(67)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(39)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,442</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(241)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(776)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">425</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(6)</font></div>
</td>
</tr><tr>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 1px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Shufersal
(2)</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">47.05%</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9,929</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">18,764</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">13,202</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">10,411</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5,080</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,596</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">18,610</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">312</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(19)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">293</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">193</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(13)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">769</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(483)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2,436)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2,150)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(151)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="13" style="width: 42%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">At
June 30, 2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="21" style="width: 78%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Year
ended June 30, 2015</font></div>
</td>
</tr><tr>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Non-controlling
shareholders interest</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">%</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Current</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;assets</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;Non-current
assets</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Current
liabilities</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Non-</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">current
liabilities</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Net
assets</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Book
Value</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">of
non-</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">controlling
interest</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Revenues</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Net</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Income</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(loss)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Other
comprehensive</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;loss</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
comprehensive</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">income
/ loss</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Profit
(Loss) attributable to non-controlling interest</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Other
comprehensive</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;loss
attributable</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">to&#xA0;&#xA0;non-controlling
interest</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Cash
of operating activities</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Cash
of investment activities</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Cash
of financial activities</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Net
Increase (decrease) in cash and cash equivalents</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Dividends
distribution to non-controlling shareholders</font></div>
</td>
</tr><tr>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 1px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">PAMSA
(3)</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">20.00%</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">488</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">518</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">310</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">21</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">675</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">129</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">333</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">146</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">146</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">29</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">120</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(154)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(34)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(33)</font></div>
</td>
</tr><tr>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 1px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">DFL (1)<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">8.43%</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">330</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,729</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">299</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">264</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,496</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">13</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(418)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">28</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(390)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(82)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 1px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Rigby (1)<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">25.50%</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">19</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">19</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">28</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">398</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(186)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">212</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">109</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,538</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,537)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 1px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">RES (4)<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">33.17%</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">30</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">356</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">361</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">120</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">119</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">119</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">40</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">N/A: Not
applicable. Not considered a significant non-controlling
interest.</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(1)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Corresponds to the
Group's indirect interest. The percentage of the non-controlling
interest represents the equity interest which is not owned by
Tyrus.</font></font></div>
</div>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(2)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Corresponds to the
Group's indirect interest. The percentage of the non-controlling
interest represents the equity interest which is not owned by
DIC.</font></font></div>
</div>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(3)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Corresponds to the
Group's indirect interest. The percentage of the non-controlling
interest represents the equity interest which is not owned by IRSA
CP.</font></font></div>
</div>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(4)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Corresponds to the
Group's indirect interest. The percentage of the non-controlling
interest represents the equity interest which is not owned by
Efanur.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-75</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">7.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Information about principal subsidiaries</font>
(Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Significant events</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Cellcom is the
largest provider of mobile telecommunications in Israel; it offers
its services approximately to 2.9 million subscribers with a wide
range of services. By the end of 2014, the Company launched
television services over the Internet. Under Israeli laws, in order
for a shareholder to be able to exert control over a
Telecommunications Company, such shareholder must first secure the
approval of the Ministry of Communications of Israel. Such
approval, consequence of change in control of IDBD, has not yet
been obtained.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">In November 2015,
Cellcom entered into an agreement, subject to approval, with Golan
Telecom Ltd. ("Golan") and its shareholders to acquire all of
Golan&#x2019;s shares for a price of NIS 1,170 million, subject to
certain adjustments. To complete the transaction, Cellcom intends
to raise funds by way of a public offering and DIC expects to
subscribe shares for up to NIS 100 million at that public offering
to maintain its current equity interests. During April 2016, the
Anti-trust Commission of Israel and the Ministry of Communications
notified Cellcom their objection to the transaction described above
but failed to state the grounds for such objection.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">In June 2016, Hot
Mobile Ltd. ("Hot"), a mobile phone carrier of Israel, announced it
intended to enter into a non-exclusive long-term agreement for the
provision of hosting services to Golan for the network used by Hot,
which is subject to approval and directives by the Israel
regulatory authorities.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Cellcom informed
Golan that the transaction with Hot amounts to a material breach of
the stock purchase agreement (&#x201C;SPA&#x201D;) mentioned above
and of the intra-national roaming agreement (the &#x201C;Roaming
Agreement&#x201D;) between Cellcom and Golan, including an
exclusivity commitment in relation to the provision of services and
the commitment to not apply any material change to the business
acquired. Cellcom notified Golan and its shareholders that unless
the breach to the SPA and the Roaming Agreement were cured, Cellcom
would be entitled to terminate the SPA and claim the immediate
reimbursement of an aggregate amount of NIS 600 million, in
addition to the reimbursement of sums of money already paid by
Cellcom to Golan. Non-performance will allow Cellcom to claim
damages for the future payments that should have been made by Golan
until the end of the exclusivity period agreed upon between the
parties.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">In July 2016,
Cellcom started a legal action against Golan, including a motion
filed to suspend the agreement between Golan and Hot; in this
respect, on July 21, 2016 the District Court issued a temporary
restraining order against finalizing the agreement between Golan
and Hot, as requested by Cellcom. In August 2016, Golan filed a
motion with the Supreme Court challenging the temporary
order.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-76</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">7.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Information about principal subsidiaries</font>
(Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Analysis of the impact of the
Concentration Law</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">As mentioned in
note 1 to these financial statements, IDBD is analyzing the
implications of the Concentration Law. The alternatives under
evaluation include: (i) delisting of IDBD or DIC so that it becomes
a private company, or (ii) a merger between IDBD and DIC. At the
time of approval of these financial statements, the preceding
alternatives are merely under evaluation and there is no certainty
as to implementation of the structural changes described above or
the date of any such implementation. IDBD and DIC estimate that one
of these alternatives are likely to be carried out, allowing the
Group to continue holding control of Cellcom after December
2019.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">As indicated for
IDBD, PBC is also assessing the implications of this Act in
relation to its holdings in controlled companies, for the purpose
of continuing to exercise control; and it believes it will continue
to do so.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">IDBD and DIC assess
whether it is necessary to recognize deferred tax liabilities for
the temporary differences arising in relation to its investments in
subsidiaries. In this respect, IDBD, DIC and PBC estimate that if
each of them is required to dispose of its respective holdings in
subsidiaries, they would not be liable to income tax on the sale
and, for such reason, they did not recognize the deferred tax
liabilities related to this difference in these financial
statements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">8.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Interests
in joint ventures</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Evolution of
Group&#xB4;s investments in joint ventures for the fiscal years
ended June 30, 2016 and 2015 was as follow:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;2016</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;2015</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Beginning
of the year<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">190</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">317</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Balance
incorporated by business combination (Note 3)</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">960</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Capital
contributions<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">77</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Share of
profit<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">140</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">10</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Currency
translation adjustment<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">594</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cash dividends
(i)<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(17)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(34)</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Capital reduction
(ii)<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(111)</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">End
of the year<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,944</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">190</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 60px;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(i)</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">During the fiscal
year ended June 30, 2016, Ps. 7 corresponds to Cyrsa, Ps. 4 to NPSF
and Ps. 6 to Manaman. During the fiscal year ended June 30, 2015,
Ps. 31 corresponds to Cyrsa and Ps. 3 to NPSF.</font></font></div>
</div>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 66px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">(ii)&#xA0;&#xA0;During
the year ended June 30, 2015 Cyrsa distributed dividends due to
capital reduction for Ps. 111.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-77</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 24px;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">8.</font></font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Interests in joint ventures</font>
(Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The table below
shows the value of the Group's holdings in joint ventures for the
years ended June 30, 2016 and 2015, as well as the Group&#x2019;s
interest in comprehensive income (loss) of these companies for the
years ended June 30, 2016, 2015 and 2014:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman; margin: 0px auto 0px 0px;">
<tr>
<td rowspan="3" style="width: 12%; border-bottom: 2px solid black;">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Name
of the entity</font></div>
</td>
<td rowspan="3" style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Place
of business / country of incorporation</font></div>
</td>
<td rowspan="3" style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Main
activity</font></div>
</td>
<td rowspan="3" style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Nature</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">of
the relationship</font></div>
</td>
<td rowspan="3" style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Common
shares 1 vote</font></div>
</td>
<td colspan="2" style="width: 8%; border-bottom: 2px solid black;">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Value
of Group's interest</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">in
equity</font></div>
</td>
<td rowspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 14%; border-bottom: 2px solid black;">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Group's
interest in</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;comprehensive
income (loss)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 21%; border-bottom: 2px solid black;">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">%
of ownership interest held</font></div>
</td>
<td colspan="3" style="width: 24%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 8%; border-bottom: 2px solid black;">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
</td>
<td colspan="3" style="width: 14%; border-bottom: 2px solid black;">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 21%; border-bottom: 2px solid black;">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
</td>
<td colspan="3" style="width: 24%; border-bottom: 2px solid black;">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Last
financial statements issued</font></div>
</td>
</tr><tr>
<td style="width: 7%; border-bottom: 2px solid black;">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid black;">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid black;">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black;">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black;">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
<td style="width: 1%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black;">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black;">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Share
Capital (nominal value)</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black;">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Profit
(loss) for the year</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black;">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Shareholders&#x2019;
Equity</font></div>
</td>
</tr><tr>
<td style="width: 12%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Mehadrin&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Agriculture</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,509,889</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">985</font></div>
</td>
<td style="width: 1%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">433</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">45.41%</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(*)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;3</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(*)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;70</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(*)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;499</font></div>
</td>
</tr><tr>
<td style="width: 12%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other joint
ventures</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">959</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">190</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">301</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">10</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">26</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 12%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,944</font></div>
</td>
<td style="width: 1%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">190</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">734</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">10</font></div>
</td>
<td style="width: 6%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">26</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">(1)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Mehadrin is a
company engaged in the production and exports of citrus, fruits and
vegetables. The Group has entered into a joint venture agreement in
relation to this company.</font></font></div>
</div>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">(2)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">The Group also has
interest in a number of individually immaterial joint ventures that
are accounted for using the equity method.</font></font></div>
</div>
</div>
<div style="display: table; margin-left: 48px;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(*)</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Amounts in million
of NIS.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-78</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">8.</font></font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Interests in joint ventures</font>
(Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Information
about significant joint ventures</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Set out below is
the summarized financial information for those joint ventures that
are material to the Group:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="21" style="width: 69%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">At
June 30, 2016</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="13" style="width: 47%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Year
ended June 30, 2016</font></div>
</td>
</tr><tr>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Current
assets</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Non-current
assets</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Current
liabilities</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Non-</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;current
liabilities</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Net
assets</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Dividend
distribution</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Net
assets at end of the year</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">%
of ownership interest held</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Interest
in joint venture</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Goodwill
and others</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Net
book amount</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Revenue</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;Net
income (loss)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
comprehensive income (loss)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Cash
from operating activities</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Cash
of investment activities</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Cash
from</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">financial
activities</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Changes
in cash and cash equivalents</font></div>
</td>
</tr><tr>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 1px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Mehadrin</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,475</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,814</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,678</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">673</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,938</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,938</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">45.41%</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">880</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">105</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">985</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(*)
819</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(*) 68</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(*) 68</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(*) 96</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(*)
(4)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(*) 64</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(*)
156</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 5%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="20" style="width: 65%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">At
June 30, 2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="13" style="width: 47%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Year
ended June 30, 2015</font></div>
</td>
</tr><tr>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Current
assets</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Non-current
assets</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Current
liabilities</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Non-</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;current
liabilities</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Net
assets</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Dividend
distribution</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Net
assets at end of the year</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">%
of ownership interest held</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Interest
in joint venture</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Goodwill
and</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">others</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Net
book amount</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Revenue</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;Net
income (loss)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;comprehensive
income (loss)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Cash
from operating activities</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Cash
of investment activities</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Cash
from</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">financial
activities</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Changes
in cash and cash equivalents</font></div>
</td>
</tr><tr>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 1px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cyrsa<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">17</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">43</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">24</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">35</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">31</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">35</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">50%</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">18</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">18</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(7)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 1px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Puerto Retiro
(i)</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">46</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">34</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">34</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">50%</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">17</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">28</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">45</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 1px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Quality Invest
(ii)</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">150</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">146</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">146</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">50%</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">73</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">74</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">16</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(16)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">15</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">(i)&#xA0;&#xA0;&#xA0;&#xA0;On
April 18, 2000, Puerto Retiro was notified of a filing made by the
National Government, through the Ministry of Defense, to extend the
petition in bankruptcy of 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. Indarsa had acquired 90% of the
capital stock of Tandanor to a formerly estate owned company in
1991. 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. 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&#xE1;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. 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. On July 12, 2016, Puerto Retiro S.A. has been
notified of a ruling rendered by the Federal Court 5 which decided
on the defenses raised by all co-defendants in the civil case. As
regards the defenses raised by Puerto Retiro S.A., the Court
rejected them on the grounds of legal defect and lack of procedural
standing as defendant, whereas in relation to the lack of standing
to sue and the statute of limitations defense, it deferred its
treatment until it renders a judgment on the merits of the case.
Puerto Retiro S.A. has filed a remedy for reversal with right to an
appeal, challenging both defenses.</font></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">(ii)&#xA0;&#xA0;&#xA0;In
March 2011, Quality purchased an industrial plant located in San
Mart&#xED;n, Province of Buenos Aires. The facilities have the
necessary features and scales for multiple uses. On January 20,
2015, Quality entered into an Urbanization Agreement with the
Municipality of San Mart&#xED;n which contemplates a monetary
compensation to the City Council totaling Ps. 40, payable in two
installments of Ps. 20 each. The first of such installments was
actually paid on June 30, 2015. On January 5, 2016 the Official
Bulletin of the Province of Buenos Aires published the Order of
Provincial Ratification (of the Municipal Ordinance), whereby the
urban parameters originally requested entered into full force, thus
concluding the legislative enactment process. Even though
validation is a condition precedent to the Agreement&#x2019;s
effectiveness, the obligation to pay the second installment will
not become in force until the first drawing is registered with the
Direcci&#xF3;n de Geodesia (Geodesy Office) of the province of
Buenos Aires. Quality is assessing several alternatives in order to
file the plan with the final project.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(*)</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Amount in million
of NIS.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-79</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">9.</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Interests
in associates</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Evolution of the
Group&#x2019;s investment in associates for the years ended June 30,
2016 and 2015 were as follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;2016</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;2015</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 24px; margin-right: 4px; text-indent: -12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Beginning
of the year<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,999</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,767</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Acquisition /
Increase in equity interest in associates (Note 3)</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">158</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,255</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Unrealized profit /
(loss) on investments at fair value</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">79</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,001)</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 24px; margin-right: 4px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Decrease for IDBD
business combination (Note 3)</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,047)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 24px; margin-right: 4px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Associates
incorporated by business combination (Note 3)</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8,308</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 24px; margin-right: 4px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Capital
contributions<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">180</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">31</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 24px; margin-right: 4px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Share in profit /
(loss)<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">286</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(32)</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 24px; margin-right: 4px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Currency
translation adjustment<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,171</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">56</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 24px; margin-right: 4px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Cash dividends
(ii)<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(515)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(13)</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 24px; margin-right: 4px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Sale of equity
interest in associates (Note 3)<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(4)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(34)</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 24px; margin-right: 4px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Reclassification to
financial instruments (Note 3)</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(30)</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 24px; margin-right: 4px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Hedging
instruments<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(93)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 24px; margin-right: 4px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Defined benefit
plans<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(10)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Impairment<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(58)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 24px; margin-right: 4px; text-indent: -12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">End
of the year (i)<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">13,454</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,999</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 36px;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(i)</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
Includes Ps. (838) and Ps. (363) reflecting interests in companies
with negative equity as of June 30, 2016 and 2015, respectively,
which are disclosed in &#x201C;Provisions&#x201D; (see Note
20).</font></font></div>
</div>
</div>
<div style="display: table; margin-left: 36px;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman">(ii)</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">During the fiscal
year ended June 30, 2016 the balance corresponds Ps. 10 to
Millenium, Ps. 495 to Adama and Ps. 10 to Emco. During the fiscal
year ended June 30, 2015 the balance corresponds to dividends
received from BHSA.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-80</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">9.</font></font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Interests in associates</font>
(Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 36px;"><font style="font-size: 13px; font-family: Times New Roman">The table below
shows the value of the Group&#x2019;s interest in associates for the
years ended June 30, 2016 and 2015, as well as the Group&#x2019;s
interest in comprehensive income (loss) of these companies as of
June 30, 2016, 2015 and 2014:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td rowspan="3" style="width: 21%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Name
of the entity</font></div>
</td>
<td rowspan="3" style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Place
of business / country of incorporation</font></div>
</td>
<td rowspan="3" style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Main
activity</font></div>
</td>
<td rowspan="3" style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Nature</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">of
the relationship</font></div>
</td>
<td rowspan="3" style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Common
shares 1 vote</font></div>
</td>
<td colspan="2" style="width: 14%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Value
of Group's interest in equity</font></div>
</td>
<td colspan="6" style="width: 19%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Group's
interest in comprehensive income (loss)</font></div>
</td>
<td colspan="6" style="width: 17%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">%
of ownership interest held</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 32%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
</td>
<td colspan="6" style="width: 48%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
</td>
<td colspan="6" style="width: 19%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
</td>
<td colspan="5" style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Last
financial statements issued</font></div>
</td>
</tr><tr>
<td style="width: 21%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td colspan="2" style="width: 16%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td colspan="2" style="width: 14%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
<td colspan="2" style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td colspan="2" style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td colspan="2" style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
<td colspan="3" style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Share
Capital (nominal value)</font></div>
</td>
<td colspan="2" style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Profit
/ (loss)&#xA0;&#xA0;for the year</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Shareholder&#x2019;s
Equity</font></div>
</td>
</tr><tr>
<td style="width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">BHSA&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Argentina</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Financial</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">448,689,072</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,609</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,356</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">259</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">143</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">184</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">29.91%</font></div>
</td>
<td colspan="2" style="width: 5%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">29.99%</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">29.77%</font></div>
</td>
<td colspan="3" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,500</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">837</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5,234</font></div>
</td>
</tr><tr>
<td style="width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">IDBD&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Investment</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">324,445,664</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">908</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">137</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(917)</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(508)</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">N/A</font></div>
</td>
<td colspan="2" style="width: 5%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">49.00%</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">26.65%</font></div>
</td>
<td colspan="3" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Agrochemical</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(3)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">55,196,352</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">10,847</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,141</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">40.00%</font></div>
</td>
<td colspan="2" style="width: 5%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">N/A</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">N/A</font></div>
</td>
<td colspan="3" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(**)&#xA0;&#xA0;138</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(**)&#xA0;&#xA0;&#xA0;319</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(**)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;6,155</font></div>
</td>
</tr><tr>
<td style="width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">PBEL&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">India</font></div>
</td>
<td style="width: 11%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Real
estate</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(4)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">450,000</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">864</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">194</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">45.40%</font></div>
</td>
<td colspan="2" style="width: 5%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">N/A</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">N/A</font></div>
</td>
<td colspan="3" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(**)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;1</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(**)&#xA0;&#xA0;&#xA0;&#xA0;(29)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(**)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;(523)</font></div>
</td>
</tr><tr>
<td style="width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other
associates&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(5)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">134</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(265)</font></div>
</td>
<td colspan="2" style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(253)</font></div>
</td>
<td colspan="2" style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(203)</font></div>
</td>
<td colspan="2" style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(145)</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 5%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="3" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">13,454</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,999</font></div>
</td>
<td colspan="2" style="width: 6%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">4,478</font></div>
</td>
<td colspan="2" style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(977)</font></div>
</td>
<td colspan="2" style="width: 6%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(469)</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 12px">
<font><font style="font-size: 13px; font-family: Times New Roman">(1)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">BHSA is a
full-service commercial bank offering a wide variety of banking
activities and related financial services to individuals, small-
and medium-sized companies and large
corporations.</font></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 0px">
<font><font style="font-size: 13px; font-family: Times New Roman">(2)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">The Group acquired
IDBD on May 7, 2014. IDBD is one of the Israeli biggest and most
diversified investment groups. The Group has valued its interest in
IDBD at fair value through profit or loss, according to an
exception of IAS 28. See Note 3 for further information. Since
interest in IDBD was valued at fair value, participation in
financial statements and other comprehensive income statement of
IDBD is not shown in the table above. Share market value was 1.957
NIS as of June 30, 2015. (Note 3).</font></font></div>
</div>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 0px">
<font><font style="font-size: 13px; font-family: Times New Roman">(3)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Adama is
specialized in the chemical industry, mainly, in the agrochemical
industry.</font></font></div>
</div>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 0px">
<font><font style="font-size: 13px; font-family: Times New Roman">(4)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">PBEL is a real
estate company with developments mainly in
India.</font></font></div>
</div>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 0px">
<font><font style="font-size: 13px; font-family: Times New Roman">(5)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">The Group also has
interest in a number of individually immaterial associates that are
accounted for using the equity method.</font></font></div>
</div>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(*)</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Amount in million
of dollars.</font></font></div>
</div>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 72px">
<font><font style="font-size: 13px; font-family: Times New Roman">(**)</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Amount in million
of NIS.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-81</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">9.</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold">Interests
in associates</font> (Continued)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Information
about significant associates</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Set out below are
the summarized financial information of the significant Group's
associates as of June 30, 2016 and 2015:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="21" style="width: 69%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">At
June 30, 2016</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="13" style="width: 50%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Year
ended June 30, 2016</font></div>
</td>
</tr><tr>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Current
assets</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Non-current
assets</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Current
liabilities</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Non-</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;current
liabilities</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Net
assets</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Dividend
distribution</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Net
assets at end of the year (i)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">%
of ownership interest held</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Interest
in associates</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Goodwill
and others</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Net
book amount</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Revenue</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Net
income</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(loss)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;comprehensive
income (loss)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Cash
from operating activities</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Cash
of investment activities</font></div>
</td>
<td style="width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Cash
from</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">financial
activities</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Changes
in cash and cash equivalents</font></div>
</td>
</tr><tr>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 1px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">BHSA<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">20,307</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">20,544</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">28,255</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7,244</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5,352</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5,234</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">30.66%</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(ii)</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,605</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,609</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6,821</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">837</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">837</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(9,462)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(410)</font></div>
</td>
<td style="width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,099</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: -4px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;(2,756)</font></div>
</td>
</tr><tr>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 1px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">41,879</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">25,470</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">23,018</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">20,336</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">23,995</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">496</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">23,995</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">40.00%</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9,598</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,249</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">10,847</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5,854</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(*)</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">328</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(*)</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">265</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(*)</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">87</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(*)</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(337)</font></div>
</td>
<td style="width: 3%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(*)</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(825)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(*)</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,075)
(*)</font></div>
</td>
</tr><tr>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 1px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">PBEL<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,510</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">257</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">354</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,456</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2,043)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;(2,043)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">45.40%</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(928)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,792</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">864</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(*)</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(30)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(*)</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(28)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(*)</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">45</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(*)</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(18)</font></div>
</td>
<td style="width: 3%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(*)</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(28)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(*)</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)
(*)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="21" style="width: 69%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">At
June 30, 2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="13" style="width: 49%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Year
ended June 30, 2015</font></div>
</td>
</tr><tr>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">0</font></div>
</td>
<td style="width: 4%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Current
assets</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Non-current
assets</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Current
liabilities</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Non-</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;current
liabilities</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Net
assets</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Dividend
distribution</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Net
assets at end of the year (i)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">%
of ownership interest held</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Interest
in associates (iii)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Goodwill
and others</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;Net
book amount (ii)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Revenue</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Net
income</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(loss)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;comprehensive
income (loss)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Cash
from operating activities</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Cash
of investment activities</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Cash
from</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">financial
activities</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Changes
in cash and cash equivalents</font></div>
</td>
</tr><tr>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 1px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">BHSA<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">24,850</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">10,234</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">26,893</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,725</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,466</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">13</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,398</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">30.74%</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(ii)</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,352</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,356</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,500</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">461</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">461</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(3,334)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(46)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,515</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">193</font></div>
</td>
</tr><tr>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 1px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">IDBD
(iii)</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">30,344</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">64,935</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">24,209</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">61,684</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9,386</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9,386</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">49%</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">N/A</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">N/A</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,529</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">43,296</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">713</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">151</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,909</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,389</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(4,505)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(207)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(i)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Net
from non-controlling interest.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(ii)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Considering
the effect of treasury shares.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(iii)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;The
book value has been computed based on the fair value of the
investment (Note 3).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(*)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Amount
in million of NIS.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-82</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">9.</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold">Interests
in associates</font> (Continued)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 36px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">BHSA</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 36px;"><font style="font-size: 13px; font-family: Times New Roman">In accordance with
the regulations of the BCRA, there are certain restrictions on the
distribution of profits by BHSA.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The fair value of
the Group&#x2019;s investment in BHSA was estimated based on the
present value of future business cash flows. The main premises used
to calculate the fair value as of June 30, 2016 were the
following:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 72px">
<font><font style="font-size: 13px; font-family: Times New Roman">-&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">The Group
considered the period 2017-2024 as horizon for the projection of
BHSA cash flows.</font></font></div>
</div>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 72px">
<font><font style="font-size: 13px; font-family: Times New Roman">-&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">The &#x201C;Private
BADLAR&#x201D; interest rate was projected based on internal data
and information gathered from external
consultants.</font></font></div>
</div>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 72px">
<font><font style="font-size: 13px; font-family: Times New Roman">-&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">The projected
exchange rate was estimated in accordance with internal data and
external information provided by independent
consultants.</font></font></div>
</div>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 72px">
<font><font style="font-size: 13px; font-family: Times New Roman">-&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">The discount rate
used to discount real dividend flows and calculate the fair value
is 12.41%.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Based on the
described premises, the Group estimated the fair value of its
investment in BHSA as of June 30, 2016 to be Ps.
3,246.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Adama</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Adama is
specialized in the chemical industry, mainly, in the agrochemical
industry. In this framework, Adama is engaged in developing,
manufacturing and selling crop protection products, while also
operating in other areas based on its basic capacities (the
agricultural and chemical sectors), but to a immaterial
extent.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">In 2011, Koor (a
wholly own subsidiary of DIC) sold 60% of Adama&#x2019;s shares to
China National Agrochemical Corporation (&#x201C;ChemChina&#x201D;)
and was also granted a non-recourse loan in the aggregate amount of
US$ 960 million, which is secured by the remaining 40% of ADAMA
shares held by Koor as of June 30, 2016. The loan is disclosed in
Note 21 under non-current loans.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">On July 17, 2016
DIC informed the market that it has accepted the offer by ChemChina
who intends to acquire 40% of Adama&#x2019;s shares currently held
by Koor, indirectly controlled by IDBD through DIC. In August 2016,
Koor and a subsidiary of ChemChina executed the corresponding
agreement. The price of the transaction includes a payment in cash
of US$ 230 million plus the total repayment of the non-recourse
loan and its interests, which had been granted to Koor by a chinese
bank.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The Group expects
that this sale transaction will be finalized during November 2016,
subject to compliance with certain conditions, including obtaining
approvals by the Chinese regulatory and antitrust
authorities.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-83</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">10.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Investment
properties</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Changes in the
Group&#x2019;s investment properties for the years ended June 30,
2016 and 2015 were as follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Rental
properties (iii)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Undeveloped
parcels of land</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Properties
under development</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
(iv)</font></div>
</td>
</tr><tr>
<td style="width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">At
July 1st, 2014:</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Costs&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,158</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">368</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">363</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,889</font></div>
</td>
</tr><tr>
<td style="width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Accumulated
depreciation&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,619)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,619)</font></div>
</td>
</tr><tr>
<td style="width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Residual
value&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,539</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">368</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">363</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3,270</font></div>
</td>
</tr><tr>
<td style="width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Year
ended June 30, 2015</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Opening residual
value&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,539</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">368</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">363</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,270</font></div>
</td>
</tr><tr>
<td style="width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Additions&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">280</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">186</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">468</font></div>
</td>
</tr><tr>
<td style="width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Transfers
(ii)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">513</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">25</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(538)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Transfers to
property, plant and equipment</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">10</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(9)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
</tr><tr>
<td style="width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Transfers to
trading
properties&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(3)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(3)</font></div>
</td>
</tr><tr>
<td style="width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Disposals&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(94)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(3)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(99)</font></div>
</td>
</tr><tr>
<td style="width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Depreciation
charges
(i)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(147)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(147)</font></div>
</td>
</tr><tr>
<td style="width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Closing
residual
value&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3,098</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">392</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3,490</font></div>
</td>
</tr><tr>
<td style="width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">At
June 30, 2015:</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Costs&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,656</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">392</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5,048</font></div>
</td>
</tr><tr>
<td style="width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Accumulated
depreciation&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,558)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,558)</font></div>
</td>
</tr><tr>
<td style="width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Residual
value&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3,098</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">392</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3,490</font></div>
</td>
</tr><tr>
<td style="width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Year
ended June 30, 2016:</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Opening residual
value&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,098</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">392</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,490</font></div>
</td>
</tr><tr>
<td style="width: 33%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Assets incorporated
by business combination (Note 3)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">25,256</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,439</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,891</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">29,586</font></div>
</td>
</tr><tr>
<td style="width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Additions&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">260</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">919</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,190</font></div>
</td>
</tr><tr>
<td style="width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Transfers&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,330</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(67)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,263)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Transfers of
property, plant and equipment</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">71</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">70</font></div>
</td>
</tr><tr>
<td style="width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Transfers to
trading
properties&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(4)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(67)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(71)</font></div>
</td>
</tr><tr>
<td style="width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Disposals&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(261)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(6)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(267)</font></div>
</td>
</tr><tr>
<td style="width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Currency
translation
adjustment&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14,437</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">805</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,512</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">16,754</font></div>
</td>
</tr><tr>
<td style="width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Impairment (Note
30)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(182)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(77)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(80)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(339)</font></div>
</td>
</tr><tr>
<td style="width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Depreciation
charges
(i)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(535)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(6)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(541)</font></div>
</td>
</tr><tr>
<td style="width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Closing
residual
value&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">43,470</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,424</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3,978</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">49,872</font></div>
</td>
</tr><tr>
<td style="width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">At
June 30, 2016:</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Costs&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">45,639</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,432</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,978</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">52,049</font></div>
</td>
</tr><tr>
<td style="width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Accumulated
depreciation&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2,169)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(8)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2,177)</font></div>
</td>
</tr><tr>
<td style="width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Residual
value&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">43,470</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,424</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3,978</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">49,872</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 72px">
<font><font style="font-size: 13px; font-family: Times New Roman">(i)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Depreciation
charges of investment properties were included in
&#x201C;Costs&#x201D; in the statement of income (Note
27).</font></font></div>
</div>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 72px">
<font><font style="font-size: 13px; font-family: Times New Roman">(ii)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Includes transfers
due to the opening of Alto Comahue and Distrito Arcos Shopping
Centers.</font></font></div>
</div>
</div>
<div style="display: table; margin-left: 36px;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0; <font><font style="font-size: 13px; font-family: Times New Roman">(iii)</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Distrito Arcos -
Injunction: On 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. 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. Nowadays, the Shopping Center
Distrito Arcos is open to the public and operating
normally.</font></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 84px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Distrito Arcos -
Concession status: 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. 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 the corresponding
Resolution 170/2014 revoking the &#x201C;Contract for Reformulation
of the Concession of Rights of use and Development&#x201D; number
AF000261 issued by the &#x201C;Agencia de Administraci&#xF3;n de
Bienes del Estado&#x201D; (State Assets Administration Office, or
AABE in Spanish). It should further be pointed out that such
measure: (i) has not been adopted due to non-compliance of our
subsidiary; (ii) to date has not involved the interruption of the
commercial development or operation of the shopping center, which
continues to operate under normal conditions. 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. Furthermore, it has started a so-called &#x201C;juicio de
consignaci&#xF3;n&#x201D;, 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></div>
<div style="display: table; margin-left: 36px;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0; <font><font style="font-size: 13px; font-family: Times New Roman">(iv)</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Certain investment
property assets of the Group have been mortgaged or restricted to
secure some of the Group&#x2019;s borrowings and other payables.
Book amount of those properties amounts to Ps. 15,544, Ps. 61 and
Ps. 154 as June 30, 2016, 2015 and 2014,
respectively.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-84</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">10.</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold">Investment
properties</font> (Continued)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The following
amounts have been recognized in the statement of
income:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;2016</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;2015</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;2014</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Rental and services
income&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5,268</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,997</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,449</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cost of rental and
services&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2,429)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,219)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,122)</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Development
expenditures&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(11)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(9)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(6)</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Gain from disposal
of investment property</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,113</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,163</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">236</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">As of June 30, 2016
and 2015, the fair value of investment properties from the
operations center in Argentina, amounts to Ps. 28,202 and Ps.
22,089, respectively. The fair values are based on comparable
values of certain qualified external appraisers (Level 2 of fair
value hierarchy) except in the case of shopping centers, where fair
value is based on the market capitalization valuation (Level 3 of
the fair value hierarchy). In the first case, sale prices of
comparable properties are adjusted considering the specific aspects
of each property, the most relevant premise being the price per m2
(square meter). In the second case, was computed considering the
specific aspects of each property using a weighted average
capitalization rate of 10.9% and 12% respectively (a 9.8% to 13.3%
range was considered for fiscal year 2016 and 10% to 15% for fiscal
year 2015).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">As of June 30, 2016
the fair value of investment property from operations center in
Israel, amounts to Ps. 48,032. The fair values are based on
valuations performed by independent appraisers, who used the
methodologies of discounted cash flows and market capitalization
rates as appropriate (Level 3 and 2 of the fair value hierarchy).
Independent appraisers estimated cash flows of the properties to
which they applied discount rates and / or capitalization rates
according to market data. They were determined considering the
specific characteristics of each asset (location, sales,
occupation, surface condition and type of property, etc.). Discount
rates used ranged from 7% to 10% and capitalization rate used
ranged from 6% to 11%. The average occupancy of the properties was
96%.</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-85</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">11.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Property,
plant and equipment</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Changes in the
Group&#x2019;s property, plant and equipment for the years ended
June 30, 2016 and 2015 was as follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Buildings
and</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;facilities</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Machinery
and equipment</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Communication
networks</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Others
(i)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">At
July 1st, 2014:</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Costs&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">466</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">97</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">18</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">581</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Accumulated
depreciation&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(270)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(80)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(12)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(362)</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Residual
value&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">196</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">17</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">6</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">219</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Year
ended June 30, 2015:</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Opening residual
value&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">196</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">17</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">219</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Additions&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">21</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">23</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">50</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Transfers of
investment properties</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(10)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Depreciation
charges
(ii)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(14)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(9)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(25)</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Closing
residual value</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">193</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">36</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">14</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">243</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">At
June 30, 2015:</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Costs&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">477</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">125</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">28</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">630</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Accumulated
depreciation&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(284)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(89)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(14)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(387)</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Residual
value&#xA0;&#xA0;&#xA0;</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">193</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">36</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">14</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">243</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Year
ended June 30, 2016:</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Opening residual
value&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">193</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">36</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">243</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Incorporated by
business combination (Note 3)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8,224</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,719</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,536</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,625</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">15,104</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Additions&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">378</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">291</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">310</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">193</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,172</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Impairment (Note
30)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(10)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(3)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(13)</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Currency
translation adjustment</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,838</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,018</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,034</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">894</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8,784</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Transfers to
investment properties</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(70)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(70)</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Depreciation
charges
(ii)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(274)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(251)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(467)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(173)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,165)</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Closing
residual value</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">13,279</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,813</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">5,410</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,553</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">24,055</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">At
June 30, 2016:</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Costs&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">13,891</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,203</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5,974</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,776</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">25,844</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Accumulated
depreciation&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(612)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(390)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(564)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(223)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,789)</font></div>
</td>
</tr><tr>
<td style="width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Residual
value&#xA0;&#xA0;&#xA0;&#xA0;</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">13,279</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,813</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">5,410</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,553</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">24,055</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(i)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Includes furniture
and fixtures, vehicles and aircrafts.</font></font></div>
</div>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(ii)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">As of June 30,
2016, depreciation charges were recognized: Ps. 625 in "Costs", Ps.
128 in "General and administrative expenses" and Ps. 412 in
"Selling expenses", in the statement of income. As of June 30,
2015, depreciation charges were recognized: Ps. 22 in "Costs" and
Ps. 3 in "General and administrative expenses", in the statement of
income (Note 27).</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-86</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">12.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Trading
properties</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Changes in the
Group&#x2019;s trading properties for the fiscal years ended June
30, 2016 and 2015 were as follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 29%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Completed
properties</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Properties
under development (i)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Undeveloped
sites (ii)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
</tr><tr>
<td style="width: 29%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">At
July 1st,
2014&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">6</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">119</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">10</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">135</font></div>
</td>
</tr><tr>
<td style="width: 29%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Additions&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
</tr><tr>
<td style="width: 29%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Currency
translation adjustment</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(6)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(6)</font></div>
</td>
</tr><tr>
<td style="width: 29%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Transfers of
investment properties</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3</font></div>
</td>
</tr><tr>
<td style="width: 29%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Disposals&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
</tr><tr>
<td style="width: 29%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">At
June 30,
2015&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">114</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">13</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">131</font></div>
</td>
</tr><tr>
<td style="width: 29%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Additions&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">51</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">290</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">13</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">354</font></div>
</td>
</tr><tr>
<td style="width: 29%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Assets incorporated
by business combination (Note 3)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">108</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,724</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">824</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,656</font></div>
</td>
</tr><tr>
<td style="width: 29%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Currency
translation adjustment</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">74</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,121</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">457</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,652</font></div>
</td>
</tr><tr>
<td style="width: 29%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Transfer&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">142</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(142)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 29%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Transfers of
investment properties</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">67</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">71</font></div>
</td>
</tr><tr>
<td style="width: 29%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Disposals&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(151)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(152)</font></div>
</td>
</tr><tr>
<td style="width: 29%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">At
June 30,
2016&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">236</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3,307</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,169</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">4,712</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Non-current<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,471</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">128</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Current<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">241</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">4,712</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">131</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 60px;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(i)</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Include
Liveck&#x2019;s plots of land, which have been mortgaged to secure
Group's borrowings. The net book value amounted to Ps. 156 and Ps.
106 as of June 30, 2016 and 2015, respectively. Additionally, the
Group has contractual obligations not provisioned related to these
plots of land committed when certain properties were acquired or
real estate projects were approved, and amounts to Ps. 120 and Ps.
71, respectively. The projected developments are expected to be
completed in 2029.</font></font></div>
</div>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 66px">
&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
<font><font style="font-size: 13px; font-family: Times New Roman">(ii)</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">The Group is owner
of an air space of approximately 23,000 square meters area on top
of Hipermercado Coto, near the Abasto Shopping Center. The Group
acquired rights to receive functional units, parking spaces, and
the rights to increase the height of such property. On June 2016, a
conditional Exchange Agreement was executed for a one year term, to
be later formalized through the execution of a conveyance deed. The
project will be a residential development for a consideration of
apartments covering an area of 3,621 square meters plus US$ 1
million. The consideration will be delivered no later than June
2021 for Tower I, and no later than September 2022 for Tower II.
The value in the bill of sale was set at US$ 7.5
million.</font></font></div>
</div>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 66px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 84px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Group also owns
a plot of land next to C&#xF3;rdoba Shopping. In May 2016, an
Exchange Agreement was executed for a building capacity of 13,500
square meters, subject to conditions for a term of one year, after
which it may be formalized through a title conveyance
deed.&#xA0;&#xA0;The project will be a mixed development, combining
residential and office space, and the consideration will include
apartments covering 2,160 square meters, parking space, and
procedures to obtain permits, combinations and subdivisions of 3
plots of land. Delivery of the consideration will take place no
later than May 2021 for Tower I and no later than July 2023 for
Tower II. The Exchange Value was set at US$ 4 million.</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 66px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 84px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Both
above-mentioned contracts that are part of the Coto residential
project and the C&#xF3;rdoba Shopping exchange project include
conditions precedent and/or suspensive clauses.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-87</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">13.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Intangible
assets</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 2px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Changes in the
Group&#x2019;s intangible assets for the years ended June 30, 2016
and 2015 were as follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Goodwill</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Trademarks</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Licenses</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Customer
relations</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Information
systems and software</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Contracts
and others</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(ii)
(iii)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">At
July 1st, 2014</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Costs&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">18</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">118</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">142</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Accumulated
amortization&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(17)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(18)</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Residual
value&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">6</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">117</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">124</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Year
ended June 30, 2015</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Opening residual
value&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">117</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">124</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Additions&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Amortization
charges
(i)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(3)</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Closing
residual
value&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">6</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">120</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">127</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">At
June 30, 2015</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Costs&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">19</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">123</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">148</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Accumulated
amortization&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(18)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(3)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(21)</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Residual
value</font></font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">6</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">120</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">127</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Year
ended June 30, 2016</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Opening residual
value&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">120</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">127</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Additions&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">134</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">134</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Assets incorporated
by business combination (Note 3)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,391</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,131</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">515</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,474</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">635</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">848</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7,994</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Currency
translation
adjustment&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">817</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,243</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">292</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,327</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">362</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">455</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,496</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Amortization
charges
(i)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(19)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(48)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(582)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(184)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(155)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(988)</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Closing
residual
value&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,214</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3,355</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">759</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3,219</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">948</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,268</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">11,763</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">At
June 30, 2016</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Costs&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,214</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,378</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">817</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,923</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,189</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,458</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">12,979</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Accumulated
amortization&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(23)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(58)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(704)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(241)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(190)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,216)</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Residual
value</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,214</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3,355</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">759</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3,219</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">948</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,268</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">11,763</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(i)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">As of June 30,
2016, amortization charges were recognized: Ps. 216 in "Costs", Ps.
157 in "General and administrative expenses" and Ps. 615 in
"Selling expenses", respectively in the statement of income (Note
27). As of June 30, 2016 and 2015, amortization charges were
recognized Ps. 3 in "General and administrative expenses" in the
statement of income (Note 27).There are no impairment charges for
any of the years presented.</font></font></div>
</div>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(ii)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Includes "Rights of
use". Correspond to Distrito Arcos Depreciation began in January,
2015, upon delivery of the shopping center.</font></font></div>
</div>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(iii)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Includes "Right to
receive future units under barter agreements". Correspond to in
kind receivables representing the right to receive residential
apartments in the future under barter agreements. The ongoing
transactions are: A) Caballito: on June 29, 2011, the Group and
TGLT entered into a barter agreement for US$ 12.8 million. A
neighborhood association secured a preliminary injunction that
suspended the works to be carried out by TGLT in the property. Once
said preliminary injunction was deemed final, the Government of the
City of Buenos Aires and TGLT were served notice of the complaint.
The Group is not involved in these proceedings and has not been
sued or summoned as a third party by any of the parties involved in
the legal action. B) Beruti: on October 13, 2010, the Group and
TGLT entered into an agreement for US$ 18.8 million. An association
named Asociaci&#xF3;n Amigos Alto Palermo presented an injunction
requesting the prohibition of the construction and obtained a
suspense interim measure for this purpose. Later, the Court of
Appeals from the Autonomous City of Buenos Aires ordered the
lifting of such interim measure suspending the continuation of the
work. On June 11, 2015 final judgment was rendered in favor of IRSA
CP and TGLT.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-88</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">14.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Financial
instruments by category</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The note shows the
financial assets and financial liabilities by category of financial
instrument and a reconciliation to the corresponding line item in
the statements of financial position, as appropriate. Since the
line items &#x201C;Trade and other receivables&#x201D; and
&#x201C;Trade and other payables&#x201D; contain both financial
instruments and non-financial assets or liabilities (such as
prepayments, trade payables in-kind and tax receivables and
payables), the reconciliation is shown in the columns headed
&#x201C;Non-financial assets&#x201D; and &#x201C;Non-financial
liabilities&#x201D;. Financial assets and liabilities measured at
fair value are assigned based on their different levels in the fair
value hierarchy.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">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&#x2019;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></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">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.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">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.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">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&#x2019;s assumptions regarding the factors which market
players would consider in their pricing.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The Group&#x2019;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 (&#x201C;CFO&#x201D;). 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&#x2019;s quarterly reports.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font><br></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-89</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">14.</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold">Financial
instruments by category</font> (Continued)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">According to the
Group&#x2019;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></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Financial
assets at amortized cost</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 19%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Financial
assets</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">at
fair value</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">through
profit or loss</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Subtotal</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">financial
assets</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Non-financial
assets</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Level
1</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Level
2</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Level
3</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: justify; margin-left: 12px; margin-right: 7px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30, 2016</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: justify; margin-left: 12px; margin-right: 7px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Assets
as per statement of financial position</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: justify; margin-left: 12px; margin-right: 7px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Trade and other
receivables (excluding the allowance for doubtful accounts and
other receivables)&#xA0;&#xA0;(Note 15)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">12,718</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,931</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14,649</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,374</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">17,023</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: justify; margin-left: 12px; margin-right: 7px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Investments in
financial assets:</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 7px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;-
Public companies&#x2019; securities<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,369</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">499</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,868</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,868</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 7px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;-
Private companies&#x2019; securities<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">15</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,324</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,339</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,339</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 7px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;-
Deposits<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(i)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;1,172</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">12</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,184</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,184</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 7px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;-
Mutual funds<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,775</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,775</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,775</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 7px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;-
Bonds<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(i)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;121</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,365</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,486</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,486</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 7px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;-
Others<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">90</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">140</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">230</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">230</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 7px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Derivative
financial instruments (Note 17)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">12</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">15</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">27</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">27</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 7px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Restricted
assets<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(i)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;618</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">618</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">618</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 7px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financial
assets&#xA0;&#xA0;held for sale (Note 16)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,602</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,602</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,602</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: justify; margin-left: 12px; margin-right: 7px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cash and cash
equivalents (Note 18)</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6,214</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7,652</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">13,866</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">13,866</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: justify; margin-left: 12px; margin-right: 7px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
assets<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">20,843</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">20,877</font></div>
</td>
<td style="width: 6%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">30</font></div>
</td>
<td style="width: 6%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3,894</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">45,644</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,374</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">48,018</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 0px">
<font><font style="font-size: 13px; font-family: Times New Roman">(i)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="background-color: #ffffff">The fair values approximate their
respective carrying amounts.</font></font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Financial
liabilities at amortized cost</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 19%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Financial
liabilities</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">at
fair value</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Subtotal</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">financial
liabilities</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Non-financial
liabilities</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Level
1</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Level
2</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Level
3</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: justify; margin-left: 12px; margin-right: 12px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30, 2016</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: justify; margin-left: 12px; margin-right: 12px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Liabilities
as per statement of financial position</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: justify; margin-left: 12px; margin-right: 7px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Trade and other
payables (Note 19)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">18,399</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">18,399</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">993</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">19,392</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: justify; margin-left: 12px; margin-right: 7px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Borrowings
(excluding finance leases) (Note 21)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">101,928</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">10,999</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">112,927</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">112,927</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 7px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Derivative
financial instruments (Note 17)</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">214</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">217</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">217</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: justify; margin-left: 12px; margin-right: 7px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
liabilities<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">120,327</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">214</font></div>
</td>
<td style="width: 6%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3</font></div>
</td>
<td style="width: 6%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">10,999</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">131,543</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">993</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">132,536</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-90</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">14.</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold">Financial
instruments by category</font> (Continued)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financial assets
and financial liabilities as of June 30, 2015 were as
follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Financial
assets at amortized cost</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 19%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Financial
assets</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">at
fair value</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">through
profit or loss</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Subtotal</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">financial
assets</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Non-financial
assets</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Level
1</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Level
2</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Level
3</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: justify; margin-left: 12px; margin-right: 12px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30, 2015</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: justify; margin-left: 12px; margin-right: 12px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Assets
as per statement of financial position</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: justify; margin-left: 12px; margin-right: 7px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">IDBD (i)<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">908</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">908</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">908</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: justify; margin-left: 12px; margin-right: 7px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Trade and other
receivables (excluding the allowance for doubtful accounts and
other receivables)&#xA0;&#xA0;(Note 15)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,154</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,154</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">199</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,353</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 7px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Investments in
financial assets:</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 7px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;-
Public companies&#x2019; securities<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">88</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">349</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">437</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">437</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 7px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;-
Private companies&#x2019; securities<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">102</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">102</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">102</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 7px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;-
Mutual funds<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">145</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">145</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">145</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 7px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;-
Bonds<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(ii)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;210</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">104</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">314</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">314</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 7px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Derivative
financial instruments (Note 17)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">228</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">235</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">235</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 7px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Restricted
assets<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: justify; margin-left: 12px; margin-right: 7px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cash and cash
equivalents (Note 18)</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">373</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">375</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">375</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: justify; margin-left: 12px; margin-right: 7px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,746</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">567</font></div>
</td>
<td style="width: 6%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 6%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,366</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3,679</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">199</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3,878</font></div>
</td>
</tr></table>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 0px">
<font><font style="font-size: 13px; font-family: Times New Roman">(i)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="background-color: #ffffff">The Group has reported its interest in
the associate IDBD at fair value with changes through profit or
loss, as per IAS 28.</font></font></font></div>
</div>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 0px">
<font><font style="font-size: 13px; font-family: Times New Roman">(ii)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="background-color: #ffffff">The fair values approximate their
respective carrying amounts.</font></font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Financial
liabilities at amortized cost</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 19%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Financial
liabilities</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">at
fair value</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Subtotal</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">financial
liabilities</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Non-financial
liabilities</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Level
1</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Level
2</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Level
3</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: justify; margin-left: 12px; margin-right: 12px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30, 2015</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: justify; margin-left: 12px; margin-right: 12px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Liabilities
as per statement of financial position</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: justify; margin-left: 12px; margin-right: 7px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Trade and other
payables (Note 19)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">461</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">461</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">690</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,151</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 7px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Borrowings
(excluding finance leases) (Note 21)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,955</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">15</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,970</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,970</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 7px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Derivative
financial instruments (Note 17)</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">503</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">503</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">503</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: justify; margin-left: 12px; margin-right: 7px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">5,416</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 6%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 6%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">518</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">5,934</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">690</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">6,624</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Liabilities carried
at amortized cost also include liabilities under finance leases
where the Group is the lessee and which therefore have to be
measured in accordance with IAS 17 &#x201C;Leases&#x201D;. The
categories disclosed are determined by reference to IFRS 9. Finance
leases are excluded from the scope of IFRS 7 &#x201C;Financial
Instruments Disclosures&#x201D;. Therefore, finance leases have been
shown separately.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-91</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">14.</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold">Financial
instruments by category</font> (Continued)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The following are
details of the book value of financial instruments recognized,
which were offset in the statements of financial
position:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="width: 29%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">As
of June 30, 2016</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Gross
amounts recognized</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Gross amounts offset</font></font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Net
amount presented</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: justify; margin-left: 12px; margin-right: 12px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30, 2016</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: justify; margin-left: 12px; margin-right: 12px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Financial
assets</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: justify; margin-left: 12px; margin-right: 7px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Trade and other
receivables (excluding the allowance for doubtful accounts and
other receivables)&#xA0;&#xA0;(Note 15)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">15,949</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,300)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14,649</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: justify; margin-left: 12px; margin-right: 12px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Financial
Liabilities</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: justify; margin-left: 12px; margin-right: 7px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Trade and other
payables (Note 19)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(19,699)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,300</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(18,399)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="width: 29%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">As
of June 30, 2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Gross
amounts recognized</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Gross amounts offset</font></font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Net
amount presented</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: justify; margin-left: 12px; margin-right: 12px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30, 2015</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: justify; margin-left: 12px; margin-right: 12px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Financial
assets</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: justify; margin-left: 12px; margin-right: 7px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Trade and other
receivables (excluding the allowance for doubtful accounts and
other receivables)&#xA0;&#xA0;(Note 15)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,299</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(75)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,154</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: justify; margin-left: 12px; margin-right: 12px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Financial
Liabilities</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 30%">
<div style="text-align: justify; margin-left: 12px; margin-right: 7px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Trade and other
payables (Note 19)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(536)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">75</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(461)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Income, expense,
gains and losses on financial instruments can be assigned to the
following categories:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Financial
assets / liabilities at amortized cost</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 16%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Financial
assets / liabilities at fair value through profit or
loss</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30, 2016</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: justify; margin-left: 12px; margin-right: 8px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Interest income
(i)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">651</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 16%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">116</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">767</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: justify; margin-left: 12px; margin-right: 8px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Interest expense
(i)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2,358)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 16%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(23)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2,381)</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: justify; margin-left: 12px; margin-right: 8px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Foreign exchange
(losses) / gains, net (i)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,690)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 16%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,684)</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: justify; margin-left: 12px; margin-right: 8px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Dividend income
(i)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 16%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">72</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">72</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: justify; margin-left: 12px; margin-right: 8px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Fair value loss on
financial assets at fair value through profit or loss
(i)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 16%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,439)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,439)</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: justify; margin-left: 12px; margin-right: 8px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Gain on derivative
financial instruments, net (i)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 16%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">921</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">921</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: justify; margin-left: 12px; margin-right: 8px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other finance costs
(i)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(818)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 16%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(106)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(924)</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: justify; margin-left: 12px; margin-right: 8px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Fair value gain on
associates
(ii)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 16%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">79</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">79</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: justify; margin-left: 12px; margin-right: 8px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Net
result&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(4,215)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 16%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(374)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(4,589)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-92</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">14.</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold">Financial
instruments by category</font> (Continued)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Financial
assets / liabilities at amortized cost</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 16%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Financial
assets / liabilities at fair value through profit or
loss</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30, 2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: justify; margin-left: 12px; margin-right: 8px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Interest income
(i)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">61</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 16%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">66</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: justify; margin-left: 12px; margin-right: 8px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Interest expense
(i)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(628)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 16%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(628)</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: justify; margin-left: 12px; margin-right: 8px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Foreign exchange
losses, net
(i)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(354)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 16%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(354)</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: justify; margin-left: 12px; margin-right: 8px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Dividend income
(i)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 16%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">17</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">17</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: justify; margin-left: 12px; margin-right: 8px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Fair value gain on
financial assets at fair value through profit or loss
(i)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 16%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">53</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">53</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: justify; margin-left: 12px; margin-right: 8px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Loss on derivative
financial instruments, net (i)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 16%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(16)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(16)</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: justify; margin-left: 12px; margin-right: 8px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other finance costs
(i)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(71)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 16%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(71)</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: justify; margin-left: 12px; margin-right: 8px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Fair value loss on
associates
(ii)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 16%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,001)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,001)</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: justify; margin-left: 12px; margin-right: 8px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Net
result&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(992)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 16%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(942)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1,934)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Financial
assets / liabilities at amortized cost</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 16%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Financial
assets / liabilities at fair value through profit or
loss</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30, 2014</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: justify; margin-left: 12px; margin-right: 8px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Interest income
(i)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">76</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 16%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">76</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: justify; margin-left: 12px; margin-right: 8px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Interest expense
(i)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(471)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 16%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(471)</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: justify; margin-left: 12px; margin-right: 8px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Foreign exchange
losses, net
(i)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,162)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 16%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,162)</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: justify; margin-left: 12px; margin-right: 8px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Dividend income
(i)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 16%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">15</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">15</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: justify; margin-left: 12px; margin-right: 8px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Fair value gain on
financial assets at fair value through profit or loss
(i)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 16%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">215</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">215</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: justify; margin-left: 12px; margin-right: 8px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Loss on derivative
financial instruments, net (i)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 16%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(317)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(317)</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: justify; margin-left: 12px; margin-right: 8px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other finance costs
(i)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(75)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 16%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(75)</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: justify; margin-left: 12px; margin-right: 8px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Fair value loss on
associates
(ii)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 16%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(517)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(517)</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: justify; margin-left: 12px; margin-right: 8px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Net
result&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 14%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1,632)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 16%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(604)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(2,236)</font></div>
</td>
</tr></table>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 72px">
<font><font style="font-size: 13px; font-family: Times New Roman">(i)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Included in
&#x201C;Financial results, net &#x201C;in the statement of
income.</font></font></div>
</div>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 72px">
<font><font style="font-size: 13px; font-family: Times New Roman">(ii)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Included in
&#x201C;Share of profit / (loss) of joint ventures and
associates&#x201D; in the statement of income.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The following table
presents the changes in Level 3 instruments as of June 30, 2016 and
2015:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Investments
in</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">financial
assets - Public companies&#x2019;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">securities</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Derivative
financial instruments - Warrants</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">of
Condor</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Investment</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">in
associate</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;IDBD</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Derivative
financial instruments -</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Commitment</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">to
tender offer of</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">shares
in</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IDBD</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Investments
in financial assets - Private companies</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Investments
in financial assets - Others</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Trade
and other receivables - Cellcom</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Borrowings
- Non-recourse loan</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
</tr><tr>
<td style="width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
as of June 30, 2014</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">211</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(321)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(110)</font></div>
</td>
</tr><tr>
<td style="width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Currency
translation adjustment</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">83</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(45)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">19</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">57</font></div>
</td>
</tr><tr>
<td style="width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Transfer to level
3<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,826</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(86)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,740</font></div>
</td>
</tr><tr>
<td style="width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Gains / (losses)
for the year (Note 30)</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">138</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,001)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(137)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">72</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">52</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(869)</font></div>
</td>
</tr><tr>
<td style="width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Transfer from
associates<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">30</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">30</font></div>
</td>
</tr><tr>
<td style="width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Balance
at June 30, 2015<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">349</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">7</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">908</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(503)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">102</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(15)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">848</font></div>
</td>
</tr><tr>
<td style="width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Additions and
acquisitions<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">50</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">27</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">77</font></div>
</td>
</tr><tr>
<td style="width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Obtainment of
control over IDBD</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,047)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">861</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">88</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,187</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(7,336)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(6,247)</font></div>
</td>
</tr><tr>
<td style="width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Currency
translation adjustment</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">60</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(18)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">291</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">52</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">705</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(3,610)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2,520)</font></div>
</td>
</tr><tr>
<td style="width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Write off<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">500</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">500</font></div>
</td>
</tr><tr>
<td style="width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Gains / (losses)
for the year (Note 30)</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(7)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">79</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">21</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">43</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">39</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(38)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">237</font></div>
</td>
</tr><tr>
<td style="width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Balance
at June 30, 2016<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">499</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,324</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">140</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,931</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(10,999)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(7,105)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-93</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">14.</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold">Financial
instruments by category</font> (Continued)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Securities and warrants of
Condor</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">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 at the time of initial
recognition.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">In March 2016, the
Group has exchanged its preferred Class C shares for a new Class D
preferred shares issued by Condor and, additionally, it has
received cash in the amount of US$ 1.2 million and a promissory
note for US$ 1.1 million related to dividends
receivable.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">In this new issue
the company &#x201C;Stepstone Real Estate&#x201D; has been added as
new partner by making a contribution of US$ 30 million, which will
be used to redeem Class A and B preferred shares and for the
acquisition of new hotels.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The new Class D
preferred shares will accrue annual interest at a rate of 6.25% and
will be convertible into common shares at a price of US$ 1.60.per
share.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">There were no
changes to the warrants held by the Group.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The Board of
Directors of Condor is now formed by 4 directors of the company, 3
directors appointed by Stepstone Real Estate and 2 independent
directors. In addition, the voting power held by the company in
Condor amounts to 49%, thus keeping significant
influence.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Investment in IDBD, associate and
warrants</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">As described in
Note 3 until taking control over IDBD, the Group stated its equity
interest in IDBD as an associate measured at fair value, invoking
the exception under IAS 28 and the warrants to acquire IDBD&#x2019;s
common shares were booked at their quoted prices. Since October 11,
2015, as result of consolidation, the equity interest in IDBD as an
associate and the warrants were eliminated following the
consolidation to add IDBD&#x2019;s assets and liabilities on a
line-by-line basis.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-94</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">14.</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold">Financial
instruments by category</font> (Continued)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Non-recourse loan</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">IDBD relies on an
independent appraiser to determine the value of the non-recourse
loan. The valuation model is a binomial tree where the main
variable is Adama&#x2019;s share price.&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">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></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr>
<td rowspan="1" style="vertical-align: bottom; width: 25%;">
<div style="padding-bottom: 2px; margin-left: 12px;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Description</font></div>
</div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 25%;">
<div style="padding-bottom: 2px; margin-left: 12px;">
<div>
<div style="text-align: center; text-indent: 0px; margin-right: auto; padding-bottom: 2px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Pricing
model</font></div>
</div>
</div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px black;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">Pricing
method</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 25%;">
<div style="padding-bottom: 2px; margin-left: 12px;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Parameters</font></div>
</div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px black;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">Range</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Investment in
financial assets &#x2013; Public companies securities - Preferred
shares of Condor</font></div>
</td>
<td style="vertical-align: bottom; width: 25%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Binomial
tree</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">Theoretical
price</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 25%;">
<div style="text-align: center; text-indent: 12px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Underlying asset
price (Market price); share price volatility (historical) and
market interest-rate (Libor rate curve).</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">Underlying asset
price 1.4 to 1.7</font></div>
<div><font style="font-size:13px;font-family:Times New Roman;">Share price
volatility 58% to 78%</font></div>
<div><font style="font-size:13px;font-family:Times New Roman;">Money market
interest-rate</font></div>
<div><font style="font-size:13px;font-family:Times New Roman;">1.0%
to 1.3%</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Investment in
financial assets &#x2013; Public companies securities - Promissory
note</font></div>
</td>
<td style="vertical-align: bottom; width: 25%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Discounted cash
flow</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">Theoretical
price</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 25%;">
<div style="text-align: center; text-indent: 12px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Market
interest-rate (Libor rate curve)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">Money market
interest-rate</font></div>
<div><font style="font-size:13px;font-family:Times New Roman;">1.0%
to 1.3%</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Derivative
financial instruments - Warrants of Condor</font></div>
</td>
<td style="vertical-align: bottom; width: 25%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Black-Scholes</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">Theoretical
price</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 25%;">
<div style="text-align: center; text-indent: 12px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Underlying asset
price (Market price); share price volatility (historical) and
interest-rate curve (Libor rate).</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">Underlying asset
price 1.4 to 1.7</font></div>
<div><font style="font-size:13px;font-family:Times New Roman;">Share price
volatility 58% to 78%</font></div>
<div><font style="font-size:13px;font-family:Times New Roman;">Money market
interest-rate</font></div>
<div><font style="font-size:13px;font-family:Times New Roman;">1.0%
to 1.3%</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Interest rate
swaps</font></div>
</td>
<td style="vertical-align: bottom; width: 25%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Cash
flow</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">Theoretical
price</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 25%;">
<div style="text-align: center; text-indent: 12px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Interest rate
futures contract and cash flow</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Call option of
Arcos</font></div>
</td>
<td style="vertical-align: bottom; width: 25%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Discounted cash
flow</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 25%;">
<div style="text-align: center; text-indent: 12px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Projected revenues
and discounting rate.</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Investments in
financial assets - Private companies - Avenida Inc.</font></div>
</td>
<td style="vertical-align: bottom; width: 25%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Market
multiples</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">Theoretical
price</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 25%;">
<div style="text-align: center; text-indent: 12px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Comparable market
multiple (EV/GMV ratio)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">Comparable market
multiple (EV/GMV ratio) 2.94x to 3.59x</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Investments in
financial assets - Private companies - Others</font></div>
</td>
<td style="vertical-align: bottom; width: 25%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Discounted cash
flows / NAV</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">Theoretical
price</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 25%;">
<div style="text-align: center; text-indent: 12px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Projected revenue
discounted at the discount rate / The value is calculated in
accordance with the company&#x2019;s shares in the equity funds on
the basis of their financial statements, based on fair value or
investment assessments.</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font>&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1- 3.5</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Investments in
financial assets - Others</font></div>
</td>
<td style="vertical-align: bottom; width: 25%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Discounted cash
flows / NAV</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">Theoretical
price</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 25%;">
<div style="text-align: center; text-indent: 12px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Projected revenue
discounted at the discount rate / The value is calculated in
accordance with the company&#x2019;s shares in the equity funds on
the basis of its financial statements, based on fair value or
investment assessments</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1- 3.5</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Borrowings -
Non-recourse loan</font></div>
</td>
<td style="vertical-align: bottom; width: 25%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Binomial
tree</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">Theoretical
price</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 25%;">
<div style="text-align: center; text-indent: 12px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Underlying asset
price (obtained by discounted cash flow valuation), capital cost,
market rate; control premium, underlying asset
volatility.</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">Underlying asset
price&#xA0;US$ 760MM to US$ 940MM, capital cost 11.8% to 14.4%,
discounted market interest rate 7.9% to 12.9%, control premium 3.3%
to 6.6%, underlying asset volatility 25.7% to 33.1%.</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-95</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">15.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Trade
and other receivables</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Group&#x2019;s trade
and other receivables as of June 30, 2016 and 2015 were as
follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Non-current</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Sale, leases and
services
receivables&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,015</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">62</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Less: allowance for
doubtful
accounts&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
non-current trade
receivables&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,013</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">60</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">VAT
receivables&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">29</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">25</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Prepaid
expenses&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,320</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Borrowings,
deposits and other debit
balances&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">75</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Others&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">16</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
non-current other
receivables&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,428</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">55</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
non-current trade and other receivables</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3,441</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">115</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Current</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Sale, leases and
services
receivables&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11,073</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">695</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Less: allowance for
doubtful
accounts&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(171)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(93)</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
current trade
receivables&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">10,902</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">602</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Tax
receivables&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">71</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">23</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Prepaid
expenses&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">617</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">99</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Borrowings,
deposits and other debit
balances&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,243</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">347</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Advances to
suppliers&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">231</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">49</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Others&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">345</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">23</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
current other
receivables&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,507</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">541</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
current trade and other
receivables&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">13,409</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,143</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
trade and other
receivables&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">16,850</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,258</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Book amounts of
Group's trade and other receivables in foreign currencies are
detailed in Note 34.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Trade receivables
are generally presented in the statements of financial position net
of allowances for doubtful accounts. Impairment policies and
procedures by type of receivables are discussed in detail in Note
2.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The fair values of
current trade and other receivables approximate their respective
carrying amounts, due to their short-term nature, as the impact of
discounting is not significant. Present value of non-current trade
receivables related to sales of equipment installments, as
performed by Cellcom (mainly in 36 installments), as of June 30,
2016 were calculated at a 3.3% discount rate. Other non-current
receivables conform to or approximate their fair values. Fair
values are based on discounted cash flows. (Level 3 of the fair
value hierarchy).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-96</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">15.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Trade and other receivables</font>
(Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: -16px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Movements on the
Group&#x2019;s allowance for doubtful accounts and other receivables
are as follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 35%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
</tr><tr>
<td style="width: 35%">
<div style="text-align: left; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Beginning
of the year<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">95</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">82</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">79</font></div>
</td>
</tr><tr>
<td style="width: 35%">
<div style="text-align: left; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Additions (Note
27)<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">111</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">26</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">18</font></div>
</td>
</tr><tr>
<td style="width: 35%">
<div style="text-align: left; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Unused amounts
reversed (Note 27)<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(41)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(12)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(6)</font></div>
</td>
</tr><tr>
<td style="width: 35%">
<div style="text-align: left; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Currency
translation adjustment<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">12</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 35%">
<div style="text-align: left; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Receivables written
off during the year as uncollectable</font></div>
</td>
<td style="width: 13%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(4)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(9)</font></div>
</td>
</tr><tr>
<td style="width: 35%">
<div style="text-align: left; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">End
of the year<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 13%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">173</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">95</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">82</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The Group&#x2019;s
trade receivables comprise several classes. The maximum exposure to
credit risk at the reporting date is the carrying value of each
class of receivables (Note 4).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The Group has also
receivables with related parties. Neither of which is due nor
impaired.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Due to the distinct
characteristics of each type of receivables, an aging analysis of
past due unimpaired and impaired receivables are shown by type and
class as of June 30, 2016 and 2015 (includes receivables not past
due to reconcile with the amounts in the statements of financial
position):</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 21%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Expired</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Up
to</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3
months</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3
to 6</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">months</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Over
6 months</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Not
past due</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Impaired</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">%
of representation</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Additions
(reversals) for bad debts</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Leases and
services&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">67</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">19</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">33</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,101</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">110</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,330</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">10.2%</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Hotel
services&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">48</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">50</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.4%</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Consumer
financing&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">15</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">15</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.1%</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Sale of properties
and developments</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">39</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">39</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.3%</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Sale of
communication equipment</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,250</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,714</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">66</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,030</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">30.8%</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Telecommunication
services</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,763</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">356</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">672</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">19</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">672</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,482</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">26.6%</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">61</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Tourism
activities&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">16</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">12</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">20</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">219</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">51</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">318</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2.4%</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(3)</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Sale of products
(supermarkets)</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">27</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">19</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">55</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,665</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">58</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,824</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">29.2%</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
as of June 30, 2016</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">4,124</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">406<br>
</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">780</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">6,805</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">973</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">13,088</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">100%</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">70</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Leases and
services&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">43</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">16</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">567</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">80</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">720</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">95.1%</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Hotel
services&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">16</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">17</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2.3%</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Consumer
financing&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">15</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">20</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2.6%</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Sale of properties
and developments</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.0%</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
as of June 30, 2015</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">44</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">14</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">16</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">588</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">95</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">757</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">100%</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">14</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-97</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">16.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Financial
assets held for sale</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The composition of
financial assets held for sale as of June 30, 2016 and 2015 are as
follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Non-current</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: justify; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Clal<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,346</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: justify; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Non-current
financial assets held for sale<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3,346</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: justify; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Current</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: justify; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Clal<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,256</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: justify; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Current
financial assets held for sale<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,256</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: justify; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
financial assets held for sale<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">4,602</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Clal is a holding
company that mainly operates in the insurance and pension markets
and in segments of pension funds. The company holds assets and
other businesses (such as insurance agencies) and is one of the
largest insurance groups in Israel. Clal mainly develops its
activities in three operating segments: long-term savings, general
insurance and health insurance.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Given that IDBD
failed to meet the requirements set forth by the Capital Markets,
Insurance and Savings Commission, which is dependent on the
Ministry of Finance of Israel, to have control over an insurance
company, on August 21, 2013, such commission required that IDBD
granted an irrevocable power of attorney to Mr. Moshe Tery ("the
Trustee") for the 51% of the shareholding capital and vote
interests in Clal, thus transferring control over that
investee.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">On December 30,
2014, the Insurance Commission sent an additional letter setting a
term by which IDBD&#x2019;s control over and equity interests in
Clal were to be sold and giving directions as to the
Trustee&#x2019;s continuity in office, among other
aspects.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The sale
arrangement outlined in the letter involves IDBD&#x2019;s and the
Trustee&#x2019;s interests in the sale process under different
options and timeframes. As of June 30, 2016, the current sale
arrangement involved the sale of the interest in the stock exchange
or by over-the-counter trades, as per the following detail and by
the following dates:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 72px">
<font><font style="font-size: 13px; font-family: Times New Roman">a.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">IDBD would have to
sell at least 5% of its equity interest in Clal from May 7,
2016.</font></font></div>
</div>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 72px">
<font><font style="font-size: 13px; font-family: Times New Roman">b.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">During each of the
subsequent four-month periods, IDBD would have to sell at least an
additional 5% of its equity interest in Clal.</font></font></div>
</div>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 72px">
<font><font style="font-size: 13px; font-family: Times New Roman">c.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">If IDBD sells more
than 5% of its equity interest in Clal in any given four-month
period, the percentage in excess of the required 5% would be offset
against the percentage required in the following
period.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-98</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 96px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">16.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Financial assets held for sale</font>
(Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">In case IDBD does
not fulfills its obligation in the manner described in the above
paragraph the Trustee would be entitled to act upon the specified
arrangement in lieu of IDBD, pursuant to all powers that had been
vested under the representations of the trust letter. The
consideration for the sale would be transferred to IDBD, with the
expenses incurred in the sale process to be solely borne by
IDBD.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">During February
2016, bondholders and minority shareholders filed a complaint
against the Insurance Commission and the Trustee so that the order
by the Trustee to sell the shares in the market was revoked, for
this would cause irreversible damage to the company and its
bondholders. As of the date of these Consolidated Financial
Statements, no decision has been rendered on the
complaint.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">In June 30, 2016,
the holding of IDBD of Clal was 55%, and as a result of the
circumstances mentioned above, IDBD has accounted for it as a
financial asset held for sale. Valuation as of June 30, 2016
amounts to Ps. 4,602 and a loss of Ps. 1,951 were recorded,
reflecting the fall in the share price, in financial results,
net.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Claims against
Clal</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Clal set up a
reserve for all legal actions brought against Clal&#x2019;s
investees out of the ordinary course of business in the amount of
approximately NIS 96 million (equivalent to Ps. 376 million at the
closing exchange rate). Most legal actions are related to consumer
claims and actions erasing from those claims. The total amount
claimed is NIS 29,200 million (equivalent to Ps. 114,275 million at
the closing exchange rate).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-99</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 96px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font style="background-color: #ffff00">
</font>17.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Derivative
Financial Instruments</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Group&#x2019;s
derivative financial instruments as of June 30, 2016 and 2015 are
as follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Assets</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Non-current</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Warrants of
Condor&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Warrants of IDBD
(Note
3)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">199</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Swaps&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
non-current derivative financial instruments</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">8</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">206</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Current</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Warrants of IDBD
(Note
3)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">29</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Swaps&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Others&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">15</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
current derivative financial instruments</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">19</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">29</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
assets&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">27</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">235</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Liabilities</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Non-current</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Commitment to
tender offer shares in IDBD (Note 3)</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(265)</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Forwards&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(105)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
non-current derivative financial instruments</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(105)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(265)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Current</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Commitment to
tender offer shares in IDBD (Note 3)</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(238)</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Foreign currency
futures
contracts&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(19)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Forwards&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(93)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
current derivative financial instruments</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(112)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(238)</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
liabilities&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(217)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(503)</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
derivative financial
instruments&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(190)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(268)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-100</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 96px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font style="background-color: #ffff00">
</font>18.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Cash
flow information</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The following table
shows the amounts of cash and cash equivalents as of June 30, 2016
and 2015:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
</tr><tr>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cash at bank and in
hand<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6,214</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">373</font></div>
</td>
</tr><tr>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Mutual
funds<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7,652</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
</tr><tr>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
cash and cash
equivalents&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">13,866</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">375</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Following is a
detailed description of cash flows generated by the Group&#x2019;s
operations for the years ended June 30, 2016, 2015 and
2014:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 4%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;2016</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;2015</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;2014</font></div>
</td>
</tr><tr>
<td style="width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(Loss) / Profit for
the year<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,290)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">70</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(831)</font></div>
</td>
</tr><tr>
<td style="width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-style: italic">Adjustments for</font>:</font></div>
</td>
<td style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Income tax
expense<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 4%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">22</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">149</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">489</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(64)</font></div>
</td>
</tr><tr>
<td style="width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Amortization and
depreciation<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 4%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">27</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,694</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">175</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">226</font></div>
</td>
</tr><tr>
<td style="width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Gain from disposal
of investment property<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 4%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">10</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,113)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,163)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(236)</font></div>
</td>
</tr><tr>
<td style="width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Impairment of
investment properties<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 4%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">30</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">352</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Dividends
received<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 4%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">30</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(72)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(17)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(15)</font></div>
</td>
</tr><tr>
<td style="width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Share-based
payments<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 4%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">28</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">49</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">22</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">45</font></div>
</td>
</tr><tr>
<td style="width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 2px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(Loss) / Gain from
derivative financial instruments</font></div>
</td>
<td style="width: 4%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">30</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(921)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">16</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">317</font></div>
</td>
</tr><tr>
<td style="width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Changes in fair
value of investments in financial assets and
liabilities</font></div>
</td>
<td style="width: 4%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">30</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,439</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(53)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(215)</font></div>
</td>
</tr><tr>
<td style="width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 2px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Gain from disposal
of associates<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 4%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">29</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(4)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(22)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Provisions and
allowances<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">191</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">75</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">96</font></div>
</td>
</tr><tr>
<td style="width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Share of profit of
joint ventures and associates</font></div>
</td>
<td style="width: 4%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">8,9</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(447)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">1,023</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">414</font></div>
</td>
</tr><tr>
<td style="width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Reversal of
currency translation adjustment</font></div>
</td>
<td style="width: 4%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">29</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(96)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(188)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financial results,
net<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,395</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">991</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">1,625</font></div>
</td>
</tr><tr>
<td style="width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Changes in operating assets and liabilities:</font></div>
</td>
<td style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Increase in
inventories<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(155)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(6)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
</tr><tr>
<td style="width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Decrease in trading
properties<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">229</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">6</font></div>
</td>
</tr><tr>
<td style="width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Increase in trade
and other receivables<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(319)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(400)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(14)</font></div>
</td>
</tr><tr>
<td style="width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(Decrease) /
Increase in trade and other payables</font></div>
</td>
<td style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(15)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">233</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(104)</font></div>
</td>
</tr><tr>
<td style="width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Increase in
salaries and social security liabilities</font></div>
</td>
<td style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">23</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">22</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">51</font></div>
</td>
</tr><tr>
<td style="width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Decrease in
provisions<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 4%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">20</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(143)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(4)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
</tr><tr>
<td style="width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Net
cash generated by operating activities before income tax
paid</font></div>
</td>
<td style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">4,946</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,263</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,298</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-101</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 72px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">18.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Cash flow information</font>
(Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The following table
shows a detail of significant non-cash transactions occurred in the
years ended June 30, 2016, 2015 and 2014:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 54%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
</tr><tr>
<td style="width: 54%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Increase in
investments in financial assets through an increase in trade and
other payables</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">180</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 54%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Increase in
investments in financial assets through a decrease in trade and
other receivables</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">71</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 54%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Decrease in
borrowings through a decrease in financial assets</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">24</font></div>
</td>
</tr><tr>
<td style="width: 54%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Reimbursement of
expired dividends<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">10</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
</tr><tr>
<td style="width: 54%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Dividends
distribution&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">64</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">48</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">57</font></div>
</td>
</tr><tr>
<td style="width: 54%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financed additions
of properties, plant and equipment<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">116</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
</tr><tr>
<td style="width: 54%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Increase in
borrowings through a decrease in dividends payable</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">160</font></div>
</td>
</tr><tr>
<td style="width: 54%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Decrease in trade
and other receivables, net through an increase in assets held for
sale</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">18</font></div>
</td>
</tr><tr>
<td style="width: 54%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Decrease in
investment properties through an increase in assets held for
sale</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,099</font></div>
</td>
</tr><tr>
<td style="width: 54%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Decrease in
intangible assets through an increase in assets held for
sale</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">77</font></div>
</td>
</tr><tr>
<td style="width: 54%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Decrease in
restricted assets through an increase in assets held for
sale</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">164</font></div>
</td>
</tr><tr>
<td style="width: 54%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Increase in
restricted funds through a decrease in trade and other
payables</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">146</font></div>
</td>
</tr><tr>
<td style="width: 54%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Decrease in trade
and other payables through an increase in liabilities directly
associated with assets classified as held for sale</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">170</font></div>
</td>
</tr><tr>
<td style="width: 54%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Decrease in
borrowings through an increase in liabilities directly associated
with assets classified as held for sale</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">603</font></div>
</td>
</tr><tr>
<td style="width: 54%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Decrease in
deferred income tax liabilities through an increase in liabilities
directly associated with assets classified as held for
sale</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">33</font></div>
</td>
</tr><tr>
<td style="width: 54%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Decrease in
borrowings through a decrease in investments in joint ventures and
associates</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">137</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 54%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Increase in
financial assets through a decrease in investments in joint
ventures and associates</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">30</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 54%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Increase in
investment properties through a decrease in financial
assets</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">48</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 54%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financed purchase
of investment properties<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">302</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 54%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Increase in
non-controlling interest through a decrease in derivative financial
instruments</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">128</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">13</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-102</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 72px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">18.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Cash flow information</font>
(Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Business
combination</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: justify; margin-left: 12px; margin-right: 5px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Investment
properties<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">29,586</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: justify; margin-left: 12px; margin-right: 5px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Property, plant and
equipment<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">15,104</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: justify; margin-left: 12px; margin-right: 5px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Trading
properties<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,656</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: justify; margin-left: 12px; margin-right: 5px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Intangible
assets<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6,603</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: justify; margin-left: 12px; margin-right: 5px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Investment in joint
ventures and associates<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9,268</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: justify; margin-left: 12px; margin-right: 5px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Deferred income
tax<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(4,681)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: justify; margin-left: 12px; margin-right: 5px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Trade and other
receivables<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9,713</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: justify; margin-left: 12px; margin-right: 5px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Investments in
financial assets<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5,824</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: justify; margin-left: 12px; margin-right: 5px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Derivative
financial instruments, net<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(54)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: justify; margin-left: 12px; margin-right: 5px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Inventories<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,919</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: justify; margin-left: 12px; margin-right: 5px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Income tax and
minimum presumed income tax ("MPIT") credit</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">91</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: justify; margin-left: 12px; margin-right: 5px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financial assets
and other assets held for sale<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5,129</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: justify; margin-left: 12px; margin-right: 5px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Trade and other
payables<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(19,749)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: justify; margin-left: 12px; margin-right: 5px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Borrowings<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(60,306)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: justify; margin-left: 12px; margin-right: 5px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Provisions<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(969)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: justify; margin-left: 12px; margin-right: 5px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Income tax and
minimum presumed income tax ("MPIT") liabilities</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(267)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: justify; margin-left: 12px; margin-right: 5px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Employee
benefits<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(405)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: justify; margin-left: 12px; margin-right: 5px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(538)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: justify; margin-left: 12px; margin-right: 5px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Non-controlling
interest<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(8,630)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: justify; margin-left: 12px; margin-right: 5px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Goodwill<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,391</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: justify; margin-left: 12px; margin-right: 5px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
net assets added as a result of business combination</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(7,777)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: justify; margin-left: 12px; margin-right: 5px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Cash
added as a result of business combination</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">9,193</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-103</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 96px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font style="background-color: #ffff00">
</font>19.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Trade
and other payables</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Group&#x2019;s trade
and other payables as of June 30, 2016 and 2015 were as
follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Non-current</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Trade
payables&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">525</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">217</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Deferred
income&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">65</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Others&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">928</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">31</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
non-current trade and other
payables&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,518</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">255</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Current</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Trade
payables&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11,070</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">261</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Accrued
invoices&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">450</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">119</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Sale and rent
payments received in
advance&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,590</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">223</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
current trade
payables&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">16,110</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">603</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Dividends payable
to non-controlling shareholders</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">426</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">59</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Tax
payables&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">284</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">83</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Others&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,054</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">151</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
current other
payables&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,764</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">293</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
current trade and other
payables&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">17,874</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">896</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
trade and other
payables&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">19,392</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,151</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The fair value of
trade and other payables approximate their respective carrying
amounts, due to their short-term nature, the effect of discounting
is not significant. Fair values are based on discounted cash
flows</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 96px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">20.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Provisions</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The Group is
subject to claims, lawsuits and other legal proceedings in the
ordinary course of business, including claims from clients where a
third party seeks reimbursement or damages. The Group&#x2019;s
responsibility under such claims, lawsuits and legal proceedings
cannot be estimated with certainty. From time to time, the status
of each major issue is evaluated and its potential financial
exposure is assessed. If the potential loss involved in the claim
or proceeding is deemed probable and the amount may be reasonably
estimated, a liability is recorded. The Group estimates the amount
of such liability based on the available information and in
accordance with the provisions of the IFRS. If additional
information becomes available, the Group will make an evaluation of
claims, lawsuits and other outstanding proceeding, and will revise
its estimates.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 19px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-104</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 72px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">20.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Provisions</font>
(Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The table below
shows the movements in the Group's provisions for other liabilities
categorized by type of provision:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Legal
claims (i)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Investments</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">in
joint ventures and associates (ii)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Sited
dismantling and remediation (iii)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Onerous
contracts (iv)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Guarantees</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">and
other provisions (v)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 9px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">At
July 1st, 2014<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">47</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">177</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">224</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 9px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Additions<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">35</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">159</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">194</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 9px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Recovery<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(15)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(15)</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 9px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Used during the
year<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(4)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(4)</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 9px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Contributions<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 9px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Currency
translation adjustment</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">29</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">29</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 9px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">At
June 30, 2015<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">63</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">363</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">426</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 9px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Additions<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">52</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">231</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">39</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">64</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">389</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: justify; margin-left: 12px; margin-right: 9px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Liabilities added
as a result of business combination (Note 3)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">424</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">47</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">199</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">299</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">969</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 9px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Recovery<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(40)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(6)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(46)</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 9px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Used during the
year<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(50)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(80)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(13)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(143)</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 9px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Contributions<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(18)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(18)</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 9px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Currency
translation adjustment</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">240</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">262</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">28</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">113</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">144</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">787</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 9px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">At
June 30, 2016<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">689</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">838</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">114</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">296</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">427</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,364</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(i)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Additions and
recoveries are included in "Other operating results,
net".</font></font></div>
</div>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(ii)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Corresponds to the
equity interest in New Lipstick and Condor with negative equity.
Additions and recoveries are included in "Share of profit / (loss)
of joint ventures and associates". Additions and recoveries are
included in Costs.</font></font></div>
</div>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(iii)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">The Group&#x2019;s
companies are required to recognize certain costs related to
dismantling assets and remediating sites here such assets are
located. The calculation of expenses are based on the dismantling
value for the current year, taking into consideration the best
estimate of future changes in prices, inflation, etc. and such
costs are capitalized at a risk-free interest rate. Volume
projections for retired or built assets are restated based on
expected changes from technological rulings and requirements.
Additions and recoveries are included in Costs.</font></font></div>
</div>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(iv)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Provisions for
other contractual liabilities include a series of liabilities
resulting from a contractual liability or laws, regarding which
there is a high degree of certainty as to the terms and the
necessary amounts to discharge such liability. Additions and
recoveries are included in Costs.</font></font></div>
</div>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(v)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Additions and
recoveries are included in Costs.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: -16px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Disclosure of total
provisions in current and non-current is as follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
</tr><tr>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Non-current&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,325</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">374</font></div>
</td>
</tr><tr>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Current&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,039</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">52</font></div>
</td>
</tr><tr>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,364</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">426</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">On February 23,
2016, a class action was filed against the Company, Cresud and some
first-line managers and directors with the District Court of the
United States for the Central District of California. The
complaint, on behalf of people holding American Depositary Receipts
of the Company between November 3, 2014 and December 30, 2015,
claims presumed violations to the US federal securities laws. In
addition, it argues that defendants have made material
misrepresentations and made some omissions related to the
Company&#x2019;s investment in IDBD.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-105</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 72px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">20.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Provisions</font>
(Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Such complaint was
voluntarily waived on May 4, 2016 by the plaintiff and filed again
on May 9, 2016 with the US District Court by the East District of
Pennsylvania.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Furthermore, the
Company, some of its first-line managers and directors are
defendants in a class action filed on April 29, 2016 with the US
District Court of the East District of Pennsylvania. The complaint,
on behalf of people holding American Depositary Receipts of the
Company between May 13, 2015 and December 30, 2015, claims
violations to the US federal securities laws. In addition, it
argues that defendants have made material misrepresentations and
made some omissions related to the Company's investment in
IDBD.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Subsequently,
Cresud and IRSA requested that the complaint be moved to the
district of New York, which request was later granted.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The Company holds
that such allegations are meritless and intends to make a strong
defense in both actions. No provision was set up in connection with
the above mentioned.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
CP</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">On November 20,
2006, the Group through IRSA CP acquired the building known as
Edificio Ex escuela Gobernador Vicente de Olmos, located in the
City of C&#xF3;rdoba through a public bidding in the amount of Ps.
32. This property is affected to a concession
contract.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">After the title
deed was made, the government of the province of C&#xF3;rdoba
declared the property to be of public use and subject to partial
expropriation in order to be used exclusively for the Libertador
San Mart&#xED;n Theatre.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">IRSA CP has
answered a complaint in an action and to challenge the law that
declared such public interest on unconstitutional grounds. In the
alternative, it has challenged the appraisal made by the plaintiff
and, additionally, it has claimed damages not included in the
appraisal and resulting immediately and directly from
expropriation.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">At June 30, 2016,
the property is recorded under Investment Properties.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Claims
against Cellcom and its subsidiaries</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">In the normal
course of business, claims have been filed against Cellcom by its
customers. These are mostly motions for approval of class actions,
primarily concerning allegations of illegal collection of funds,
unlawful conduct or Breach of license, or a Breach of agreements
with customers, causing monetary and non<font style="font-weight: bold; font-size: 13px">-</font>monetary damage to
them. The amounts claimed from Cellcom in consumer claims, amounted
to NIS 26,183 million.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-106</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 72px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">20.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Provisions</font>
(Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Claims
against Shufersal and its subsidiaries</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">In the normal
course of business, legal claims were filed against Shufersal by
its customers. These are mostly motions for certification of class
actions, which mainly concern claims of changing money unlawfully,
acting contrary to the law or a license, or a Breach of the
agreements with customers, causing financial and non-financial loss
to them. The amounts of the claims amounted to NIS 809
million.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">There are also
other claims by employees, subcontractors, suppliers which relate
mainly to claims of Breach of the provisions of the law in relation
to the termination of workers' employment and claims of Breaches of
contract and compulsory payments to authorities. The total amount
which Shufersal was being sued for these claims was NIS 26
million.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 96px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">21.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Borrowings</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: -2px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The breakdown of
the Group borrowings as of June 30, 2016 and 2015 was as
follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Non-current</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">NCN&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">67,235</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,634</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Bank loans and
others&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6,470</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">102</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Non-recourse
loan&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">16,975</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
non-current
borrowings&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">90,680</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3,736</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Current</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 6px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">NCN&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">15,075</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">337</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 6px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Bank loans and
others&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,107</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">204</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 6px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Bank
overdrafts&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,236</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">681</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 6px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other
borrowings&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,834</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">15</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 6px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
current
borrowings&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">22,252</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,237</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 6px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
borrowings&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">112,932</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">4,973</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operations
Center in Argentina</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">On March 3, 2016,
IRSA and IRSA CP announced that they would launch offers to buy in
cash: (i) 11.50% Class 2 NCN outstanding due in 2020 and issued by
IRSA for a total nominal value of up to US$ 76.5 million, subject
to a potential extension of the Offer Limit of NCN due in 2020 for
a nominal value of up to US$ 73.5 million, at IRSA&#x2019;s
exclusive decision, (ii) each and every 8.50% Class 1 NCN
outstanding due in 2017 and issued by IRSA, and (iii) each and
every 7.875% Class 1 NCN outstanding due in 2017 and issued by IRSA
CP.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">On March 23, 2016,
IRSA CP issued NCN for a nominal amount of US$ 360 million under
its Global NCN Program. Class II NCN accrue interest semi-annually,
at an annual fixed rate of 8.75% and are repayable at maturity on
March 23, 2023. The issue price was 98.722% of nominal
value.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-107</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 96px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">21.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Borrowings</font>
(Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">IRSA CP&#x2019;s NCN
maturing in 2023 are subject to certain Commitments, Events of
Breach and Limitations, including Limitations on Additional
Indebtedness, Limitations on Restricted Payments, Limitations on
Transactions with Affiliates, Limitations on the Merger, Take-over
Merger and Limitations on the Sale of all or a substantial portion
of the company&#x2019;s Assets.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">On April 7, 2016,
the Meeting of IRSA's NCN holders approved the proposed amendments
to the IRSA 2017 Trust Indenture, which included basically the
elimination of all financial restrictive covenants on such class.
Approximately 50.30% of holders of NCN due 2017 approved the
amendments to the Trust Indenture for IRSA NCN 2017. As a
consequence, a Supplementary Trust Agreement with the Bank of New
York Mellon was signed, all amendments approved the Meeting, which
came into force on April 8, 2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">During March, April
and May the Group acquired all IRSA CP's NCN Class I at 7.875%
maturing in 2017 for a total amount US$ 120 million and US$ 75.4
million of IRSA&#x2019;s NCN. On October 11, 2016, IRSA acquired the
remaining US$ 74.6 million of IRSA&#x2019;s NCN at 8,5% maturing in
2017, so the following notes remains outstanding:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 96px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#xB7;&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">IRSA's NCN Class II
at 11.50% maturing in 2020 US$ 71.4 million.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Such payments were
accounted for as a cancellation of debt.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">In relation to
financial covenants under 11.50% NCN due in 2020 issued by IRSA,
the Meeting of Noteholders held on March 23, 2016
approved:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 72px">
<font><font style="font-size: 13px; font-family: Times New Roman">i)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">to modify the
covenant on Limitation on Restricted Payments, so that the original
covenant was replaced so as to take into consideration IRSA&#x2019;s
capability to make any restricted payment provided that (a) no
Event of Default has occurred and persisted, and (b) IRSA may incur
at least US$ 1 of additional debt pursuant to the Limitation on
Additional Indebtedness; and</font></font></div>
</div>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 72px">
<font><font style="font-size: 13px; font-family: Times New Roman">ii)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">the exclusion of
IDBD or any of its subsidiaries for purposes of the definition of
&#x201C;Subsidiary&#x201D; or any of the definitions or commitments
under the Trust Indenture of NCN due in 2020 and issued by IRSA
(regardless of whether the financial statements of any of these
companies has any time been consolidated into IRSA&#x2019;s
financial statements).</font></font></div>
</div>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 72px">
<font><font style="font-size: 13px; font-family: Times New Roman">iii)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">a Supplementary
Trust Indenture reflecting all the amendments approved, entered
into with the Bank of New York Mellon on March 28,
2016.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-108</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 96px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">21.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Borrowings</font>
(Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operations
Center in Israel</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">IDBD has certain
restrictions and financial covenants in connection with its
financial debt, included in its debentures, loans from banks and
financial institutions.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">As of June 30, 2016
IDBD reported that the application of the &#x201C;Liquidity
Covenant&#x201D; and the &#x201C;Economic Equity Covenant&#x201D; (as
described below) is currently suspended.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">It was agreed
between IDBD and the relevant lending corporations that the parties
would work to formulate an arrangement, to replace or amend the
current financial covenants by December 31, 2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">If such arrangement
is not reached, the previous financial covenants will re-apply then
with respect to the results for IDBD&#xB4;s first quarter of 2017
and thereafter. In the event that these covenants will re-apply,
IDBD estimates that it will not be able to meet the thresholds that
were determined in the past with respect to the Liquidity Covenant
and the Economic Equity Covenant with respect to IDBD&#xB4;s
results for the first quarter of 2017 and thereafter.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Particularly, if
the previous financial covenants will re-apply, IDBD estimates it
will not be able to fulfill the covenant, which stipulates that the
balance of cash and marketable securities will not fall below the
scope of forecasted current maturities for the two quarters
subsequent to the reporting quarter (the &#x201C;Liquidity
Covenant&#x201D;). Regarding the Economic Equity Covenant, the
economic equity as of June 30, 2016, amounted to a positive balance
of NIS 247 million, significantly lower than the thresholds
determined in the past as part of the Economic Equity
Covenant.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">In view of and due
to the decrease of Mr. Ben Moshe&#x2019;s holding rate in IDBD,
beginning from February 2015 and thereafter, in March 2016 IDBD
reached understandings with its lending corporations with regard to
an amendment of the control and additional amendments relating to
restrictions on the sale of main holdings.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">As per IDBD&#xB4;s
position, as of June 30, 2016, there were no conditions that
established grounds for calling IDBD&#xB4;s obligations to its
financial creditors for immediate payment. Without derogating from
the IDBD&#xB4;s position, it is noted that the decision of the
bondholders (Series I) dated April 21,2016 to call the full balance
of IDBD&#xB4;s debt to the bondholders for immediate repayment and
the decision to take steps for dissolution are liable to raise
grounds for the financial creditors, for calling for immediate
repayment. According to IDBD&#xB4;s legal advisor opinion, the
conditions giving rise to a ground for demanding immediate
repayment of the liabilities for the (Series I) bonds were not
fulfilled. On July 18, 2016, the Court handed down its judgment, in
which the Court accepted the consensus motion filed by the trustee
to strike the motion for dissolution.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-109</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 96px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">21.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Borrowings</font>
(Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">As of June 30,
2016, IDBD&#xB4;s loans which are subject to the aforementioned
financial covenants, at a scope of NIS 264 million, were classified
under current liabilities, in consideration of the fact that IDBD
has reached understandings with those relevant lending entities,
which extended the arrangements specified in the financial
covenants of the loan agreements until first quarter calendar year
2017, in other words, for a period shorter than twelve
months.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">On August 2, 2016
IDBD issued a new Series of Debentures in the Israeli market for an
amount of NIS 325 million due November 2019 at an annual interest
rate adjustable by CPI plus 4.25%. The notes are pledged by shares
of Clal Insurance Enterprise Holdings Ltd (&#x201C;Clal&#x201D;),
subject to the approval of the Commissioner of Capital Markets,
Insurance and Savings. IDBD is working to get the authorization to
constitute the guarantee and it filed an application to the Supreme
Court asking for such approval. In case IDBD does not get the
required approval, funds must be repaid with interest plus a
penalty. On September 15, 2016, the High Court of Justice gave a
partial judgment and decision, according to which it was decided,
to reject the petition&#xA0;&#xA0;for the most part and to grant an
order which instructs the Commissioner to appear and show a reason
for her opposition to the request of IDBD to pledge up to 5% of the
shares of Clal Holdings, subject to an outline agreed to at the
time by IDBD. Furthermore, IDBD maintains the right to accede to a
proposal for compromise which was raised in the context of the
discussion. A hearing date was set for January 2017.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Pursuant to the
decision of the Supreme Court sitting as the High Court of Justice
in connection with the petition submitted by IDBD in connection
with the pledge of the shares of Clal Holdings in September 2016,
on October 13, 2016, the Board of Directors of the IDBD decided to
execute a partial early redemption of the debentures, that is to be
carried out on November 1, 2016, as follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 72px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#x2022;&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">IDBD will carry out
a partial early redemption of the debentures in an amount of
approximately NIS 239 million of par value (&#x201C;the redeemed
portion&#x201D;) and in a total of approximately NIS 244 million
with respect to principal, interest and compensation for the
redeemed portion.</font></font></div>
</div>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 72px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#x2022;&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">The determining
date for the eligibility to receive the early redemption of the
principal of the debentures is 10.25.2016.</font></font></div>
</div>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 72px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#x2022;&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">The early
redemption represents 73.7% of the unpaid balance of the principal
of the debentures, which is also the original balance of the series
of the debentures.</font></font></div>
</div>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 72px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#x2022;&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">The rate of
interest (including the compensation for carrying out the early
redemption as an increment of 3% with respect to the period from
August 3, 2016 through October 21, 2016) that will be paid upon the
partial early redemption of the redeemed portion of the principal
is approximately 1.8%.</font></font></div>
</div>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 72px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#x2022;&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">The rate of
interest (including the compensation for carrying out the early
redemption as an increment of 3% with respect to the period from
August 3, 2016 through October 31, 2016)&#xA0;&#xA0;that will be
paid in the context of the early redemption, which is calculated
out of the balance of the unpaid balance of the principal on the
date of the early redemption (NIS 325 million linked to the CPI) is
approximately 1.3%.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-110</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">21.</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold">Borrowings</font>
(Continued)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 72px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#x2022;&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Pursuant to the
&#x201C;known&#x201D; CPI (index with respect to the month of
September 2016, which was published on 10.14.2016) as compared with
the base index published with respect to the month of June 2016, no
linkage increments will apply with respect to the redeemed portion
upon early redemption.</font></font></div>
</div>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 72px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#x2022;&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">The unpaid balance
of the principal of the debentures after executing the early
redemption (without linkage) will stand at an amount of
approximately NIS 86 million par value, which represents
approximately 26.3%, of the original balance of the principal of
the debentures. IDBD will act to pledge the shares of Clal Holdings
against the balance of the unpaid principal of the debentures after
carrying out the early redemption (as is required according to the
trust indenture).</font></font></div>
</div>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 72px">
<font><font style="font-size: 13px; font-family: Times New Roman">&#x2022;&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Pursuant to what is
stated in the trust indenture, the redeemed portion will be paid in
relation to all of the holders of the debentures, pro- rata
according to the par value of the held
debentures.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">IDBD is continuing
to act in order to reach consents with the relevant financing
corporations in order to arrange over time the calculated financial
covenants that were determined in the provisions of its loan
agreements, and additional contractual issues that exist in the
loan agreements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-111</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">21.</font></font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Borrowings</font>
(Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 24px;"><font style="font-size: 13px; font-family: Times New Roman">The breakdown of
the Group borrowings as of June 30, 2016 was as
follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman; margin: 0px auto 0px 0px;">
<tr>
<td style="width: 8%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="7" style="width: 27%; border-bottom: 2px solid black;">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operations
Center in Argentina</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="13" style="width: 57%; border-bottom: 2px solid black;">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operations
Center in Israel</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%; border-bottom: 2px solid black;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 8%; border-bottom: 2px solid black;">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Debt</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%; border-bottom: 2px solid black;">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
CP</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%; border-bottom: 2px solid black;">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Other</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Subtotal</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IDBD</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">DIC</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Shufersal</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Cellcom</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">PBC</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Other</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Subtotal</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%; border-bottom: 2px solid black;">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
</tr><tr>
<td style="width: 8%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">NCN&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">2,288</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">5,799</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">8,087</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">7,807</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">12,436</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">10,037</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">15,277</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">28,666</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">74,223</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">82,310</font></div>
</td>
</tr><tr>
<td style="width: 8%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Bank loans and
others</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">15</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">54</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">130</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">199</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">2,214</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">1,171</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">16</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">779</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">2,003</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">4,195</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">10,378</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">10,577</font></div>
</td>
</tr><tr>
<td style="width: 8%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Non-recourse
loan</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">(i)&#xA0;&#xA0;&#xA0;10,999</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">5,976</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">16,975</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">16,975</font></div>
</td>
</tr><tr>
<td style="width: 8%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Bank
overdrafts&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">859</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">40</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">45</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">944</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">292</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">292</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">1,236</font></div>
</td>
</tr><tr>
<td style="width: 8%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other
borrowings&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">1,834</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">1,834</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">1,834</font></div>
</td>
</tr><tr>
<td style="width: 8%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
debt&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3,162</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">5,893</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">175</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">9,230</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">10,021</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">24,606</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">10,053</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">16,056</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">36,645</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">6,321</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">103,702</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 5%; border-bottom: 4px double black;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">112,932</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-112</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 72px">
<font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">21.</font></font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Borrowings</font>
(Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The breakdown of
the borrowings of Operations Centers in Argentina and Israel is as
follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: right; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: right; margin: 0px 0px 0px auto; width: 100%; font-size: 13px; font-family: Times New Roman;">
<tr>
<td rowspan="1" style="vertical-align: bottom; width: 3%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Type</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; padding-bottom: 2px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Company</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; padding-bottom: 2px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Secured
/ unsecure</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 9%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:2px solid black;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">Series
/ Class</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; padding-bottom: 2px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Currency</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:2px solid black;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">Payment
date for capital</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:2px solid black;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">Interest
rate %</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 8%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:2px solid black;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">Capital
nominal value in million</font></div>
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">Issue
currency</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 8%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 5%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:2px solid black;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">Book
value</font></div>
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">June
30,</font></div>
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">2016</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:2px solid black;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">Book
value</font></div>
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">June
30,</font></div>
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">2015</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align: bottom; width: 3%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NCN</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">IRSA
CP</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">Class I</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">2017</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">Badlar + 4
BP</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">407</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 5%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">409</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align: bottom; width: 3%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">IRSA
CP</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"><font style="font-size:13px;font-family:Times New Roman;">&#xA0; Class
II</font></font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;"><br></font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;
US$</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman"><br></font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;"><font style="font-size:13px;font-family:Times New Roman;">&#xA0;&#xA0;&#xA0;&#xA0;
2023</font></font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;"><br></font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0; 8.75</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0; 360</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;&#xA0;</font></font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"><br></font></div>
</td>
<td style="vertical-align: bottom; width: 5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">5,390</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align: bottom; width: 3%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">IRSA
CP</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:2px solid black;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">Series i</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">US$</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:2px solid black;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">2017</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">7.88</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 5%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">1,036</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align: bottom; width: 3%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">IRSA</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">Class I</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">US$</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">2017</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">8.50</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">75</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 5%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1,159</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1,400</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align: bottom; width: 3%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">IRSA</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">Class VI</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">2017</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">Badlar +
450ps</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">11</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 5%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">11</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">11</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align: bottom; width: 3%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">IRSA</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">Class V</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">2015</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">Badlar +
395ps</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 5%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">214</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align: bottom; width: 3%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">IRSA</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:2px solid black;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">Class II</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">US$</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:2px solid black;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">2020</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">11.50</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">75</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 5%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">1,118</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">1,310</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align: bottom; width: 3%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
NCN</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:2px solid black;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:2px solid black;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 5%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:2px solid black;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:2px solid black;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">8,087</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:2px solid black;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:2px solid black;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">3,971</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align: bottom; width: 3%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 5%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align: bottom; width: 3%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Bank
loans</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">IRSA</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Secured</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">US$</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2020</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">3.2%
to 14.3%</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 5%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align: bottom; width: 3%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">and
others</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">IRSA</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">2017</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:2px solid black;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">Badlar</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">15</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 5%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">14</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">14</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align: bottom; width: 3%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">IRSA
CP</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Secured</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">US$</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2020</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">3.2%
to 14.3%</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 5%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">4</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">3</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align: bottom; width: 3%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">IRSA
CP</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2016</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">15.25</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 5%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">4</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align: bottom; width: 3%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">IRSA
CP</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2017</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">26.50</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">7</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 5%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">7</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">10</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align: bottom; width: 3%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">IRSA
CP</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2016</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">23</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">36</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 5%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">36</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">106</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align: bottom; width: 3%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">IRSA
CP</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2015/ 2016</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">15.25% / 15.01%</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 5%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">75</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align: bottom; width: 3%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">IRSA
CP</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">2016</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:2px solid black;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">Badlar /
8.50%</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">6</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 5%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">6</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">8</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align: bottom; width: 3%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">HASA</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">2016</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">15.25</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">6</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 5%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">6</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">4</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align: bottom; width: 3%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">LLAO
LLAO</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">2016</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">15.25</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">1</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 5%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">1</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">3</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align: bottom; width: 3%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">NFSA</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">2016</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">24</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">6</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 5%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">5</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">7</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align: bottom; width: 3%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">LIVECK</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Secured</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">US$</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2017</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">n/a</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 5%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">34</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">21</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align: bottom; width: 3%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">LIVECK</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Secured</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">US$</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">n/a</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">3.50</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">%</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">5</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 5%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">84</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">50</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align: bottom; width: 3%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
bank loans and others</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%;">
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</td>
<td style="vertical-align: bottom; width: 8%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:2px solid black;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:2px solid black;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">4,973</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-113</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 72px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">21.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Borrowings</font>
(Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 12%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Type</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Company</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Secured
/ unsecured</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Series</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Currency</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Adjustment
factor</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Payment
date for capital</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Interest
rate %</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Capital
nominal value in million</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Issue
currency</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Book
value</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
</tr><tr>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NCN</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">IDBD</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">G</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">CPI</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2016 &#x2013;
2018</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">4.50%</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">802</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,534</font></div>
</td>
</tr><tr>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">IDBD</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">I</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">CPI</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2020 &#x2013;
2025</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">4.95%</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,013</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,164</font></div>
</td>
</tr><tr>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">IDBD</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">J</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">N/A</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2015 &#x2013;
2018</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">6.60%</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">309</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,109</font></div>
</td>
</tr><tr>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">DIC</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">D</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">CPI</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2012 &#x2013;
2016</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">5.00%</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">103</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">510</font></div>
</td>
</tr><tr>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">DIC</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">F</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">CPI</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2017 &#x2013;
2025</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">4.95%</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,719</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9,427</font></div>
</td>
</tr><tr>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">DIC</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">G</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">N/A</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2012 &#x2013;
2016</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">6.35%</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">31</font></div>
</td>
</tr><tr>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">DIC</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">H</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">CPI</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2014 &#x2013;
2019</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">4.45%</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">124</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">541</font></div>
</td>
</tr><tr>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">DIC</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">I</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">N/A</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2010 &#x2013;
2018</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">6.70%</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">513</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,927</font></div>
</td>
</tr><tr>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Shufersal</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">B</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">CPI</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2015 &#x2013;
2019</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">5.20%</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,024</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5,161</font></div>
</td>
</tr><tr>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Shufersal</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">C</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">N/A</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2010 &#x2013;
2017</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">5.45%</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">114</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">459</font></div>
</td>
</tr><tr>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Shufersal</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">D</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">CPI</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2014 &#x2013;
2029</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2.99%</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">413</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,584</font></div>
</td>
</tr><tr>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Shufersal</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">E</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">N/A</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2014 &#x2013;
2029</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">5.09%</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">392</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,580</font></div>
</td>
</tr><tr>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Shufersal</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">F</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">CPI</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2020 &#x2013;
2028</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">4.30%</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">317</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,253</font></div>
</td>
</tr><tr>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Cellcom</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">B</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">CPI</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2013 &#x2013;
2017</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">5.30%</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">185</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">880</font></div>
</td>
</tr><tr>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Cellcom</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">D</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">CPI</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2013 &#x2013;
2017</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">5.19%</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">599</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,865</font></div>
</td>
</tr><tr>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Cellcom</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">E</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">N/A</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2012 &#x2013;
2017</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">6.25%</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">164</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">673</font></div>
</td>
</tr><tr>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Cellcom</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">F</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">CPI</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2017 &#x2013;
2020</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">4.60%</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">715</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,032</font></div>
</td>
</tr><tr>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Cellcom</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">G</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">N/A</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2017 &#x2013;
2019</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">6.99%</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">285</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,230</font></div>
</td>
</tr><tr>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Cellcom</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">H</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">CPI</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2018 &#x2013;
2024</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1.98%</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">950</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,483</font></div>
</td>
</tr><tr>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Cellcom</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">I</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">N/A</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2018 &#x2013;
2025</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">4.14%</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">804</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,114</font></div>
</td>
</tr><tr>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">PBC</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">C</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">CPI</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2009 &#x2013;
2017</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">5%</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">550</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,666</font></div>
</td>
</tr><tr>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">PBC</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">D</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">CPI</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2020 &#x2013;
2025</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">4.95%</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,317</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6,641</font></div>
</td>
</tr><tr>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">PBC</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">F</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">CPI</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2015 &#x2013;
2023</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">4.95%</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">974</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,195</font></div>
</td>
</tr><tr>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">PBC</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">G</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">N/A</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2015 &#x2013;
2025</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">7.05%</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">669</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,054</font></div>
</td>
</tr><tr>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">PBC</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Gav-Yam Series
E</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">CPI</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2014 &#x2013;
2018</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">4.55%</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">283</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,375</font></div>
</td>
</tr><tr>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">PBC</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Gav-Yam Series
F</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">CPI</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2021 &#x2013;
2026</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">4.75%</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,226</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8,535</font></div>
</td>
</tr><tr>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">PBC</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Gav-Yam Series
G</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">N/A</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2013 &#x2013;
2017</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">6.41%</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">215</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">907</font></div>
</td>
</tr><tr>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">PBC</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Ispro Series
B</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">CPI</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2007 &#x2013;
2021</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">5.40%</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">255</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,293</font></div>
</td>
</tr><tr>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
NCN</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">74,223</font></div>
</td>
</tr><tr>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Bank
loans</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">and
others</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">IDBD</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Unsecured
(1)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Prime interest
rate</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2015 &#x2013;
2018</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Prime +
1.3%</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">333</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,117</font></div>
</td>
</tr><tr>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">IDBD</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Unsecured
(1)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Prime interest
rate</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2015 &#x2013;
2019</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Prime +
1%</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">80</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">265</font></div>
</td>
</tr><tr>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">IDBD</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Prime interest
rate</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2015 &#x2013;
2020</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Prime +
0.65%</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">63</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">198</font></div>
</td>
</tr><tr>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">IDBD</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Secured
(2)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">CPI</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2015 &#x2013;
2018</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">6.90%</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">150</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">634</font></div>
</td>
</tr><tr>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">DIC</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">N/A</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2015 &#x2013;
2017</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">5.39%</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">45</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">167</font></div>
</td>
</tr><tr>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">DIC</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Prime interest
rate</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2015 &#x2013;
2018</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2.12%</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">111</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">397</font></div>
</td>
</tr><tr>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">DIC</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">N/A</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2015 &#x2013;
2018</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">5.90%</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">86</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">311</font></div>
</td>
</tr><tr>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">DIC</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Prime interest
rate</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2015 &#x2013;
2018</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2.20%</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">86</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">296</font></div>
</td>
</tr><tr>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Shufersal</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Secured</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">CPI</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2015 &#x2013;
2017</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">4.95%</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
</tr><tr>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Shufersal</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Secured</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">CPI</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2015 &#x2013;
2017</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">4.95%</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3</font></div>
</td>
</tr><tr>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Shufersal</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Secured</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">CPI</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2015 &#x2013;
2017</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">4.75%</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
</tr><tr>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Shufersal</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Secured</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">CPI</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2015 &#x2013;
2017</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">4.40%</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
</tr><tr>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Shufersal</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Secured</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">CPI</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2015 &#x2013;
2017</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">3.25%</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-114</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">21.</font></font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Borrowings</font>
(Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: right; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: right; margin: 0px 0px 0px auto; width: 100%; font-size: 13px; font-family: Times New Roman;">
<tr>
<td rowspan="1" style="vertical-align:bottom;width:5%;border-top:solid 1px black;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Type</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:5%;border-top:solid 1px black;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Company</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:5%;border-top:solid 1px black;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Secured
/ unsecured</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;border-top:solid 1px black;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">Series</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:5%;border-top:solid 1px black;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Currency</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;border-top:solid 1px black;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">Adjustment
factor</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;border-top:solid 1px black;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">Payment
date for capital</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;border-top:solid 1px black;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">Interest
rate %</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;border-top:solid 1px black;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">Capital
nominal value in million</font></div>
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">Issue
currency</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;border-top:solid 1px black;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">Book
value</font></div>
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">June
30,</font></div>
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">2016</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">PBC</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: right; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: right; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">-
&#xA0;&#xA0;<br></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: right"><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;&#xA0;</font></font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"><br></font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;NIS</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: right; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;CPI</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: right"><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;"><br></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: right; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2015&#x2013; 2020 &#xA0;&#xA0;<br></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: right"><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: right; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;1.97%</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: right"><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: right; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;40&#xA0;<br>
</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: right"><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></font><font style="text-align: right; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"><br></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: right; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">154<br></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;"><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;&#xA0;</font></font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;"><br></font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">PBC</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: center"><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div style="text-align: center"><font style="font-size:13px;font-family:Times New Roman;">CPI</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2020</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2.65</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">%</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">83</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">311</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">PBC</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: center"><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">N/A</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2015&#x2013; 2020</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">3.07</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">%</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">19</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">76</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">PBC</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: center"><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">N/A</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2016</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1.70</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">%</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">301</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1,176</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">PBC</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Secured</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: center"><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div style="text-align: center"><font style="font-size:13px;font-family:Times New Roman;">CPI</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2011&#x2013; 2018</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1.55</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">%</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">69</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">286</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">PBC</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: center"><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div style="text-align: center"><font style="font-size:13px;font-family:Times New Roman;">CPI</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2002&#x2013; 2019</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1.73</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">%</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">62</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">327</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">PBC</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Secured</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: center"><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div style="text-align: center"><font style="font-size:13px;font-family:Times New Roman;">CPI</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2008&#x2013; 2016</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1.95</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">%</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">7</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">32</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">PBC</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Secured</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: center"><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div style="text-align: center"><font style="font-size:13px;font-family:Times New Roman;">CPI</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2015&#x2013; 2023</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1.87</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">%</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">106</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">409</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">PBC</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Secured</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: center"><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div style="text-align: center"><font style="font-size:13px;font-family:Times New Roman;">CPI</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2014&#x2013; 2022</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1.77</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">%</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">83</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">323</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">PBC</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Secured</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: center"><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div style="text-align: center"><font style="font-size:13px;font-family:Times New Roman;">CPI</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2013&#x2013; 2021</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1.87</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">%</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">55</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">219</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">PBC</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Secured</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: center"><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div style="text-align: center"><font style="font-size:13px;font-family:Times New Roman;">CPI</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2015&#x2013; 2022</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1.86</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">%</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">42</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">165</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">PBC</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Secured</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">CPI</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2011&#x2013; 2019</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1.26</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">%</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">36</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">149</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">PBC</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Secured</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">CPI</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2009&#x2013; 2017</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1.80</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">%</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">8</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">36</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">PBC</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Secured</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">CPI</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2022</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1.88</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">%</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">93</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">366</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">PBC</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Secured</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: center"><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">N/A</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2016&#x2013; 2016</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1.26</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">%</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">40</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">156</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">PBC</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Secured</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">CPI</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2015&#x2013; 2020</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1.57</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">%</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">22</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">85</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">PBC</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Secured</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">CPI</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2020</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2.14</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">%</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">50</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">188</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">PBC</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">CPI</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2009&#x2013; 2016</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">12.16</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">%</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">3</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">11</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Bartan</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">Prime interest
rate</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2015&#x2013; 2022</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2.35</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">%</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">8</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Bartan</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Secured</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">Prime interest
rate</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2022</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2.89</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">%</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">5</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">19</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Bartan</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Secured</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:2px solid black;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">Prime interest
rate</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">2022</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">2.95</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">%</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">4</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">16</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">IDB
Tourism</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">US$</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">Libor interest
rate</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2020</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">5.66</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">%</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">13</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">51</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">IDB
Tourism</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">US$</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">Libor interest
rate</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2015&#x2013; 2018</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">5.21</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">%</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">197</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
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<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">IDBG</font></div>
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<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
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</td>
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</td>
<td style="vertical-align:bottom;width:10%;">
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</td>
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</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Cellcom</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
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</td>
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</td>
<td style="vertical-align:bottom;width:10%;">
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</td>
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</td>
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</td>
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</td>
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</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">4.60</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">%</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">200</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">778</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
bank loans and others</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:2px solid black;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:2px solid black;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">10,378</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Bank
overdrafts</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:2px solid black;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:2px solid black;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">292</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Non-recourse
loan</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:2px solid black;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:2px solid black;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">16,975</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Others</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:2px solid black;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:2px solid black;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">1,834</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Subtotal
Operations Center in Israel</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:5%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:2px solid black;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:2px solid black;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">103,702</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 0px">
<font><font style="font-size: 13px; font-family: Times New Roman">(1)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Corresponds to a
bank loan for NIS 750 million where repayment of principal had been
deferred for three years starting March 2014 until March
2018.</font></font></div>
</div>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 0px">
<font><font style="font-size: 13px; font-family: Times New Roman">(2)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">In May 2012, IDBD
was granted a secured loan for NIS 150 million by the financial
institutions of Menorah Group. Principal is repayable in two
installments of NIS 50 million and NIS 100 million in 2017 and
2018, respectively. As part of the loan, IDBD granted the lender
any stock call option on the shares it held in DIC, representing
approximately 1.7% of the share capital issued by this
company.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-115</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 72px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">21.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Borrowings</font>
(Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">As of June 30, 2016
and 2015, total borrowings include collateralized liabilities
(seller financing, leases and bank loans) of Ps. 3,172 and Ps. 74,
respectively. These borrowings are mainly collateralized by
investment properties and property, plant and equipment of the
Group.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Borrowings also
include liabilities under finance leases where the Group is the
lessee and which therefore have to be measured in accordance with
IAS 17 &#x201C;Leases&#x201D;. Information regarding liabilities
under finance leases is disclosed in Note 23.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The maturity of the
Group's borrowings (excluding finance leases) and the
classification regarding interest rates is as follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 28%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30, 2016</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30, 2015</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operations
Center</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">in
Argentina</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operations
Center</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">in
Israel</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operations
Center</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">in
Argentina</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Share
capital</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Less than 1
year&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,573</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">18,172</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">20,745</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,053</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Between 1 and 2
years&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">16</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">16,826</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">16,842</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,415</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Between 2 and 3
years&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">19,535</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">19,536</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Between 3 and 4
years&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,643</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,657</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Between 4 and 5
years&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,063</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7,092</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8,155</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Later than 5
years&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5,302</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">36,169</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">41,471</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,316</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">8,969</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">102,437</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">111,406</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">4,786</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Interest</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Less than 1
year&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">240</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,265</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,505</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">182</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Between 1 and 2
years&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Between 3 and 4
years&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Later than 5
years&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">10</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">10</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">256</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,265</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,521</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">184</font></div>
</td>
</tr><tr>
<td style="width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">9,225</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">103,702</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">112,927</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">4,970</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 24px;"><font style="font-size: 13px; font-family: Times New Roman">The fair value of
current and non-current borrowings is as follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 39%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 28%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30, 2016</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30, 2015</font></div>
</td>
</tr><tr>
<td style="width: 39%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operation
Center in Argentina</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operation
Center in Israel</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operations
Center</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">in
Argentina</font></div>
</td>
</tr><tr>
<td style="width: 39%">
<div style="text-align: left; margin-left: 12px; margin-right: 6px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">NCN<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8,764</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">75,804</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">84,568</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,369</font></div>
</td>
</tr><tr>
<td style="width: 39%">
<div style="text-align: left; margin-left: 12px; margin-right: 6px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Bank loans and
others<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">269</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">13,597</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">13,866</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">340</font></div>
</td>
</tr><tr>
<td style="width: 39%">
<div style="text-align: left; margin-left: 12px; margin-right: 6px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Bank
overdrafts<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">944</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">292</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,236</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">682</font></div>
</td>
</tr><tr>
<td style="width: 39%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Non-recourse
loan<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">16,976</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">16,976</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 39%">
<div style="text-align: left; margin-left: 12px; margin-right: 6px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other
borrowings<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,834</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,834</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">15</font></div>
</td>
</tr><tr>
<td style="width: 39%">
<div style="text-align: left; margin-left: 12px; margin-right: 6px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
borrowings<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">9,977</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">108,503</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">118,480</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">5,406</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-116</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 96px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">22.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Taxes</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The Group&#x2019;s
income tax has been calculated on the estimated taxable profit for
each year at the rates prevailing in the respective tax
jurisdictions. The subsidiaries of the Group in the jurisdictions
where the Group operates are required to calculate their income
taxes on a separate basis; thus, they are not permitted to
compensate subsidiaries&#x2019; losses against subsidiaries
income.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The details of the
provision for the Group&#x2019;s income tax, is as
follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;2015</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;2014</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Current income
tax&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(612)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(653)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(235)</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Deferred income
tax&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">437</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">170</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">318</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Minimum Presumed
Income tax (MPIT)</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">26</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(6)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(19)</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Income
tax&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(149)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(489)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">64</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The statutory taxes
rates in the countries where the Group operates for all of the
years presented are:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 54%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Tax
jurisdiction</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Income
tax rate</font></div>
</td>
</tr><tr>
<td style="width: 54%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Argentina&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">35%</font></div>
</td>
</tr><tr>
<td style="width: 54%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Uruguay&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">0% -
25%</font></div>
</td>
</tr><tr>
<td style="width: 54%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">U.S.A.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">0% -
45%</font></div>
</td>
</tr><tr>
<td style="width: 54%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Bermudas&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">0%</font></div>
</td>
</tr><tr>
<td style="width: 54%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Israel&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">25%</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Below is a
reconciliation between income tax expense and the tax calculated
applying the current tax rate, applicable in the respective
countries, to profit / (loss) before taxes for years ended June 30,
2016, 2015 and 2014:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 36%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;2014</font></div>
</td>
</tr><tr>
<td style="width: 36%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Net income / (loss)
at tax rate applicable to profits in the respective
countries</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">200</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(733)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">243</font></div>
</td>
</tr><tr>
<td style="width: 36%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Permanent differences:</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 36%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Share of (loss) /
profit of joint ventures and associates</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">38</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">209</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(128)</font></div>
</td>
</tr><tr>
<td style="width: 36%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Unrecognized tax
losses carryforwards</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(172)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(9)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(52)</font></div>
</td>
</tr><tr>
<td style="width: 36%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Non-taxable
income&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">98</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">57</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">25</font></div>
</td>
</tr><tr>
<td style="width: 36%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Non-deductible
items&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(246)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 36%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Change of interest
rate&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(357)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 36%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Others&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">264</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(7)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(5)</font></div>
</td>
</tr><tr>
<td style="width: 36%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Income
tax&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(175)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(483)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">83</font></div>
</td>
</tr><tr>
<td style="width: 36%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Minimum
presumed income tax (MPIT)</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">26</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(6)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(19)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-117</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 96px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">22.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Taxes</font> (Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Deferred tax assets
and liabilities of the Group as of June 30, 2016 and 2015 will be
recovered as follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;2016</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
</tr><tr>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Deferred income tax
asset to be recovered after more than 12 months</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,052</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">411</font></div>
</td>
</tr><tr>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Deferred income tax
asset to be recovered within 12 months</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,714</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">287</font></div>
</td>
</tr><tr>
<td style="width: 49%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Deferred
income tax
assets&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">5,766</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">698</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;2016</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
</tr><tr>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Deferred income tax
liabilities to be recovered after more than 12 months</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(12,492)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(581)</font></div>
</td>
</tr><tr>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Deferred income tax
liabilities to be recovered within 12 months</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(207)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(115)</font></div>
</td>
</tr><tr>
<td style="width: 49%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Deferred
income tax
liabilities&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(12,699)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(696)</font></div>
</td>
</tr><tr>
<td style="width: 49%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Deferred
income tax (liabilities) assets,
net&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(6,933)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The movement in the
deferred income tax assets and liabilities during the years ended
June 30, 2016, without taking into consideration the offsetting of
balances within the same tax jurisdiction, is as
follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">06.30.15</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Business
combinations</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Cumulative
translation adjustment</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Charged
/</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(Credited)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">to
the statement of income</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Changes
of non-controlling interest</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Use
of</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;tax
loss carryforwards</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">06.30.16</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Deferred
income tax assets</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Trading
properties&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">25</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(25)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Trade and other
payables</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">321</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,025</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">595</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(167)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,774</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Tax loss
carry-forwards</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">316</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,261</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,622</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(520)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(62)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(366)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,251</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Others&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">36</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">442</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">254</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(8)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">724</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Subtotal
deferred income tax assets</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">698</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3,728</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,471</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(720)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(62)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(366)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">5,749</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Deferred
income tax liabilities</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Investment
properties and Properties, plant and equipment</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(10)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(5,566)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(3,162)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">122</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(8,616)</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Trading
properties&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(64)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(44)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(12)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(120)</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Trade and other
receivables</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(683)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(20)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(12)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">573</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(142)</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Intangible
assets&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2,031)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,076)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">247</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2,860)</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Others&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(3)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(728)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(440)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">227</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(944)</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Subtotal
deferred income tax liabilities</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(696)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(8,409)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(4,734)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,157</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(12,682)</font></div>
</td>
</tr><tr>
<td style="width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Deferred
income tax assets (liabilities), net</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(4,681)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(2,263)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">437</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(62)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(366)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(6,933)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">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 may have
expiration dates or may be permanently available for use by the
Group depending on the tax jurisdiction where the tax loss carry
forward is generated. Tax loss carry forwards in Argentina and
Uruguay generally expire within 5 years. Tax loss carry forwards in
Israel do not expire.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-118</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 96px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">22.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Taxes</font> (Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">As of June 30,
2016, the Group&#x2019;s tax loss carry-forwards expiration dates
are as follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Expiration
date</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
</tr><tr>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Do not
expire</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">68,049</font></div>
</td>
</tr><tr>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">46</font></div>
</td>
</tr><tr>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2017</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">26</font></div>
</td>
</tr><tr>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2018</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">32</font></div>
</td>
</tr><tr>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2019</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">35</font></div>
</td>
</tr><tr>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2020</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">75</font></div>
</td>
</tr><tr>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">68,263</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">In order to fully
realize the deferred tax asset, the Company will need to generate
future taxable income. To this aim the Group made a projection for
future years when deferred assets will be deductible. Such
projection is based on aspects such as the expected performance of
the main macroeconomic variables affecting the business, pricing
and costs that make up the operational flows derived from the
regular exploitation of buildings and other assets of the group and
the flows derived from the performance of financial assets and
liabilities. Such strategy implies the development of properties
and/or the sale of non-strategic properties and/or properties that
are deemed to have reached their maximum appreciation
potential.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Based on the
estimated and aggregate effect of all these aspects on the
Company&#x2019;s performance, Management estimates that as at June
30, 2016, it is probable that the Company will realize all of the
deferred tax assets recognized.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The Group did not
recognize deferred income tax assets of Ps. 74.244 and Ps. 36 as of
June 30, 2016 and 2015, respectively. Although management estimates
that the business will generate sufficient income, pursuant to IAS
12, management has determined that, as a result of the recent loss
history and the lack of verifiable and objective evidence due to
the subsidiary&#x2019;s results of operations history, there is
sufficient uncertainty as to the generation of sufficient income to
be able to offset the losses within a reasonable timeframe,
therefore, no deferred tax asset is recognized in relation to these
losses.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The Group did not
recognize deferred income tax liabilities of Ps. 796 and Ps. 37 as
of June 30, 2016 and 2015, respectively, related to their
investments in foreign subsidiaries, associates and joint ventures.
In addition, the withholdings and/or similar taxes paid at source
may be creditable against the Group&#x2019;s potential final tax
liability.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-119</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 96px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">23.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Leases</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">The
Group as lessee</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Operating leases:</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">In the ordinary
course of business, the Group leases property or spaces for
administrative or commercial use both in Argentina and Israel under
operating lease arrangements. The agreements entered into include
several clauses, including but not limited, to fixed, variable or
adjustable payments. Some leases were agreed upon with related
parties (Note 33). The amounts involved have not been material for
any of the filed periods.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The future
aggregate minimum lease payments under non-cancellable operating
leases are as follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 9px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">No later than one
year</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,860</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11</font></div>
</td>
<td style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 9px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Later than one year
and not later than five years</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6,705</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">17</font></div>
</td>
<td style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 9px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Later than five
years</font></div>
</td>
<td style="width: 13%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,127</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">35</font></div>
</td>
<td style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">12,692</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">63</font></div>
</td>
<td style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Finance leases:</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The Group is party
on several financial lease agreements, mainly of equipment for
administrative use in the ordinary course of business. The amounts
involved are not material for any of the periods
filed.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: -19px; text-indent: 48px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">The
Group as lessor</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Operating leases:</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">In the segment
Shopping Centers and Offices and others in the Operations Center
Argentina and in the Real Estate segment in the Operations Center
Israel, the Group enters into operating lease agreements typical in
the business. Given the diversity of properties and lessees, and
the various economic and regulatory jurisdictions where the Group
operates, the agreements may adopt different forms, such as fixed,
variable, adjustable leases, etc. For example, in the Operations
Center Argentina, operating lease agreements with lessees of
shopping centers generally include step-up clauses and contingent
payments. In Israel, agreements tend to be agreed upon for fixed
amounts, although in some cases they may include adjustment
clauses. Income from leases are recorded in the statement of income
under rental and service income in all of the filed
periods.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Rental properties
are considered to be investment property (Note 10). The book value,
depreciation charge, and accumulated depreciation are included in
Note 10.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-120</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 96px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">23.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Leases</font> (Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The future minimum
proceeds under non-cancellable operating leases from Group&#xB4;s
shopping centers, offices and other buildings are as
follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 39%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;2016</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
</tr><tr>
<td style="width: 39%">
<div style="text-align: left; margin-left: 12px; margin-right: 9px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">982</font></div>
</td>
</tr><tr>
<td style="width: 39%">
<div style="text-align: left; margin-left: 12px; margin-right: 9px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2017</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,137</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">690</font></div>
</td>
</tr><tr>
<td style="width: 39%">
<div style="text-align: left; margin-left: 12px; margin-right: 9px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2018</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,237</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">323</font></div>
</td>
</tr><tr>
<td style="width: 39%">
<div style="text-align: left; margin-left: 12px; margin-right: 9px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2019</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,564</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">83</font></div>
</td>
</tr><tr>
<td style="width: 39%">
<div style="text-align: left; margin-left: 12px; margin-right: 9px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2020</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,988</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">24</font></div>
</td>
</tr><tr>
<td style="width: 39%">
<div style="text-align: left; margin-left: 12px; margin-right: 9px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Later than
2020</font></div>
</td>
<td style="width: 13%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5,577</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 39%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">16,503</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,102</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Finance leases:</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The Group does not
act as a lessor in connection with finance leases.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 96px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">24.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Equity</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Share capital and
premium</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The share capital
of the Group is represented by common shares with a nominal value
of Ps. 1 per share and one vote each. No other activity has been
recorded for the fiscal years ended June 30, 2016, 2015 and 2014 in
the capital accounts, other than those related to the acquisition
of treasury shares.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Inflation adjustment of share
capital</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The Group&#x2019;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></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Legal reserve</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">According to Law
No. 19,550, 5% of the profit of the year is destined to the
constitution of legal reserve until they reach legal capped amount
(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></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-121</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 96px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">24.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Equity</font> (Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Special reserve</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Pursuant to CNV
General Ruling No. 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></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Dividends</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Dividends
distributed during fiscal year ended June 30, 2014 amounted to Ps.
306.6 (or 0.53 per share), while during fiscal year 2016 and 2015
there was no distribution of dividends.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Additional paid-in capital from
treasury shares</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">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
&#x201C;Treasury shares trading premium&#x201D;.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Accumulated losses</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The Company&#x2019;s
losses accumulated as of June 30, 2016 absorb more than 50% of the
capital stock; as a result, the provisions of section 206 of Law
No. 19,550 would apply to the company.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The Board of
Directors of the Company is currently analyzing alternatives to
address this situation and present them to the
Shareholders.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-122</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 96px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">24.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Equity</font> (Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Group&#x2019;s other
reserves for the years ended June 30, 2016, 2015 and 2014 were as
follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="border-top: solid 1px black; width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Cost
of</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">treasury
shares</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="border-top: solid 1px black; width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;Changes
in non-controlling interest</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="border-top: solid 1px black; width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Reserve
for share-based compensation</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="border-top: solid 1px black; width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Reserve</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">for
future dividends</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="border-top: solid 1px black; width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Hedging
instruments</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="border-top: solid 1px black; width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Reserve
for</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">defined
contribution plans</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="border-top: solid 1px black; width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Reserve
for new developments</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="border-top: solid 1px black; width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Cumulative
translation adjustment</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">reserve</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="border-top: solid 1px black; width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Other</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">reserves
of subsidiaries</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="border-top: solid 1px black; width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Other</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;reserves</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Balance
at July 1st, 2013<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(21)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">8</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">494</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">51</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">532</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other comprehensive
income for the year<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">348</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">348</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
comprehensive income for the year<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">348</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">348</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Reserve for
share-based compensation<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">45</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">45</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Purchase of
treasury shares<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(38)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(38)</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: justify; margin-left: 12px; margin-right: 5px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Appropriation of
retained earnings approved by Shareholder&#x2019;s&#x2019; meeting
held 10.31.13</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(23)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(23)</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: justify; margin-left: 12px; margin-right: 5px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Appropriation of
retained earnings approved by Shareholder&#x2019;s&#x2019; meeting
held 06.19.14</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(57)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(57)</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Transactions with
non-controlling interest (Note 3)<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Balance
at June 30, 2014<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(38)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(22)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">53</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">414</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">399</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">806</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other comprehensive
loss for the year<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(124)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(124)</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
comprehensive loss for the year<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(124)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(124)</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Reserve for
share-based compensation<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">22</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">22</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Appropriation of
retained earnings approved by Shareholder&#x2019;s&#x2019; meeting
held 06.19.14</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(414)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(414)</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Reserve for
share-based payments<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(11)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(7)</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Transactions with
non-controlling interest<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">16</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">16</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Balance
at June 30, 2015<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(34)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(6)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">64</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">275</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">299</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other comprehensive
loss for the year<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(37)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(10)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(100)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(147)</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
comprehensive loss for the year<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(37)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(10)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(100)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(147)</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Appropriation of
retained earnings approved by&#xA0;&#xA0;Shareholder&#x2019;s&#x2019;
meeting held 11.26.15</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">520</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">520</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Reserve for
share-based compensation<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Share of changes in
subsidiaries&#x2019; equity<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">37</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">37</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cumulative
translation adjustment for interest held before business
combination</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(91)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(91)</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Transactions with
non-controlling interest (Note 3)<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Balance
at June 30, 2016<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(29)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">94</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">67</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">520</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(37)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(10)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">84</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">37</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">726</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-123</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 96px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">25.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Revenue</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;2015</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;2014</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Rental and services
income&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5,268</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,997</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,449</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Sale of trading
properties and developments</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">191</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">10</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">63</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Revenue from hotel
operations&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">557</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">396</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">333</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: justify; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Sale of
communication equipment</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,844</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Income from
communications services</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,956</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Income from tourism
services&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,152</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Revenue from
supermarkets&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">18,536</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Others&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">171</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
revenues&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">32,675</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3,403</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,845</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 96px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">26.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Costs</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;2015</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;2014</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Costs of rental and
services costs</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,429</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,219</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,122</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Costs of trading
properties and developments</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">166</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">17</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Costs from hotel
services&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">380</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">278</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">215</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Costs of sale of
communication equipment</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,304</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Costs of
communication
services&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,304</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Costs of tourism
services&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,049</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Costs of
supermarkets&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">13,867</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
costs&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">22,499</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,511</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,354</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 96px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">27.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Expenses
by nature</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The Group disclosed
expenses the statements of income by function as part of the line
items &#x201C;Costs&#x201D;, &#x201C;General and administrative
expenses&#x201D; and &#x201C;Selling expenses&#x201D;.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The following
tables provide the additional required disclosure of expenses by
nature and their relationship to the function within the
Group.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;2015</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;2014</font></div>
</td>
</tr><tr>
<td style="width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cost of sale of
goods and
services&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14,861</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">63</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">59</font></div>
</td>
</tr><tr>
<td style="width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Salaries, social
security costs and other personnel expenses</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,634</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">719</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">609</font></div>
</td>
</tr><tr>
<td style="width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Depreciation and
amortization&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,694</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">175</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">226</font></div>
</td>
</tr><tr>
<td style="width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Fees and payments
for
services&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,870</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">101</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">93</font></div>
</td>
</tr><tr>
<td style="width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Maintenance,
security, cleaning, repair and others</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,076</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">389</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">300</font></div>
</td>
</tr><tr>
<td style="width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Advertising and
others selling expenses</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">947</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">215</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">174</font></div>
</td>
</tr><tr>
<td style="width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Taxes, rates and
contributions&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">625</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">216</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">170</font></div>
</td>
</tr><tr>
<td style="width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Director&#xB4;s
fees&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">163</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">99</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">69</font></div>
</td>
</tr><tr>
<td style="width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Leases and service
charges&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">24</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">28</font></div>
</td>
</tr><tr>
<td style="width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Allowance for
doubtful accounts and other receivables, net</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">70</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">12</font></div>
</td>
</tr><tr>
<td style="width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other
expenses&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,340</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">64</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">57</font></div>
</td>
</tr><tr>
<td style="width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
expenses by
nature&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">30,380</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,079</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,797</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-124</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 36px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">27.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Expenses by nature</font>
(Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: -16px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">For the year ended
June 30, 2016:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="15" style="width: 78%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Group
Costs</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Costs
of rental and services</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Costs
of trading properties and development</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Costs
from hotel operations</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Costs
of</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">sale
of communication equipment</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Costs
of</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">communication
services</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Costs
of tourism services</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Costs
of</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;supermarkets</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">costs</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">General
and administrative expenses</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Selling</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">expenses</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cost of sale of
goods and services<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">40</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">152</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">48</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,304</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">13</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">13,304</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14,861</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14,861</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Salaries, social
security costs and other personnel expenses</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">560</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">220</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">405</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">90</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">518</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,794</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">665</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,175</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,634</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Depreciation and
amortization<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">575</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">683</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">68</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">45</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,382</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">285</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,027</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,694</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Fees and payments
for services<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">16</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">15</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">675</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">706</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">416</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">748</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,870</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Maintenance,
security, cleaning, repair and others</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">611</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">57</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">61</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">738</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">62</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">276</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,076</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Advertising and
others selling expenses</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">282</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">282</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">665</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">947</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Taxes, rates and
contributions<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">219</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">223</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">388</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">625</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Director&#xB4;s
fees&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">163</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">163</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Leases and service
charges<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">47</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">45</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">95</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Allowance for
doubtful accounts and other receivables, net</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">62</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">70</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other
expenses&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">79</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">26</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,528</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">785</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,418</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">264</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">658</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,340</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 2px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
expenses by nature<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,429</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">166</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">380</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,304</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3,304</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,049</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">13,867</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">22,499</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,933</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">5,948</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">30,380</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-125</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 36px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">27.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Expenses by nature</font>
(Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: -16px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">For the year ended
June 30, 2015:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="7" style="width: 43%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Group
Costs</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Costs
of trading properties and development</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Costs
of</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">rental
and services</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Costs
from</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">hotel
operations</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">costs</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">General
and administrative expenses</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Selling
expenses</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cost of sale of
goods and services<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">61</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">63</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">63</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Salaries, social
security costs and other personnel expenses</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">404</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">162</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">566</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">117</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">36</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">719</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Depreciation and
amortization&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">157</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">12</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">169</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">175</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Fees and payments
for
services&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">84</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">101</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Maintenance,
security, cleaning, repair and others</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">326</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">34</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">367</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">20</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">389</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Advertising and
others selling expenses</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">173</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">180</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">35</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">215</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Taxes, rates and
contributions&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">108</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">111</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">12</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">93</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">216</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Director&#xB4;s
fees&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">99</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">99</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Leases and service
charges&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">17</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">18</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">24</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Allowance for
doubtful accounts and other receivables, net</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other
expenses&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">25</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">26</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">32</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">64</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
expenses by
nature&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">14</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,219</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">278</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,511</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">374</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">194</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,079</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-126</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 36px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">27.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Expenses by nature</font>
(Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: -16px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">For the year ended
June 30, 2014:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="7" style="width: 43%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Group
Costs</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Costs
of trading properties and development</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Costs
of</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">rental
and services</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Costs
from</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">hotel
operations</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">costs</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">General
and administrative expenses</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Selling
expenses</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cost of sale of
goods and services<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">50</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">59</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">59</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Salaries, social
security costs and other personnel expenses</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">362</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">121</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">483</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">99</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">27</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">609</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Depreciation and
amortization&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">209</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">221</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">226</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Fees and payments
for
services&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">29</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">31</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">57</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">93</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Maintenance,
security, cleaning, repair and others</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">255</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">26</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">285</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">300</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Advertising and
others selling expenses</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">145</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">150</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">24</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">174</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Taxes, rates and
contributions&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">87</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">89</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">10</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">71</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">170</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Director&#xB4;s
fees&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">69</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">69</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Leases and service
charges&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">17</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">18</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">28</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Allowance for
doubtful accounts and other receivables, net</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">12</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">12</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other
expenses&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">18</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">18</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">34</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">57</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
expenses by
nature&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">17</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,122</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">215</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,354</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">297</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">146</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,797</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-127</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">28.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Employee
costs</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;2016</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Salaries, bonuses
and social security expenses</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,503</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">670</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">497</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Share - based
payments&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">45</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">25</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">71</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Defined
contribution plan
costs&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">18</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other employee
costs and benefits</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">68</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">17</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">34</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
employee
costs&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">4,634</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">719</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">609</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">29.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Other
operating results, net</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;2016</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Gain from disposal
of equity interest in subsidiaries, associates and joint
ventures</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">22</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Expenses from
transfers of assets to IRSA CP (1)</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(110)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Reversal of
currency translation adjustment (2)</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">96</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">188</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Donations&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(58)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(40)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(33)</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Judgments and other
contingencies (3)</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(21)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(20)</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Others&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(32)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(11)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
other operating results, net</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">24</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">28</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(46)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 72px">
<font><font style="font-size: 13px; font-family: Times New Roman">(1)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">On December 22,
2014, IRSA conveyed title on the properties located in Bouchard
710, Suipacha 652, Torre BankBoston, Rep&#xFA;blica Building,
Intercontinental Plaza and the plot of land next to the latter, to
its subsidiary IRSA CP, which as from such date will continue to
operate such properties. This transfer has had no effects
whatsoever in the consolidated financial statements of the Group
other than the expenses and taxes associated to the
transfer.</font></font></div>
</div>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 72px">
<font><font style="font-size: 13px; font-family: Times New Roman">(2)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">As of June 30,
2016, Ps. 91 correspond to the reversal of currency translation
adjustment before business combination with IDBD and Ps. 5 to the
reversal of the translation reserve generated in Rigby following
the partial repayment of principal of the company. As of June 30,
2015, corresponds to the reversal of the translation reserve
generated in Rigby following the partial repayment of principal of
the company.</font></font></div>
</div>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 72px">
<font><font style="font-size: 13px; font-family: Times New Roman">(3)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Includes legal
costs and expenses.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-128</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">30.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Financial
results, net</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;2016</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Finance
income:</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;- Interest
income&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">767</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">66</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">76</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;- Foreign
exchange&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">949</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">54</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">41</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;- Dividends
income&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">72</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">17</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">15</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
finance income<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,788</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">137</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">132</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Finance
costs:</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 6px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;- Interest
expense<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2,381)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(628)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(471)</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 6px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;- Foreign
exchange losses<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2,633)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(408)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,203)</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 6px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;- Other
financial costs<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(924)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(71)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(75)</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 6px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
finance costs<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(5,938)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1,107)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1,749)</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 6px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other financial
results:</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 6px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;- Fair value
(loss) / gain of financial assets and liabilities at fair value
through profit or loss, net</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,439)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">53</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">215</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 6px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;- Impairment
of investment property and property, plant and
equipment</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(352)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;- Gain /
(Loss) on derivative financial instruments, net</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">921</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(16)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(317)</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
other financial results<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(870)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">37</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(102)</font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
financial results,
net&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(5,020)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(933)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1,719)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">31.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Earnings
per share</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 72px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(a)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Basic</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Basic earnings per
share amounts are calculated in accordance with IAS 33 "Earning per
share" by dividing the profit attributable to equity holders of the
Group by the weighted average number of ordinary shares outstanding
during the year.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
</tr><tr>
<td style="width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 6px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Total comprehensive
loss attributable to equity holders of the parent</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(693)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(41)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(786)</font></div>
</td>
</tr><tr>
<td style="width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 6px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Weighted average
number of ordinary shares in issue</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">575</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">574</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">576</font></div>
</td>
</tr><tr>
<td style="width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 6px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Basic
per share<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1.21)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(0.07)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1.36)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-129</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 36px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">31.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Earnings per share</font>
(Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 72px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(b)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Diluted</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Diluted earnings
per share amounts are calculated by adjusting the weighted average
number of ordinary shares outstanding to assume conversion of all
dilutive potential shares. The Group holds treasury shares with
potentially dilutive effect, however, as of June 30, 2016 and 2014,
the Group records net losses, and therefore the dilution effect is
not considered. The diluted earnings per share is as
follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
</tr><tr>
<td style="width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 6px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Total comprehensive
loss attributable to equity holders of the Parent</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(693)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(41)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(786)</font></div>
</td>
</tr><tr>
<td style="width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 6px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Weighted average
number of ordinary shares in issue</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">575</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">574</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">576</font></div>
</td>
</tr><tr>
<td style="width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 6px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Diluted
loss per share<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1.21)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(0.07)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1.36)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">32.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Employee
benefits</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Share-based payments</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The Group has an
equity incentives plan (&#x201C;Incentive Plan&#x201D;), created in
September 30, 2011, which is aimed at certain selected employees,
directors and top management of the Company, IRSA CP and Cresud
(the &#x201C;Participants&#x201D;). Engagement is voluntary and by
invitation of the Board of Directors.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 3px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Under the Incentive
Plan, over the years 2011, 2012 and 2013, Participants will be
entitled to receive shares ("Contributions") of the Company and
Cresud based on a percentage of their annual bonus for the years
2011, 2012 and 2013, providing they remain as employee of the
Company for at least five years, among other conditions required,
to qualify for such Contributions. Contributions shall be held by
the Company and Cresud, and as the conditions established by the
Plan are verified, such contributions shall be transferred to the
Participants.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">As of June 30, 2016
and 2015, a reserve has been set up under Shareholders&#x2019;
equity as a result of this Incentive Plan for Ps. 67 and Ps. 64,
respectively, based on the market value of the shares to be granted
pertaining to the Group&#x2019;s contributions, proportionately to
the period already elapsed for the vesting of shares in the
Incentive Plan and adjusted for the probability that any
beneficiary should leave the Group before the term and/or the
conditions required to qualify for the benefits of said plan are
met at each fiscal year-end.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-130</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 36px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">32.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Employee benefits</font>
(Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">For the fiscal
years ended June 30, 2016 and 2015, the Group has incurred a charge
related to the Incentive Plan of Ps. 21.3 and Ps. 29.9,
respectively, while the total cost not yet recognized (given that
the vesting period has not yet elapsed) is Ps. 16.1 and Ps. 46.5,
respectively, for each fiscal year. This cost is expected to be
recognized over an approximately period of two years.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">During the fiscal
years ended June 30, 2016 and 2015, the Group granted 702,541 and
685,568 shares, respectively, corresponding to the
Participants&#x2019; Contributions.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Movements in the
number of matching shares outstanding under the incentive plan
corresponding to the Company&#xB4;s contributions are as
follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
</tr><tr>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">At
the
beginning&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">4,439,507</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">5,786,388</font></div>
</td>
</tr><tr>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Additions&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">18,734</font></div>
</td>
</tr><tr>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Expired&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(117,367)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(680,047)</font></div>
</td>
</tr><tr>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Granted&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(702,541)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(685,568)</font></div>
</td>
</tr><tr>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">At
the
end&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3,619,599</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">4,439,507</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Defined contribution plan</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The Group operates
a defined contribution plan (the &#x201C;Plan&#x201D;) which covers
certain selected managers from Argentina. The Plan was effective as
from January 1, 2006. Participants can make pre-tax contributions
to the Plan of up to 2.5% of their monthly salary (&#x201C;Base
Contributions&#x201D;) and up to 15% of their annual bonus
(&#x201C;Extraordinary Contributions&#x201D;). Under the Plan, the
Group matches employee contributions to the plan at a rate of 200%
for Base Contributions and 300% for Extraordinary
Contributions.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">All contributions
are invested in funds administered outside of the Group.
Participants or their assignees, as the case may be, will have
access to the 100% of the Company contributions under the following
circumstances:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 72px">
<font><font style="font-size: 13px; font-family: Times New Roman">(i)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">ordinary retirement
in accordance with applicable labor
regulations;</font></font></div>
</div>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 72px">
<font><font style="font-size: 13px; font-family: Times New Roman">(ii)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">total or permanent
incapacity or disability;</font></font></div>
</div>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 72px">
<font><font style="font-size: 13px; font-family: Times New Roman">(iii)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">death.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">In case of
resignation or termination without good cause, the manager will
receives the Group&#x2019;s contribution only if he or she has
participated in the Plan for at least 5 years.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Contributions made
by the Group under the Plan amount to Ps. 10, Ps. 5 and Ps. 3 for
the fiscal years ended June 30, 2016, 2015 and 2014,
respectively.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-131</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 36px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">32.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Employee benefits</font>
(Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
IDBD Defined benefits</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Defined benefits to
hired employees include post-employment benefits, retirement
benefits, share-based plans and other short and long-term benefits.
The Group&#x2019;s liabilities in relation to severance pay and/or
retirement benefits of Israeli employees are calculated in
accordance with Israeli laws.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 61%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 13%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;2016</font></div>
</td>
</tr><tr>
<td style="width: 61%">
<div style="text-align: left; margin-left: 12px; margin-right: -4px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Present value of
unfunded
obligations&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">572</font></div>
</td>
</tr><tr>
<td style="width: 61%">
<div style="text-align: left; margin-left: 12px; margin-right: -4px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Present value of
funded
obligations&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 13%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,070</font></div>
</td>
</tr><tr>
<td style="width: 61%">
<div style="text-align: left; margin-left: 12px; margin-right: -4px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Present value of defined benefits
obligations&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 13%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,642</font></div>
</td>
</tr><tr>
<td style="width: 61%">
<div style="text-align: left; margin-left: 12px; margin-right: -4px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Fair value of plan
assets&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 13%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,101)</font></div>
</td>
</tr><tr>
<td style="width: 61%">
<div style="text-align: left; margin-left: 12px; margin-right: -4px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Recognized
liability for defined benefits
obligations&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 13%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">541</font></div>
</td>
</tr><tr>
<td style="width: 61%">
<div style="text-align: left; margin-left: 12px; margin-right: -4px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Liability for other
long term
benefits&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">148</font></div>
</td>
</tr><tr>
<td style="width: 61%">
<div style="text-align: left; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
recognized
liabilities&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 13%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">689</font></div>
</td>
</tr><tr>
<td style="width: 61%">
<div style="text-align: left; margin-left: 12px; margin-right: -4px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Assets designed for
payment of benefits for
employees&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 13%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(4)</font></div>
</td>
</tr><tr>
<td style="width: 61%">
<div style="text-align: left; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Net
position from employee
benefits&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 13%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">685</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Plans associated to certain key members of management</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">IDBD, through its
subsidiaries, has granted share incentive plans to key members of
management. In April 2016, some modifications have been introduced
to the plans as regards exercise prices for each of the five
tranches of options, thus establishing a range of NIS 9.5 million
to NIS 12.5 million. The share price at the time of approval was
NIS 7.73 million.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">33.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Related
party transactions</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">During the normal
course of business, the Group conducts transactions with different
entities or parties related to it.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">As mentioned in
Note 3, on October 11, 2015, the Group obtained control over IDBD.
Before takeover, the Group had entered into certain transactions
with IDBD as associate, mainly related to the subscription of
warrants and/or capital contributions, but had not conducted
commercial transactions. See Note 3 for further information related
to investment in IDBD.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-132</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">33.</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold">Related
party transactions</font> (Continued)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Remunerations
of the Board of Directors</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The Business
Company Act, provides that the remuneration of the Board of
Directors, where it is not set forth in the Company&#x2019;s
by-laws, shall be fixed by the Shareholders' Meetings. The maximum
amount of remuneration that the members of the Board are allowed to
receive, including salary and other performance-based remuneration
of permanent technical-administrative functions, may not exceed 25%
of the profits.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Such maximum amount
will be limited to 5% where no dividends are distributed to the
Shareholders, and will be increased proportionately to the
distribution, until reaching such cap where the total of profits is
distributed.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Some of our
Directors are hired under the Employment Contract Law No. 20,744.
This Act rules on certain conditions of the work relationship,
including remuneration, salary protection, working hours,
vacations, paid leaves, minimum age requirements, workmen
protection and forms of suspension and contract
termination.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The remuneration of
directors for each fiscal year is based on the provisions
established by the Business Company Act, taking into consideration
whether such directors perform technical-administrative functions
and depending upon the results recorded by the Company during the
fiscal year.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Once such amounts
are determined, they should be approved by the Shareholders&#x2019;
Meeting.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Senior
Management remuneration</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The members of the
Senior or Top Management are appointed and removed by the Board of
Directors, and perform functions in accordance with the
instructions delivered by the Board itself.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Company&#x2019;s
Senior Management is composed of as follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="border-top: solid 1px black; width: 20%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Name</font></div>
</td>
<td style="border-top: solid 1px black; width: 17%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Date
of Birth</font></div>
</td>
<td style="border-top: solid 1px black; width: 28%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Position</font></div>
</td>
<td style="border-top: solid 1px black; width: 16%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Actual
position since</font></div>
</td>
</tr><tr>
<td style="width: 20%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Eduardo S.
Elsztain</font></div>
</td>
<td style="width: 17%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">01/26/1960</font></div>
</td>
<td style="width: 28%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">General
Manager</font></div>
</td>
<td style="width: 16%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1991</font></div>
</td>
</tr><tr>
<td style="width: 20%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Daniel R.
Elsztain</font></div>
</td>
<td style="width: 17%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">12/22/1972</font></div>
</td>
<td style="width: 28%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Operating
Manager</font></div>
</td>
<td style="width: 16%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2012</font></div>
</td>
</tr><tr>
<td style="width: 20%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Javier E.
Nahmod</font></div>
</td>
<td style="width: 17%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">11/10/1977</font></div>
</td>
<td style="width: 28%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Real Estate
Manager</font></div>
</td>
<td style="width: 16%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
</tr><tr>
<td style="width: 20%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Mat&#xED;as I.
Gaivironsky</font></div>
</td>
<td style="width: 17%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">02/23/1976</font></div>
</td>
<td style="width: 28%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Administrative and
Financial Manager</font></div>
</td>
<td style="width: 16%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2011</font></div>
</td>
</tr><tr>
<td style="width: 20%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Juan Jos&#xE9;
Martinucci</font></div>
</td>
<td style="width: 17%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">01/31/1972</font></div>
</td>
<td style="width: 28%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Commercial
Manager</font></div>
</td>
<td style="width: 16%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2013</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The remuneration
earned by Senior Management for their functions consists of an
amount that is fixed taking into account the manager's backgrounds,
capacity and experience, plus an annual bonus based on their
individual performance and the Group's results. Members of the
senior management participate in contribution and share-based
incentive plans that are described in Note 32.</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">The
Senior Management of the Operations Center in Israel is composed of
as follows:</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: middle; width: 25%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Name</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 25%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Date
of birth</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 25%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Position</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 25%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Current
position held since</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Sholem
Lapidot</font></div>
</td>
<td style="vertical-align: top; width: 25%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">10/22/1979</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Chief
Executive Officer</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 25%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">2016</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Gil
Kotler</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">04/10/1966</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Chief
Financial Officer</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 25%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">2016</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Aaron
Kaufman</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 25%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">03/03/1970</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">VP
&amp; General Counsel</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 25%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">2015</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-133</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">33.</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold">Related
party transactions</font> (Continued)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Corporate
Service Agreement with Cresud and IRSA CP</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">In due course,
given that IRSA, Cresud and IRSA CP have operating areas with
certain characteristics of affinity, the Board of Directors
considered it was convenient to implement alternatives that allows
to reduce certain fixed costs, with the aim of reducing their
incidence on the operating results, building on and enhancing the
individual efficiencies of each of the companies in the different
areas of operating management.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">To such end, on
June 30, 2004, a Master Agreement for the Exchange of Corporate
Services (&#x201C;Frame Agreement") was entered into between IRSA,
Cresud and IRSA CP, which was amended on August 23, 2007, August
14, 2008, November 27, 2009, March 12, 2010, July 11, 2011, October
15, 2012, November 12, 2013, February 24, 2014, February 18, 2015
and November 12, 2015.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Under the current
Frame Agreement corporate services are provided in the following
areas:&#xA0;&#xA0;Human Resources, Finance, Institutional
Relations, Administration and Control, Insurance, Security,
Agreements, Technical Tasks, Infrastructure and Services,
Procurement, Architecture and Design, Development and Works, Real
Estate, Hotels, Board of Directors, Board of Directors of Real
Estate Business, General Manager Office, Board Safety, Audit
Committee, Real Estate Business Management, Human Resources of Real
Estate Business, Fraud Prevention, Internal Audit and Agricultural
Investment Management.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Pursuant to this
agreement, the companies hired an external consulting firm to
review and evaluate half-yearly the criteria used in the process of
liquidating the corporate services, as well as the basis for
distribution and source documentation used in the process indicated
above, by means of a half-yearly report.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">It should be noted
that the operations indicated above allows our IRSA, Cresud and
IRSA CP to keep our strategic and commercial decisions fully
independent and confidential, with cost and profit apportionment
being made on the basis of operating efficiency and equity, without
pursuing individual economic benefits for any of the
companies.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Offices
and Shopping centers spaces leases</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The offices of our
president are located at 108 Bolivar, in the Autonomous City of
Buenos Aires. The property has been rented to Isaac Elsztain e
Hijos S.A., a company controlled by some family members of Eduardo
Sergio Elsztain, our president, and to Hamonet S.A., a company
controlled by Fernando A. Elsztain, one of our directors, and some
of his family members.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">&#xB7;</font><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">In addition,
Tarshop, BACS, BHN Sociedad de Inversi&#xF3;n S.A., BHN Seguros
Generales S.A. and BHN Visa S.A. rent offices owned by IRSA CP in
different buildings.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">&#xB7;</font><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Furthermore, we
also let various spaces in our Shopping Centers (stores, stands,
storage space or advertising space) to third parties and related
parties such us Tarshop S.A. and BHSA.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-134</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">33.</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold">Related
party transactions</font> (Continued)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Lease agreements
entered into with associates included similar provisions and
amounts to those included in agreements with third
parties.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Donations
granted to Fundaci&#xF3;n IRSA and Fundaci&#xF3;n Museo de los
Ni&#xF1;os</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 60px;"><font style="font-size: 13px; font-family: Times New Roman">Fundaci&#xF3;n IRSA
is a non-profit charity institution that seeks to support and
generate initiatives concerning education, the promotion of
corporate social responsibility and the entrepreneurial spirit of
the youth. It carries out corporate volunteering programs and
fosters donations by the Group&#x2019;s employees. The main members
of Fundaci&#xF3;n IRSA's Board of Directors are: Eduardo S.
Elsztain (President); Saul Zang (Vice President I), Alejandro
Elsztain (Vice President II) and Mariana C. de Elsztain
(secretary). It funds its activities with the donations made by us,
Cresud and IRSA CP.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 60px;"><font style="font-size: 13px; font-family: Times New Roman">Fundaci&#xF3;n
Museo de los Ni&#xF1;os is a non-profit association, created by the
same founders of Fundaci&#xF3;n IRSA and its Management Board is
formed by the same members as Fundaci&#xF3;n IRSA&#x2019;s.
Fundaci&#xF3;n Museo de los Ni&#xF1;os acts as special vehicle for
the developments of "Museo de los Ni&#xF1;os, Abasto" and the
"Museo de los Ni&#xF1;os, Rosario". On October 29, 1999, our
shareholders approved the award of the agreement &#x201C;Museo de
los Ni&#xF1;os, Abasto&#x201D; to Fundaci&#xF3;n Museo de los
Ni&#xF1;os. On October 31, 1997, IRSA CP entered into an agreement
with Fundaci&#xF3;n IRSA whereby it loaned 3,800 square meters of
the area built in the Abasto Shopping Center for a total term of 30
years, and on November 29, 2005, shareholders of IRSA CP approved
another agreement entered into with Fundaci&#xF3;n Museo de los
Ni&#xF1;os whereby 2,670.11 square meters built in the Shopping
Center Alto Rosario were loaned for a term of 30 years.
Fundaci&#xF3;n IRSA has used the available area to house the museum
called &#x201C;Museo de los Ni&#xF1;os, Abasto&#x201D; an interactive
learning center for kids and adults, which was opened to the public
in April 1999.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 60px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Legal
Services</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 60px;"><font style="font-size: 13px; font-family: Times New Roman">The Group hires
legal services from Estudio Zang, Bergel &amp; Vi&#xF1;es, from
which Sa&#xFA;l Zang is a partner and sits at the Board of
Directors of the Group companies.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 60px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Purchase
and sale of goods and/or service hiring</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 60px;"><font style="font-size: 13px; font-family: Times New Roman">In the normal
course of its business and with the aim of making resources more
efficient, the Group, including its parent company, in certain
occasions purchases and/or hires services which later sells and/or
recovers for companies or other related parties, based upon their
actual utilization.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-135</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">33.</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold">Related
party transactions</font> (Continued)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 60px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Sale
of advertising space in media</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 60px;"><font style="font-size: 13px; font-family: Times New Roman">The Group
frequently enter into agreements with third parties whereby we
sell/acquire rights of use to advertise in media (TV, radio
stations, newspapers, etc.) that will later be used in advertising
campaigns. Normally, these spaces are sold and/or recovered to/from
other companies or other related parties, based on their actual
use.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 60px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Purchase
and sale of financial assets</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 60px;"><font style="font-size: 13px; font-family: Times New Roman">The Group usually
invests excess cash in several instruments that may include those
issued by related companies, acquired at issuance or from unrelated
third parties through secondary market deals.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 60px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Investment
in investment funds managed by BACS</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 60px;"><font style="font-size: 13px; font-family: Times New Roman">The Group invests
its liquid funds in mutual funds managed by BACS among other
entities.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 60px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Borrowings</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 60px;"><font style="font-size: 13px; font-family: Times New Roman">In the normal
course of its activities, the Group enters into diverse loan
agreements or credit facilities between the group&#x2019;s companies
and/or other related parties. These borrowings generally accrue
interests at market rates.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 60px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Financial
and service operations with BHSA</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 60px;"><font style="font-size: 13px; font-family: Times New Roman">The Group works
with several financial entities in the Argentine market for
operations including, but not limited to, credit, investment,
purchase and sale of securities and financial derivatives. Such
entities include BHSA and its subsidiaries. Furthermore, BHSA and
BACS usually act as underwriters in Capital Market transactions for
the Group. In addition, we have entered into agreements with BHSA,
who provides collection services for our Shopping
Centers.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 60px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Transactions
with IFISA</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 60px;"><font style="font-size: 13px; font-family: Times New Roman">On June 2014, the
Group, through Real Estate Investment Group IV LP&#xA0; renewed a
credit facility granted by IFISA, a company indirectly controlled
by Eduardo Sergio Elsztain, for a total amount of 1.4 million
shares of Hersha Hospitality Trust. The transaction was agreed upon
for a term of 30 days, which could be renewed for up to 360 days;
the facility was priced at Libor (3 months) + 50 bp. This credit
facility was cancelled after the end of fiscal year 2014 in order
to sell the remaining amount of Hersha.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-136</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">33.</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold">Related
party transactions</font> (Continued)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 60px;"><font style="font-size: 13px; font-family: Times New Roman">On February 10,
2015, Dolphin, sold 71,388,470 IDBD shares to IFISA, for an amount
of US$ 25.6 million, US$ 4 million of which were paid upon
execution and the remaining balance of US$ 21.6 million were
financed for a term of up to 360 days and priced at Libor 1M (one
month) + 3%. On May 9, 2016, the parties agreed to extend the
expiration date for 30 days as from execution of the addenda, to be
automatically renewable every 30 days for a maximum term of 180
days, and increasing the rate to 9% since February 10,
2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 60px;"><font style="font-size: 13px; font-family: Times New Roman">On May 31, 2015,
the Group, through Dolphin, sold to IFISA 46 million of warrants
Series 4 for a total amount of NIS 0.46 million (equivalent to US$
0.12 million at the time of the transaction), provided IFISA agreed
to exercise them fully when Dolphin were so required by
IDBD.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 60px;"><font style="font-size: 13px; font-family: Times New Roman">On July 28, 2015,
the Group, through Dolphin granted a loan to IFISA for an amount of
US$ 7.2 million, due in July 2016, which accrues interest at Libor
1M (one month) + 3%. On May 9, the parties agreed to extend the
expiration date to June 8, 2016, to be automatically renewable
every 30 days for a maximum term of 180 days, and increased the
rate to 9%.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 60px;"><font style="font-size: 13px; font-family: Times New Roman">On October 9, 2015,
the Group, through REIG V granted a loan in the amount of US$ 40
million to IFISA. The term of the loan was one year calculated from
the disbursement and bore interest at a rate of 3% + Libor 1M,
determined monthly. On October 7, 2016, the Group extended the
deadline for repayment within 30 days from October 8, 2016,
automatically renewable&#xA0;for periods of 30 days to a maximum of
180 days and settled interest at a rate of 9% per
annum.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 60px;"><font style="font-size: 13px; font-family: Times New Roman">In February 2016,
DN B.V., a subsidiary of Dolphin, entered into an option contract
with IFISA whereby Dolphin is granted the right, but not the
obligation to acquire 92,665,925 shares of IDBD held by IFISA at a
share price of NIS 1.64 plus an annual interest of 8.5%. The
exercise date for the option extends for two years.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 60px;"><font style="font-size: 13px; font-family: Times New Roman">All transactions
are carried out at arm&#x2019;s length.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Purchase
of farmland "La Adela"</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">In July 2014, IRSA
bought from Cresud the &#x201C;La Adela&#x201D; farmland &#x2013; an
area of approximately 1,058 hectares located in the municipality of
Luj&#xE1;n, Province of Buenos Aires, for a total amount of Ps.
210. Given the development and proximity to Buenos Aires, there is
a high potential for urbanization of this farmland; therefore, the
purpose of the sale is to undertake a new real estate
development.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Transfer
of tax credits</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">During the fiscal
year ended June 30, 2016 Sociedad An&#xF3;nima Carnes Pampeanas
S.A. (subsidiary of Cresud) and Cresud, assigned upon IRSA CP,
credits pertaining to VAT refunds for exports originated in such
companies' economic activities.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-137</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">33.</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold">Related
party transactions</font> (Continued)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 3px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The following is a
summary of the balances with related parties as of June 30,
2016:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 19%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Related
party</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Description
of transaction</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Investments</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">in
financial assets</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">non-current</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Investments
in financial assets current</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Trade
and other receivables non-current</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Trade
and</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">other
receivables current</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Trade
and other payables</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">non-current</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Trade
and other payables current</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Borrowings</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">non-current</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Borrowings
current</font></div>
</td>
</tr><tr>
<td style="width: 19%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Parent
Company</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td rowspan="5" style="width: 19%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cresud</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Reimbursement of
expenses</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(30)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Corporate
services</font></div>
</td>
<td style="width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(67)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">NCN</font></div>
</td>
<td style="width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">329</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Leases and/or
rights</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">of use</font></div>
</td>
<td style="width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Long-term incentive
plan</font></div>
</td>
<td style="width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 19%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Parent Company</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">329</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">7</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(97)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 19%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Associates</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td rowspan="2" style="width: 19%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">BHSA</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Reimbursement of
expenses</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Borrowings</font></div>
</td>
<td style="width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(10)</font></div>
</td>
</tr><tr>
<td style="width: 19%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Lipstick</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Reimbursement of
expenses</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 19%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">New
Lipstick</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Reimbursement of
expenses</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td rowspan="2" style="width: 19%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">BACS</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">NCN</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">21</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Reimbursement of
expenses</font></div>
</td>
<td style="width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Tarshop</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Reimbursement of
expenses</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 19%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Leases and/or
rights of use</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 19%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Associates</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">21</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">9</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(10)</font></div>
</td>
</tr><tr>
<td style="width: 19%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Joint
Ventures</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td rowspan="2" style="width: 19%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cyrsa</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Borrowings</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(14)</font></div>
</td>
</tr><tr>
<td style="width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Credit due to
capital reduction</font></div>
</td>
<td style="width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td rowspan="4" style="width: 19%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">NPSF</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Reimbursement of
expenses</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Share-based
compensation plan</font></div>
</td>
<td style="width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Borrowings</font></div>
</td>
<td style="width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(6)</font></div>
</td>
</tr><tr>
<td style="width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Management
fees</font></div>
</td>
<td style="width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 19%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Puerto
Retiro</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Borrowings</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 19%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Quality</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Reimbursement of
expenses</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 19%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Joint Ventures</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">14</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(20)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-138</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">33.</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold">Related
party transactions</font> (Continued)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 19%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Related
party</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Description
of transaction</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Investments
in financial assets</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">non-current</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Investments
in financial assets current</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Trade
and other receivables non-current</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Trade
and</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">other
receivables</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">current</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Trade
and other payables</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">non-current</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Trade
and other payables current</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Borrowings</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">non-current</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Borrowings
current</font></div>
</td>
</tr><tr>
<td style="width: 19%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Subsidiaries
of the parent company</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Sociedad
An&#xF3;nima Carnes Pampeanas S.A.</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Transfer of tax
credits</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(7)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 19%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Subsidiaries of the parent company</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
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expenses</font></div>
</td>
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</td>
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</td>
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<td style="width: 19%; border-bottom: 2px solid black">
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<td style="width: 2%">
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space</font></div>
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</td>
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</td>
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<td style="width: 19%; border-bottom: 2px solid black">
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</td>
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</td>
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</td>
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</td>
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</td>
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<td style="width: 2%">
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<td style="width: 17%">
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</td>
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</td>
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</td>
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</td>
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<td style="width: 19%; border-bottom: 2px solid black">
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<td style="width: 2%">
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<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 19%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Museo de los
Ni&#xF1;os</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Leases and/or
rights of use</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 19%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
other related parties</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,088</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 19%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Directors
and Senior Management</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td rowspan="2" style="width: 19%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Directors</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Advances</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Fees</font></div>
</td>
<td style="width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(28)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 19%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Directors and Senior Management</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(28)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 19%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">350</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,122</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(136)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(30)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-139</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">33.</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold">Related
party transactions</font> (Continued)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 3px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The following is a
summary of the balances with related parties as of June 30,
2015:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 23%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Related
party</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Description
of transaction</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Investments</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">in
financial assets</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">non-current</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Investments
in financial assets current</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Trade
and other receivables non-current</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Trade
and</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">other
receivables current</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Trade
and other payables</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">non-current</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Trade
and other payables current</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Borrowings</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">non-current</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Borrowings
current</font></div>
</td>
</tr><tr>
<td style="width: 23%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Parent
Company</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td rowspan="5" style="width: 23%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cresud</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Reimbursement of
expenses</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(10)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 23%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Corporate
services</font></div>
</td>
<td style="width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(52)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 23%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">NCN</font></div>
</td>
<td style="width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">80</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">30</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(17)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
</tr><tr>
<td style="width: 23%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Leases and/or
rights of use</font></div>
</td>
<td style="width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 23%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Long-term incentive
plan</font></div>
</td>
<td style="width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(25)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 23%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Parent Company</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">80</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">30</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(87)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(17)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
</tr><tr>
<td style="width: 23%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Associates</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td rowspan="3" style="width: 23%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">BHSA</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Advances</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 23%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Borrowings</font></div>
</td>
<td style="width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(7)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(22)</font></div>
</td>
</tr><tr>
<td style="width: 23%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Leases and/or
rights of use</font></div>
</td>
<td style="width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 23%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Lipstick</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Reimbursement of
expenses</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 23%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">New
Lipstick</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Reimbursement of
expenses</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td rowspan="2" style="width: 23%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">BACS</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">NCN</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 23%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Reimbursement of
expenses</font></div>
</td>
<td style="width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 23%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Tarshop</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Reimbursement of
expenses</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 23%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Leases and/or
rights of use</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 23%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Condor</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Borrowings</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">29</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 23%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Associates</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">38</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(7)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(22)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-140</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">33.</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold">Related
party transactions</font> (Continued)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 23%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Related
party</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Description
of transaction</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Investments
in financial assets</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">non-current</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Investments
in financial assets current</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Trade
and other receivables non-current</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Trade
and</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">other
receivables</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">current</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Trade
and other payables</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">non-current</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Trade
and other payables current</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Borrowings</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">non-current</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Borrowings
current</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 23%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Joint
Ventures</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td rowspan="2" style="width: 23%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Baicom</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Borrowings</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 23%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Reimbursement of
expenses</font></div>
</td>
<td style="width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td rowspan="2" style="width: 23%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cyrsa</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Borrowings</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(14)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 23%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Credit due to
capital reduction</font></div>
</td>
<td style="width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td rowspan="4" style="width: 23%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">NPSF</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Reimbursement of
expenses</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 23%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Leases and/or
rights</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">of use</font></div>
</td>
<td style="width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 23%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Borrowings</font></div>
</td>
<td style="width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(8)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 23%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Management
fees</font></div>
</td>
<td style="width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 23%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Puerto
Retiro</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Borrowings</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 23%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Joint Ventures</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">16</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(14)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(8)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 23%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Subsidiaries
of the parent company</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 23%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Helmir</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">NCN</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(28)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
</tr><tr>
<td style="width: 23%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Sociedad
An&#xF3;nima Carnes Pampeanas S.A.</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Transfer of tax
credits</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(3)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 23%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Subsidiaries of the parent company</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(3)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(28)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
</tr><tr>
<td style="width: 23%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Other
related parties</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 23%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Consultores Asset
Management S.A.</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Reimbursement of
expenses</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 23%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Estudio Zang,
Bergel y Vi&#xF1;es</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Legal
services</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 23%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Consultores Venture
Capital Uruguay</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Management
fees</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 23%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ogden Argentina
S.A.</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Borrowings</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 23%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">IFISA</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Borrowings</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">265</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 23%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Museo de los
Ni&#xF1;os</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Leases and/or
rights of use</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 23%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Boulevard Norte
S.A.</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Reimbursement of
expenses</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 23%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
other related parties</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">275</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 23%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Directors
and Senior Management</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 23%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Directors</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Fees</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(41)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 23%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Directors and Senior Management</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(41)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 23%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 17%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">180</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">30</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">330</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(135)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(66)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(32)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-141</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">33.</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold">Related
party transactions</font> (Continued)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 3px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The following is a
summary of the transactions with related parties for the year ended
June 30, 2016:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 25%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Related
party</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Leases
and/or rights of use</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Management
fees</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Sale
of goods</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;and/or
services</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Corporate
services</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Legal</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">services</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Financial
operations</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Donations</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Fees
and salaries</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Parent
Company</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 25%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cresud</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(121)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">74</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 25%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Parent Company</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">7</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(121)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">74</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Associates</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">BHSA</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(4)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">BACS</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">21</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Tarshop</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">12</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">16</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 25%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">ISPRO</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 25%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Associates</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">21</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">25</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">17</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Joint
Ventures</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cyrsa</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(3)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">NPSF</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Puerto
Retiro</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 25%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Mehadrin</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">48</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 25%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Joint Ventures</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">48</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(4)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Other
related parties</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Estudio Zang,
Bergel &amp; Vi&#xF1;es</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(5)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Isaac Elsztain e
Hijos S.C.A.</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Fundaci&#xF3;n
IRSA</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(8)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">IFISA</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">31</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 25%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Condor</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">122</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 25%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Other related parties</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(5)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">153</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(8)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Directors
and Senior Management</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Directors</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(137)</font></div>
</td>
</tr><tr>
<td style="width: 25%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Senior
Management</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(9)</font></div>
</td>
</tr><tr>
<td style="width: 25%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Directors and Senior Management</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(146)</font></div>
</td>
</tr><tr>
<td style="width: 25%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">27</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">73</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(121)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(5)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">240</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(8)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(146)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-142</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">33.</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold">Related
party transactions</font> (Continued)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 3px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The following is a
summary of the transactions with related parties for the year ended
June 30, 2015:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 25%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Related
party</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Leases
and/or rights of use</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Management
fees</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Corporate
services</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Legal</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">services</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Financial
operations</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Donations</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Fees
and salaries</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Parent
Company</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 25%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cresud</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(96)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(8)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 25%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Parent Company</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(96)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(8)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Associates</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">BHSA</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">BACS</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 25%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Tarshop</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 25%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Associates</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">15</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Joint
Ventures</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cyrsa</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(9)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">NPSF</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 25%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Puerto
Retiro</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 25%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Joint Ventures</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(9)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Other
related parties</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Estudio Zang,
Bergel &amp; Vi&#xF1;es</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(4)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Fundaci&#xF3;n
IRSA</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(5)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">IFISA</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">222</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 25%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Condor</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">161</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 25%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Other related parties</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(4)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">383</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(5)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Directors
and Senior Management</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Directors</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(99)</font></div>
</td>
</tr><tr>
<td style="width: 25%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Senior
Management</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(6)</font></div>
</td>
</tr><tr>
<td style="width: 25%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Directors and Senior Management</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(105)</font></div>
</td>
</tr><tr>
<td style="width: 25%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">18</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(96)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(4)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">366</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(5)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(105)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-143</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">33.</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold">Related
party transactions</font> (Continued)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 3px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The following is a
summary of the transactions with related parties for the year ended
June 30, 2014:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 26%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Related
party</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Leases
and/or rights of use</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Management
fees</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Corporate
services</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Legal</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">services</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Financial
operations</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Donations</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Fees
and salaries</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Parent
Company</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 26%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cresud</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(96)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(50)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 26%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Parent Company</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(96)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(50)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
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<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Associates</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
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</td>
<td style="width: 10%">
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</td>
<td style="width: 1%">
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</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">BHSA</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 2%">
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</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">26</font></div>
</td>
<td style="width: 1%">
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</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">BACS</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
<td style="width: 2%">
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</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
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<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
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</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
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</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 26%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Tarshop</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 26%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Associates</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">11</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">26</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Joint
Ventures</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cyrsa</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(21)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">NPSF</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Puerto
Retiro</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 26%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Joint Ventures</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(20)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Other
related parties</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Isaac Elsztain e
Hijos S.C.A.</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Estudio Zang,
Bergel &amp; Vi&#xF1;es</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(4)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Fundaci&#xF3;n
IRSA</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(3)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 26%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Other related parties</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(4)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(3)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Directors
and Senior Management</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Senior
Management</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(12)</font></div>
</td>
</tr><tr>
<td style="width: 26%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Directors</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(69)</font></div>
</td>
</tr><tr>
<td style="width: 26%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Directors and Senior Management</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(81)</font></div>
</td>
</tr><tr>
<td style="width: 26%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">11</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(96)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(4)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(44)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(3)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(81)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-144</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 36px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">34.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;Foreign
currency assets and liabilities</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: -2px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Book amounts of
foreign currency assets and liabilities are as
follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="border-top: double 3px black; width: 25%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Items
(3)</font></div>
</td>
<td style="border-top: double 3px black; width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Amount
of foreign currency (1)</font></div>
</td>
<td style="border-top: double 3px black; width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Exchange
rate prevailing (2)</font></div>
</td>
<td style="border-top: double 3px black; width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
as of</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">06.30.16</font></div>
</td>
<td style="border-top: double 3px black; width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Amount
of foreign currency (1)</font></div>
</td>
<td style="border-top: double 3px black; width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Exchange
rate prevailing (2)</font></div>
</td>
<td style="border-top: double 3px black; width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
as of</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;06.30.15</font></div>
</td>
</tr><tr>
<td style="width: 25%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: -2px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Assets</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 25%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: -2px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Trade
and other receivables</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: -2px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">US
Dollar</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">38</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14.940</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">563</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8.988</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">99</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: -2px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Euros</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">12</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">16.492</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">195</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">10.005</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: -2px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Uruguayan
Pesos</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.489</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.334</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: -2px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">New Israel
Shekel</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">15</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2.381</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">36</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: -2px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Receivables
with related parties:</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 25%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: -2px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">US
Dollar</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">41</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">15.040</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">624</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9.088</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">37</font></div>
</td>
</tr><tr>
<td style="width: 25%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: -2px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
trade and other receivables</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,383</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">172</font></div>
</td>
</tr><tr>
<td style="width: 25%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: -2px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Investments
in financial assets</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: -2px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">US
Dollar</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">165</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14.940</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,470</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">27</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8.988</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">239</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: -2px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Pounds</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">19.763</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">10</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14.134</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">10</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: -2px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">New Israel
Shekel</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2.381</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: -2px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Investments
with related parties:</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 25%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: -2px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">US
Dollar</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">55</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">15.040</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">827</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">50</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9.088</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">459</font></div>
</td>
</tr><tr>
<td style="width: 25%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: -2px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
investments in financial assets</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3,307</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">714</font></div>
</td>
</tr><tr>
<td style="width: 25%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: -2px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Derivative
financial instruments</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: -2px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">US
Dollar</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8.988</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: -2px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">New Israel
Shekel</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">96</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2.381</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">228</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: -2px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
derivative financial instruments</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">228</font></div>
</td>
</tr><tr>
<td style="width: 25%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: -2px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Cash
and cash equivalents</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: -2px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">US
Dollar</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">84</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14.940</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,248</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">34</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8.988</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">301</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: -2px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Euros</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">16.492</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">60</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">10.005</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
</tr><tr>
<td style="width: 25%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: -2px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">New Israel
Shekel</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2.381</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
</tr><tr>
<td style="width: 25%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: -2px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Cash and cash equivalents</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,308</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">304</font></div>
</td>
</tr><tr>
<td style="width: 25%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: -2px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Assets as of 06.30.16</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">5,998</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 25%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: -2px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Assets as of 06.30.15</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,418</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 25%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: -2px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Liabilities</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 25%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: -2px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Trade
and other payables</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: -2px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">US
Dollar</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">96</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">15.040</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,451</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9.088</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">76</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: -2px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Euros</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">16.640</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">54</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: -2px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">New Israel
Shekel</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3.892</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 25%;">
<div style="text-align: left; margin-left: 12px; margin-right: -2px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Payables
with related parties:</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 25%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: -2px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">US
Dollar</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">15.040</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">31</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9.088</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 25%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: -2px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Trade and other payables</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,543</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">76</font></div>
</td>
</tr><tr>
<td style="width: 25%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: -2px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Borrowings</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: -2px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">US
Dollar</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,704</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">15.040</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">25,631</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">403</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9.088</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,661</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: -2px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Euros</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">16.640</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">39</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: -2px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Borrowings
with related parties:</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: -2px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">US
Dollar</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9.088</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">41</font></div>
</td>
</tr><tr>
<td style="width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: -2px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Borrowings</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">25,670</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3,702</font></div>
</td>
</tr><tr>
<td style="width: 25%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: -2px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Derivative
financial instruments</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 25%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: -2px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">New Israel
Shekel</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">208</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2.407</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">501</font></div>
</td>
</tr><tr>
<td style="width: 25%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: -2px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Derivative financial instruments</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">501</font></div>
</td>
</tr><tr>
<td style="width: 25%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: -2px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Liabilities as of 06.30.16</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">27,213</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 25%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: 12px; margin-right: -2px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Liabilities as of 06.30.15</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">4,279</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Considering foreign
currencies those that differ from each Group&#x2019;s functional
currency at each year-end.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2)</font><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Exchange rate as of
June 30, 2016 and 2015 according to Banco Naci&#xF3;n Argentina
records.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(3)</font><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">The Group uses
derivative instruments as complement in order to reduce its
exposure to exchange rate movements (See Note 14).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font style="background-color: #ffff00">
</font>35.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Negative
working capital</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">As of the year-end,
the Group has recorded a Ps. 837 deficit in its negative working
capital which is currently under consideration of the Board of
Directors and Management.</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 48px">
<font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">36.&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Subsequent
events</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xB7;</font><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Acquisition
of equity interest in EHSA</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">On July 6, 2016,
the Group through IRSA CP acquired from FEG Entretenimientos S.A. a
25% shareholding in EHSA. The transaction amount for the
acquisition was set at Ps. 66.5, 50% of the amount has already been
paid while the remaining balance will be paid down in two equal
installments payable within 60 and 90 days. Later, the Group sold a
5% of the shares in the sum of Ps. 13.45. A 50% of that amount has
already been received. The remaining balance will be received in
two equal installments within 60 and 90 days. As a result, IRSA CP
holds 70% of the voting stock of EHSA, company whose main asset
consists of an indirect interest of 25% in LRSA.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xB7;</font><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Sale
of units in Intercontinental Building</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">On July 29, 2016,
IRSA CP executed a bill of sale for 1,702 square meters
corresponding to two office floors and 16 parking units in the
Intercontinental Plaza building to an unrelated party. The
transaction amount was agreed upon at US$ 6.01 million, the sum of
US$ 1.60 million has already been paid, while the remaining balance
will be paid upon execution of the deed of conveyance and delivery
of possession.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xB7;</font><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
NCN Classes VII and VIII</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">On September 1,
2016, NCN Class VII and VIII were tendered under the Program
approved by the Shareholders&#x2019; Meeting for up to US$ 300
million. The settlement took place on September 8, 2016. The
results of the offer are shown below:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">NCN Class VII for a
total amount of Ps. 384.2 to be matured 36 months after the issuing
date, which will accrue interest at an annual floating interest
rate, Badlar plus 299 basis points, interest payable on a quarterly
basis. Principal will be amortized in only one installment due on
September 9, 2019.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">NCN Class VIII for
a Nominal Value of US$ 184.5 million to be matured 36 months after
the issuing date, paid in and payable in US Dollars, which will
accrue interest at an annual fixed interest rate of 7.0%, interest
payable on a quarterly basis. Principal will be amortized in only
one installment due on September 9, 2019.&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-145</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">36.</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold">Subsequent
events</font> (Continued)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font style="background-color: #ffff00">
</font>&#xB7;</font><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NCN
in IDBD and subsidiaries</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">In July 2016,
Shufersal acquired NCN Series B for a Nominal Value of NIS 511
million with an increase of the issue of NCN Series F by a ratio of
1.175 for each NIS 1 of the Series B. The NCN Series B acquired by
Shufersal were cancelled and delisted.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">On August 4, 2016,
DIC has expanded its Series of Debentures due 2025 for an
additional amount of NIS 360 million. The placement was made at an
internal rate of return of 5.70%.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xB7;</font><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Increase
stake in Shufersal</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">DIC acquired, on
September 12, 2016, 9,097,127 shares of Shufersal, such that the
amount of the company&#x2019;s holdings in the issued capital of
Shufersal rose from approximately 53.89% to approximately 58.17%
(and approximately 56.61% in full dilution), for a total
consideration of NIS 133 million from the Bronfman-Fisher Group. It
also received an option (&#x2018;the option&#x2019;) for the
acquisition of up to 9,097,127 additional shares of Shufersal that
the Bronfman-Fisher Group owns, at a strike price of NIS 14.62 for
each share of Shufersal (subject to accepted adjustments). The
option will be valid until December 12, 2016.&#xA0;&#xA0;In
addition, when the parties signed the agreement, it was determined
that the directors of Shufersal that were appointed by the
Bronfman-Fisher Group would give it notices of resignation from
Shufersal&#x2019;s Board of Directors, with immediate
effect.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xB7;</font><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Open
Sky Ltd. (IDB Tourism)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">IDB Tourism is
involved in negotiations for the sale of its holdings in Open Sky
Ltd., under terms which have not yet been fully
formulated.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-146</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: -38px; text-indent: 48px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Schedule
I<br></font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The following is a
summary of the Group&#x2019;s investment properties as of June 30,
2016 prepared in accordance with SEC Regulation S-X
12-28:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 14%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="border-top: solid 1px black; width: 15%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Initial
costs</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="border-top: solid 1px black; width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Subsequent
costs</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="border-top: solid 1px black; width: 22%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Costs
at end of the year</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 14%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Name</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Encumbrances</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Plot
of land</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Buildings,
facilities and improvements</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Improvements
/ Additions</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Plot
of land</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Buildings,
facilities</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">and&#xA0;&#xA0;improvements</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Accumulated
depreciation</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Net
book amount</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Date
of construction</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Date
of acquisition</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Useful
life as of 06.30.16</font></div>
</td>
</tr><tr>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Rental
properties</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 14%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operations
Center in Argentina</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Abasto</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">10</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">431</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">16</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">10</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">447</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">457</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(212)</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">245</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">nov-1998</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Jul-1994</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">16</font></div>
</td>
</tr><tr>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Alto Palermo
Shopping</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">595</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">609</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">618</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(410)</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">208</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">oct-1990</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Nov-1997</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14</font></div>
</td>
</tr><tr>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Alto
Avellaneda</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">18</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">299</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">31</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">18</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">330</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">348</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(221)</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">127</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">oct-1995</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Dec-1997</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11</font></div>
</td>
</tr><tr>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Alcorta
Shopping</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">190</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">16</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">206</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">217</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(101)</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">116</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">jun-1992</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Jun-1997</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">15</font></div>
</td>
</tr><tr>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Alto
Noa</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">68</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">76</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">76</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(44)</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">32</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">sep-1994</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Mar-1995</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">13</font></div>
</td>
</tr><tr>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Buenos Aires
Design</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">64</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">73</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">73</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(66)</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">nov-1993</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Nov-1997</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
</tr><tr>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Patio
Bullrich</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">10</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">221</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">10</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">232</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">242</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(133)</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">109</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">sep-1988</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Oct-1998</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">16</font></div>
</td>
</tr><tr>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Alto
Rosario</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">26</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">138</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">21</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">26</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">159</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">185</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(58)</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">127</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">nov-2004</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Nov-2004</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">18</font></div>
</td>
</tr><tr>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Mendoza
Plaza</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">173</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">12</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">185</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">196</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(104)</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">92</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">jun-1994</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Dec-1994</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">15</font></div>
</td>
</tr><tr>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Dot Baires
Shopping</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">85</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">322</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">96</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">85</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">418</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">503</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(135)</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">368</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">may-2009</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Nov-2006</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">24</font></div>
</td>
</tr><tr>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">C&#xF3;rdoba
Shopping</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Antichresis</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">113</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">114</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">115</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(62)</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">53</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">mar-1990</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Dec-2006</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14</font></div>
</td>
</tr><tr>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Distrito
Arcos</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">305</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">305</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">305</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(25)</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">280</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Nov-2009</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">15</font></div>
</td>
</tr><tr>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Alto
Comahue</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">10</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">328</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">338</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">339</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(21)</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">318</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">May-2006</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">30</font></div>
</td>
</tr><tr>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Patio
Olmos</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">12</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">22</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">12</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">23</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">35</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(9)</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">26</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">may-1995</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Sep-2007</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">17</font></div>
</td>
</tr><tr>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Soleil Premium
Outlet</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">23</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">56</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">38</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">23</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">94</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">117</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(37)</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">80</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Jul-2010</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14</font></div>
</td>
</tr><tr>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Dot
building</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">13</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">75</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">56</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">13</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">131</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">144</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(22)</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">122</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">sep-2010</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Nov-2006</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">28</font></div>
</td>
</tr><tr>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Bouchard
710</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">40</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">20</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">40</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">22</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">62</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">60</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Jun-2005</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">24</font></div>
</td>
</tr><tr>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Bouchard
551</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(3)</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Mar-2007</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">28</font></div>
</td>
</tr><tr>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Intercontinental
Plaza</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">34</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">34</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">36</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(26)</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">10</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">jun-1996</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Nov-1997</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">23</font></div>
</td>
</tr><tr>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">BankBoston
tower</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">78</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">61</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">78</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">61</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">139</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(5)</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">134</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Aug-2007</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">25</font></div>
</td>
</tr><tr>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Rep&#xFA;blica
building</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">111</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">86</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">111</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">87</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">198</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(9)</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">189</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Apr-2008</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">24</font></div>
</td>
</tr><tr>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">La
Adela</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">215</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">215</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">215</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">215</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Jul-2014</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Others</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">23</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">78</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">23</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">81</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">104</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(24)</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">80</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">n/a</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">n/a</font></div>
</td>
<td colspan="2" style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">n/a</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-147</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: -47px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Schedule
I</font>(Continued)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 13%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="border-top: solid 1px black; width: 15%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Initial
costs</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="border-top: solid 1px black; width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Subsequent
costs</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="border-top: solid 1px black; width: 22%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Costs
at end of the year</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 13%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Name</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Encumbrances</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Plot
of land</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Buildings,
facilities and improvement</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Improvements
/ Additions</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Plot
of land</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Buildings,
facilities and improvements</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Accumulated
depreciation</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Net
book amount</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Date
of construction</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Date
of acquisition</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Useful
life as of 06.30.16</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 13%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operations
Center in Israel</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 6%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Tivoli</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Mortgage</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">171</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,241</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">124</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,969</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,093</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(46)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,047</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">apr-2011</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Oct-2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">35</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Kiryat Ono
Mall</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Mortgage</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">316</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">696</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">502</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,115</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,617</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(19)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,598</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">nov-2007</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Oct-2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">72</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Shopping Center
Modi&#x2019;in A</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Mortgage</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">223</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">289</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">354</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">459</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">813</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(8)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">805</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">aug-2005</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Oct-2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">81</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">HSBC</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Mortgage</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5,471</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,778</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8,337</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,962</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11,299</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(74)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11,225</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1927-1984</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Oct-2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">35</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Matam park -
Haifa</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Mortgage</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">544</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,685</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">480</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">910</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,842</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5,752</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(90)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5,662</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1979-2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Oct-2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">63</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Caesarea -
Maichaley Carmel</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">142</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">230</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">226</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">365</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">591</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(8)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">583</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">jun-1905</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Oct-2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">76</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Herzeliya
North</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">777</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,025</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">856</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,498</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,662</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,160</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(35)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,125</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1996-2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Oct-2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">89</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Gav-Yam Center -
Herzeliya</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Mortgage</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">748</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">817</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,187</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,297</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,484</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(35)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,449</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1997-2006</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Oct-2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">64</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Neyar Hadera
Modi&#x2019;in</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">186</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">248</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">295</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">393</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">688</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(8)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">680</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">jun-1905</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Oct-2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">84</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Gav yam park - Beer
Sheva</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Mortgage</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">34</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">402</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">16</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">54</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">658</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">712</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(12)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">700</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">jul-1905</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Oct-2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">97</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Hazomet Kfar
Saba</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">74</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">117</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">117</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">117</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">jun-1905</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Oct-2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">50</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Bilu</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">54</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">86</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">86</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">86</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">jun-1905</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Oct-2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">35</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Mazkeret
Batia</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">69</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">109</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">109</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">109</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">jul-1905</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Oct-2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">50</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Netania</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">525</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">23</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">861</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">861</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(12)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">849</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">jun-1905</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Oct-2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">31</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Rishon Le
Zion</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">44</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">70</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">70</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">70</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">may-1905</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Oct-2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">35</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Rehovot</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">69</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">13</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">125</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">125</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">125</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">jun-1905</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Oct-2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">35</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Mizpe
Sapir</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">78</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">128</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">128</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(4)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">124</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">jun-1905</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Oct-2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">35</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Holon</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">191</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">15</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">303</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">24</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">327</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">327</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">jan-1969</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Oct-2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">25</font></div>
</td>
</tr><tr>
<td style="width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Haifa</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">15</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">24</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">24</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">24</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">jan-1970</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Oct-2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">25</font></div>
</td>
</tr><tr>
<td style="width: 13%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Others</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Mortgage</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,781</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,938</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">195</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,018</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5,830</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8,848</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(89)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8,759</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">n/a</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Oct-2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">n/a</font></div>
</td>
</tr><tr>
<td style="width: 13%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Rental properties</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11,303</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">17,338</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,561</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">17,536</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">28,103</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">45,639</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2,169)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">43,470</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-148</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: -57px; text-indent: 24px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Schedule
I</font>(Continued)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 15%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="border-top: solid 1px black; width: 15%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Initial
costs</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="border-top: solid 1px black; width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Subsequent
costs</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="border-top: solid 1px black; width: 24%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Costs
at end of the year</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 15%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Name</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Encumbrances</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Plot
of land</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Buildings,
facilities and improvements</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Improvements
/ Additions</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Plot
of land</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Buildings,
facilities and&#xA0;&#xA0;improvements</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Accumulated
depreciation</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Net
book amount</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Date
of construction</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Date
of acquisition</font></div>
</td>
<td style="width: 1%">
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</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">46</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">46</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">46</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">46</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Nov-1997</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Santa Mar&#xED;a
del Plata</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">159</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">159</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">159</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">159</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Jul-1997</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Others</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="width: 15%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operations
Center in Israel</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Tivoli</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">15</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">24</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">24</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">24</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">apr-2011</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Oct-2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Queensridge
Towers</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">223</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">266</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">266</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">266</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">apr-2011</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Oct-2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Zarchini
Raanana</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">49</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">78</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">78</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">78</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Oct-2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Kurdani</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Oct-2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 15%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Others</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,056</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,785</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,785</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(8)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,777</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">n/a</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Oct-2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">n/a</font></div>
</td>
</tr><tr>
<td style="width: 15%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
undeveloped parcels of land</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,573</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">54</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,354</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">78</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,432</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(8)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,424</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Properties
under development</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 15%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operations
Center in Argentina</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">PH Office
Park</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">in
progress</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Catalinas
Norte</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">42</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">42</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">48</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">48</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">in
progress</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Dec-1999</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 15%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operations
Center in Israel</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Tivoli</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,170</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">103</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,981</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,981</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,981</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">in
progress</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Oct-2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ispro Planet
&#x2013; Beer Sheva &#x2013; Phase 1</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">154</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">294</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">296</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">245</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">817</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,062</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,062</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">in
progress</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Oct-2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 15%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Others</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">149</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">245</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">191</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">689</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">880</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">880</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">in
progress</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Oct-2015</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">n/a</font></div>
</td>
</tr><tr>
<td style="width: 15%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
properties under development</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">345</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,709</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">412</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">478</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,500</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,978</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,978</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 15%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">13,221</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">19,101</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,973</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 6%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">20,368</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">31,681</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">52,049</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(2,177)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">49,872</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-149</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Schedule
II<br></font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 15px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">As at June 30, 2015
and 2014, IDBD was considered a significant associate pursuant to
SEC rule 3-09, set out below is summarized financial information of
IDBD as of those dates:</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 15px; text-indent: 48px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Summarized
statements of financial position</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 24%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IDBD</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(in
millions of pesos)</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;2015</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Assets</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Non-
Current Assets</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Investment in
associates&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8,866</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9,118</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other investments
and derivative financial instruments</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">833</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5,856</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Property, plant and
equipment&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">13,450</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">12,791</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Investment
properties&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">27,299</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">24,317</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Intangible
assets&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11,419</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">12,580</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other non-current
assets&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,068</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,375</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
non-current
assets&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">64,935</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">68,037</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Current
Assets</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other investments
and derivative financial instruments</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5,251</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8,354</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Trade and other
receivables&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6,101</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6,878</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cash and cash
equivalents&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8,375</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">10,829</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other current
assets&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">10,617</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5,762</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
current
assets&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">30,344</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">31,823</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
assets&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">95,279</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">99,860</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Liabilities</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Non-Current
Liabilities</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Obligations&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">41,961</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">45,756</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Bank loan and other
financial
liabilities&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7,553</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6,747</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financial
instruments&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7,274</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8,072</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other non-current
liabilities&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,896</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,767</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
non-current
liabilities&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">61,684</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">65,342</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Current
Liabilities</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Obligations&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7,002</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7,899</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Bank loan and other
financial
liabilities&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5,338</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6,340</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Trade
payables&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6,053</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5,923</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other current
liabilities&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5,816</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6,502</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
current
liabilities&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">24,209</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">26,664</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
liabilities&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">85,893</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">92,006</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Net
assets&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">9,386</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">7,854</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Non-controlling
interest&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8,526</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8,643</font></div>
</td>
</tr><tr>
<td style="width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Net
assets of the Parent
company&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">860</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(789)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-150</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Schedule
II</font> (Continued)</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 36px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Summarized
statements of comprehensive income</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 46%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 24%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IDBD</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(in
millions of pesos)</font></div>
</td>
</tr><tr>
<td style="width: 46%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(period
of</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">twelve
months)</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(period
of</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">six
months)</font></div>
</td>
</tr><tr>
<td style="width: 46%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Gross
profit&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7,316</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9,564</font></div>
</td>
</tr><tr>
<td style="width: 46%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Profit before
Income
Tax&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">945</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,013</font></div>
</td>
</tr><tr>
<td style="width: 46%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Income
tax&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(232)</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(592)</font></div>
</td>
</tr><tr>
<td style="width: 46%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Profit from
continuing
operations&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">713</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">421</font></div>
</td>
</tr><tr>
<td style="width: 46%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Profit from
discontinued
operations&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">144</font></div>
</td>
</tr><tr>
<td style="width: 46%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Net Profit for the
period&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">713</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">565</font></div>
</td>
</tr><tr>
<td style="width: 46%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other comprehensive
income&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(562)</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">221</font></div>
</td>
</tr><tr>
<td style="width: 46%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Total comprehensive
income for the
period&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">151</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">786</font></div>
</td>
</tr><tr>
<td style="width: 46%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Profit attributable
to non-controlling
interest&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">140</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">833</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 36px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Summarized
statements of cash flows</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 46%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 24%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IDBD</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(in
millions of pesos)</font></div>
</td>
</tr><tr>
<td style="width: 46%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(period
of</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">twelve
months)</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(period
of</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">six
months)</font></div>
</td>
</tr><tr>
<td style="width: 46%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Net cash generated
by operating
activities&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,909</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,346</font></div>
</td>
</tr><tr>
<td style="width: 46%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Net cash generated
by investing
activities&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,389</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,228</font></div>
</td>
</tr><tr>
<td style="width: 46%">
<div style="text-align: left; margin-left: 12px; margin-right: -13px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Net cash used in
financing
activities&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(4,505)</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(11,805)</font></div>
</td>
</tr><tr>
<td style="width: 46%">
<div style="text-align: left; margin-left: 12px; margin-right: -4px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Net decrease in
cash and cash
equivalents&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(207)</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(4,231)</font></div>
</td>
</tr><tr>
<td style="width: 46%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 46%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Net decrease in
cash and cash equivalents from continuing operations</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(207)</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(6,935)</font></div>
</td>
</tr><tr>
<td style="width: 46%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Net increase in
cash and cash equivalents from discontinued operations</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,704</font></div>
</td>
</tr><tr>
<td style="width: 46%">
<div style="text-align: left; margin-left: 12px; margin-right: -4px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Net decrease in
cash and cash
equivalents&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(207)</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(4,231)</font></div>
</td>
</tr><tr>
<td style="width: 46%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 46%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cash and cash
equivalents at beginning of period</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8,480</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11,870</font></div>
</td>
</tr><tr>
<td style="width: 46%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Foreign exchange
gain on cash and cash equivalents</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">107</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,846</font></div>
</td>
</tr><tr>
<td style="width: 46%">
<div style="text-align: left; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Changes in cash
included in assets classified as held for sale</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(5)</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">344</font></div>
</td>
</tr><tr>
<td style="width: 46%">
<div style="text-align: left; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cash and cash
equivalents at end of
year&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8,375</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">10,829</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-151</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Schedule
III</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 15px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The following is
condensed financial information of IRSA Inversiones y
Representaciones Sociedad An&#xF3;nima (&#x201C;IRSA&#x201D; or the
Company), the parent Company, prepared in accordance with SEC
Regulation S-X 12-04:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 6px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Statements
of Financial Position as of June 30, 2016 and 2015</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">06.30.16</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">06.30.15</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">ASSETS</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Non-current
assets</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Investment
properties&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">457</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">412</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Property, plant and
equipment&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Trading
properties&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">70</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Intangible
assets&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">52</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">52</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Investments in
subsidiaries, associates and joint ventures (Note 2)</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,052</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,723</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Deferred income tax
assets&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">345</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">283</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Income tax and
minimum presumed income tax ("MPIT") credit</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">108</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Trade and other
receivables&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">62</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,248</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Investments in
financial
assets&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
non-current
assets&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">5,249</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">5,932</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Current
assets</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Trading
properties&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Inventories&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Trade and other
receivables&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">101</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">215</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: -9px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Income tax and
minimum presumed income tax ("MPIT") credit</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">13</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: -9px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Investments in
financial
assets&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">24</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">96</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cash and cash
equivalents&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
current
assets&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">140</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">327</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">TOTAL
ASSETS&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">5,389</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">6,259</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">SHAREHOLDERS&#x2019;
EQUITY</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Share
capital&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">575</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">574</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Treasury
shares&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Inflation
adjustment of share capital and treasury shares</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">123</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">123</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Share
premium&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">793</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">793</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Additional paid-in
capital from treasury
shares&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">16</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Legal
reserve&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">117</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">117</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Special
reserve&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other
reserves&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">726</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">299</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Accumulated
deficit&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,243)</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(40)</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">TOTAL
SHAREHOLDERS&#x2019;
EQUITY&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,115</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,882</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">LIABILITIES</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Non-current
liabilities</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Trade and other
payables&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">571</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Borrowings (Note
3)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,224</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,819</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other Liabilities
(Note
2)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">583</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Provisions&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
non-current
liabilities&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,802</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3,406</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Current
liabilities</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Trade and other
payables&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">196</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">94</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Salaries and social
security
liabilities&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Borrowings (Note
3)&#x2026;.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,247</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">850</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Provisions&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">28</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">25</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
current
liabilities&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,472</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">971</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">TOTAL
LIABILITIES&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">4,274</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">4,377</font></div>
</td>
</tr><tr>
<td style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">TOTAL
SHAREHOLDERS&#x2019; EQUITY AND LIABILITIES</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">5,389</font></div>
</td>
<td style="width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">6,259</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The accompanying
notes are an integral part of these condensed financial
information.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-152</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Schedule
III</font> (Continued)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Statements of Operations for the fiscal years
ended June 30, 2016, 2015 and 2014</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 46%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">06.30.16</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">06.30.15</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">06.30.14</font></div>
</td>
</tr><tr>
<td style="width: 46%">
<div style="text-align: left; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Revenues<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">62</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">219</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">250</font></div>
</td>
</tr><tr>
<td style="width: 46%">
<div style="text-align: left; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Costs<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(29)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(74)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(95)</font></div>
</td>
</tr><tr>
<td style="width: 46%">
<div style="text-align: left; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Gross
profit<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">33</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">145</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">155</font></div>
</td>
</tr><tr>
<td style="width: 46%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Gain from disposal
of investment properties<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">729</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">525</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">236</font></div>
</td>
</tr><tr>
<td style="width: 46%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">General and
administrative expenses <font id="TAB1" style="margin-left: 24px"><br></font></font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(142)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(101)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(75)</font></div>
</td>
</tr><tr>
<td style="width: 46%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Selling
expenses<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(30)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(24)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(28)</font></div>
</td>
</tr><tr>
<td style="width: 46%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other operating
results, net<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(14)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(72)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(11)</font></div>
</td>
</tr><tr>
<td style="width: 46%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Profit
from operations<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">576</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">473</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">277<br>
</font></div>
</td>
</tr><tr>
<td style="width: 46%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Share of (loss)
profit of subsidiaries, associates and joint ventures<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(335)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">158</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(261)</font></div>
</td>
</tr><tr>
<td style="width: 46%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Profit
from operations before financial results and income tax<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">241</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">631</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">16<br>
</font></div>
</td>
</tr><tr>
<td style="width: 46%">
<div style="text-align: left; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Finance
income<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,578</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">286</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">140</font></div>
</td>
</tr><tr>
<td style="width: 46%">
<div style="text-align: left; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Finance
cost<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2,671)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(723)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,275)</font></div>
</td>
</tr><tr>
<td style="width: 46%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other financial
results<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">64</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(187)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(7)</font></div>
</td>
</tr><tr>
<td style="width: 46%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financial results,
net<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,029)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(624)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,142)</font></div>
</td>
</tr><tr>
<td style="width: 46%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(Loss)
/ Profit before income tax<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(788)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">7</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1,126)</font></div>
</td>
</tr><tr>
<td style="width: 46%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Income tax<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">95</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(48)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">281</font></div>
</td>
</tr><tr>
<td style="width: 46%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Loss
for the year<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(693)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(41)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(845)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The accompanying
notes are an integral part of these condensed financial
information.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Statements of Comprehensive Operations for the
fiscal years ended June 30, 2016, 2015 and 2014</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">06.30.16</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">06.30.15</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">06.30.14</font></div>
</td>
</tr><tr>
<td style="width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Loss for the
year<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(693)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(41)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(786)</font></div>
</td>
</tr><tr>
<td style="width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Other
comprehensive (loss) / income:</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Items
that may be reclassified subsequently to profit or
loss:</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 44%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Share of currency
translation adjustment of subsidiaries, associates and joint
ventures</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(100)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(124)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">348</font></div>
</td>
</tr><tr>
<td style="width: 44%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Share of other
earnings in relation with companies accounted for under the equity
method</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(37)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 44%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Share of changes in
other reserves in relation with companies accounted for under the
equity method</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(10)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Other
comprehensive (loss) / income for the year (i)<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(147)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(124)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">348</font></div>
</td>
</tr><tr>
<td style="width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
comprehensive loss for the year<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(840)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(165)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(438)</font></div>
</td>
</tr></table>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 36px">
<font><font style="font-size: 13px; font-family: Times New Roman">(i)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Components of other
comprehensive (loss) / income have no impact on income
tax.</font></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The accompanying
notes are an integral part of these condensed financial
information.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-153</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Schedule
III</font> (Continued)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Statement
of Changes in Shareholders&#x2019; Equity for the fiscal years ended
June 30, 2016</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Share
capital</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Treasury
shares</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Inflation</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">adjustment
of share capital and treasury shares (2)</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Share</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">premium</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Additional
paid-in capital from</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">treasury
shares</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Legal</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">reserve</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Special</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;reserve
(1)</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Other
reserves</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Accumulated</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">deficit</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Shareholders&#x2019; equity</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Balance
at July 1<font style="vertical-align: super; font-size: 70%">st</font>, 2015<font id="TAB2" style="letter-spacing: 3pt; color: black">&#xA0;</font></font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">574</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">5</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">123</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">793</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">7</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">117</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">299</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(40)</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,882</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Loss for the
year<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(693)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(693)</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other comprehensive
loss for the year<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(147)</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(147)</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
comprehensive loss for the year<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(147)</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(693)</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(840)</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: justify; margin-left: 12px; margin-right: 14px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Share of changes in
subsidiaries&#x2019; equity<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">37</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">37</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: justify; margin-left: 12px; margin-right: 14px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Appropriation of
retained earnings approved by Shareholders&#x2019; meeting held
11.26.15</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">520</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(520)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: justify; margin-left: 12px; margin-right: 14px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Transactions with
non-controlling interest<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: justify; margin-left: 12px; margin-right: 14px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Reserve for
share-based compensation<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">17</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: justify; margin-left: 12px; margin-right: 14px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Reimbursement of
expired dividends<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">10</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">10</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: justify; margin-left: 12px; margin-right: 14px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cumulative
translation adjustment for interest held before business
combination</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;-</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(91)</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(91)</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 14px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Balance
at June 30, 2016<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">575</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">123</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">793</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">16</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">117</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">726</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1,243)</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,115</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 0px">
<font><font style="font-size: 13px; font-family: Times New Roman">(1)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Related to CNV
General Resolution N&#xB0; 609/12.&#xA0;Pursuant to CNV General
Ruling N&#xB0; 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></font></div>
</div>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 0px">
<font><font style="font-size: 13px; font-family: Times New Roman">(2)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Includes Ps. 1 of
Inflation adjustment of treasury shares.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The accompanying
notes are an integral part of these condensed financial
information.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-154</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Schedule
III</font> (Continued)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Statement
of Changes in Shareholders&#x2019; Equity for the fiscal years ended
June 30, 2015</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Share
capital</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Treasury
shares</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Inflation</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">adjustment
of share capital and treasury shares (2)</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Share</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">premium</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Additional
paid-in capital from treasury shares</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Legal</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">reserve</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Special</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">reserve
(1)</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Other
reserves</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Accumulated</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">deficit</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Shareholders&#x2019; equity</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Balance
at July 1<font style="vertical-align: super; font-size: 70%">st</font>, 2014<font id="TAB2" style="letter-spacing: 3pt; color: black">&#xA0;</font></font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">574</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">5</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">123</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">793</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">117</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">375</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">806</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(785)</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,008</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Loss for the
year<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(41)</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(41)</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other comprehensive
loss for the year<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(124)</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(124)</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
comprehensive loss for the year<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(124)</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(41)</font></div>
</td>
<td style="width: 10%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(165)</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Appropriation of
retained earnings approved by Shareholders&#x2019; meeting held
06.19.14</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(371)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(414)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">785</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Reserve for
share-based compensation<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">22</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">22</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Share-based
compensation&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(7)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Transactions with
non- controlling interest<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">16</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">16</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Reimbursement of
expired dividends<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 11%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 10%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
</tr><tr>
<td style="width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Balance
at June 30,
2015&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">574</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">5</font></div>
</td>
<td style="width: 11%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">123</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">793</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">7</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">117</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">299</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(40)</font></div>
</td>
<td style="width: 10%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,882</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 0px">
<font><font style="font-size: 13px; font-family: Times New Roman">(1)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Related to CNV
General Resolution N&#xB0; 609/12.&#xA0;Pursuant to CNV General
Ruling N&#xB0; 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></font></div>
</div>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 0px">
<font><font style="font-size: 13px; font-family: Times New Roman">(2)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Includes Ps. 1 of
Inflation adjustment of treasury shares.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The accompanying
notes are an integral part of these condensed financial
information.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-155</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Schedule
III</font> (Continued)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Statement
of Changes in Shareholders&#x2019; Equity for the fiscal years ended
June 30, 2014</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Share
capital</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Treasury
shares</font></div>
</td>
<td style="width: 13%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Inflation
adjustment of share capital and treasury shares (2)</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Share</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">premium</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Legal
reserve</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Special
reserve (1)</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Other
reserves</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Accumulated</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">deficit</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Shareholders&#x2019; equity</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Balance
at July 1<font style="vertical-align: super; font-size: 70%">st</font>,
2013&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">579</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 13%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">123</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">793</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">85</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">395</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">532</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">239</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,746</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Loss for the
year&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(786)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(786)</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other comprehensive
income for the
year&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 13%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">348</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">348</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
comprehensive income / (loss) for the year<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 13%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">348</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(786)</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(438)</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Appropriation of
retained earnings approved by Shareholders&#x2019; meeting held
10.31.13</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">32</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(20)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(12)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Release of reserve
for new developments approved by Shareholders&#x2019;&#x2019; meeting
held 10.31.13</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(23)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">23</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Distribution of
dividends approved by Shareholders&#x2019; meeting held
10.31.13</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(250)</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(250)</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Release of reserve
for new developments approved by Shareholders&#x2019;&#x2019; meeting
held 06.19.14&#x2026;&#x2026;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(57)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">57</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Reserve for
share-based
compensation&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">45</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">45</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Acquisition of
treasury
shares&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(5)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(38)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(38)</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Transactions with
non-controlling
interest&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Reimbursement of
expired
dividends&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 13%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td style="width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
</tr><tr>
<td style="width: 48%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Distribution of
dividends approved by Shareholders&#x2019; meeting
held&#xA0;&#xA0;06.19.14</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 13%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(57)</font></div>
</td>
<td style="width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(57)</font></div>
</td>
</tr><tr>
<td style="width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Balance
at June 30,
2014&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">574</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">5</font></div>
</td>
<td style="width: 13%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">123</font></div>
</td>
<td style="width: 7%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">793</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">117</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">375</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">806</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(785)</font></div>
</td>
<td style="width: 8%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,008</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 0px">
<font><font style="font-size: 13px; font-family: Times New Roman">(1)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Related to CNV
General Resolution N&#xB0; 609/12.&#xA0;Pursuant to CNV General
Ruling N&#xB0; 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></font></div>
</div>
</div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 0px">
<font><font style="font-size: 13px; font-family: Times New Roman">(2)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Includes Ps. 1 of
Inflation adjustment of treasury shares.</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The accompanying
notes are an integral part of these condensed financial
information.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-156</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Schedule
III</font> (Continued)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 36px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Statements of Cash Flows for the fiscal years
ended June 30, 2016, 2015 and 2014</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td colspan="2" style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cash and cash
equivalents at end of year<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td colspan="3" style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6</font></div>
</td>
<td colspan="1" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3</font></div>
</td>
<td colspan="1" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">43</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 5px; text-indent: 12px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Less:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 5px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Cash and cash
equivalents at the beginning of the year<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td colspan="3" style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3</font></div>
</td>
<td colspan="1" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">43</font></div>
</td>
<td colspan="1" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">63</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Unrealized foreign
exchange gain on cash and cash equivalents</font></div>
</td>
<td colspan="3" style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="1" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="1" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 5px; text-indent: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Net
increase / (decrease) in cash and cash equivalents</font></div>
</td>
<td colspan="3" style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3</font></div>
</td>
<td colspan="1" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(40)</font></div>
</td>
<td colspan="1" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(26)</font></div>
</td>
</tr><tr>
<td style="width: 50%; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 5px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Causes</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 5px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operating
activities:</font></div>
</td>
<td colspan="3" style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Loss for the
year&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(693)</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(41)</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(786)</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Adjustments for:</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Income
tax&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(95)</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">48</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(281)</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Depreciation and
amortization&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">15</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">28</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Gain from disposal
of
associates&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(3)</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Gain from disposal
of investment
properties&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(729)</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(525)</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(236)</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Loss from
cancellation in advance of Non-Convertible Notes</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">154</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Share-based
payments&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(Gain) / Loss from
derivative financial instruments</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(119)</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Changes in fair
value of investments in financial assets</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">55</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">175</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Interest expense,
net&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">385</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">288</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">314</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Provisions and
allowances&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">13</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">26</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Share of loss /
(profit) from subsidiaries, associates and joint
ventures</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">335</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(158)</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">261</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Unrealized foreign
exchange loss,
net&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">501</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">137</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">850</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Increase in
inventories&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Decrease in trading
properties&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Decrease /
(Increase) in trade and other receivables</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(25)</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(Decrease) /
Increase in trade and other payables</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">329</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="width: 9%">
<div style="text-align: right; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(Decrease) /
Increase in salaries and social security liabilities</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(7)</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="width: 9%">
<div style="text-align: right; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Decrease in
provisions&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Cash
generated from (used in) operating activities</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">123</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(27)</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">164</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Income tax
paid<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td colspan="3" style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="1" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(12)</font></div>
</td>
<td colspan="1" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(26)</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 5px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Net
cash generated from (used in) operating activities</font></div>
</td>
<td colspan="3" style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">123</font></div>
</td>
<td colspan="1" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(39)</font></div>
</td>
<td colspan="1" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">138</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 5px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Investing
activities:</font></div>
</td>
<td colspan="3" style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: -7px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Capital
contributions to subsidiaries, associates and joint
ventures</font></div>
</td>
<td colspan="3" style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2,907)</font></div>
</td>
<td colspan="1" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(760)</font></div>
</td>
<td colspan="1" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(144)</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: -4px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Additions of
investment properties<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td colspan="3" style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(5)</font></div>
</td>
<td colspan="1" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(169)</font></div>
</td>
<td colspan="1" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(4)</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 5px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Proceeds from sale
of investment properties<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td colspan="3" style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,340</font></div>
</td>
<td colspan="1" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">677</font></div>
</td>
<td colspan="1" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">402</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 5px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Proceeds from sale
of subsidiaries, associates and joint ventures</font></div>
</td>
<td colspan="3" style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">186</font></div>
</td>
<td colspan="1" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="1" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">23</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 5px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Additions of
property, plant and equipment<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td colspan="3" style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td colspan="1" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
<td colspan="1" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: -7px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Additions of
investments in financial assets<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td colspan="3" style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,563)</font></div>
</td>
<td colspan="1" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,343)</font></div>
</td>
<td colspan="1" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(370)</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: -7px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Proceeds from sale
of investments in financial assets<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td colspan="3" style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,152</font></div>
</td>
<td colspan="1" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,261</font></div>
</td>
<td colspan="1" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">333</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;Proceeds from
/ (Payments of) derivative financial instruments</font></div>
</td>
<td colspan="3" style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">119</font></div>
</td>
<td colspan="1" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(8)</font></div>
</td>
<td colspan="1" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: -7px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Interest
received<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td colspan="3" style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">172</font></div>
</td>
<td colspan="1" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="1" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 5px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Loans granted to
subsidiaries, associates and joint ventures<br></font></div>
</td>
<td colspan="3" style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="1" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
<td colspan="1" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(153)</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 5px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Proceeds from loans
granted to subsidiaries, associates and joint
ventures<br></font></div>
</td>
<td colspan="3" style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="1" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="1" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">10</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 5px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Share-holding
acquisition in equity investees&#xA0;&#xA0;associates</font></div>
</td>
<td colspan="3" style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="1" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(6)</font></div>
</td>
<td colspan="1" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 5px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Dividends
received<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td colspan="3" style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="1" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">224</font></div>
</td>
<td colspan="1" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">392</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 5px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Net
cash generated from (used in) investing activities</font></div>
</td>
<td colspan="3" style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,493</font></div>
</td>
<td colspan="1" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(127)</font></div>
</td>
<td colspan="1" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">489</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-157</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Schedule
III</font> (Continued)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Statements of Cash Flows for the fiscal years
ended June 30, 2016, 2015 and 2014</font> (Continued)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td colspan="2" style="width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: -7px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Financing
activities:</font></div>
</td>
<td colspan="3" style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: -7px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Bank overdrafts,
net<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td colspan="3" style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">496</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">346</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(95)</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: -7px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Proceeds from
borrowings<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td colspan="3" style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">210</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: -7px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Payment of
non-convertible notes<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td colspan="3" style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(95)</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(214)</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 1px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Repurchase of
treasury shares<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td colspan="3" style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(38)</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 1px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;Repurchase of
non-convertible notes<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td colspan="3" style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(121)</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;Payments of
borrowings<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td colspan="3" style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(100)</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(110)</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;Early payment
of non-convertible notes<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td colspan="3" style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2,261)</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: -4px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Dividends
paid<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td colspan="3" style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(9)</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(48)</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(90)</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: -7px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Interest
paid<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td colspan="3" style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(599)</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(358)</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(251)</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: justify; margin-left: 12px; margin-right: -7px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Payment of
borrowings from subsidiaries, associates and joint
ventures<br></font></div>
</td>
<td colspan="3" style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(3)</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(3)</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(219)</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: -7px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Issuance of
non-convertible notes<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td colspan="3" style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">36</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">218</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: -7px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Borrowings from
subsidiaries, associates and joint ventures</font></div>
</td>
<td colspan="3" style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">72</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">53</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">36</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: justify; margin-left: 12px; margin-right: 5px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Net
cash (used in) generated from financing activities</font></div>
</td>
<td colspan="3" style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(2,613)</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">126</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(653)</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 5px; text-indent: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Net
increase / (decrease) in cash and cash equivalents</font></div>
</td>
<td colspan="3" style="width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(40)</font></div>
</td>
<td colspan="2" style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 9%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(26)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The accompanying
notes are an integral part of these condensed financial
information.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1.</font><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Basis
of preparation and summering of the significant accounting
policies</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: -2px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The Financial
Statements of the Company for the years ended June 30, 2016 and
2015 have been prepared in accordance with the Technical Resolution
N&#xB0; 26 of the Argentine Federation of Professional Councils in
Economic Sciences ("FACPCE", as per its Spanish acronym), adopted
by the National Securities Commission ("CNV", as per its Spanish
acronym). This Technical Resolution differs from International
Accounting Standard ("IAS") 1 &#x201C;Presentation of Financial
Statements&#x201D; issued by the International Accounting Standards
Board ("IASB"), in reference to the accounting measurement criteria
of the investments in subsidiaries, joint ventures and associates,
which are accounted for under the equity method described by IAS 28
&#x201C;Investments in Associates&#x201D;. This criterion differs
from the provisions of paragraph 38 of IAS 27 &#x201C;Separate
Financial Statements&#x201D;, whereby such investments are measured
at cost or fair value. The Company adopted IFRS in the fiscal year
beginning on July 1st, 2012, being its transition date July 1st,
2011.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The CNV, through
General Resolutions N&#xB0; 562/09 and 576/10, has provided for the
application of Technical Resolution N&#xB0; 26 and its amendment
Technical Resolution N&#xB0; 29 of the FACPCE, which adopt the
International Financial Reporting Standards (&#x201C;IFRS&#x201D;),
issued by the International Accounting Standards Board
(&#x201C;IASB&#x201D;), for companies subject to the public offering
regime ruled by Law 17,811, due to the listing of their shares or
corporate notes, and for entities that have applied for
authorization to be listed under the mentioned regime.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The principal
accounting policies adopted of these Financial Statements are
included in Note 2 to the Audited Consolidated Financial Statements
except for the accounting measurement criteria of the investments
in subsidiaries, joint ventures and associates explained in the
paragraph above.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-158</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Schedule
III</font> (Continued)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.</font><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Investment
in subsidiaries, associates and joint ventures
(Continued)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Detailed below is
the evolution of the Company&#x2019;s investments in subsidiaries,
associates and joint ventures of the Company, for the years ended
June 30, 2016 and 2015:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
</tr><tr>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Beginning
of year<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,140</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3,441</font></div>
</td>
</tr><tr>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Capital
contribution (i)<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,907</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,378</font></div>
</td>
</tr><tr>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Share of profit /
(loss), net<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(335)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">158</font></div>
</td>
</tr><tr>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Translation
adjustment<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(191)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(124)</font></div>
</td>
</tr><tr>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cash dividends
(ii)<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(286)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(455)</font></div>
</td>
</tr><tr>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Reimbursement of
expired dividends<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">10</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</td>
</tr><tr>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Merger&#x2013;spin-off<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(165)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Acquisition of
non-controlling interest<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(19)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">22</font></div>
</td>
</tr><tr>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Intergroup
transactions from transfer of assets<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2,158)</font></div>
</td>
</tr><tr>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Disposal of
subsidiaries, associates and joint ventures</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(3)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Capital reduction
(iii)<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(123)</font></div>
</td>
</tr><tr>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other
comprehensive<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(47)</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other
reserves<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">36</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 4px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">End
of the year (iv) (v)<font id="TAB2" style="letter-spacing: 3pt; color: black">&#xA0;</font></font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">4,047</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 4px double black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,140</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(i)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">During the year
capital contributions were made to Tyrus S.A. and Manibil S.A. for
Ps. 2,897 and Ps. 10, respectively.&#xA0;During the fiscal year
ended as of June 30, 2015 capital contributions were made to
Manibil S.A., Tyrus S.A., Solares and Efanur S.A. for Ps. 7, Ps.
1,288, Ps. 1 and Ps. 82 respectively.</font></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(ii)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">During the year
Palermo Invest S.A., Inversora Bol&#xED;var S.A., ECLSA, Cyrsa and
IRSA CP distributed dividends to the Company for an amount of Ps.
3, Ps. 3, Ps. 3, Ps. 6 and Ps. 271, respectively. During the year
ended June 30, 2015, IRSA CP, Cyrsa S.A., BHSA, Inversora Bolivar
S.A. and ECLSA, distributed dividends to the company for an amount
of Ps. 418, Ps. 31, Ps. 2, Ps. 2, and Ps. 2,
respectively.</font></font></div>
</div>
</div>
<div style="text-align: left; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(iii)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">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. 111 and Ps.
12, respectively.</font></font></div>
</div>
</div>
<div style="text-align: justify">
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(iv)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">As of June 30, 2015
includes (Ps. 583) corresponding to equity interest in IRSA CP,
included in Other Liabilities non-current. Even though the Company
had positive financial position and income, under applicable
accounting standards, the Company recorded an adjustment to
consolidated income items included in the asset balance of the
subsidiary, resulting in a negative accounting
exposure.</font></font></div>
</div>
</div>

<div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 24px">
<font><font style="font-size: 13px; font-family: Times New Roman">(v)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Includes a balance
of Ps. (5) reflecting interests in companies with negative equity
as of June 30, 2016 corresponding to the equity interest in Hoteles
Argentinos S.A..</font></font></div>
</div>
</div>
</div>
</div>
</div>
</div>
<div style="text-align: left; display: table-cell; width: 48px">
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-159</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Schedule
III</font> (Continued)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3.</font><font id="TAB2" style="letter-spacing: 9pt; color: black">&#xA0;</font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Borrowings</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: -16px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Company&#x2019;s
borrowings as of June 30, 2016 and 2015 are as
follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; margin-right:0px;width:100%;font-size:13px;font-family:Times New Roman;margin-left:0px;">
<tr>
<td rowspan="1" style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:2px solid black;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:2px solid black;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="2" rowspan="1" style="vertical-align:bottom;width:24%;">
<div><font style="text-align: left; padding-bottom:2px;width:5%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:90%;border-bottom:2px solid black;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">Book
value</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:5%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; padding-bottom: 2px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Secured
/ unsecured</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; padding-bottom: 2px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Currency</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; padding-bottom: 2px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Fixed
Rate / Floating</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:2px solid black;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">Effective</font></div>
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">interest
rate %</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:2px solid black;display:inline-block;">
<div><font>&#xA0;</font></div>
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">Nominal
value</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:2px solid black;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">June
30,</font></div>
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">2016</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:2px solid black;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">June
30,</font></div>
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">2015</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Non-current</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">IRSA NCN due
2017&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">US$</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Fixed</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">8.50</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">%</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">75</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1,355</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">IRSA NCN due
2020&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">US$</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Fixed</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">11.50</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">%</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">75</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1,063</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1,345</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">IRSA NCN due
2017&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Floating</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">Badlar + 450
points</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">11</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">11</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Non-current
borrowings&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:2px solid black;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:2px solid black;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">1,063</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:2px solid black;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:2px solid black;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">2,711</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Related
parties&#xA0;&#xA0;(1)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">161</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">108</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
non-current borrowings</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:2px solid black;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:2px solid black;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">1,224</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:2px solid black;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:2px solid black;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">2,819</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Current</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">IRSA NCN due
2017&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">US$</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Fixed</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">8.50</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">%</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">75</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1,159</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">48</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">IRSA NCN due
2020&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">US$</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Fixed</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">11.50</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">%</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">75</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">56</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">70</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">IRSA NCN due
2017&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Floating</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">Badlar + 450
points</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">11</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">11</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">IRSA NCN due
2015&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Floating</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">Badlar + 395
points</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">214</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Bank
overdrafts&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Floating</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">859</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">352</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Bank
loans&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Fixed</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">23</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">%</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">100</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Borrowings
current&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:2px solid black;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:2px solid black;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">2,085</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:2px solid black;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:2px solid black;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">784</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Related parties
(1)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">162</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">66</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Current
borrowings&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:2px solid black;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:2px solid black;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">2,247</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:2px solid black;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:2px solid black;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">850</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 4px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
borrowings&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 4px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 4px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 4px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:4px double black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:4px double black;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:4px double black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:4px double black;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:4px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:4px double black;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:4px double black;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">3,471</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:4px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:4px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:4px double black;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:4px double black;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">3,669</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:4px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-160</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Schedule
III</font> (Continued)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">3.</font></font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Borrowings</font>
(Continued)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="display: table; margin-left: 12px;">
<div style="display: table-row">
<div style="text-align: right; display: table-cell; width: 72px">
<font><font style="font-size: 13px; font-family: Times New Roman">(1)&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font><font style="font-size: 13px; font-family: Times New Roman">Related parties
breakdown:</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; margin-right:0px;width:100%;font-size:13px;font-family:Times New Roman;margin-left:0px;">
<tr>
<td rowspan="1" style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:2px solid black;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:2px solid black;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="2" rowspan="1" style="vertical-align:bottom;width:24%;">
<div><font style="text-align: left; padding-bottom:2px;width:5%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:90%;border-bottom:2px solid black;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">Book
value</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:5%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; padding-bottom: 2px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Secured
/ unsecured</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; padding-bottom: 2px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Currency</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; padding-bottom: 2px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Fixed
Rate/ Floating</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:2px solid black;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">Effective</font></div>
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">interest
rate %</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:2px solid black;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">Nominal
value</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:2px solid black;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">June
30,</font></div>
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">2016</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:2px solid black;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">June
30,</font></div>
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">2015</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Non-current</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Inversora
Bol&#xED;var
S.A.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Floating</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">Badlar</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">4</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">6</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Nuevas Fronteras
S.A.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Floating</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">Badlar</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">21</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">30</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">21</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Cyrsa
S.A.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Floating</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">Badlar</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">13</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">14</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Ritelco
S.A.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">US$</font></div>
</td>
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px; padding-bottom: 2px;"><font style="font-size: 13px; font-family: Times New Roman">Floating</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block; padding-bottom: 2px;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-size: 13px; font-family: Times New Roman;">Libor 3m + 200
points</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block; padding-bottom: 2px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; padding-bottom: 2px;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">8</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; padding-bottom: 2px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; padding-bottom: 2px;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">125</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; padding-bottom: 2px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; padding-bottom: 2px;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">73</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; padding-bottom: 2px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
non-current related parties borrowings</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:2px solid black;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:2px solid black;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:2px solid black;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">161</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:2px solid black;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:2px solid black;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">108</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Current</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Inversora
Bol&#xED;var
S.A.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Floating</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">Badlar</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">7</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">9</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Nuevas Fronteras
S.A.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Floating</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">Badlar</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">21</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">4</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">IRSA Propiedades
Comerciales S.A.</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">US$</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Fixed</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">Libor 12m + 200
points</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">4</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">66</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">38</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">E-commerce Latina
S.A.&#xA0;.</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Floating</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">Badlar</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">8</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Ritelco
S.A.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Floating</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">Badlar</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">5</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Ritelco
S.A.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">US$</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Floating</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">Libor 3m + 200
points</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">8</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">9</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Ritelco
S.A.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">US$</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Floating</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">4</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">%</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">5</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">73</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Cyrsa
S.A.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Unsecured</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: bottom; width: 13%;">
<div style="text-align: center; text-indent: 0px; margin-right: auto; margin-left: 12px; padding-bottom: 2px;"><font style="font-size: 13px; font-family: Times New Roman">Floating</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block; padding-bottom: 2px;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-size: 13px; font-family: Times New Roman;">Badlar</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block; padding-bottom: 2px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; padding-bottom: 2px;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">13</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; padding-bottom: 2px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; padding-bottom: 2px;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">14</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; padding-bottom: 2px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; padding-bottom: 2px;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">-</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; padding-bottom: 2px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
current related parties borrowings</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:2px solid black;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:2px solid black;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:2px solid black;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">162</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:2px solid black;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:2px solid black;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">66</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 4px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
related parties borrowings</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 4px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 4px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:13%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 4px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:4px double black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:4px double black;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:4px double black;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:4px double black;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:4px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:4px double black;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:4px double black;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">323</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:4px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:4px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:4px double black;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:4px double black;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">174</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:4px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-161</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IRSA
Inversiones y Representaciones Sociedad An&#xF3;nima</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Notes to Consolidated Financial
Statements</font><font style="font-weight: bold">&#xA0;</font>(Continued)</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(All amounts in
millions of Argentine Pesos, except otherwise
indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Schedule
III</font> (Continued)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">3.</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold">Borrowings</font>
(Continued)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">As of June 30, 2016
and 2015 total borrowings include collateralized liabilities
(seller leases and long-term loans) of Ps. 0.4 and Ps. 0.1,
respectively. These borrowings are mainly collateralized by
property, plant and equipment of the Company.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Borrowings also
include liabilities under finance leases where the Company is the
lessee and which therefore have to be measured in accordance with
IAS 17 &#x201C;Leases&#x201D;.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The following table
shows the maturity of the Company's borrowings (excluding finance
leases) and the classification regarding interest rates is as
follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
</tr><tr>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 9px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Principal</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 9px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Less than 1
year<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,126</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">715</font></div>
</td>
</tr><tr>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 9px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Between 1 and 2
years<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,378</font></div>
</td>
</tr><tr>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 9px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Between 2 and 3
years<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">21</font></div>
</td>
</tr><tr>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 9px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Between 3 and 4
years<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 9px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Between 4 and 5
years<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,189</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">73</font></div>
</td>
</tr><tr>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 9px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Later than five
years<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,345</font></div>
</td>
</tr><tr>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: -4px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
principal&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3,315</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3,532</font></div>
</td>
</tr><tr>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 9px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Accrue
interest and expenses</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 9px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Less than 1
year<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">121</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">135</font></div>
</td>
</tr><tr>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 9px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Between 1 and 2
years<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</td>
</tr><tr>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 9px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Between 2 and 3
years<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">30</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 9px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Between 3 and 4
years<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 9px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Between 4 and 5
years<font id="TAB1" style="margin-left: 24px">&#xA0;</font></font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: -4px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
accrue interest and
expenses&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">156</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">137</font></div>
</td>
</tr><tr>
<td style="width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: -4px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
borrowings&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3,471</font></div>
</td>
<td style="width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; border-bottom: 2px solid black">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3,669</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">The fair value of
current borrowings at fixed-rate and current and non-current
borrowings at floating-rate approximates their carrying amount, as
the impact of discounting is not significant. The fair value is
calculated under the discount cash flow method (Level 2 of fair
value).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-162</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000"><!--page break--></div>
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="background-color: #ffff00; font-weight: bold; font-size: 13px; font-family: Times New Roman">
</font><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">To
the Board of Directors and Shareholders of</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Banco
Hipotecario S.A.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">We
have audited the accompanying consolidated balance sheets of Banco
Hipotecario S.A. and its subsidiaries (collectively referred to as
the &#x201C;Bank&#x201D;) as of June 30, 2016 and 2015 and the
related consolidated statements of income, of changes in
shareholders' equity and of cash flows for each of the three
twelve-month periods in the period ended June 30, 2016. These
financial statements are the responsibility of the Bank's
management. Our responsibility is to express an opinion on these
consolidated financial statements based on our audits.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">We
conducted our audits in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those standards
require that we plan and perform an audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis
for our opinion.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">In
our opinion, the consolidated financial statements referred to
above present fairly, in all material respects, the financial
position of Banco Hipotecario S.A. and its subsidiaries as of June
30, 2016 and 2015, and the results of their operations and their
cash flows for each of the three twelve-month periods in the period
ended June 30, 2016 in conformity with accounting rules prescribed
by the Banco Central de la Rep&#xFA;blica Argentina (the
&#x201C;BCRA&#x201D;).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">The
Bank&#x2019;s consolidated financial statements have been prepared
in accordance with Argentine Banking GAAP, which differs in certain
significant respects from U.S. GAAP. Such differences involve
methods of measuring the amounts shown in the consolidated
financial statements, as well as additional disclosures required by
U.S. GAAP and regulations of the SEC. These consolidated financial
statements include solely a reconciliation of net income and
shareholders&#x2019; equity to U.S. GAAP. Pursuant to Item 17 of
Form 20-F, this reconciliation does not include disclosure of all
information that would be required by U.S. GAAP and regulations of
the SEC. Information relating to the nature and effect of the
differences between accounting rules prescribed by the BCRA and
U.S. GAAP is presented in Note 34 to the consolidated financial
statements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td colspan="4" style="vertical-align: top; width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 23%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="4" style="vertical-align: top; width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Buenos
Aires, Argentina</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="4" style="vertical-align: top; width: 22%; border-bottom: 4px double #ffffff">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-family: Times New Roman; font-size: 13px">August 10, 2016,
except for notes 37 and 39 as</font> to which<br></font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #ffffff">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%; border-bottom: 4px double #ffffff">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="4" style="vertical-align: top; width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="color: #000000">the date is October</font> <font style="color: rgb(0, 0, 0);">31, 2016</font></font></div>
&#xA0;&#xA0;</div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="4" style="vertical-align: top; width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="4" style="vertical-align: top; width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 54%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top;">
<div style="margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font>
<font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px; font-family: Times New Roman;">
Price Waterhouse &amp; Co S.R.L.</font> <font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font>
<font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font>
<font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 0%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; border-bottom: 4px double rgb(0, 0, 0);">
<div style="margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font><font style="color: rgb(0, 0, 0); font-size: 13px; font-family: Times New Roman;">By:/s/
Diego Sisto</font> <font style="color: rgb(0, 0, 0); font-size: 13px; font-family: Times New Roman;">
<br></font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: bottom;">
<div style="margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px; font-family: Times New Roman;">Diego
Sisto</font> <font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px; font-family: Times New Roman;">
<br></font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top;">
<div style="margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font><font style="color: rgb(0, 0, 0); font-size: 13px; font-family: Times New Roman;">Partner</font>
<font style="color: rgb(0, 0, 0); font-size: 13px; font-family: Times New Roman;">
<br></font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-163</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><a name="_DV_M2"></a><font style="color: #000000">BANCO HIPOTECARIO SA
AND SUBSIDIARIES</font></font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
CONSOLIDATED BALANCE SHEET</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
As of June 30, 2016 and 2015</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
(Expressed in thousands of Argentine pesos, except share data and
as otherwise indicated)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="vertical-align: top; width: 38%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
June 30,</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
2016</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
2015</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
ASSETS</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Cash
and due from
banks&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;...</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">607,656</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">492,233</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Banks
and
correspondents&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;..</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">2,694,184</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">2,709,342</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">3,301,840</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">3,201,575</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Government
and corporate securities (Note
4)&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;..</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">5,269,499</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">5,271,583</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Loans
(Note 5)</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: -12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Mortgage
loans&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;...</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">2,429,322</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">2,413,401</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: -12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Credit
card
loans&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">10,573,083</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">8,500,601</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: -12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Other
loans&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;..</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">9,203,915</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">8,334,879</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">22,206,320</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">19,248,881</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: -12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Plus:
Accrued interest
receivable&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">240,885</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">218,089</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: -12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Less:
Allowance for loan losses (Note
6)&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;..&#x2026;.</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(493,536)</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(433,825)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">21,953,669</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">19,033,145</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Other
receivables from financial transactions (Note 7)</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Collateral
receivable under repurchase
agreements&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">75,695</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">35,621</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: -12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Amounts
receivable under derivative financial
instruments..&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">54,281</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">4,785</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: -12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Loans
in trust pending securitization
&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">8,390</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">10,301</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: -12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Amounts
receivable under reverse repurchase agreements of government and
corporate securities
&#x2026;&#x2026;&#x2026;&#x2026;..&#x2026;&#x2026;...&#x2026;&#x2026;&#x2026;..</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">541,283</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">94,597</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: -12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Other
(Note
7)..&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.&#x2026;&#x2026;&#x2026;.</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">6,177,987</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">3,247,013</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">6,857,636</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">3,392,317</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: -12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Plus:
Accrued interest
receivable&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;...</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">7,577</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">8,440</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: -12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Less:
Allowance for Other receivables from financial
transactions&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.&#x2026;&#x2026;&#x2026;.</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(23,624)</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(22,611)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">6,841,589</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">3,378,146</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Assets
under financial
leases&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;..</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">135,302</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">125,461</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Investments
in other
companies&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">129,698</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">70,806</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Miscellaneous
receivables (Note
8)..&#x2026;&#x2026;&#x2026;..&#x2026;&#x2026;.&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;..</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1,748,707</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1,559,217</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Bank
premises and equipment (Note
9)..&#x2026;&#x2026;..&#x2026;.&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">317,098</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">186,320</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Miscellaneous
assets (Note
10)&#x2026;&#x2026;..&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;...</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">253,467</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">60,413</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Intangible
assets (Note
11)&#x2026;&#x2026;.&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;..&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;..</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">552,755</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">426,148</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Items
pending
allocation&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;...&#x2026;&#x2026;.</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">23,705</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">8,542</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 24px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold; color: #000000">Total Assets</font><font style="color: #000000">&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;...&#x2026;&#x2026;..&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.</font></font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">40,527,329</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">33,321,356</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">The
accompanying notes are an integral part of these consolidated
financial statements.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-164</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
BANCO HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
CONSOLIDATED BALANCE SHEET &#x2013; (Continued)</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
As of June 30, 2016 and 2015</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
(Expressed in thousands of Argentine pesos, except share data and
as otherwise indicated)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="vertical-align: top; width: 38%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
June 30</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
2016</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
2015</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 18%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
LIABILITIES AND SHAREHOLDERS' EQUITY</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
LIABILITIES</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Deposits</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Checking
accounts&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1,564,438</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">3,151,296</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Saving
accounts&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">2,848,403</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">2,953,065</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Time
deposits&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">12,908,292</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">11,898,186</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Other
deposit
accounts&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;..</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">178,137</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">188,604</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">17,499,270</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">18,191,151</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Plus:
Accrued interest
payable&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">294,263</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">237,680</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">17,793,533</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">18,428,831</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Other
liabilities from financial transactions</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Other
banks and international entities (Note
14)&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;..</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">276,006</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">297,357</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Bonds
(Note
15)&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">9,270,847</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">4,926,694</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Argentine
Central
Bank&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">113</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">115</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Amounts payable
under derivative financial
instruments.&#x2026;&#x2026;..&#x2026;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">669,472</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">334,874</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Borrowings under
repurchase agreements collateralized by government
securities&#x2026;&#x2026;...&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">66,973</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">93,660</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Obligation to
return securities acquired under reverse repurchase agreements of
government and corporate securities (Note 13)&#x2026;.</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">590,154</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">34,481</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Other&#x2026;&#x2026;&#x2026;.&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.&#x2026;...</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">3,216,262</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1,867,191</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">14,089,827</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">7,554,372</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Plus:
Accrued interest
payable&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">358,364</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">135,471</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">14,448,191</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">7,689,843</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Miscellaneous
liabilities</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Taxes&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">511,106</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">326,154</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Sundry
creditors (Note
20)&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;...</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">945,888</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1,468,191</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Other
(Note
20)&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">384,410</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">272,415</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1,841,404</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">2,066,760</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Reserve
for contingencies (Note
12)&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;...</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">300,059</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">221,950</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Subordinated
bonds (Note
16)&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;..&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">121,245</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">100,452</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Items
pending
allocation&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;..&#x2026;...</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">76,448</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">44,847</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Non-controlling
interest <font style="color: #000000">&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.</font></font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">130,207</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">67,957</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 24px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold; color: #000000">Total
Liabilities</font><font style="color: #000000">&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;..&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.</font></font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">34,711,087</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">28,620,640</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
SHAREHOLDERS' EQUITY</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Common
stock&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1,463,365</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1,463,365</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Treasury
stock&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;..</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">54,149</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">54,149</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Paid
in
capital&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;..</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">834</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">834</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Inflation
adjustment on common
stock&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;...</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">699,601</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">699,601</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Reserves&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;...</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">2,059,361</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1,842,198</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Retained
earnings&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.....&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;...&#x2026;&#x2026;&#x2026;&#x2026;.</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1,538,932</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">640,569</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 24px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold; color: #000000">Total Shareholders'
Equity</font><font style="color: #000000">&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;...</font></font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">5,816,242</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">4,700,716</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 24px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold; color: #000000">Total Liabilities and
Shareholders' Equity</font><font style="color: #000000">&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;..&#x2026;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">40,527,329</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">33,321,356</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">The
accompanying notes are an integral part of these consolidated
financial statements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-165</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
BANCO HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
CONSOLIDATED STATEMENT OF INCOME</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
For the twelve-month periods ended June 30, 2016, 2015 and
2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
(Expressed in thousands of Argentine pesos, except share data and
as otherwise indicated)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="vertical-align: top; width: 49%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: -1px; text-indent: -24px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
June 30,</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: -24px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
2016</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: -24px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
2015</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: -1px; text-indent: -24px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
2014</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Financial
income</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 47%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -24px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Interest
on loans and other receivables from financial
transactions&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">6,520,816</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">4,326,324</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">3,779,073</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 47%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -24px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Income
from government and corporate securities.</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">2,584,524</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1,191,396</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">904,985</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 47%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -24px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Other&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.&#x2026;&#x2026;..</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">13,177</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">6,250</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">12,186</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">9,118,517</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">5,523,970</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">4,696,244</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Financial
expenses</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 47%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -24px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Interest
on deposits and other liabilities from financial
transactions.&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">5,008,083</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">2,801,201</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">2,063,512</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 47%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -24px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Contributions
and taxes on financial income&#x2026;.&#x2026;.</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">682,258</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">442,814</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">339,676</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">5,690,341</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">3,244,015</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">2,403,188</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Gross brokerage
margin<font style="color: #000000">&#x2026;&#x2026;.....................................</font></font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: -24px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">3,428,176</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: -12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">2,279,955</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: -12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">2,293,056</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Provision
for loan losses (Note
6)&#x2026;&#x2026;..&#x2026;..&#x2026;.&#x2026;&#x2026;.</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">356,492</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">375,270</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">303,348</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Income
from services</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -24px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Insurance
premiums&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;..&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;..</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1,831,371</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1,255,436</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">895,129</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -24px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Commissions
(Note
21)&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;..&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1,783,121</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1,295,325</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">866,616</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -24px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Other
(Note
21)&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;..&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">824,753</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">733,262</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">356,153</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">4,439,245</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">3,284,023</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">2,117,898</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Expenses
for services</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -24px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Insurance
claims&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">59,077</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">149,871</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">174,715</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -24px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Commissions
(Note
21)&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;..</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">917,622</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">540,542</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">446,257</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -24px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Contributions
and taxes on income from
services&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;..</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">112,991</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">78,457</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">61,666</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1,089,690</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">768,870</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">682,638</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Administrative
expenses</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -24px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Salaries
and social security
contributions&#x2026;.&#x2026;..&#x2026;.</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">2,337,388</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1,775,548</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1,284,840</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -24px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Advertising
expenses&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.&#x2026;..&#x2026;</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">167,040</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">179,542</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">118,277</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -24px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Value
added tax and other
taxes&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;..</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">242,738</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">167,249</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">113,917</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -24px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Directors&#x2019;
and Syndics&#x2019;
fees&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.&#x2026;..&#x2026;.</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">102,926</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">65,788</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">71,027</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -24px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Fees
for administrative
services&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;..</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">622,664</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">406,690</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">258,668</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -24px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Maintenance
and
repairs..&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.&#x2026;&#x2026;...</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">135,876</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">96,821</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">53,981</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -24px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Electricity
and
communications...&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;...</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">177,198</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">116,907</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">71,942</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -24px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Depreciation
of bank premises and equipment&#x2026;...</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">59,031</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">35,267</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">20,992</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -24px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Rent&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;..&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.&#x2026;&#x2026;...</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">132,311</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">97,482</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">69,774</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -24px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Other&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.&#x2026;..&#x2026;.</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">514,293</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">425,595</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">277,361</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">4,491,465</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">3,366,889</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">2,340,779</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Net
income from financial
transactions&#x2026;&#x2026;.............</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1,929,774</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1,052,949</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1,084,189</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">The
accompanying notes are an integral part of these consolidated
financial statements.</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-166</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
BANCO HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
CONSOLIDATED STATEMENT OF INCOME &#x2013; (Continued)</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
For the twelve-month periods ended June 30, 2016, 2015 and
2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="vertical-align: top; width: 46%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
June 30,</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
2016</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
2015</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: -12px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
2014</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 50%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Miscellaneous
income</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 50%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -24px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Penalty
interest&#x2026;.&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">96,964</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">86,874</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">59,281</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 50%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -24px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Loans
recoveries.&#x2026;&#x2026;.&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">320,934</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">171,781</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">82,104</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 50%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -24px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Other
(Note
22)&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;...</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">128,645</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">58,875</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">47,543</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">546,543</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">317,530</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">188,928</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 50%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Miscellaneous
expenses</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 50%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -24px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Provision
for other contingencies and miscellaneous
receivables&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;...</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">290,563</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">132,614</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">67,564</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 50%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -24px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Other
(Note
22)&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.....</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">377,835</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">336,720</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">220,430</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">668,398</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">469,334</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">287,994</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 50%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -24px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Income
before income taxes and Non-controlling
interest..&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;......</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1,807,919</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">901,145</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">985,123</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 50%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Income
taxes (Note
24)&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;..&#x2026;.</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">698,387</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">377,613</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">369,127</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 50%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Non-controlling
interest&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;..&#x2026;&#x2026;.....</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">5,998</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">13,658</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">11,031</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 50%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 48px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Net
income for the
period&#x2026;&#x2026;..&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1,115,530</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">537,190</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">627,027</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">The
accompanying notes are an integral part of these consolidated
financial statements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-167</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
BANCO HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS'
EQUITY</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
For the twelve-month periods ended June 30, 2016, 2015 and
2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
(Expressed in thousands of Argentine pesos, except share data and
as otherwise indicated)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td rowspan="2" style="vertical-align: bottom; width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="2" style="vertical-align: bottom; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="2" style="vertical-align: bottom; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Common
stock</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(Note
26)</font></div>
</td>
<td rowspan="2" style="vertical-align: bottom; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="2" style="vertical-align: bottom; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Paid
in capital (Note 26)</font></div>
</td>
<td rowspan="2" style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="2" style="vertical-align: top; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Treasury
stock (Note 26)</font></div>
</td>
<td rowspan="2" style="vertical-align: bottom; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="2" style="vertical-align: bottom; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Inflation
adjustment of common stock</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(Note
26)</font></div>
</td>
<td colspan="4" style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Reserves</font></div>
</td>
<td rowspan="2" style="vertical-align: bottom; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="2" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Retained
earnings</font></div>
</td>
<td rowspan="2" style="vertical-align: bottom; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="2" style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Total
shareholders&#x2019; equity</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Legal</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(Note
26)</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Voluntary</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(Note
26)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Balance as of June 30,
2013&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;...</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1,463,365</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">834</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">54,149</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">699,601</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">526,828</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">367,601</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">495,938</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">3,608,316</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Distribution of
retained earnings <font style="color: #000000">approved by the
General Shareholders&#x2019; Meeting held on
08/23/13</font></font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">68,721</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">244,886</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(343,607)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(30,000)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Distribution of
retained earnings <font style="color: #000000">approved by the
General Shareholders&#x2019; Meeting held on
04/24/14</font></font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">84,190</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(84,190)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Net
income for the period</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">627,027</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">627,027</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Balance as of June 30,
2014&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;...</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1,463,365</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">834</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">54,149</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">699,601</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">679,739</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">612,487</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">695,168</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">4,205,343</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Distribution of
retained earnings <font style="color: #000000">approved by the
General Shareholders&#x2019; Meeting held on 04/24/14. Approval of
BCRA on 12/23/14</font></font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(41,817)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(41,817)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Distribution of
retained earnings <font style="color: #000000">approved by the
General Shareholders&#x2019; Meeting held on
03/21/15.</font></font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">109,994</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">439,978</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(549,972)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Net
income for the period</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">537,190</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">537,190</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Balance as of June 30,
2015&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;...</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1,463,365</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">834</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">54,149</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">699,601</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">789,733</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1,052,465</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">640,569</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">4,700,716</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Distribution of
retained earnings <font style="color: #000000">approved by the
General Shareholders&#x2019; Meeting held on
04/13/16</font></font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">217,163</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(217,163)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Net
income for the period</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1,115,530</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1,115,530</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Balance as of June 30,
2016&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;...</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1,463,365</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">834</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">54,149</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">699,601</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1,006,896</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1,052,465</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1,538,936</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">5,816,242</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
The accompanying notes are an integral part of these consolidated
financial statements</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-168</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
BANCO HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
CONSOLIDATED STATEMENT OF CASH FLOWS</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
For the twelve-month periods ended June 30, 2016, 2015 and
2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
(Expressed in thousands of Argentine pesos, except share data and
as otherwise indicated)</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-top: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
2016</font></div>
</td>
<td style="vertical-align: top; width: 4%; border-top: solid 1px #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-top: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
2015</font></div>
</td>
<td style="vertical-align: top; width: 4%; border-top: solid 1px #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-top: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
2014</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Cash flows from operating activities:</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Net
income..&#x2026;&#x2026;...&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="color: #000000">Ps</font><font style="color: #000000">.</font></font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1,115,530</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="color: #000000">Ps</font><font style="color: #000000">.</font></font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">537,190</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">627,027</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="color: #000000">Adjustments to reconcile net income to net cash
provided by</font> Cash Flows from <font style="color: #000000">operating activities:</font></font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Provision
for loan losses and for contingencies and miscellaneous
receivables, net of
reversals&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;...&#x2026;&#x2026;..</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">326,121</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">258,567</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">273,423</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Net
gain on investment government
securities&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;...&#x2026;....</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(642,081)</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(179,430)</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(89,484)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Gain
/ (loss) on derivative financial
instruments&#x2026;&#x2026;..&#x2026;&#x2026;..&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(63)</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(Gain)
/ loss on equity
investments&#x2026;&#x2026;&#x2026;........................................</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(34,644)</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(6,641)</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Depreciation
and
amortization&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;...</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">191,298</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">114,799</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">66,103</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Net
gain on sale of premises and equipment and miscellaneous
assets&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;...</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(3,562)</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(578)</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;(2,944)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Net
Indexing (CER and CVS) and interest of loans and deposits incurred
but not
paid&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;..&#x2026;&#x2026;..&#x2026;&#x2026;...</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(318,632)</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(177,558)</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(19,112)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Non-controlling
interest&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;......</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(5,998)</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(13,658)</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(11,031)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Net
change in trading
securities&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.....</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(756,478)</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1,269,136</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(858,189)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Net
change in other
assets&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;..&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(2,981,939)</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(2,843,858)</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(661,376)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Net
change in other
liabilities&#x2026;&#x2026;&#x2026;&#x2026;.&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1,939,825</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1,179,439</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1,391,036</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold; color: #000000">Net cash (used in) operating
activities</font><font style="color: #000000">&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;....</font></font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
(1,170,560)</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
137,345</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
715,453</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Cash flows from investing activities:</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(Increase)/Decrease
in loans,
net&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;...</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(4,403,465)</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(4,502,150)</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(5,780,425)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: -24px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Proceeds
from securitization of consumer
loans&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;....</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">894,363</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">401,331</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">749,589</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Proceeds
from maturities of available for sale
securities.&#x2026;...&#x2026;.......</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">417,797</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">808,876</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">81,100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: -24px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Purchases
of investments in other companies, net of
sales&#x2026;&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(19,500)</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(45,000)</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(10,013)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: -24px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Proceeds
from sales, net of payments for purchases, of available for sale
securities&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">657,857</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(2,082,693)</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(1,166,729)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: -24px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Proceeds
from sale of premises and
equipment&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(3,890)</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">8,491</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1,874</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Purchases
of premises and equipment, miscellaneous and intangible
assets&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.......</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(637,847)</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(350,659)</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(212,026)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold; color: #000000">Net cash provided by investing
activities</font><font style="color: #000000">&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;........</font></font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
(3,094,685)</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
(5,761,804)</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
(6,336,630)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Cash flows from financing activities:</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Increase
in deposits,
net&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;...&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;...</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(691,881)</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">4,499,808</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">4,792,123</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: -24px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Principal
payments on bonds, notes, and other
debts&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(3,737,599)</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(626,754)</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(853,108)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Proceeds
from issuance of bonds, notes and other
debts&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">8,103,404</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1,934,019</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1,435,183</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Payments
of debt issuance
cost&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;..</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(90,494)</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(19,406)</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(12,855)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Distribution
of
dividends&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;...&#x2026;&#x2026;.</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(41,817)</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(29,968)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(Decrease)/Increase
in borrowings,
net&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;..</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">68,283</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(23,518)</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">806,185</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold; color: #000000">Net cash provided by financing
activities</font><font style="color: #000000">&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;...</font></font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
3,651,713</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
5,722,332</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
6,137,560</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Net
increase/(decrease) in cash and cash
equivalents&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(613,532)</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">97,873</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">516,383</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Cash
and cash equivalents at the beginning of the
period&#x2026;&#x2026;&#x2026;&#x2026;..</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">3,201,575</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">3,008,168</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">2,217,327</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Effect
of foreign exchange changes on cash and cash
equivalents....</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">713,797</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">95,534</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">274,458</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold; color: #000000">Cash and cash equivalents at
the end of the period</font><font style="color: #000000">&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;</font></font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
3,301,840</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
3,201,575</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
3,008,168</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Supplemental
disclosure of cash flow information:</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;Cash
paid for
interest&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;..&#x2026;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">4,078,196</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">2,525,829</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1,555,976</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: -5px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;Cash
paid for presumptive minimum income tax and income
tax.</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">523,373</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">343,504</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">113,576</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;Non-cash
transactions involving
securitizations&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;....</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">372,198</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">151,576</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">165,249</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold; color: #000000">The accompanying notes are an
integral part of these consolidated financial
statements</font><font style="font-style: italic; color: #000000">.</font></font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-169</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
1.</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
General</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; color: #000000; font-size: 13px; font-family: Times New Roman">
a. Description of business</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="color: #000000">Banco Hipotecario</font><font style="font-style: italic; color: #000000">&#xA0;</font><font style="color: #000000">SA</font> <font style="color: #000000">(herein
after referred to as the &#x201C;Bank&#x201D; or &#x201C;BHSA&#x201D;),
is a commercial bank, organized under the laws of
Argentina.</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="color: #000000">The Bank historically has provided general banking
services, focused on individual residential mortgage loans and
construction-project loans directly to customers as well as
indirectly through selected banks and other financial
intermediaries throughout Argentina. In 2004, as part of its
business diversification strategy, the Bank</font> resumed the
mortgage lending and expanded its product offerings, beginning to
offer personal loans, credit card loans and <font style="color: #000000">also engaging in mortgage loan securitizations,
mortgage loan servicing, other corporate loans and mortgage-related
insurance in connection with its lending
activities.</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; color: #000000; font-size: 13px; font-family: Times New Roman">
b. Basis of presentation</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="color: #000000">The consolidated financial statements of the Bank
have been prepared in accordance with the rules of Banco Central de
la Rep&#xFA;blica Argentina (&#x201C;Argentine Central Bank&#x201D;
or &#x201C;BCRA&#x201D;) which prescribe the accounting reporting and
disclosure requirements for banks and financial institutions in
Argentina (&#x201C;Argentine Banking GAAP&#x201D;). Argentine Banking
GAAP differ in certain significant respects from generally accepted
accounting principles in the United States of America (&#x201C;U.S.
GAAP&#x201D;).</font> Such differences involve methods of measuring
the amounts shown in the consolidated financial statements, as well
as additional disclosures required by U.S. GAAP and regulations of
the Securities and Exchange Commission (&#x201C;SEC&#x201D;). These
consolidated financial statements include solely a reconciliation
of net income and shareholders&#x2019; equity to U.S. GAAP. Pursuant
to Item 17 of Form 20-F, this reconciliation does not include
disclosure of all information that would be required by U.S. GAAP
and Regulation S-X of the SEC. See note 34 for
details.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Certain disclosures
required by the Argentine Banking GAAP have not been presented
herein since they are not required under U.S. GAAP or the SEC and
are not considered to be relevant to the accompanying consolidated
financial statements taken as a whole.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Certain
reclassifications of prior year&#x2019;s information have been made
to conform to current year presentation. Such reclassifications do
not have a significant impact on the Bank financial
statements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-style: italic; font-size: 13px; font-family: Times New Roman">
c. Principles of consolidation</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="color: #000000">The consolidated financial statements include the
accounts of the Bank and its subsidiaries over which the Bank has
effective control.</font> The percentages directly or indirectly
held in those companies&#x2019; capital stock as of June 30, 2016
and 2015 are as follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td rowspan="2" style="vertical-align: middle; width: 66%; border-top: solid 1px #000000; border-left: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Issuing Company</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 34%; border-top: solid 1px #000000; border-left: solid 1px #000000; border-right: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
June 30,</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 18%; border-left: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
2016</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-left: solid 1px #000000; border-right: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
2015</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 66%; border-left: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">BHN
Sociedad de Inversi&#xF3;n Sociedad An&#xF3;nima</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-left: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 15px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">99.99%</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-left: solid 1px #000000; border-right: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 15px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">99.99%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 66%; border-left: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">BHN
Seguros Generales Sociedad An&#xF3;nima (a)</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-left: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">99.99%</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-left: solid 1px #000000; border-right: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">99.99%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 66%; border-left: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">BHN
Vida Sociedad An&#xF3;nima (a)</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-left: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">99.99%</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-left: solid 1px #000000; border-right: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">99.99%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 66%; border-left: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">BACS
Banco de Cr&#xE9;dito y Securitizaci&#xF3;n Sociedad
An&#xF3;nima</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-left: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 15px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">87.50%</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-left: solid 1px #000000; border-right: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 15px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">87.50%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 66%; border-left: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">BACS
Administradora de activos S.A. S.G.F.C.I.</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-left: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 15px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">85.00%</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-left: solid 1px #000000; border-right: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 15px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">85.00%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 66%; border-left: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Tarshop
S.A. (b)</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-left: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 15px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">80.00%</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-left: solid 1px #000000; border-right: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 15px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">80.00%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 66%; border-left: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">BH
Valores SA</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-left: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 15px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-left: solid 1px #000000; border-right: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 15px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">100.00%</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font>
&#xA0; <font style="font-size: 13px; font-family: Times New Roman"><br>
</font></font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-170</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(a)
On December 2, 2015, the Bank took notice of an observation raised
by the Superintendent of Financial Institutions reporting to the
Argentine Central Bank with regard to the insurance business
developed by Banco Hipotecario S.A. through BHN Vida S.A. and BHN
Seguros Generales S.A.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">The
observation requires the enforcement of the credit scoring
regulations, which impose a 12.5% limit on interests in the capital
stock and voting rights of other companies.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">In
reply, the Bank has claimed that such observation should be
revised, in that the Bank is allowed to conduct the business in
question pursuant to the Privatization Law No. 24,855 and its
regulations, in particular Decree No. 1394/98, as continuing
company of Banco Hipotecario Nacional.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(b)
On September 11, 2015, November 4, 2015 and June 23,2016, the Board
of Directors of Banco Hipotecario S.A. unanimously approved an
irrevocable capital contribution to Tarshop S.A. in the amount of
Ps.52,500, Ps.52,500 and Ps.250,000, respectively, to be made by
shareholders Banco Hipotecario S.A. and IRSA Propiedades
Comerciales S.A. (continuing company after Alto Palermo
S.A.&#x2019;s change of corporate name) pro rata of their
shareholdings so that Tarshop S.A. should have sufficient resources
for its operating activities, in line with the capitalization
program previously approved.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">All
significant intercompany accounts and transactions have been
eliminated in consolidation.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; color: #000000; font-size: 13px; font-family: Times New Roman">
d. Presentation of financial statements in constant argentine
pesos</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The financial
statements have been adjusted for inflation in conformity with the
guidelines set in Communication &#x201C;A&#x201D; 551 of the
Argentine Central Bank up to the financial year ended December 31,
1994, and prepared in accordance with the standards laid down by
CONAU 1 Circular. As from January 1, 1995, and according to the
authorization accorded by Resolution N&#xB0; 388 of the Argentine
Central Bank's Superintendency of Financial and Exchange
Institutions, the Bank discontinued the adjustment for inflation of
its financial statements until December 31, 2001. As from January
1, 2002, as a result of the application of Communication
&#x201C;A&#x201D; 3702 which established the repeal of any legal and
regulatory rule that did not allow companies to restate their
accounting balances at period-end currency values, the Bank resumed
the application of the adjustment for inflation in accordance with
the rules issued in due time by the Argentine Central Bank using
the adjustment coefficient derived from the domestic wholesale
price index published by the National Statistics and Census
Institute (INDEC). Furthermore, it has been considered that the
accounting measurements derived from the changes in the purchasing
power of the currency between December 31, 1994 and 2001 are stated
in the currency value as of the latter date.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On March 25, 2003,
the Executive Branch issued Decree 664 establishing that the
financial statements for years ending as from that date are to be
stated in nominal currency. Consequently, in accordance with
Communication &#x201C;A&#x201D; 3921 of the BCRA, the restatement of
the financial statements was discontinued as from March 1,
2003.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Pursuant to the
Argentine professional accounting standards in effect in the City
of Buenos Aires, the financial statements must be stated in
constant currency. The restatement method and the need to apply it
arise from requirements contained in Technical Pronouncements No. 6
and No. 17 of the Argentine Federation of Professional Councils in
Economic Sciences (FACPCE), as amended by Technical Pronouncement
No. 39 issued by the referred entity on October 4, 2013 and
approved by the Professional Council in Economic Sciences of the
City of Buenos Aires on April 16, 2014. These standards provide
that the effects of inflation should be recognized in the financial
statements in the event that certain conditions in the Argentine
economy are met</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font>
&#xA0; <font style="font-size: 13px; font-family: Times New Roman"><br>
</font></font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-171</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As of June 30,
2016, the cumulative inflation rate for three consecutive years
endede on such dates could not be calculated on the basis of
official data provided by the Argentine Institute of Statistics and
Census since, in October 2015, the referred entity discontinued the
calculation of the Wholesale Domestic Price Index (IPIM), and
resumed it in January 2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">This circumstance
should be taken into account when analyzing and interpreting these
financial statements, which have been prepared in line with the
accounting standards issued by the Argentine Central Bank for
application by financial institutions.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">2</font>. <font style="font-weight: bold">Significant Accounting
Policies</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The following is a
summary of significant accounting policies used in the preparation
of the consolidated financial statements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.1.
Foreign Currency Assets and Liabilities</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">US dollar assets
and liabilities have been valued at the rate of exchange between
the peso and the US dollar published by the Argentine Central Bank.
Assets and liabilities valued in foreign currencies other than the
US dollar were converted into the latter currency using the swap
rates communicated by the Argentine Central Bank&#x2019;s operations
desk, in force at the close of operations on the last business day
of the fiscal period end.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Foreign currency
transactions net gains or losses are recorded within
&#x201C;Financial income&#x201D; or &#x201C;Financial expenses&#x201D;
in the accompanying consolidated statements of income.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.2.
Interest accruals and adjustments of principal amounts (CER and
CVS)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Interest accruals
were determined using the exponential method for all lending and
certain borrowing transactions in local and foreign currency, and
interest accruals for loans overdue more than ninety days were
discontinued.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adjustments of
principal amounts from application of the CER (Reference
Stabilization Index), and CVS were accrued as established by
Argentine Central Bank regulations, and interest accruals on loans
overdue more than ninety days were discontinued.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.3.
Government and Corporate Securities</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Securities
classified as "Holdings booked at fair market value", "Investment
in listed corporate securities" and "Securities issued by the BCRA"
with volatility published by the BCRA, have been valued at
period-end or year-end market quotation.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As of June 30, 2016
and 2015, the Bank maintains in its portfolio overdue income
coupons from the DICY and PARY bonds to be collected.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Securities
classified as &#x201C;Holdings booked at cost plus return&#x201D; and
&#x201C;Securities issued by the BCRA&#x201D; with no volatility
published by the BCRA or with volatility but which the Entity
decides to book under the first category, have been valued at their
acquisition cost subject to an exponential increase based on the
internal rate of return, net of contra accounts, if
applicable.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.4.
Loans</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The portfolio of
performing loans and loans due ninety days or less has been valued
in terms of the principal amounts actually lent, plus capitalized
interest, net of principal amortization collected and</font></div>
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<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-172</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<font style="font-size: 13px; font-family: Times New Roman">debt
balance refinancing, plus adjustments (from the application of the
CER, and CVS where applicable) and accrued interest receivable and
less the estimated reserve for loan losses.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other loans to the
public sector:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 36px;"><font style="font-size: 13px; font-family: Times New Roman">i.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">those loans were
valued at cost plus return, taking as cost their book value as of
December 31, 2010.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 36px;"><font style="font-size: 13px; font-family: Times New Roman">ii.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">those originally
granted in foreign currency have been converted into Ps.&#xA0;at
the exchange rate of $1.40 per US dollar, as established by Law
25561, Decree 214 and complementary rules and amendments. Since
February 3, 2002, the CER has been applied to the amount of those
loans and maximum rates have been established, in accordance with
Decree 1579/02, if those assets were subjected to the Exchange of
Provincial Public Debt.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Loans to the
non-financial private sector originally granted in foreign currency
have been converted into pesos at the exchange rate of $1.00 per US
dollar, as established by Law 25561, Decree 214 and complementary
rules and amendments. Since February 3, 2002, the CER and CVS have
been applied to the amount of those loans and maximum rates have
been established, depending on the borrower.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.5.
Other receivables for financial transactions</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The individual
mortgage loans the trustee ownership of which was transferred by
the Bank and recorded in this caption have been valued and
converted into pesos following the criterion described in points
2.2. and 2.4.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The financial trust
participation certificates have been valued according to the equity
method of accounting. Financial trust debt securities have been
stated at cost plus return, index-adjusted by applying the CER to
the appropriate instruments.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Futures
transactions agreed upon that are mainly closed as hedging for the
position in foreign currency have been valued in accordance with
the balances pending settlement. Changes in these values, for all
derivative instruments, are recognized as a gain or loss under the
caption &#x201C;Financial Income &#x2013; Interest on loans and other
receivables from financial transactions&#x201D; or &#x201C;Financial
Expenses &#x2013; Interest on deposits and other liabilities from
financial transactions&#x201D;, respectively.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Unlisted negotiable
obligations have been valued at acquisition cost exponentially
increased according to the internal rate of return.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Bank holds
Negotiable Obligations in its own portfolio, measured at their
residual value plus interest accrued.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Securities issued
by the BCRA and government securities held as collateral for OTC
transactions are valued as explained in item 2.3 of this
note.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Repo transactions
are carried at the value originally agreed upon, plus accrued
premiums.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.6.
Receivables for financial leases</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Receivables for
financial leases are carried at the current value of the periodic
installments and the residual value previously agreed upon,
calculated as per the conditions set forth in the respective lease
agreements, applying the internal rate of return and net of
allowances for loan losses.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.7.
Investments in Other Companies</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font>
&#xA0; <font style="font-size: 13px; font-family: Times New Roman"><br>
</font></font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-173</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Permanent equity
investments in companies where corporate decision are not
influenced, are accounted for the lower of cost and the equity
method. As of June 30, 2016 and 2015 these investments were
recorded at cost.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">This caption mainly
includes the equity investments held in: Mercado Abierto
Electr&#xF3;nico Sociedad An&#xF3;nima, ACH Sociedad An&#xF3;nima,
Mercado de Valores de Buenos Aires Sociedad An&#xF3;nima, and
SUPER&#x2013;CARD S.A..</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Additionally the
Bank has participations as protecting partner in mutual guarantee
companies and has made contributions to the companies&#x2019; risk
fund.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.8.
Miscellaneous receivables</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Miscellaneous
receivables have been valued at the amounts actually transacted,
plus interest accrued and net of allowances for loan losses or
impairment, if applicable.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.9.
Bank Premises and Equipment and Miscellaneous Assets</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Bank premises and
equipment are recorded at cost, adjusted for inflation (as
described in note 1.d), less accumulated depreciation.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Depreciation is
computed under the straight-line method over the estimated useful
lives of the related assets. The estimated useful lives for bank
premises and equipment are as follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 73%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Buildings</font></div>
</td>
<td style="vertical-align: top; width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">50
years</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 73%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Furniture and
fixtures</font></div>
</td>
<td style="vertical-align: top; width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">10
years</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 73%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Machinery and
equipment</font></div>
</td>
<td style="vertical-align: top; width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;5
years</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 73%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other</font></div>
</td>
<td style="vertical-align: top; width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;5
years</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The cost of
maintenance and repairs <font style="color: #000000">of these
properties</font> is charged to expense as incurred. The cost of
significant renewals and improvements is added to the carrying
amount of the respective assets. When assets are retired or
otherwise disposed of, the cost and related accumulated
depreciation are removed from the accounts, and any resulting gain
or loss is reflected in the consolidated statement of
income.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Bank has
recorded under <font style="color: #000000">&#x201C;</font>Miscellaneous <font style="color: #000000">assets&#x201D; - properties</font> received in lieu
of payment of loans. These assets are initially recognized at the
lower of market value or the value of the loan, net of allowances
and subsequently, adjusted for inflation (as described in note
1.d), and depreciation. Depreciation of Miscellaneous assets is
also computed under the straight-line method over the estimated
useful of the related assets.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.10.
Intangible Assets<font style="color: #000000">,
Net</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Software expenses
as well as start-up costs are carried at cost, adjusted for
inflation (as described in note 1.d), less accumulated
amortization. These intangible assets are amortized under the
straight-line method over their estimated useful life.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Goodwill is
recorded by the difference between the purchase price and the book
value of the net assets acquired in accordance with Argentine
Central Bank rules, and subsequently amortized in a straight line
basis over the estimated useful life of 60 months.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Given BHSA&#x2019;s
role as Trustee of the PROCREAR Administrative and Financial Trust,
the Bank has capitalized increased direct expenses incurred in the
mortgage loan origination process, which</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-174</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<font style="font-size: 13px; font-family: Times New Roman">disbursements would
not have been incurred by it had it not been for the grant of the
related loans in accordance with the provisions of Communication
&#x201C;A&#x201D; 5392. Such origination expenses are amortized in 60
monthly installments.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.11
Housing, life and unemployment insurance premiums in lending
transactions and other transactions originated in its capacity of
insurer, in accordance with the franchise granted by the
privatization law</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Bank's policy
is to recognize the premium income when the corresponding loan
installment accrues, except for those loans that are more than
ninety days in arrears, and allocate the expenditures for claims to
the net income/(loss) for the year in which they
occur.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Bank has set up
an insurance claim reserve for Ps.1,181 as of June 30, 2015 which
is shown in the "Provisions" caption under
Liabilities.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.12.
Deposits</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Deposits have been
valued at their placement value, plus adjustments from application
of the CER and accrued interest, where applicable. The fixed return
on each transaction is accrued on an exponential basis, while the
variable return on time deposits adjusted by applying the CER and
included in "Investment Accounts" is accrued at the pro rata agreed
upon rate of return based on the improvement in the price of the
financial asset or financial asset indicator, between the time the
transaction is arranged and the end of the month.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.13.
<font style="color: #000000">Other liabilities from financial
transactions</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Unsubordinated
negotiable obligations have been valued at their residual value
plus accrued interest.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Futures
transactions agreed upon that are mainly closed as hedging for the
position in foreign currency have been valued in accordance with
the balances pending settlement. Changes in these values, for all
derivative instruments, are recognized as a gain or loss under the
caption &#x201C;Financial Income &#x2013; Interest on loans and other
receivables from financial transactions&#x201D; or &#x201C;Financial
Expenses &#x2013; Interest on deposits and other liabilities from
financial transactions&#x201D;, respectively.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Repo transactions
are carried at the value originally agreed upon plus any accrued
premium amounts.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Reverse repo
transactions are carried at the book value of the underlying
securities in the manner discussed in note 2.3.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.14.
Miscellaneous liabilities</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">They are valued at
the amounts actually transacted, plus accrued interest as of fiscal
period or year end.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.15.
Provisions</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Bank estimates
contingencies and records them in Provisions, under Liabilities, if
applicable according to the estimated likelihood of occurrence.
These provisions cover various items, such as insurance risk,
provisions for lawsuits, provisions for taxes, other contingencies,
etc..</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">In
addition, the Bank has created the allowance required under
Communication &#x201C;A&#x201D; 5689 issued by the Argentine Central
Bank in order to provide for the total amount of administrative
and/or</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font>
&#xA0; <font style="font-size: 13px; font-family: Times New Roman"><br>
</font></font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-175</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">disciplinary
sanctions and criminal penalties supported by first instance
rulings, applied or pursued by the Argentine Central Bank, the
Financial Information Unit, the Argentine Securities Commission and
the Argentine Superintendence of Insurance.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.16.
Dismissal indemnities</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Bank does not
set up any provisions to cover the risk of dismissal indemnities
involving the staff. The disbursements in respect thereof are
charged to the results for the period or year in which they
occur.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.17.
Personnel benefits</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Bank has set up
provisions for its employees' retirement plans.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.18.
Subordinated Bonds</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Subordinated
negotiable obligations have been recorded at their residual value
plus interests accrued.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.19.
Non-controlling interest</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The breakdown of
supplementary equity interests <font style="color: #000000">recorded</font> in &#x201C;Non-controlling
interest<font style="color: #000000">&#x201D; in the accompanying
consolidated balance sheets</font> is as follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="vertical-align: top; width: 39%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">BACS Banco de
Cr&#xE9;dito y Securitizaci&#xF3;n
SA&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">42,228</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">32,610</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Tarshop
S.A&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.&#x2026;&#x2026;..&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">87,979</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">35,347</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Total</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">130,207</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">67,957</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.20.
Income Tax</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Pursuant to Article
28 of Law 24855, Banco Hipotecario Sociedad An&#xF3;nima is subject
to income tax, except for all the housing loan transactions carried
out prior to October 23, 1997, date of registration of its by-laws
with the Superintendence of Corporations.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Bank charges to
income and sets up a provision under Liabilities for the income tax
determined on its taxable transactions in the fiscal year in which
those transactions are carried out.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Bank recognizes
income tax charges and liabilities on the basis of the tax returns
corresponding to each fiscal year at the statutory tax rates. For
all the periods contemplated in these financial
statements<font style="color: #000000">,</font> the corporate tax
rate was 35%. Under Argentine Banking GAAP the Bank does not
recognize deferred income taxes.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.21.
Minimum notional income tax</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In view of the
option granted by the BCRA by means of Communication "A" 4295, as
of June 30, 2015 the Bank capitalized as a minimum notional income
tax credit the tax amount paid in fiscal year 2012. Such credit was
recovered upon filing the income tax return for the fiscal year
2015.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.22.
Shareholders' Equity</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font>
&#xA0; <font style="font-size: 13px; font-family: Times New Roman"><br>
</font></font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-176</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Capital stock,
treasury shares, non-capitalized contributions, reserves, and
capital adjustment:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Shareholders'
Equity account activity and balances prior to December 31, 1994
have been stated in the currency values prevailing at that date,
following the method mentioned in this Note. The transactions
carried out subsequent to that date have been recorded in currency
values of the period or year to which they correspond. The balances
of the Shareholders&#x2019; Equity accounts as of June 30, 2016 have
been restated up to February 28, 2003 as explained in the third
paragraph. The adjustment derived from the restatement of the
balance of "Capital Stock" was allocated to "Equity Adjustments".
The issued treasury shares added due to the termination of Total
Return Swap transaction are carried at nominal value.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px; font-family: Times New Roman">a.</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Results:</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Income and expenses
have been recognized against the results for the fiscal year,
regardless of whether they have been collected or
paid.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The preparation of
the financial statements requires that the Bank&#x2019;s Board of
Directors perform estimates affecting assets and liabilities, the
net income/ (loss) for the fiscal period or year and the
determination of contingent assets and liabilities at the date
thereof, such as allowances for loan losses and impairment, the
recoverable value of assets and provisions. Since these estimates
involve value judgments regarding the probability of occurrence of
future events, the actual net income/ (loss) may differ from the
estimated amount and thus generate losses or profits affecting
subsequent periods or years. All legal and regulatory rules in
force at the date of presentation of these financial statements
have been considered.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The financial
statement figures for the previous fiscal period or year, presented
for comparative purposes, include certain reclassifications and
adjustments that contemplate specific disclosure criteria so as to
present them on a consistent basis with those of the current fiscal
period or year.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.23.
Statements of Cash Flows</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The consolidated
statements of cash flows were prepared using the measurement
methods prescribed by the BCRA, but in accordance with the
presentation requirements of ASC 230.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">For purposes of
reporting cash flows, &#x201C;Cash and cash equivalents&#x201D;
include &#x201C;Cash and due from banks&#x201D;.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.24.
Use of Estimates</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The preparation of
the consolidated financial statements requires management to make
estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosures of contingent assets and
liabilities as of the financial statement dates and the reported
amounts of revenues and expenses during the reporting periods.
Significant estimates include those required in the accounting of
allowances for loan losses and the reserve for contingencies. Since
management&#x2019;s judgment involves making estimates concerning
the likelihood of future events, the actual results could differ
from those estimates which would have a positive or negative effect
on future period results.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
3. Restricted Assets</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Certain of the
Bank's assets are pledged or restricted from use under various
agreements. The following assets were restricted at each balance
sheet date:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-177</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr>
<td rowspan="1" style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="4" rowspan="1" style="vertical-align:bottom;width:74%;">
<div><font style="padding-bottom:2px;width:2%;vertical-align:bottom;display:inline-block;">
&#xA0;</font><font style="vertical-align:bottom;width:96%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">June
30,</font></div>
</font><font style="padding-bottom:2px;width:2%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align:bottom;width:37%;">
<div><font style="padding-bottom:2px;width:5%;vertical-align:bottom;display:inline-block;">
&#xA0;</font><font style="vertical-align:bottom;width:90%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">2016</font></div>
</font><font style="padding-bottom:2px;width:5%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align:bottom;width:37%;">
<div><font style="padding-bottom:2px;width:5%;vertical-align:bottom;display:inline-block;">
&#xA0;</font><font style="vertical-align:bottom;width:90%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">2015</font></div>
</font><font style="padding-bottom:2px;width:5%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Banco
Hipotecario S.A.</font></div>
</td>
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Securities issued
by the BCRA as collateral for OCT
transactions&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;..</font></div>
</td>
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">138,376</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">70,464</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Government
securities as collateral for OCT
transactions&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">335,135</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">40,200</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Deposits in pesos
as collateral for visa credit card transactions...</font></div>
</td>
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">289,199</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">117,723</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Securities issued
by the BCRA as collateral for the custody of
securities&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.</font></div>
</td>
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">162,759</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Government
securities as collateral for the custody of
securities.</font></div>
</td>
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">14,350</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Deposits in pesos
and in U$S as collateral for
leases&#x2026;&#x2026;&#x2026;&#x2026;...</font></div>
</td>
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1,316</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">754</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Other
collaterals&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;...</font></div>
</td>
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">810</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">2</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="2" style="vertical-align:bottom;width:50%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">779,186</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">391,902</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="2" style="vertical-align:bottom;width:50%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Tarshop
S.A.</font></div>
</td>
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Deposits in pesos
and in U$S as collateral for
leases&#x2026;&#x2026;&#x2026;&#x2026;...</font></div>
</td>
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">686</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">505</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Certificates of
participation in Financial Trusts granted as commercial pledge for
a loan
received&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.</font></div>
</td>
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">32,202</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">32,203</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Time deposits
pledged for tax obligations arising from Financial
Trusts&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.</font></div>
</td>
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">6,531</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">4,891</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Deposits in pesos
related to Financial Trusts
transactions&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">149,578</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">16,182</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Receivables in
trust to secure an overdraft facility
received&#x2026;&#x2026;.</font></div>
</td>
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">79,069</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Loans to secure the
future issuance of Financial
Trust&#x2026;.....&#x2026;&#x2026;.</font></div>
</td>
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">70,747</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Deposits in pesos
as collateral for visa credit card transactions...</font></div>
</td>
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">9,679</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">512</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Government
securities as collateral for visa credit card
transactions&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;...</font></div>
</td>
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">9,930</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">1,038</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="2" style="vertical-align:bottom;width:50%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">358,422</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">55,331</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="2" style="vertical-align:bottom;width:50%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BACS
Banco de Cr&#xE9;dito y Securitizaci&#xF3;n S.A.</font></div>
</td>
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Receivables in
pledge loans to secure a loan
received&#x2026;&#x2026;&#x2026;.&#x2026;..</font></div>
</td>
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">39,889</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Securities and
pesos as collateral for OTC
transactions&#x2026;&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">15,713</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="2" style="vertical-align:bottom;width:50%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">55,602</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="2" style="vertical-align:bottom;width:50%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BH
Valores S.A.</font></div>
</td>
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Mercado de Valores
de Buenos Aires SA&#x2019;s share pledged on behalf of Chubb
Argentina de Seguros
SA&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">20,900</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">4,000</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="2" style="vertical-align:bottom;width:50%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="2" style="vertical-align:bottom;width:50%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 4px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Total</font></div>
</td>
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 4px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:double 4px #000000;">1,214,110</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:25%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 4px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:double 4px #000000;">451,233</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">4.
Government and Corporate securities</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Government
and Corporate Securities held by the Bank consist of the following
balances:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; margin-left: 0px; margin-right: 0px; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td rowspan="1" style="vertical-align: bottom; width: 38%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" rowspan="1" style="vertical-align: bottom; width: 62%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="width: 3%; vertical-align: bottom; display: inline-block; padding-bottom: 2px">
&#xA0;</font><font style="vertical-align: bottom; width: 94%; display: inline-block; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
June 30,</font></div>
</font><font style="width: 3%; vertical-align: bottom; display: inline-block; padding-bottom: 2px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 38%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="width: 10%; vertical-align: bottom; display: inline-block; padding-bottom: 2px">
&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
2016</font></div>
</font><font style="width: 10%; vertical-align: bottom; display: inline-block; padding-bottom: 2px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 38%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="width: 10%; vertical-align: bottom; display: inline-block; padding-bottom: 2px">
&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
2015</font></div>
</font><font style="width: 10%; vertical-align: bottom; display: inline-block; padding-bottom: 2px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 38%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Holding
booked at fair value</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 38%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 38%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Governmentsecurities
inpesos&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.Ps.</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">666,815</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 38%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">1,581,383</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 38%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 36px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Government
securities in US$..............................</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">1,835,746</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 38%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">340,053</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 38%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 36px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Government
securities in Euros..............................</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">292,729</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 38%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">-</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 38%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 36px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Bills
issued by Provincial Governments in US$.....</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">263,586</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 38%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">297,137</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 38%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 36px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Bills
issued by Provincial Governments in pesos.....</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">25,890</font><font style="vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 38%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid #000000; font-size: 13px; font-family: Times New Roman">7,133</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-178</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 58%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-top: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-top: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">3,084,766</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-top: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-top: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">2,225,706</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 58%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 58%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Holding
booked at cost plus return</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 58%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 36px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Bills
issued by Provincial Governments in pesos...</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">166,342</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">66,916</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 58%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 36px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Bills
issued by Provincial Governments in US$.&#x2026;...</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">240,995</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">125,862</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 58%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">407,337</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">192,778</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 58%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 58%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Investment
in listed corporate securities</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 58%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 36px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Corporate
securities denominated in pesos&#x2026;.......&#x2026;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">490,538</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">430,855</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 58%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">490,538</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">430,855</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 58%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 58%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Securities
issued by the BCRA</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 58%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 36px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Quoted
bills and notes issued by the
BCRA&#x2026;&#x2026;&#x2026;..</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">278,519</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">672,239</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 58%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 36px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Unquoted
bills and notes issued by the BCRA&#x2026;&#x2026;..</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,017,050</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1,750,005</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 58%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1,295,569</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">2,422,244</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 58%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 58%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Allowances</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(8,711)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 58%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 58%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">5,269,499</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">5,271,583</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As of June 30,
2016, several bonds sold under repurchase agreements amounted to
Ps.75,695 and were recorded under the caption &#x201C;Other
Receivables from Financial Transactions&#x201D;.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The bank recorded
in their financial statements income from government and corporate
securities for an amount of Ps. 2,584,524 and Ps. 1,191,396 as of
June 30, 2016 and 2015, respectively.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">5.
Loans</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Descriptions of the
categories of loans in the accompanying balance sheets
include:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Mortgage loans:</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px">&#x25CF;</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-style: italic">Construction project loans</font> - loans made
to various entities for the construction of housing
units</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px">&#x25CF;</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-style: italic">Individual residential mortgage loans</font> -
mortgage loans made to individuals to finance the acquisition,
construction, completion, enlargement, and/or remodeling of their
homes</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-style: italic; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Other loans:</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 36px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-style: italic; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Certain financial and non-financial sector loans including loans to
credit card holders and to individuals</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 36px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-style: italic; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Public Loans &#x2013; loans to National Government and
Provinces</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Under Argentine
Central Bank regulations, the Bank must disclose the composition of
its loan portfolio by non-financial <font style="color: #000000">public</font>, financial and non-financial private
<font style="color: #000000">sector</font>. Additionally, the
<font style="color: #000000">Bank must disclose</font> the type of
collateral pledged on non-financial private sector loans. The
breakdown of the Bank&#x2019;s loan portfolio in this regard is as
follows:</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-179</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="vertical-align: top; width: 37%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Non-financial
<font style="color: #000000">public</font>
sector&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">160,847</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">89,132</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financial
sector&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;..</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">462,776</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">348,549</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Non-financial
private sector</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">With preferred
guarantees
(a)&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,429,322</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,413,401</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Without preferred
guarantees
....&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Personal
loans&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,149,503</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,650,127</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Credit Card Loans
&#x2026;..&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">10,573,083</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8,500,601</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Overdraft
facilities&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">890,819</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">685,978</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other loans
(b)&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,539,970</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,561,093</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Accrued interest
receivable&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">240,885</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">218,089</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Reserve for loan
losses (see note
6)..&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(493,536)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(433,825)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">21,953,669</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">19,033,145</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">______________</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 36px">
<font style="font-size: 13px; font-family: Times New Roman">(a)</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Preferred
guarantees include first priority mortgages or pledges, cash, gold
or public sector bond collateral, certain collateral held in trust,
or certain guarantees by the Argentine government.</font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 60px">
<font style="font-size: 13px; font-family: Times New Roman">(b)</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Comprised
of:</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="vertical-align: top; width: 51%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 25%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 24%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Short term loans in
pesos
&#x2026;..&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;....</font></div>
</td>
<td style="vertical-align: top; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,464,250</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,729,892</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Short term loans in
US
dollars&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: top; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">646,036</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">692,190</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Loans for the
financing of
manufacturers&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;..</font></div>
</td>
<td style="vertical-align: top; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">89,944</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">61,234</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Export prefinancing
&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.</font></div>
</td>
<td style="vertical-align: top; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">581,880</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">406,621</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other
loans&#x2026;.&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;...&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: top; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">757,860</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">671,156</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 24px;"><font style="font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 19%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,539,970</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,561,093</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">6.
Allowance for loan losses</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The activity in the
allowance for loan losses for the periods presented is as
follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="vertical-align: top; width: 39%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: -2px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 20%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Balance at
beginning of
period&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;..</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">433,825</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">356,267</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Provision charged
to income
&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">356,492</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">375,270</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Loans charged
off&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;...</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(296,781)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(297,712)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Balance at end of
period&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">493,536</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">433,825</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">7.
Other receivables from financial transactions</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The breakdown of
other receivables from financial transactions, by type of guarantee
<font style="color: #000000">for the periods indicated</font>, is
as follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-180</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="vertical-align: top; width: 39%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Preferred
guarantees, including deposits with the</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Argentine Central
Bank&#x2026;&#x2026;&#x2026;.&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;..</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">766,485</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">434,689</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Unsecured
guarantees
(a)&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6,098,728</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,966,068</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Subtotal</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6,865,213</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,400,757</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: -24px;"><font style="font-size: 13px; font-family: Times New Roman">Less: Allowance for
losses&#x2026;&#x2026;....&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(23,624)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(22,611)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6,841,589</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,378,146</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(a) Includes Ps.
54,281 and Ps. 4,785 of Amounts receivable under derivative
financial instruments, as of June 30, 2016 and 2015, respectively,
and Ps. 75,695 and Ps. 35,621 of Amounts receivable under
repurchase agreements, as of June 30, 2016 and 2015,
respectively.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The breakdown of
the caption &#x201C;Other&#x201D; included in the balance sheet is as
follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="vertical-align: top; width: 39%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Subordinated bonds
(a)&#x2026;&#x2026;.&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,651,744</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,452,436</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Certificates of
participation (see note
19)&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">946,515</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">388,250</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Bonds held in the
Bank&#x2019;s portfolio
(b).&#x2026;&#x2026;..&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">42,384</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Bonds
unquoted&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;....</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">215,149</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">192,621</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Collateral for OTC
transactions&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">488,237</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">114,034</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Amounts receivable
from spot and forward sales pending
settlement&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;..</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">780,400</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">524,785</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.</font></div>
</td>
<td style="vertical-align: middle; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,053,558</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">574,887</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Total</font></div>
</td>
<td style="vertical-align: middle; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6,177,987</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,247,013</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(a) Includes Ps.
2,158,130 and Ps. 269,243 of debt securities related to
securitizations made by the bank and described in note 19, as of
June 30, 2016 and 2015, respectively.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(b) The Bank
carries some of its negotiable obligations as of June 30,
2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">8.
Miscellaneous receivables</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Miscellaneous
receivables are comprised of the following <font style="color: #000000">for</font> the <font style="color: #000000">periods indicated</font>:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="vertical-align: top; width: 39%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Withholdings,
credits and prepaid income
tax&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">45,503</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">33,812</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Recoverable
expenses, taxes, and advances to third
parties&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">62,291</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">60,935</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Attachments for
non-restructured
ON&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">23,484</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7,526</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Guarantee deposit
(*)&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;..</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">32,293</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">171,891</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Guarantee deposit
for credit card
transactions&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;..</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">289,199</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">117,723</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Presumptive minimum
income &#x2013; Credit tax (see note
25)&#x2026;&#x2026;...</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">77,041</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">61,561</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Receivables from
master servicing
activities&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;..</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">838</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">787</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other Directors
fees&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">36,379</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">13,749</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Loans to Bank
staff&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;..</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">188,177</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">179,588</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,004,313</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">925,623</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Subtotal</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,759,518</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,573,195</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Less: Allowance for
collection
risks&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(10,811)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(13,978)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,748,707</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,559,217</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font>
&#xA0; <font style="font-size: 13px; font-family: Times New Roman"><br>
</font></font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-181</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(*) As of June 30,
2016 and 2015 includes Ps. 14,350 and Ps. 162,759 as collateral for
the custody of securities.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">9.
Bank Premises and Equipment</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The book values of
major categories of bank premises and equipment and total
accumulated depreciation as of the periods indicated are as
follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="vertical-align: top; width: 38%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Land and
buildings&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">186,599</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">117,090</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Furniture and
fixtures&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">79,259</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">63,915</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Machinery and
equipment&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;..</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">278,772</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">185,369</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;...</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">50,059</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">40,106</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Accumulated
depreciation&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;..</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(277,591)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(220,160)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">317,098</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">186,320</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">10.
Miscellaneous assets</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Miscellaneous
assets <font style="color: #000000">consist</font> of the following
as of the end of each period:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="vertical-align: top; width: 38%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Properties held for
sale&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;...</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">40,884</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">33,587</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Assets leased to
others&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;...</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">26,339</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">22,656</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Stationery and
supplies&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;..</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">30,848</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">23,349</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Advances for
purchase of goods
(*)&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">176,551</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;...</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,949</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,688</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Accumulated
depreciation&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;..</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(23,104)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(20,867)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">253,467</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">60,413</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">(*)</font> On April 20, 2016, by means of a
public auction conducted by the government of the City of Buenos
Aires, we acquired the building known as &#x201C;Edificio del
Plata&#x201D; to be our corporate headquarters and a branch, for
approximately US$68 million. As of June 30, 2016, we have paid 15%
of the acquisition price and according to Article 3 of Decree
208/16, we are required to pay the remaining 85% when executing the
public deed and entering into possession of the building, which
should occur within 365 days of the public auction.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">11.
Intangible Assets</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Intangible assets,
net of accumulated amortization, as of the end of <font style="color: #000000">periods indicated are</font> as
follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="6" style="vertical-align: top; width: 38%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Third parties fees,
re-engineering, restructuring and capitalized software
costs.................................................................................</font></div>
</td>
<td style="vertical-align: bottom; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">187,204</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">131,714</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Goodwill
(*)&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;......&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">15,078</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">18,508</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Mortgage loan
origination expenses related to Pro.Cre.Ar (see note
31)&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">350,473</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">275,926</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">552,755</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">426,148</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(*) Goodwill is
mainly related to the acquisition of Tarshop, which has been
allocated to the Credit card segment - Tarshop.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font>
&#xA0; <font style="font-size: 13px; font-family: Times New Roman"><br>
</font></font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-182</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 36px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">12.&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Reserve
for contingencies</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The reserve for
contingencies as of the end of each period is as
follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="vertical-align: top; width: 38%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Legal Contingencies
(a)&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">172,264</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">78,863</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: -24px;"><font style="font-size: 13px; font-family: Times New Roman">Incurred but not
reported and pending insurance claims (b)..&#x2026;...</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,181</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Contingency risks
&#x2026;..&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">93,494</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">112,043</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Tax
Provision&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.&#x2026;&#x2026;...</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9,238</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11,401</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Bonds subject to
lawsuits
(c)&#x2026;..&#x2026;&#x2026;&#x2026;..&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.&#x2026;&#x2026;.</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">24,463</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14,290</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Allowance for
administrative-disciplinary-criminal penalties ......</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">600</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,172</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Total</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">300,059</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">221,950</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: -24px;"><font style="font-size: 13px; font-family: Times New Roman">(a) Includes legal
contingencies and expected legal fees.</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: -24px;"><font style="font-size: 13px; font-family: Times New Roman">(b) As of June 30,
2015 it is composed of debts to insured for Ps. 1,181 (outstanding
claims for Ps. 559 and IBNR for Ps. 622).</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: -24px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;(c) Includes
negotiable obligations past due whose holders did not enter to the
comprehensive financial debt restructuring which ended on January,
2004.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">13.
Other Liabilities from Financial Transactions - Obligation to
return securities acquired under reverse repurchase agreements of
government and corporate securities</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The amounts
outstanding corresponding to the Obligation to return securities
acquired under reverse repurchase agreements of government and
corporate securities, as of the end of the twelve-month periods are
as follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 64%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="vertical-align: top; width: 36%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 64%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 64%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 64%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Reverse repurchase
agreements collateralized by securities issued by the BCRA
(*)&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;..</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">126,200</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11,114</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 64%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Reverse repurchase
agreements collateralized by other government securities
(*)&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.&#x2026;&#x2026;&#x2026;&#x2026;.&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">463,954</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">23,367</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 64%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">590,154</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">34,481</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(*) The
transactions&#x2019; maturity date is July, 2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: -36px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">14.</font> <font style="font-weight: bold">Other Liabilities from Financial Transactions -
Other Banks and International Entities</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The breakdown of
the bank debt is as follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: middle; width: 35%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Description</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Average
Annual</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">interest
rate</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Average
Maturity date</font></div>
</td>
<td style="vertical-align: middle; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 35%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 35%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Interbank loans in
pesos&#x2026;...&#x2026;.&#x2026;&#x2026;...</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 24px;"><font style="font-size: 13px; font-family: Times New Roman">38.11%</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">August,
2016</font></div>
</td>
<td style="vertical-align: middle; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">276,006</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">297,357</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 35%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">276,006</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">297,357</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">15.
Other Liabilities from Financial Transactions &#x2013; Negotiable
obligations</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font>
&#xA0; <font style="font-size: 13px; font-family: Times New Roman"><br>
</font></font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-183</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The balance of the
negotiable obligations has been included in the &#x201C;Other
liabilities for financial transactions&#x201D; caption. The residual
face values of the different negotiable obligation series issued
are as follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; margin-left: 0px; margin-right: 0px; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td rowspan="1" style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 21%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><br></font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 21%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><br></font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 12%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="width: 10%; vertical-align: bottom; display: inline-block; padding-bottom: 2px">
&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block; border-bottom: 2px solid #000000">&#xA0;</font><font style="width: 10%; vertical-align: bottom; display: inline-block; padding-bottom: 2px">&#xA0;</font></div>
</td>
<td colspan="2" rowspan="1" style="vertical-align: bottom; width: 24%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="width: 5%; vertical-align: bottom; display: inline-block; padding-bottom: 2px">
&#xA0;</font><font style="vertical-align: bottom; width: 90%; display: inline-block; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
</font><font style="width: 5%; vertical-align: bottom; display: inline-block; padding-bottom: 2px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 21%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Issue
date</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 21%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Maturity
date</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 12%; border-top: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="width: 10%; vertical-align: bottom; display: inline-block; padding-bottom: 2px">
&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Annual interest rate</font> (a)</font></div>
</font><font style="width: 10%; vertical-align: bottom; display: inline-block; padding-bottom: 2px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="width: 10%; vertical-align: bottom; display: inline-block; padding-bottom: 2px">
&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</font><font style="width: 10%; vertical-align: bottom; display: inline-block; padding-bottom: 2px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="width: 10%; vertical-align: bottom; display: inline-block; padding-bottom: 2px">
&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</font><font style="width: 10%; vertical-align: bottom; display: inline-block; padding-bottom: 2px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Banco
Hipotecario S.A.</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Series 5 (US$
250,000 thousand)</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">04/27/06</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">04/27/16</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">9.750</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">%</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">-</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">1,914,484</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Series XII (US$.
44,508 thousand)</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">08/14/13</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">08/14/17</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">3.95</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">%</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">439,845</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">358,989</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Series XIV (Ps.
115,400)</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11/11/13</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11/11/15</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Badlar
+375bp</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">-</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">115,400</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Series XVI (Ps.
89,683)</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">01/31/14</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">01/31/16</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Badlar
+425bp</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">-</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">89,683</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Series XIX (Ps.
275,830)</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">05/16/14</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11/16/15</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Badlar
+375bp</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">275,830</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Series XXI (Ps.
222,345)</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">07/30/14</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">01/30/16</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Badlar
+275bp</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">222,345</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Series XXII (Ps.
253,152)</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11/05/14</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">08/05/15</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">LEBACx0.95</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">253,152</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Series XXIII (Ps.
119,386)</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11/05/14</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">05/08/16</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Badlar
+325bp</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">119,386</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Series XXIV (Ps.
27,505)</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">02/05/15</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">01/31/16</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">LEBACx0.95</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">-</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">27,505</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Series XXV (Ps.
308,300)</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">02/05/15</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">08/05/16</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">9 months 27.5% and
then Badlar +450bp</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">298,413</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">298,496</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Series XXVII (Ps.
281,740)</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">05/22/15</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11/22/16</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">9 months 28.0% and
then Badlar +450bp</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">260,111</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">260,096</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Series XXIX (US$
200,000 thousand)</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11/30/15</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11/30/20</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">9.75</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">%</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">2,984,000</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; font-weight: bold; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; font-weight: bold; width: 75%; font-size: 13px; font-family: Times New Roman">-</font><font style="color: #000000; vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Series XXIX
-Tranche II (US$ 150,000 thousand)</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">05/23/16</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11/30/20</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">9.75</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">%</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">2,228,480</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; font-weight: bold; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; font-weight: bold; width: 75%; font-size: 13px; font-family: Times New Roman">-</font><font style="color: #000000; vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Series XXX (Ps.
314,611)</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">09/04/15</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">03/04/17</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">9 months 28.25% and
then Badlar +450bp</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">314,611</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; font-weight: bold; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; font-weight: bold; width: 75%; font-size: 13px; font-family: Times New Roman">-</font><font style="color: #000000; vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Series XXXI (US$
14,730 thousand)</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">09/04/15</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">09/04/18</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">2.00</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">%</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">219,772</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; font-weight: bold; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; font-weight: bold; width: 75%; font-size: 13px; font-family: Times New Roman">-</font><font style="color: #000000; vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Series XXXII (Ps.
265,770)</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11/30/15</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">05/30/17</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">3 months 27.0% and
then Badlar +475bp</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">265,770</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; font-weight: bold; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; font-weight: bold; width: 75%; font-size: 13px; font-family: Times New Roman">-</font><font style="color: #000000; vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Series XXXIV (Ps.
264,030)</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">02/10/16</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">08/10/17</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Badlar
+400bp</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">264,030</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; font-weight: bold; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; font-weight: bold; width: 75%; font-size: 13px; font-family: Times New Roman">-</font><font style="color: #000000; vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Series XXXV (Ps.
235,970)</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">02/10/16</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">02/10/19</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Badlar
+499bp</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">235,970</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; font-weight: bold; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; font-weight: bold; width: 75%; font-size: 13px; font-family: Times New Roman">-</font><font style="color: #000000; vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Series XXXVI (Ps.
469,750)</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">05/18/16</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11/18/17</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Badlar
+425bp</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">469,750</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; font-weight: bold; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; font-weight: bold; width: 75%; font-size: 13px; font-family: Times New Roman">-</font><font style="color: #000000; vertical-align: bottom; display: inline-block; font-weight: bold; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="">
<td colspan="3" style="vertical-align: bottom; width: 63%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Tarshop
S.A.</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Series XI (Ps.
10,837)</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">05/23/13</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">05/23/16</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Badlar+580bp</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">10,775</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Series XII (Ps.
83,588)</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">08/09/13</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">08/09/15</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">15.0</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">%</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-family: Times New Roman"><font style="vertical-align: top; font-size: 70%">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">83,112</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Series XV (Ps.
119,755)</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">04/21/14</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">10/21/15</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Badlar+490bp</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">113,967</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Series XVII (Ps.
41,066)</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11/26/14</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">08/26/15</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">LEBACx0.95</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">40,832</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Series XVIII (Ps.
69,291)</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11/26/14</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">05/26/16</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Badlar+425bp</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">-</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">68,896</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Series XIX (Ps.
6,314)</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11/26/14</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11/26/17</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Badlar+525bp</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">3,950</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">6,280</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Series XX (Ps.
69,100)</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">04/24/15</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">01/24/16</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">27.5</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">%</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">68,707</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Series XXI (Ps.
80,500)<font style="vertical-align: top; color: #000000; font-size: 70%">v</font></font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">04/24/14</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">10/24/16</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">28.5</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">%</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">79,932</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">80,043</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Series XXII (Ps.
126,667)<font style="vertical-align: top; color: #000000; font-size: 70%">v</font></font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">07/30/15</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">01/30/17</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">29.0</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">%</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">125,772</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Series XXIII (Ps.
160,000)<font style="vertical-align: top; color: #000000; font-size: 70%">v</font></font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11/16/15</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">05/16/17</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Badlar+600bp</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">158,870</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Series XXVI (Ps.
156,972)<font style="vertical-align: top; color: #000000; font-size: 70%">v</font></font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">01/26/16</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">07/26/17</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Badlar+650bp</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">155,863</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Series XXVII (Ps.
147,288)</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">05/04/16</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11/04/17</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Badlar+600bps</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">146,248</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="">
<td colspan="3" style="vertical-align: bottom; width: 63%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="">
<td colspan="2" style="vertical-align: bottom; width: 42%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BACS
Banco de Cr&#xE9;dito y Securitizaci&#xF3;n S.A.</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Series I (Ps.
130,435)</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">02/19/14</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">08/19/15</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Badlar+450bp</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">130,435</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Series III (Ps.
132,726)</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">08/19/14</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">05/19/16</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Badlar
+275bp</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">132,726</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Series IV (Ps.
105,555)</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11/21/14</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">08/21/16</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Badlar
+350bp</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">35,192</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">105,555</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Series V (Ps.
150,000)</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">04/17/15</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">01/17/17</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">9 months 27.48% and
then Badlar +450bp</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">150,000</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">150,000</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Series VI (Ps.
141,666)</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">07/23/15</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">04/24/17</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">9 months 27.5% and
then Badlar +450bp</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">141,666</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Series VII (Ps.
142,602)</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">02/18/16</font></div>
</td>
<td style="vertical-align: bottom; width: 21%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11/18/17</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Badlar
+475bp</font></div>
</font><font style="vertical-align: bottom; width: 10%; display: inline-block">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">142,602</font><font style="color: #000000; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="vertical-align: bottom; width: 5%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="vertical-align: bottom; width: 75%; display: inline-block; font-size: 13px; font-family: Times New Roman">-</font><font style="vertical-align: bottom; width: 10%; display: inline-block; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: middle; width: 35%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Series VIII (Ps.
150,000)</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">05/24/16</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11/24/17</font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Badlar
+439bp</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">150,000</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: -60px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-184</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: middle; width: 35%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><br></font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><br></font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><br></font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><br></font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><br></font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><br></font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><br></font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 35%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 35%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: -60px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">9,270,847</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: -60px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">4,926,694</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(a)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">As of June 30, 2016
Badlar rate was 21.87%</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The contractual
maturities of the negotiable obligations are as follows as of June
30, 2016:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 64%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">June 30,
2017&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;..</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,830,337</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 64%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">June 30,
2018&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;..</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,772,288</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 64%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;June 30,
2019&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;..</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">455,742</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 64%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;Thereafter&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;...</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 26%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5,212,480</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 64%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 26%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9,270,847</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The General
Shareholders' Meeting held on May 23, 2008, approved the creation
of a new Global Program for issuing Negotiable Obligations, not
convertible into shares, with or without collateral, for an amount
of up to two billion US dollars (US$ 2,000,000,000) or the
equivalent thereof in pesos.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On March 27, 2012,
the General Ordinary Shareholders&#x2019; Meeting approved the
extension of the Global Program for the issuance of notes referred
above. In addition, the meeting resolved to delegate on the Board
of Directors the broadest powers to determine the time, amount, as
well as the other terms and conditions of each Series to be issued.
Additionally, on April 24, 2014, the General Ordinary
Shareholders&#x2019; Meeting renewed such delegation of
powers.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On February 11,
2015 the Bank&#x2019;s Board of Directors approved the increase in
the Program amount for up to US Dollars seven hundred million
(US$&#xA0;700,000,000) or its equivalent in pesos.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On May 6, 2015, the
Bank&#x2019;s Board of Directors approved the increase in the
Program amount for up to US dollars eight hundred million
(US$&#xA0;800,000,000) or its equivalent in pesos.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On November 30,
2015, the Bank issued Notes in the international capital markets
for US Dollars two hundred million (US$&#xA0;200,000,000) at an
interest rate of 9.75% per annum, due in 2020.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On December 1, 2015
and December 2, 2015, the Bank repurchased and retired Series 5
Notes for US Dollars one hundred and twenty two million four
hundred ninety-seven thousand (US$&#xA0;122,497,000) and US Dollars
one hundred and fifty-five thousand (US$&#xA0;155,000),
respectively, for which it paid US Dollars one hundred two with
fifty cents (US$&#xA0;102.50) for each US$&#xA0;100 in face
value.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The General
Ordinary Shareholders held on April 13, 2016, approved the
extension of the Bank&#x2019;s Global Program for the issuance of
notes for up to US dollars eight hundred million (US$ 800,000,000)
or its equivalent in pesos currently in force for a term of up to 5
years , or the longer period permitted by applicable
law.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On June 15, 2016
the Bank&#x2019;s Board of Directors approved the increase in the
Program amount for up to US Dollars one billion (US$ 1,000,000,000)
or its equivalent in pesos.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">16.
Subordinated Bonds</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">At the
Extraordinary General Shareholders&#x2019; Meeting of BACS Banco de
Cr&#xE9;dito y Securitizaci&#xF3;n S.A., dated December 12, 2013,
the issuance of Convertible Subordinated Negotiable Obligations
through private offering was approved for an amount of up to
Ps.100,000.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On June 22, 2015,
BACS issued negotiable obligations that are convertible into the
Company&#x2019;s ordinary and book-entry shares for a principal
amount of Ps.100,000.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font>
&#xA0; <font style="font-size: 13px; font-family: Times New Roman"><br>
</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-185</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The private
offering of the convertible negotiable obligations was solely
addressed to the Company&#x2019;s shareholders. IRSA Inversiones y
Representaciones Sociedad An&#xF3;nima subscribed all the
convertible negotiable obligations.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On June 21, 2016,
BACS Banco de Cr&#xE9;dito y Securitizaci&#xF3;n S.A. took notice
of IRSA Inversiones y Representaciones SA&#x2019;s decision to
exercise its conversion rights over the subordinated bonds
convertible into common shares and the filings made before the
Argentine Central Bank and the Argentine Securities
Commission.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">17.
Level I American Depositary Receipts Program</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On March 27, 2006
the US Securities and Exchange Commission (SEC) has made effective
the Level I American Depositary Receipts, &#x201C;ADR&#x201D;
program.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">This program allows
foreign investors to buy the Bank&#x2019;s stock through the
secondary market where ADRs are traded freely within the United
States. The Bank of New York has been appointed as depositary
institution.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">18.
Derivative Financial Instruments</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Bank has
carried out its financial risk management through the subscription
of several derivative financial instruments. Derivative instruments
are recorded under the captions &#x201C;Other receivable from
financial transactions &#x2013; Amounts receivable under derivative
financial instruments&#x201D; or Liabilities: &#x201C;Other
liabilities from financial transactions &#x2013; Amounts payable
under derivative financial instruments&#x201D; in the Consolidated
Balance Sheet, and the related gain or loss under the captions
&#x201C;Financial Income &#x2013; Interest on loans and other
receivables from financial transactions&#x201D; or: &#x201C;Financial
Expenses &#x2013; Interest on deposits and other liabilities from
financial transactions&#x201D;, respectively, in the Consolidated
Statement of Income.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The following are
the derivative financial instruments outstanding as of June 30,
2016 and 2015:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 27%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Type
of Contract</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 26%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notional
amount</font></div>
</td>
<td style="vertical-align: top; width: 3%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 20%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Net
Book Value Asset/(Liabilities)</font></div>
</td>
<td style="vertical-align: top; width: 3%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 20%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Fair
Value</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Forwards
(1)(a)</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Futures
(2)</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Purchases
(a)</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9,671,321</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,405,951</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="2" style="vertical-align: middle; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">12,773</font></div>
</td>
<td rowspan="2" style="vertical-align: middle; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(505)</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="2" style="vertical-align: middle; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">12,773</font></div>
</td>
<td rowspan="2" style="vertical-align: middle; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(505)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Sales
(a)</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(7,020,174)</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,519,307)</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Interest rate swaps
(3)(b)</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">30,000</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">63</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">63</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 27%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">12,773</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(442)</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">12,773</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(442)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: -24px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;(a)Underlying:
Foreign currency.</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: -24px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;(b)Underlying:
Interest rate.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 36px">
<font style="font-size: 13px; font-family: Times New Roman">1.&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Forwards: US dollar
forward transactions have been carried out, the settlement of
which, in general, is made without delivery of the underlying asset
but by means of the payment in Pesos of currency differences. These
transactions were performed mainly as hedge for foreign currency
positions. Transactions with settlement in Pesos were made upon
maturity.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">For these
transactions, as of June 30, 2016 and 2015 the Bank has recognized
losses for Ps.179,085 and Ps. 34,646, respectively.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 36px">
<font style="font-size: 13px; font-family: Times New Roman">2.&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Futures: Future
currency transactions have been carried out through which the
forward purchase and sale of foreign currencies (US dollar) was
agreed upon. These transactions were</font></div>
</div>
</div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-186</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: -36px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: -36px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
<font style="font-size: 13px; font-family: Times New Roman">performed as hedge
for foreign currency position. Settlement is carried on a daily
basis for the difference.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">For these
transactions, as of June 30, 2016 and 2015, the Bank has recognized
gains for Ps.753,373 and losses for Ps. 51,899,
respectively.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">3.</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">On February 18,
2015, OTC Transactions &#x2013; Badlar rate swaps for agreed upon
fixed interest rate were conducted. These are settled by paying the
difference in Pesos.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">For these
transactions, as of June 30, 2015, the Bank has recognized gains
for Ps. 391, respectively.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">19.
Securitization of mortgage loans, consumer loans and credit card
loans</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Bank created
separate trusts under its US securitization program and
&#x201C;C&#xE9;dulas Hipotecarias Argentina &#x2013; program&#x201D;;
and a consumer trust under BACS&#x2019;s Global Trust Securities
Program. For each mortgage or consumer trust, the Bank transfers a
portfolio of mortgages or consumer loans originated by banks and
other financial institutions in trust to the relevant trustee. The
trustee then issues Class A senior Bonds, Class B subordinated
bonds and certificates of participation. The trust&#x2019;s payment
obligations in respect of these instruments are collateralized by,
and recourse is limited to, the trust&#x2019;s assets consisting of
the portfolio of mortgage or consumer loans and any reserve fund
established by the Bank for such purpose. The securitizations were
recorded as sales, and accordingly, the mortgage and consumer loans
conveyed to the trusts are no longer recorded as assets of the
Bank.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">At the date of
these financial statements the following trust funds are
outstanding:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Debt
Securities</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Class
A1/AV</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Debt
Securities</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Class
A2/AF</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Debt
Securities</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Class
B</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Certificates
of</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Participation</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">BACS III &#x2013;
Issued on 12.23.2005</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Face value in
Ps.</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">77,600</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,200</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,200</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">80,000</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Declared Maturity
Date</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">03.20.2013</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">09.20.2013</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">08.20.2015</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">BACS Funding I
Issued on 11.15.2001 (*)</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Face value in
Ps.</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">29,907</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">29,907</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Declared Maturity
Date</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11.15.2031</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">BACS Funding II
Issued on 11.23.2001 (*)</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Face value in
Ps.</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">12,104</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">12,104</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Declared Maturity
Date</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11.23.2031</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">BHSA I Issued on
02.01.2002</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Face value in
Ps.</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">43,412</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">43,412</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Declared Maturity
Date</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">02.01.2021</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">CHA VI Issued on
04.07.2006</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Face value in
Ps.</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">56,702</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">12,447</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">69,149</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Declared Maturity
Date</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">12.31.2016</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">12.31.2026</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">CHA VII Issued on
09.27.2006</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Face value in
Ps.</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">58,527</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">12,848</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">71,375</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Declared Maturity
Date</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">08.31.2017</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">02.28.2028</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">CHA VIII Issued on
03.26.2007</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Face value in
Ps.</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">61.088</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">13,409</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">74.497</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Declared Maturity
Date</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">08.31.2024</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">08.31.2028</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">CHA IX Issued on
08.28.2009</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Face value in
Ps.</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">192,509</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">10,132</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">202,641</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Declared Maturity
Date</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">02.07.2027</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">07.07.2027</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">CHA X Issued on
08.28.2009</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Face value in
Ps.</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">17,224</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">17,224</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Face value en
US$</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">85,001</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">85,001</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Declared Maturity
Date</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">01.07.2027</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">06.07.2028</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">CHA XI Issued on
12.21.2009</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Face value in
Ps.</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">204,250</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">10,750</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">215,000</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Declared Maturity
Date</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">03.10.2024</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">10.10.2024</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">CHA XII Issued on
07.21.2010</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Face value in
Ps.</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">259,932</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">13,680</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">273,612</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Declared Maturity
Date</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11.10.2028</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">02.10.2029</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">CHA XIII Issued on
12.02.2010</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Face value in
Ps.</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">110,299</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5,805</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">116,104</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Declared Maturity
Date</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">12.10.2029</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">04.10.2030</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">CHA XIV Issued on
03.18.2011</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Face value in
Ps.</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">119,876</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6,309</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">126,185</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Declared Maturity
Date</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">05.10.2030</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">08.10.2030</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: -24px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;(*)Trusts
subject to the pesification of foreign currency assets and
liabilities at the $1.00=US$1 rate established by Law 25561 and
Decree 214, as they were created under Argentine legislation.
Certain holders of Class A debt securities have started declarative
actions against the trustee pursuant to the application of the
pesification measures set forth in Law 25561 and Decree 214, in
order to maintain the currency of origin of said securities. In
these declarative actions, the Bank acted together with BACS as
third party. The trustee has duly answered to this claim, being the
final resolution to this situation is still pending.</font></div>
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-187</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<br>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Tarshop SA has
created several financial trusts under its securitization program
(&#x201C;Valores Fiduciarios Tarjeta Shopping &#x2013; Global
program&#x201D;) destined to assure its long-term financing
accessing directly to the capital market. The assets included in
the trusts relate to credit card coupons and advances in cash. The
table below presents the trusts issued and outstanding as of June
30, 2016:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 42%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 20%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Debt
Securities</font></div>
</td>
<td style="vertical-align: middle; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Certificates
of</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Participation</font></div>
</td>
<td style="vertical-align: middle; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 42%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 42%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Series
LXXXIII&#x2013; Issued on 05.27.15</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="vertical-align: top; font-size: 70%; font-family: Times New Roman">
I</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 42%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Face value in
Ps.</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">111,222</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">42,591</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">153,813</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 42%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 42%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Series
LXXXIV&#x2013; Issued on 03.12.15</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 42%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Face value in
Ps.</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">104,865</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">39,019</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">143,884</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 42%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 42%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Series LXXXV&#x2013;
Issued on 05.20.15</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 42%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Face value in
Ps.</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">128,500</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;47,800</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">176,300</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 42%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 42%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Series
LXXXVI&#x2013; Issued on 06.29.15</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 42%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Face value in
Ps.</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">126,050</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;48,168</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">174,218</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 42%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 42%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Series
LXXXVII&#x2013; Issued on 10.01.15</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 42%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Face value in
Ps.</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">141,066</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;57,091</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">198,157</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 42%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 42%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Series
LXXXVIII&#x2013; Issued on 04.01.16</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 42%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Face value in
Ps.</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">148,489</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;65,472</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">213,961</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 42%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 42%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Series
LXXXIX&#x2013;Issued on 05.17.16</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 42%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Face value in
Ps.</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">143,530</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;63,282</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">206,812</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 42%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 42%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Series XC&#x2013;
Issued on 06.28.16</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 42%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Face value in
Ps.</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">150,025</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;66,162</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">216,187</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 42%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 42%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Series XCI&#x2013;
Privately issued on 05.15.16</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 42%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Face value in
Ps.</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">102,581</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;39,893</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">142,474</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 42%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 42%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Series XCII&#x2013;
Privately issued on 06.15.16</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 42%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Face value in
Ps.</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">82,622</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;32,131</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">114,753</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 42%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 42%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Tarshop Privado
Series 1 - Privately issued on 08.21.15</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 42%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Face value in
Ps.</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,162,400</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;329,362</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,491,762</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 42%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 42%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Tarshop Privado
Series 1I - Privately issued on 12.23.15</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-188</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 42%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Face value in
Ps.</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,396,300</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;535,571</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,931,871</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 42%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 42%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Tarshop Series 1 -
Privately issued on 09.15.15</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 42%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Face value in
Ps.</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">77,799</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;27,201</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">105,000</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 42%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">BACS Banco de
Cr&#xE9;dito y Securitizaci&#xF3;n S.A. (BACS) has created separate
trusts which have personal loans, primary originated by
cooperatives and later acquired by BACS, as assets. The mentioned
trusts have been issued under the &#x201C;Fideicomisos Financieros
BACS &#x2013; Global program" for the securitization for a face
value up to Ps. 300,000. As of June 30, 2016 and 2015 there are no
trusts outstanding.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As of June 30, 2016
and 2015, the Bank held in its portfolio the following securities
corresponding to the abovementioned trusts:</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-189</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="vertical-align: top; width: 41%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 20%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 20%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Class B debt
securities &#x2013; BHN II</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7,000</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Class B debt
securities &#x2013; BHN III</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7,203</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Class B debt
securities &#x2013; BHN IV</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">79,351</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Class A debt
securities &#x2013; BHN IV</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">44</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Class A debt
securities &#x2013; CHA VI to CHA XIV</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">103,829</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">75,417</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Class A debt
securities &#x2013; BACS I</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">20,234</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Class B debt
securities &#x2013; BACS I</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,081</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Debt securities
&#x2013; BACS III</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14,411</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">15,768</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Debt securities
&#x2013; Tarshop Series LXXIX</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,042</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Debt securities
&#x2013; Tarshop Series LXXXII</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7,198</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Debt securities
&#x2013; Tarshop Series LXXXIII</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">998</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">13,530</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Debt securities
&#x2013; Tarshop Series LXXXIV</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">20,927</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Debt securities
&#x2013; Tarshop Series LXXXV</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">19,448</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Debt securities
&#x2013; Tarshop Series LXXXVII</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">27,260</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Debt securities
&#x2013; Tarshop Series XC</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14,796</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Debt securities
&#x2013; Tarshop Series XCI</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">19,525</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Debt securities
&#x2013; Tarshop Privado Series I</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">98,453</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Debt securities
&#x2013; Tarshop Privado Series II</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">656,071</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Debt securities
&#x2013; Tarshop Series I</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,222,787</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Subtotal</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,158,130</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">269,243</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="vertical-align: top; width: 41%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 20%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 20%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Certificates of
participation &#x2013; BHN II</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">41,722</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Certificates of
participation &#x2013; BHN III</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14,970</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Certificates of
participation &#x2013; CHA VI</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">13,737</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">13,592</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Certificates of
participation &#x2013; CHA VII</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">953</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Certificates of
participation &#x2013; CHA IX</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">10,181</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">10,677</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Certificates of
participation &#x2013; CHA X</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">26,578</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">26,085</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Certificates of
participation &#x2013; CHA XI</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11,935</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14,488</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Certificates of
participation &#x2013; CHA XII</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14,440</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">18,298</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Certificates of
participation &#x2013; CHA XIII</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,277</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5,330</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Certificates of
participation &#x2013; CHA XIV</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,173</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5,401</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Certificates of
participation &#x2013; BHSA I</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8,949</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9,192</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Certificates of
participation &#x2013; BACS III</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,003</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,003</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Certificates of
Participation &#x2013; Tarshop Series LXXIX</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">48,523</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Certificates of
Participation &#x2013; Tarshop Series LXXX</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">47,053</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Certificates of
Participation &#x2013; Tarshop Series LXXXI</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">23,782</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Certificates of
Participation &#x2013; Tarshop Series LXXXII</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">24,551</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Certificates of
Participation &#x2013; Tarshop Series LXXXIII</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">22,045</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">34,032</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Certificates of
Participation &#x2013; Tarshop Series LXXXIV</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">19,797</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">23,486</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Certificates of
Participation &#x2013; Tarshop Series LXXXV</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">23,094</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">25,112</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Certificates of
Participation &#x2013; Tarshop Series LXXXVI</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">24,817</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Certificates of
Participation &#x2013; Tarshop Series LXXXVII</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">32,074</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Certificates of
Participation &#x2013; Tarshop Series LXXXVIII</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">42,178</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Certificates of
Participation &#x2013; Tarshop Series LXXXIX</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">41,048</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Certificates of
Participation &#x2013; Tarshop Series XC</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">48,088</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Certificates of
Participation &#x2013; Tarshop Series XCI</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">33,284</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Certificates of
Participation &#x2013; Tarshop Series XCII</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(920)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-190</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Certificates of
Participation &#x2013; Tarshop Privado Series I</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8,288</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Certificates of
Participation &#x2013; Tarshop Privado Series II</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">175,214</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Certificates of
Participation &#x2013; Tarshop Series I</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">382,235</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Subtotal</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">946,515</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">388,250</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,105,151</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">657,493</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">20.
Miscellaneous Liabilities</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Sundry creditors
and other miscellaneous liabilities consist of the following as of
the end of each period:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="vertical-align: top; width: 39%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Sundry
creditors:</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Accrued fees and
expenses payable
&#x2026;&#x2026;.&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.&#x2026;&#x2026;...</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">857,251</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,291,772</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Summary proceedings
in financial matters N&#xB0; 1320 (*)&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">53,632</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Unallocated
collections&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">12,116</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9,464</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Withholdings and
taxes
payable&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;...</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">57,288</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">96,350</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">19,233</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">16,973</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">945,888</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,468,191</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(*) <font style="color: #000000">The Bank&#x2019;s Board of Directors granted its
approval to the actions undertaken by the Executive Committee
concerning the deposit of the penalties imposed on directors,
former directors, managers, former managers and statutory auditors
and the fact that such amounts were charged against the statement
of income in the framework of</font> Financial Summary Proceedings
No. 1320 (Note 30).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="vertical-align: top; width: 39%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other:</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Directors and
Syndics accrued fees
payable&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">57,109</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">47,829</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Payroll
withholdings and
contributions&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;....</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">99,962</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">91,217</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Gratifications&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;....</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">180,553</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">68,810</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Salaries and social
securities&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">46,786</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">64,559</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">384,410</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">272,415</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">21.
Income from Services and Expenses on Services</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Income from Services</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Commissions earned
consist of the following for each period:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="8" style="vertical-align: top; width: 49%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Loan servicing fees
from third
parties&#x2026;..&#x2026;&#x2026;&#x2026;&#x2026;.</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">50,844</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">37,240</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">30,854</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Commissions for
credit
cards&#x2026;&#x2026;...&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,573,624</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,048,855</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">705,143</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other
&#x2026;..&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">158,653</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">209,230</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">130,619</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 51%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,783,121</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,295,325</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">866,616</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other income from
services is comprised of the following for each
period:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 51%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 49%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-191</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Reimbursement of
loan expenses paid by third
parties&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;..&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: bottom; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">26,088</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">19,547</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">37,289</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Income from
services from PROCREAR (note 31)&#x2026;</font></div>
</td>
<td style="vertical-align: bottom; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">244,130</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">106,619</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">30,947</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other
(*)&#x2026;.&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: bottom; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">554,535</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">607,096</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">287,917</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 51%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
<td style="vertical-align: bottom; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">824,753</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">733,262</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">356,153</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(*) For the
twelve-month periods ended June 30, 2016, 2015 and 2014, includes
Ps. 426,829, Ps. 525,516 and Ps. 235,379, respectively, related to
other income services granted by Tarshop.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Expenses on Services</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Commissions
expensed consist of the following for each period:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="8" style="vertical-align: top; width: 49%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Structuring and
underwriting
fees&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;..</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">54,879</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">16,466</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14,254</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Retail bank
originations&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;...</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">12,073</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7,690</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6,327</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Collections&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;...</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">303</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">181</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">159</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Aerol&#xED;neas
Argentinas
co-branding&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">50,952</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">27,329</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11,398</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Services on
loans&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;..</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">754,359</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">452,188</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">373,412</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Commissions paid to
real estate agents&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">45,056</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">36,688</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">40,707</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 51%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">917,622</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">540,542</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">446,257</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">22.
Other Miscellaneous Income and Miscellaneous Expenses</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other miscellaneous
income is comprised of the following for each period:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="8" style="vertical-align: top; width: 49%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 51%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: -24px;"><font style="font-size: 13px; font-family: Times New Roman">Income on
operations with premises and equipment and miscellaneous
assets&#x2026;&#x2026;&#x2026;&#x2026;......................</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,592</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">578</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,944</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Rental
income&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;..</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,976</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,267</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,290</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Interest on loans
to bank
staff..&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">35,581</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">31,447</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">26,601</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Income from equity
investments.&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">34,644</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6,641</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other&#x2026;..&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">51,852</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">17,942</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 4%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">15,708</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 51%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">128,645</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">58,875</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 4%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">47,543</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other miscellaneous
expenses are comprised of the following for each
period:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="8" style="vertical-align: top; width: 49%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Depreciation of
miscellaneous
assets&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;..</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">310</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">340</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">388</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Gross revenue
tax&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9,206</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7,126</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,395</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other
taxes&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;...</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">178,828</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">117,464</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">78,784</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Debit card
discounts&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">24,718</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">20,624</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14,285</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Credit card and
others
discounts&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">59,807</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">40,577</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">43,422</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Benefits
prepayments&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;..</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,856</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9,268</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6,008</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 51%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Donations&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">51,026</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">39,842</font></div>
</td>
<td style="vertical-align: top; width: 1%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">24,325</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-192</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Amortization of
goodwill&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,430</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,430</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,430</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Payment Summary
proceedings in financial matters N&#xB0; 1320
(*)&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">53,632</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other
&#x2026;..&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">47,654</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">44,417</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">45,393</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 50%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">377,835</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">336,720</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">220,430</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;(*) During
The fiscal year 2015, the Bank&#x2019;s Board of Directors granted
its approval to the actions undertaken by the Executive Committee
concerning the deposit of the penalties imposed on directors,
former directors, managers, former managers and statutory auditors
and the fact that such amounts were charged against the statement
of income in the framework of the Financial Summary Proceedings No.
1320 (Note 30).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">23.
Balances in Foreign Currency</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The balances of
assets and liabilities denominated in foreign currency (principally
in US dollars and Euros) are as follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">US$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Euro</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Yen</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="4" style="vertical-align: top; width: 53%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(in
Pesos)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Assets:</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cash and due from
banks&#x2026;..&#x2026;&#x2026;&#x2026;..&#x2026;&#x2026;&#x2026;..</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,222,421</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">28,210</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">10</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,250,641</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Government and
corporate securities..&#x2026;&#x2026;&#x2026;..</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,351,646</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">292,729</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,644,375</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 24px; margin-right: -6px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Loans&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;..&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;...</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,435,021</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,435,021</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other receivables
from financial transactions...</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,011,013</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,011,013</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Miscellaneous
receivables&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.&#x2026;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">136,909</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">65</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">136,974</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Items pending
allocation&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;..&#x2026;.&#x2026;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">541</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">541</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Total as of June
30, 2016</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6,157,550</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">321,004</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">10</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6,478,565</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Total as of June
30, 2015</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,253,549</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">18,591</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,272,145</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Liabilities:</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Deposits&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,458,279</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,458,279</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other liabilities
from financial transactions&#x2026;.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6,585,111</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">49</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6,585,160</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Miscellaneous
liabilities&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">12,667</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">20</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">12,687</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;Items
pending
allocation&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;..</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">496</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">31</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">527</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Total as of June
30, 2016</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9,056,553</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9,056,653</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Total as of June
30, 2015</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,082,324</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">101,490</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,183,814</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">24.
Income Tax</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In accordance with
Section 28 of Law 24,855, Banco Hipotecario Sociedad An&#xF3;nima
is subject to income tax, except with respect to housing loan
transactions made before October 23, 1997, the date of registration
of its bylaws with the Superintendency of
Corporations.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Bank records
the charges to income, when applicable, and a provision in its
liabilities for the tax applicable to its taxable transactions in
the fiscal year to which they refer.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As of December 31,
2015 and 2014, the Bank estimated income tax by applying the 35%
tax rate to its taxable income. The amount determined as income tax
was charged against income for the fiscal period under
&#x201C;Income Tax&#x201D;. The provision for income tax is recorded
under &#x201C;Miscellaneous Liabilities &#x2013;
Other&#x201D;.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Bank has a tax
net operating loss carry forward of Ps. 143,435 and Ps. 59,690 at
June 30, 2016 and 2015, respectively.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">25.
Presumptive Minimum Income Tax</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-193</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Bank is subject
to presumptive minimum income tax. Pursuant to this tax regime, the
Bank is required to pay the greater of the income tax or the
presumptive minimum income tax. Any excess of the presumptive
minimum income tax over the income tax may be carried forward and
recognized as a tax credit against future income taxes payable over
a 10-year period. The presumptive minimum income tax provision is
calculated on an individual entity basis at the statutory asset tax
rate of 1% and is based upon the taxable assets of each company as
of the end of the year, as defined by Argentine law. For financial
entities, the taxable basis is 20% of their computable
assets.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As of June 30, 2016
Tarshop recorded the Ps.76,144 tax credit.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">26.
Shareholders' Equity</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The following
information relates to the statements of changes in <font style="color: #000000">the Bank&#x2019;s</font> shareholders'
equity.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 57px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(a)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-style: italic; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Common Stock</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Prior to June 30,
1997, the Bank's capital stock consisted of assigned capital with
no par value owned 100% by the Argentine government. In accordance
with the by-laws approved as a result of the conversion of the Bank
to a <font style="font-style: italic">sociedad an&#xF3;nima</font>,
the Bank's capital stock was established at Ps.1,500,000 and
divided into four classes of ordinary common shares.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As of June 30,
2016, the Bank's capital stock consists of:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 43%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Shareholder</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Class
of</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Shares</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Number
of</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Shares</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
%</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Ownership</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Voting
Rights</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Argentine
government (through FFFRI) (b)</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">A</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">665,499,426</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 13px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">44.4%</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1 vote</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-style: italic">Banco Naci&#xF3;n</font>, as trustee for the
Bank's <font style="font-style: italic">Programa de Propiedad
Participada</font> (a)</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">B</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">57,009,279</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 13px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3.8%</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1 vote</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Argentine
government (through FFFRI)</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">C</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">75,000,000</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: left; margin-left: 372px; margin-right: 13px; text-indent: -360px;"><font style="font-size: 13px; font-family: Times New Roman">5.0%</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1 vote</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Public investors
(c) (d)</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">D</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">702,491,295</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 13px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">46.8%</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3
votes</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,500,000,000</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 13px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100.0%</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">_______________</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px; font-family: Times New Roman">(a)</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">The Bank's
<font style="font-style: italic">Programa de Propiedad
Participada</font> (&#x201C;PPP&#x201D;) is the Bank's employee stock
ownership plan. Under Decree 2127/2012 and Resolution 264/2013
issued by the Ministry of Economy and Public Finance, the PPP was
implemented. Under this plan, in a first stage, out of a total of
75,000,000, 17,990,721 Class B shares were converted into Class A
shares, to be allocated among the employees that have withdrawn
from the Bank in accordance with the implementation guidelines.
Upon delivery to the former employees, the 17,990,721 shares will
become Class D shares. The shares allocated to the Bank&#x2019;s
current employees are designated as Class B shares, representing
the PPP.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On December 2,
2015, the Bank took notice of an observation raised by the
Superintendent of Financial Institutions reporting to the Argentine
Central Bank with regard to the insurance business developed by
Banco Hipotecario S.A. through BHN Vida S.A. and BHN Seguros
Generales S.A.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The observation
requires the enforcement of the credit scoring regulations, which
impose a 12.5% limit on interests in the capital stock and voting
rights of other companies.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In reply, the Bank
has claimed that such observation should be revised, in that the
Bank is allowed to conduct the business in question pursuant to the
Privatization Law No. 24,855 and</font></div>
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<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-194</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: -24px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: -24px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: -24px;"><font style="font-size: 13px; font-family: Times New Roman">its regulations, in
particular Decree No. 1394/98, as continuing company of Banco
Hipotecario Nacional, as set forth in the first paragraph of this
Note.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px; font-family: Times New Roman">(b)</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Under the Bylaws,
the affirmative vote of the holders of Class A Shares is required
in order to effectuate: (i) mergers or spin-offs; (ii) an
acquisition of shares (constituting a Control Acquisition or
resulting in the Bank being subject to a control situation); (iii)
the transfer to third parties of a substantial part of the loan
portfolio of the Bank, (iv) a change in the Bank&#x2019;s corporate
purpose; (v) the transfer of the Bank&#x2019;s corporate domicile
outside of Argentina, and (vi) the voluntary dissolution of the
Bank.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px; font-family: Times New Roman">(c)</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">For so long as
Class A Shares represent more than 42% of the Bank&#x2019;s capital,
the Class D Shares shall be entitled to three votes per share,
except that holders of Class D Shares will be entitled to one vote
per share in the case of a vote on: (i) a fundamental change in the
Bank&#x2019;s corporate purpose; (ii) a change of the Bank&#x2019;s
domicile to be outside of Argentina; (iii) dissolution prior to the
expiration of the Bank&#x2019;s corporate existence; (iv) a merger
or spin-off in which the Bank is not the surviving corporation; and
(v) a total or partial recapitalization following a mandatory
reduction of capital.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px; font-family: Times New Roman">(d)</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">By reason of the
expiration on January 29, 2009 of the Total Return Swap that had
been executed and delivered on January 29, 2004, Deutsche Bank AG
transferred to the Bank 71,100,000 ordinary Class &#x201C;D&#x201D;
shares in Banco Hipotecario Sociedad An&#xF3;nima with face value $
1 each, which are available for the term and in the conditions
prescribed by the Argentine Companies Law, in its Section 221. The
General Ordinary Shareholders&#x2019; Meeting held on April 30, 2010
resolved to extend for a year, counted as from January 31, 2010,
the term for realizing the treasury shares held by the
Bank.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On April 30, 2010,
the General Extraordinary Shareholders&#x2019; Meeting resolved to
delegate upon the Board of Directors the decision to pay with the
treasury shares in portfolio the Stock Appreciation Rights (StAR)
coupons resulting from the debt restructuring as advisable based on
the contractually agreed valuation methods and their actual market
value after allowing the shareholders to exercise their preemptive
rights on an equal footing.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On June 16, 2010,
the Board of Directors resolved to launch a preemptive offer to
sell a portion of the Bank&#x2019;s treasury shares, for a total of
36.0 million class D shares. The remaining shares would be
delivered in payment to the holders of Stock Appreciation Rights
(StAR) coupons arising from the debt restructuring, which fell due
on August 3, 2010. On July 26, 2010, within the framework of the
referred offer, the Bank sold approximately 26.9 million of the
shares mentioned above.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On August 3, 2010
the proceeds of the offer and the balance of the shares referred in
the preceding paragraph were made available to the holders of the
Stock Appreciation Rights (StAR) coupons. With the above-mentioned
offering, 999,312 Class D shares were sold in excess of those
required to pay off the obligation previously mentioned. In
connection with such excess sale, Ps. 554 were recorded as retained
earnings to reflect the addition of the shares to the
entity&#x2019;s equity, which took place on January 29, 2009 as
detailed in this note, and a further Ps. 834 were booked as
Additional paid-in capital for the difference between the value as
added to the entity&#x2019;s equity and the sales
value.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The General
Ordinary Shareholders&#x2019; Meeting held on April 24, 2013
resolved to allocate 35,100,000 Class D shares held by the Bank to
a compensation program for the personnel under the terms of Section
67 of Law 26831. This decision is pending approval of
CNV.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On April 24, 2014
the General Ordinary Shareholders&#x2019; Meeting acknowledged the
incentive or compensation program described in the preceding
paragraph and its extension to the personnel employed by the
subsidiaries BACS Banco de Cr&#xE9;dito y Securitizaci&#xF3;n S.A.,
BH Valores S.A., BHN Sociedad de Inversi&#xF3;n S.A., BHN Vida S.A.
and BHN Seguros Generales S.A.</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-195</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Class B shares
have been set aside for sale to the Bank's employees in the future
pursuant to the PPP on terms and conditions to be established by
the Argentine government. Any Class B shares not acquired by the
Bank's employees at the time the Bank implements the PPP will
automatically convert into Class A shares. The Class C shares are
eligible for sale only to companies engaging in housing
construction or real estate activities. Any Class B shares
transferred by an employee outside the PPP will automatically
convert to Class D shares or Class C shares transferred to persons
not engaged in construction or real estate activities will
automatically convert into Class D shares.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 57px">
<font style="font-weight: bold; font-style: italic; font-size: 13px; font-family: Times New Roman">
(b)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-style: italic; font-size: 13px; font-family: Times New Roman">
Distribution of profits</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">No profits may be
distributed when any financial year does not produce
profits.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Argentine Central
Bank Communication &#x201C;A&#x201D; 4152 dated June 2, 2004 left
without effect the suspension of the distribution of profits
established by Communication &#x201C;A&#x201D; 3574. However, those
banks that proceed to such distribution must be previously
authorized by the Financial and Exchange Institutions
Superintendency.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Through
Communiqu&#xE9; &#x201C;A&#x201D; 4526 dated April 24, 2006, the BCRA
established that when the Legal Reserve is used to absorb losses,
earnings shall not be distributed until the reimbursement thereof.
Should the balance prior to the absorption exceed 20% of the
Capital Stock plus the Capital Adjustment, profits may be
distributed once the latest value is reached.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">For purposes of
determining distributable balances, the net difference arising from
the book value and the market quotation shall be deducted from
retained earnings, in the event the Entity records government debt
securities and/or debt securities issued by the BCRA not recorded
at market prices, with volatility published by such
entity.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Pursuant to its
Communication &#x201C;A&#x201D; 5072, BCRA established that no
dividend distribution shall be admitted in so far as: a) the
amounts deposited as minimum cash requirements on average &#x2013;
in Pesos, foreign currency or in Government securities &#x2013; were
less than the requirements pertaining to the most recently closed
position or the position as projected taking into account the
effect of the distribution of dividends, and/or b) the amounts
deposited as minimum capital requirements were less than the
requirements recalculated as previously mentioned plus a 30%
increase, and/or c) the Entity has received financial aid from the
BCRA on grounds of illiquidity as set forth in Section 17 of
BCRA&#x2019;s Charter.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On January 27,
2012, the BCRA issued Communication &#x201C;A&#x201D; 5272 whereby it
established that for the calculation of the minimum capital
requirement, the minimum capital for operational risk shall be
included. On the same date, Communication &#x201C;A&#x201D; 5273 was
also issued, whereby the BCRA resolved to increase the percentage
referred to in the preceding paragraph, subsection b), from 30% to
75%.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Communication
&#x201C;A&#x201D; 5369 provided that as from January 1, 2013, for the
purposes of calculating the position of minimum capitals, the
capital requirement for credit risk due to securitizations must be
computed over all the transactions outstanding as of the
computation date.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On September 23,
2013 the Argentine Congress enacted Law N&#xB0; 26,983 which amends
the Income Tax Law and sets forth that dividends or earnings in
money or in kind shall be levied with Income Tax at a 10% tax rate
payable in a final and lump sum.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Ordinary
General Shareholders&#x2019; Meeting, held on April 13, 2011,
resolved to distribute the income for the year ended on December
31, 2010 as follows: Ps. 39,063 (20%), to be applied to
the</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-196</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">legal reserve Ps.
100,000 (61.59%), to be paid out as cash dividends on ordinary
shares, and the balance, after the Board&#x2019;s remuneration, to
be maintained as retained earnings. On September 20, 2012, the BCRA
reported that there were no objections against the Bank&#x2019;s
distribution of cash dividends for Ps. 100,000, as requested. For
such reason, on October 10, 2012 such cash funds were made
available to the shareholders.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Ordinary
General Shareholders&#x2019; Meeting, held on August 23, 2013,
resolved to distribute the income for the year ended on December
31, 2012 as follows: Ps. 68,721, to be applied to the legal
reserve; Ps. 30,000, to be paid out as cash dividends on ordinary
shares; and Ps. 244,886 to be maintained as retained earnings. This
decision has been approved by BCRA.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On April 24, 2014,
the Ordinary General Shareholders&#x2019; Meeting resolved to
distribute the income for the year ended on December 31, 2013 as
follows: Ps. 84,190, to be applied to the legal reserve; Ps.
42,000, to be paid out as cash dividends on ordinary shares; and
Ps. 294,760 to be maintained as retained earnings. Through Note
314/43/14 dated December 23, 2014, the Argentine Central Bank
authorized the Bank to distribute cash dividends for Ps. 42,000. At
its meeting dated January 7, 2015, the Board of Directors of Banco
Hipotecario S.A. resolved that these dividends should be made
available to the shareholders as of January 16, 2015.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On July 12, 2016 by
means of Communication "A" 6013 the Argentine Central Bank
published the updated text on &#x201C;Distribution of profits&#x201D;
effective as from January 1, 2016 by means of Communication
&#x201C;A&#x201D; 5827 and supplementary rules. The provisions of
this communication aim at converging towards international
principles and standards, among other changes, they stablish
additional capital margins.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">27.
Employee Benefit Plan</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Bank is
obligated to make employer contributions to the National Pension
Plan System determined on the basis of the total monthly payroll.
These expenses are recorded in &#x201C;Salaries and social security
contributions&#x201D; under the &#x201C;Administrative
expenses&#x201D; caption in the accompanying consolidated statements
of income.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">28.
Financial Instruments with Off-Balance Sheet Risk</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In the normal
course of its business the Bank is party to financial instruments
with off-balance sheet risk in order to meet the financing needs of
its customers. These instruments expose the Bank to credit risk in
addition to amounts recognized in the balance sheets. These
financial instruments include commitments to extend
credit.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="vertical-align: top; width: 41%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 21%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Commitments to
extend credit</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Mortgage loans and
other loans
(a)&#x2026;.&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;...</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">165,636</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">291,342</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Credit card loans
(b)&#x2026;..&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;..&#x2026;&#x2026;.</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">22,947,873</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14,049,429</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Clearing items in
process
(c)..&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">234,515</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">137,944</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Other guarantees
(d)&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">483,644</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">57,739</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 36px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px; font-family: Times New Roman">(a)</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Commitments to
extend credit are agreements to lend to a customer at a future
date, subject to such customers meeting of pre-defined contractual
milestones. Typically, the Bank will commit to extend financing for
construction project lending on the basis of the certified progress
of the work under construction. Most arrangements require the
borrower to pledge the land or buildings under construction as
collateral. In the opinion of management, the</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-197</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; text-indent: 0px; margin-right: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 36px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px; font-family: Times New Roman">()</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Bank&#x2019;s
outstanding commitments do not represent unusual credit risk. The
Bank&#x2019;s exposure to credit loss in the event of nonperformance
by the other party is represented by the contractual notional
amount of those commitments.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 36px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px; font-family: Times New Roman">(x)</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">The Bank has a
unilateral and irrevocable right to reduce or change the credit
card limit, thus it considered there is no off-balance sheet risk.
In the opinion of management, the Bank&#x2019;s outstanding
commitments do not represent unusual credit risk. The Bank&#x2019;s
exposure to credit loss in the event of nonperformance by the other
party is represented by the contractual notional amount of those
commitments.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 36px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px; font-family: Times New Roman">(
)</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">The Bank accounts
for items drawn on other banks in memorandum accounts until such
time as the related item clears or is accepted. In the opinion of
management, the Bank&#x2019;s risk of loss on these clearing
transactions is not significant as the transactions primarily
relate to collections on behalf of third parties.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 36px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px; font-family: Times New Roman">(
)</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;Mainly
includes the amounts given as collateral for transactions held by
customers.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">29.
Adoption of International Financial Reporting
Standards</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">By virtue of its
General Resolution No. 562, the Argentine Securities Commission
(CNV) has decided to enforce the provisions under the Technical
Pronouncement No. 26 of the Argentine Federation of Professional
Councils in Economic Sciences (FACPCE) that adopts the
International Financial Reporting Standards (IFRS) for all the
companies overseen by CNV as from the fiscal years beginning on
January 1, 2012.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Bank is not
obligated to apply these standards insofar as the CNV has excluded
all the entities for which CNV is empowered to accept the
accounting criteria laid down by other regulatory and/or oversight
authorities (financial institutions, insurance companies, etc.)
from using the IFRS.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On February 12,
2014, BCRA issued its Communication &#x201C;A&#x201D; 5541 whereby it
provides a roadmap to convergence between the informational and
accounting regime and IFRS. Pursuant to this Communication, the
entities and institutions must start to account for their financial
transactions and changes in accordance with the rules issued by
BCRA following the above-mentioned convergence regime as from the
fiscal years beginning on January 1, 2018. This roadmap includes
the following steps:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 24px;"><font style="font-size: 13px">&#x25CF;</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="text-decoration: underline; font-size: 13px; font-family: Times New Roman">First
half of 2015</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financial
institutions must prepare and file their own convergence plan and
provide the name of the compliance officer appointed to such
end.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Disclosure of
guidelines to be observed by institutions regarding reconciliations
are to be filed with the BCRA.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 24px;"><font style="font-size: 13px">&#x25CF;</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="text-decoration: underline; font-size: 13px; font-family: Times New Roman">Second
half of 2015</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The institutions
shall file with the BCRA, together with the financial statements as
of the fiscal year&#x2019;s closing date, a reconciliation of the
main asset, liability and shareholders&#x2019; equity captions with
the amounts that would result from applying the rules issued by the
BCRA under the scope of the IFRS convergence process. This
information shall include a special report by the independent
auditor and will be used exclusively by the BCRA for supervision
and regulation purposes, and will qualify as non-public.
Institutions shall report on the degree of progress made in the
IFRS Convergence Plan.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 24px;"><font style="font-size: 13px">&#x25CF;</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="text-decoration: underline; font-size: 13px; font-family: Times New Roman">Year
2016</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">According to the
method and frequency established in due course, institutions shall
continue to report to the BCRA the degree of progress made by them
in the IFRS convergence process. In</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-198</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">addition, they
shall continue to disclose in their published financial statements
that they are progressing in the IFRS Convergence Plan. There will
be an issuance of a CONAU Circular to communicate the new Minimum
Accounts Plan and Form of Financial Statements (New Informational
and Accounting Regime for Quarterly / Annual
Publication).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 24px;"><font style="font-weight: bold; font-size: 13px">&#x25CF;</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="text-decoration: underline; font-size: 13px; font-family: Times New Roman">Year
2017</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As of January 1,
2017, institutions shall prepare the opening financial statements
that will serve as basis for preparing their comparative financial
statements. In each quarterly statement, they shall include a
reconciliation of the main asset, liability and shareholders&#x2019;
equity captions and results with the amounts that would result from
applying the rules issued by the BCRA under the scope of the IFRS
convergence process. Such reconciliations shall be supported by a
special report by the independent auditor. The quantitative
information and the degree of progress of the IFRS Convergence Plan
will be disclosed in a note to the published financial
statements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 24px;"><font style="font-size: 13px">&#x25CF;</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="text-decoration: underline; font-size: 13px; font-family: Times New Roman">Year
2018</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As from the
financial statements starting on January 1, 2018, financial
institutions shall be required to record their transactions and
equity changes in accordance with the rules issued by the BCRA
under the IFRS convergence process. Therefore, as from the closing
of the first quarter, they shall prepare and submit their published
financial statements according to the above mentioned rules; the
independent auditor shall issue an opinion thereon and such
financial statements will be the ones used by the institutions for
all legal and corporate purposes.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On March 31, 2015
the Bank&#x2019;s Board of Directors has approved (i) the
Implementation Plan for Convergence towards the International
Financial Reporting Standards dictated by the Communication
&#x201C;A&#x201D; 5541 for Financial Entities subject to supervision
of the BCRA; and (ii) the designation of the coordinators which
will have the obligation to inform the Board of Directors the
status and degree of progress of the project.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The plan contains
the creation of a work team; coordination with the management of
the related companies in which permanent investments are held,
controlled companies or companies in which significant influence is
exercised; design and communication of a training plan; identifying
impacts on operations and the information to be submitted that
requires the implementation of specific actions (adapting
information systems, internal control, etc.).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Half-yearly reports
must be made to the BCRA, showing the progress made in the
Implementation Plan. The first due date of this presentation
operates on September 30, 2015. Each half-yearly report shall
include a report issued by the Internal Audit
Department.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As of June 30,
2016, there have been two presentations relating to the progress of
the plan on September<font style="color: #212121; font-size: 13px; font-family: Times New Roman">&#xA0;</font>30,
2015 and March 31, 2016. Both presentations were approved by the
Board of the entity and were accompanied by an audit report
approved by the internal Audit Committee.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On March 31, 2016,
was sent to BCRA the reconciliation of assets and liabilities
captions applying IFRS as of December 31, 2015, following the
guidelines established by Communication " A" 5844, together with
the special report the External Auditor.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Subsequently,
reconciliations of the balances as of June 30 and December 31 must
be sent, operating its due date on September 30 and March 31
respectively, until the B.C.R.A. arrange for its discontinuity. The
information must be accompanied by a special report of the External
Auditor.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">30.
Commencement of summary proceedings</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: -36px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="color: #000000; text-decoration: underline">I &#x2013;Summary
Proceedings before administrative
authorities:</font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: -36px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: -36px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-199</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">1.</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;On
February 19, 2014, the Bank was notified of Resolution No. 209/13
handed down by the Chairman of the Financial Information Unit
(UIF), whereby it ordered to commence summary proceedings against
the Bank, its directors (Messrs. Eduardo S. Elsztain; Mario Blejer;
Ernesto M. Vi&#xF1;es; Jacobo J. Dreizzen; Edgardo L. Fornero;
Carlos B. P&#xED;sula; Gabriel G. Reznik; Pablo D. Vergara del
Carril; Mauricio E. Wior; Saul Zang); the Risk and Controlling
Manager, Mr. Gustavo D. Efkhanian and the Manager of the Money
Laundering Prevention and Control Unit Manager, Mr. Jorge Gimeno.
In these proceedings, an investigation is made into the
defendants&#x2019; liability for alleged violation of the provisions
of Section 21 of Law 25,246, as amended, and Resolution UIF No.
228/2007 due to certain defaults detected by the BCRA in the
inspection of the organization and in internal controls implemented
for the prevention of money-laundering derived from illegal
activities. On March 25, 2014, the relevant defenses and arguments
were filed in support of the Bank and the individuals subject to
the summary proceedings.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In the legal
counsel&#x2019;s opinion, at the current stage of the proceedings
and based on the precedents existing at the UIF in connection with
similar cases, it is estimated that there are chances of imposing
an administrative penalty. The estimated and provisioned as of
December 31, 2015 amounts to Ps. 20.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">2.</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;On
December 29, 2014, the Bank was notified of the Resolution passed
by the Superintendent of Financial and Foreign Exchange
Institutions No. 824 dated December 1, 2014 ordering the start of
Summary Proceedings No. 6086 on Foreign Exchange Matters (File
101.534/11) against Banco Hipotecario S.A. and a former Manager
(Mr. Gabriel Cambiasso) and five assistants (Claudio H. Martin;
Daniel J. Sagray; Rub&#xE9;n E. Per&#xF3;n; Marcelo D. Buzetti and
Pablo E. Pizarro) at the Cordoba Branch, in the terms of Section 8
of the Foreign Exchange Criminal Regime Law (as signed into law
pursuant to Decree No. 480/95). In the above-mentioned summary
proceedings, an investigation is made in connection with excesses
in the limits for selling foreign currency to two entities in the
City of Cordoba (for a combined amount of US$&#xA0;701,270), which
allegedly violate the provisions of Communication &#x201C;A&#x201D;
5085, paragraph 4.2.1.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On July 3, 2015 the
writ containing the defenses and arguments was filed with the
Central Bank and the relevant evidence was offered.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On April 12, 2016
the Argentine Central Bank ordered the production of evidence by
the parties, and all evidence previously offered was
produced.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In the legal
counsel&#x2019;s opinion, at the current stage of the proceedings
there are legal and factual arguments that generate reasonable
expectations that the physical persons named defendants will be
acquitted. For such reason, no allowances have been created in this
regard.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">3.</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;On
August 11, 2015, we were notified of Resolution No. 76/15 adopted
by the chairman of the Unidad de Informaci&#xF3;n Financiera, which
initiated a summary proceeding (sumario) against us, our Board of
Directors (Eduardo Sergio Elsztain, Mario Blejer, Diego Luis
Bossio, Mariana Gonz&#xE1;lez, Edgardo Luis Jos&#xE9; Fornero, Ada
Mercedes Maza, Mauricio El&#xED;as Wior, Sa&#xFA;l Zang, Ernesto
Manuel Vi&#xF1;es, Gabriel Adolfo Gregorio Reznik, Jacobo Julio
Dreizzen, Pablo Daniel Vergara del Carril and Carlos Bernardo
Pisula) and our compliance officer for an alleged violation to
section 21 a) of Law No.25,246 and to Resolution No.121/11. The UIF
initiated the proceeding after an audit by the Central Bank in 2013
detected certain weaknesses in our internal anti-money laundering
controls. As of the date of this offering memorandum, we have not
established any provisions in connection with this proceeding.
According to that resolution, the Bank and its directors would have
incurred - "prima facie" - in certain defaults related to the way
customers are identified, monitoring parameters , the definition of
the risk matrix and the updating procedures of background and
profiles of customer, among others.</font></div>
</div>
</div>
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<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-200</font></div>
</div>
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</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On September 23,
2015, the Bank raised depositions and defenses with the UIF along
with documentary evidence and produced informative evidence, IT
expert opinions and oral evidence. On April 13, 2016, the
production of evidence was ordered and all evidence was duly
produced.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Based on the
UIF&#x2019;s backround on similar cases, the Bank is likely to be
imposed an administrative fine. Therefore, it was deemed reasonable
to create an allowance for this contingency amounting to Ps. 20,
which was booked on October 22, 2015.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">4. On February 15,
2016 the Bank was notified of Resolution No. 1014 issued by the
Superintendent of Financial and Exchange Institutions by which it
was decided to conduct summary (Summary No. 1486) under the terms
of Article 41 of the Financial Institutions Law to Banco
Hipotecario SA and its president Mr. Eduardo S. Elsztain for
alleged violation of the rules of Communication "A" 4490 because of
his failure to report -within the deadline set by the legislation
applicable-, the appointment of new directors by the
shareholders&#x2019; meetings held on 27 March and 24 April 2013,
and having belatedly submitted documentation related to these
directors. It is worth mentioning that in all cases tried to
regular and alternate directors designated by the National
State.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On 29 February 2016
the defenses and rebuttals were presented and accompanied the
documentary evidence, which examined by the Management Contentious
Financial Affairs in the Central Bank.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">in light of the
likelihood that the Bank could be imposed an administrative fine,
it was deemed reasonable to create an allowance for this
contingency amounting Ps.560, which was booked as of the closing
date of these financial statements</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">5. On May 10, 2016
the Bank was notified of Resolution No 219 dated April 22, 2016
handed down by the Superintendent of Financial and Foreign Exchange
Institutions in order to commence summary proceedings (Summary
Proceedings file No. 6845) in the terms of Section 8 of the Foreign
Exchange Criminal Law No. 19,359 (as signed into law pursuant to
Decree No. 480/95) against Banco Hipotecario S.A. its former
Manager Mr. Ricardo Jos&#xE9; Gonz&#xE1;lez and Mrs. Luciana
Sabrina Fusco and Liliana Elisabeth Sabella, on grounds of alleged
breach of the rules contained in Communication &#x201C;A&#x201D; 5318
and &#x201C;5322&#x201D;, as supplemented, consisting in allegedly
selling foreign currency for US$ 69,620 under residential mortgage
transaction, without fulfilling the requirements set forth in the
above mentioned communications.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Notice was taken of
the proceedings and a request was filed for extending the deadline
for filing the relevant defenses and arguments.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">6. Banco de
Cr&#xE9;dito y Securitizaci&#xF3;n S.A. has been notified of
Resolution No. 401 dated September 7, 2012 handed down by the
BCRA&#x2019;s Superintendent of Financial and Exchange Institutions,
ordering to start summary proceedings against this Bank and its
Chairman, Mr. Eduardo S. Elsztain, due to the late filing of
documentation related to the appointment of the Bank&#x2019;s
authorities. On October 9, 2012, the defenses and arguments of the
Bank&#x2019;s rights were filed. Subsequently, the Bank was notified
of Resolution No. 729 dated October 23,</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-201</font></div>
</div>
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</div>
</div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -48px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">2013 which imposed
on the Bank and its president Punishment of Call of Care by Article
41 paragraph 1 of the Law of Financial Institutions.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Through such
resolution determined fines of Ps. 320 and Ps. 393 to the bank and
its directors (Eduardo S. Elsztain and Ernesto M. Vi&#xF1;es ),
respectively. Such amounts were charged as a loss as of December
31, 2015.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">BACS and the
Directors filed an appeal against Resolution No. 690 in due course.
The appeals are pending resolution by Panel IV of the National
Court of Appeals in Federal Administrative Contentious Matters in
the action styled &#x201C;BACS BANCO DE CR&#xC9;DITO Y
SECURITIZACI&#xD3;N S.A. ET AL V. BANCO CENTRAL DE LA
REP&#xDA;BLICA ARGENTINA, in re. Financial Institutions Law No.
21,526, Section 42, Direct Appeal&#x201D; (Case File No.
51,471/2015).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">7. On November 25,
2014, Tarshop S.A. was notified by the Financial Information Unit
that summary proceedings had been filed, identified under
Resolution No. 234/14, for potential formal violations derived from
the alleged non-compliance with Section 21, paragraph a) of Law
25,246 and UIF Resolutions No. 27/11 and 2/12. Summonses were sent
to the Company (Tarshop S.A.), its Compliance Officer (Mauricio
El&#xED;as Wior) and the Directors then in office (Messrs. Eduardo
Sergio Elsztain, Sa&#xFA;l Zang, Marcelo Gustavo Cufr&#xE9; and
Fernando Sergio Rub&#xED;n) for them to file their defenses. In the
legal counsel&#x2019;s opinion, at the current stage of the
proceedings and based on the precedents existing at the UIF in
similar cases, it is likely that a penalty be imposed under the
scope of the administrative proceedings. For such reason,
allowances for Ps. 360 have been recorded in this
regard.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; text-decoration: underline; font-size: 13px; font-family: Times New Roman">
II &#x2013;Summary Proceedings pending Court Decision</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">1.</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;On
October 31, 2014, BHSA was notified of Resolution No. 685 dated
October 29, 2014 handed down by the Superintendent of Financial and
Foreign Exchange Institutions in the summary proceedings in
financial matters No. 1320 whereby the Bank and its authorities had
been charged, on one hand, with the violation of the rules
governing financial aid to the Non-Financial Public Sector, with
excess over the limits of fractioned exposure to credit risk from
the non-financial public sector, with excess in the allocation of
assets to guarantee, with failure to satisfy minimum capital
requirements and with objections against the accounting treatment
afforded to the &#x201C;Cer Swap Linked to PG08 and External
Debt&#x201D; transaction and on the other hand, with delays in
communicating the appointment of new directors and tardiness in the
provision of documentation associated to the directors recently
elected by the shareholders&#x2019; meetings.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Resolution No. 685
then fined Banco Hipotecario S.A. with Ps,4,040 and also fined
BHSA&#x2019;s directors (Eduardo S. Elsztain; Jacobo J. Dreizzen;
Carlos B. P&#xED;sula; Edgardo L. Fornero; Gabriel G. Reznik; Pablo
D. Vergara del Carril; Ernesto M. Vi&#xF1;es; Saul Zang; Mauricio
E. Wior), former directors (Clarisa D. Lifsic de Estol; Federico L.
Bensad&#xF3;n; Jorge L. March and Jaime A. Grinberg), statutory
auditors (Messrs. Ricardo Flammini; Jos&#xE9; D. Abelovich; Marcelo
H. Fuxman; Alfredo H. Groppo; and Mart&#xED;n E. Scotto), the Area
Manager Gustavo D. Efkhanian and former managers (Gabriel G.
Said&#xF3;n and Enrique L. Benitez) for an aggregate amount of
Ps.51,581.8. Under this decision, former Statutory Auditor Ms.
Silvana M. Gentile was acquitted.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On November 25,
2014, Banco Hipotecario and the other individuals affected by the
adverse decision lodged an appeal under Section 42 of the Financial
Institutions Law, that was sent by the BCRA to the National
Appellate Court with Federal Jurisdiction over Contentious and
Administrative Matters. Therefore, at present the case is being
heard by Panel I of such Appellate Court. Moreover, on December 30,
2014, the Bank and the individuals against whom sanctions were
imposed requested the levying of separate injunctions by such court
against the enforcements pursued by the BCRA for collection of the
fines.</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font>
&#xA0; <font style="font-size: 13px; font-family: Times New Roman"><br>
</font></font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-202</font></div>
</div>
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<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -48px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Upon being notified
of the resolution handed down on June 30 by the Appellate Court
that denied the motion for injunction filed by the Bank and by the
directors, managers and some of the statutory auditors and in order
to prevent further conflicts and financial damage that could result
from the actions to compel payment of fines, the Bank&#x2019;s
Executive Committee decided to apply the indemnity rules regarding
directors, high ranking officers and statutory auditors, as an
alternative for the amounts not covered by the D&amp;O insurance
policy approved by the Bank&#x2019;s Board of Directors at its
meetings held on August 2, 2002 and May 8, 2013, and resolved to
deposit the amounts of the fines.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Such deposit,
including the amount corresponding to the fine imposed on the Bank
and the respective legal costs, totaled Ps. 57,671.9. Out this
amount, Ps. 53,631.9 were computed as losses for this period in the
manner described in the Minutes of the Meeting held by Banco
Hipotecario S.A.&#x2019;s Executive Committee on July 2, 2015 and in
the Minutes of the Board Meeting held on July 15, 2015, and Ps.
4,040 were covered by a provision made in fiscal year
2014.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">This
notwithstanding, in the brief filed with the court that is hearing
the proceedings to compel payment it was sustained that the amounts
deposited in the judicial accounts opened to such end were subject
to attachment, and a petition was filed for the respective amounts
to be invested in automatically renewable term deposits for 180
days in order to ensure the integrity of the funds until the
Appellate Court with Federal Jurisdiction over Contentious and
Administrative Matters hands down a decision on the appeal lodged
against Resolution No. 685/14 of the Argentine Central
Bank.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The request for
injunction were rejected and the Court made progress in the
proceedings for enforcing the fines against each of the defendants.
For such reason, a request was made for applying the amounts
subject to attachments to the payment of the relevant
fines.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">2.</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;On
September 13, 2013, the Bank was notified of Resolution No. 611
handed down by the Superintendent of Financial and Foreign Exchange
Institutions, whereby it ordered to commence summary proceedings
against the Bank and the manager Christian Giummarra and the former
manager Aixa Manelli (Summary Proceedings No. 5469 on Foreign
Exchange Matters) charging them with alleged violation of the
foreign exchange laws in selling foreign currency to persons
prohibited from trading foreign currency by the Argentine Central
Bank. The cumulative amount derived from the alleged violation in
the sale of foreign currency is around US$ 39.9 thousand and Euro
1.1 thousand. The relevant defenses and arguments have been filed
and evidence has been offered in support of all the defendants
subject to the summary proceedings. Due to its related subject
matter, the record of this case was joined with Summary Proceedings
No. 5529 on Foreign Exchange Matters (File 101,327/10). Therefore,
its procedural status is described together with the
latter.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Moreover, on
October 8, 2013, the Bank was notified of Resolution No. 720 handed
down by the Superintendent of Financial and Foreign Exchange
Institutions, ordering to commence summary proceedings against the
Bank and its Organization and Procedures Manager, Mr. Christian
Giummarra, and the former Systems Manager, Ms. Aixa Manelli
(Summary Proceedings No. 5529 on Foreign Exchange Matters) in
accordance with Section 8 of the Criminal Foreign Exchange Regime
Law (<font style="font-style: italic">Ley de R&#xE9;gimen Penal
Cambiario</font>) &#x2013;as amended by Decree 480/95- charging them
with alleged violation of the foreign exchange laws in selling
foreign currency to persons prohibited from trading foreign
currency by the Argentine Central Bank. The cumulative amount
derived from the alleged violation in the sale of foreign currency
is around US$&#xA0;86.4 thousand. The relevant defenses and
arguments were filed and evidence was offered in support of all the
defendants subject to the summary proceedings. The BCRA opened the
discovery stage, and evidence was produced in due</font></div>
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<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-203</font></div>
</div>
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</div>
</div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<font style="font-size: 13px; font-family: Times New Roman">time.
Once the discovery stage came to a conclusion, the attorneys
submitted their closing arguments. In mid- September 2015 the
summary in which both actions were accumulated) was sent by the
Central Bank to Economic Criminal Justice for sentencing. Involving
the Court with jurisdiction over Criminal Economic Matters No.2
(Dr. Pablo Yadarola) - Secretary No. 3 (Dr. Fernando Stockfisz)
..</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In the legal
counsel&#x2019;s opinion, at the current status of the proceedings,
there are legal and factual arguments that generate reasonable
expectations that the physical persons named defendants and Banco
Hipotecario S.A. will be acquitted and that therefore, there are
low chances that the Bank will be subject to the economic sanctions
set forth by the Criminal Foreign Exchange Regime Law (<font style="font-style: italic">Ley de R&#xE9;gimen Penal Cambiario</font>).
For such reason, no allowances have been created in this
regard.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">3.</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">On August 26, 2014,
the Bank was notified of the Resolution passed by the
Superintendent of Financial and Foreign Exchange Institutions No.
416 dated August 7, 2014 ordering the start of Summary Proceedings
No. 5843 in the terms of Section 8 of the Foreign Exchange Criminal
Regime Law No. 19,359 (as signed into law pursuant to Decree No.
480/95). In the above-mentioned summary proceedings, Banco
Hipotecario, its directors (Messrs. Eduardo S. Elsztain; Jacobo J.
Dreizzen; Edgardo L. Fornero; Carlos B. P&#xED;sula; Gabriel G.
Reznik; Pablo D. Vergara del Carril; Ernesto M. Vi&#xF1;es; Saul
Zang; and Mauricio E. Wior) and former directors (Ms. Clarisa D.
Lifsic de Estol and Mr. Federico L. Bensad&#xF3;n), and two former
managers (Messrs. Gabriel G. Said&#xF3;n and Enrique L. Benitez),
are charged with failure to comply with the rules disclosed by
Communication &#x201C;A&#x201D; 3471 (paragraphs 2 and 3) and by
Communication &#x201C;A&#x201D; 4805 (Paragraph 2.2.) due to certain
transfers of currency made abroad between August and October 2008
to guarantee the &#x201C;CER Swap Linked to PG08 and External
Debt&#x201D; swap transaction for a total of US$ 45,968 thousand,
without the authorization of the Argentine Central Bank. BHSA has
been allowed to review the proceedings (case file No. 100.308/10)
which are being handled by the Argentine Central Bank&#x2019;s
Department of Foreign Exchange Contentious Matters. The relevant
defenses and arguments were filed in support of the subjects to the
summary proceedings. The BCRA opened the discovery stage on March
16, 2015. Evidence was produced and the counsels for the
defense&#x2019;s allegations were raised in due time. Upon
conclusion of the administrative stage of the proceedings, the case
file was sent to the Courts with Jurisdiction over Criminal
Economic Matters. On November 18, 2015, the Court with Jurisdiction
over Criminal Economic Matters No. 3, presided by Dr. Rafael E.
Caputo, Clerk&#x2019;s Office No. 5, determined that it lacked
jurisdiction to hear the case; therefore, the proceedings were
forwarded to the Court with Jurisdiction over Criminal Economic
Matters No. 2, which has still not determined whether it has
competent jurisdiction</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In the legal
counsel&#x2019;s opinion, at the current stage of the proceedings
there are legal and factual arguments that generate reasonable
expectations that the physical persons named defendants and Banco
Hipotecario S.A. will be acquitted and that therefore, there are
low chances that the Bank will be subject to the economic sanctions
set forth by the Criminal Foreign Exchange Regime Law (<font style="font-style: italic">Ley de R&#xE9;gimen Penal Cambiario</font>).
For such reason, no allowances have been created in this
regard.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; text-decoration: underline; font-size: 13px; font-family: Times New Roman">
III &#x2013;Concluded Summary Proceedings</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">1.</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;On
May 4, 2012 the Bank was notified of Resolution No. 186, dated
April 25, 2012 issued by the Superintendent of Financial and
Foreign Exchange Institutions whereby Summary Proceedings No. 4976
on Foreign Exchange Matters were commenced against the Bank, its
directors (Messrs. Eduardo S. Elsztain; Gabriel G. Reznik; Pablo D.
Vergara del Carril; Ernesto M. Vi&#xF1;es; Saul Zang; Carlos B.
P&#xED;sula; Edgardo L. Fornero; Jacobo J. Dreizzen); former
directors (Ms. Clarisa D. Lifsic de Estol; Messrs. Julio A. Macchi;
Federico L.</font></div>
</div>
</div>
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<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-204</font></div>
</div>
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<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">2.</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Bensad&#xF3;n; and
Jorge M. Grouman) and the former Finance Manager Gabriel G.
Said&#xF3;n, under section 8 of the Foreign Exchange Criminal
Regime Law (as signed into law by Decree No. 480/95).</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In such
proceedings, charges were pressed for alleged violations of the
provisions of Communications &#x201C;A&#x201D; 3640, 3645, 4347 and
supplementary rules, due to the acquisition of good delivery silver
bars during the 2003-2006 period with funds arising from its
General Exchange Position.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The defenses to
which the Bank is entitled were raised in due time. Within the
period granted to such end, the Bank and the other defendants
produced the evidence previously offered. As soon as that stage in
the procedure came to a conclusion, the counsel for the defense
presented their closing arguments and in August 2014, the Argentine
Central Bank sent the case file to the competent court (therefore,
at present the case is being heard by the Court with Jurisdiction
over Criminal Economic Matters No. 7 presided by Judge Juan Galvan
Greenway), Clerk&#x2019;s office No. 13, presided by Ms. Mariana
Zavala Duffau.</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 11px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">. III &#x2013; BANCO
HIPOTECARIO S.A., Clarisa Diana LIFSIC, Eduardo Sergio Elsztain,
Gabriel Adolfo Gregorio REZNIK, Pablo Daniel VERGARA DEL CARRIL,
Ernesto Manuel VI&#xD1;ES, Sa&#xFA;l ZANG, Edgardo Luis Jos&#xE9;
FORNERO, Federico Le&#xF3;n BENSADON, Jacobo Julio DREIZZEN, Jorge
Miguel GROUMAN, Gabriel Gustavo SAIDON, Julio Augusto MACCHI and
Carlos Bernardo PISULA WERE FULLY RELEASED OF LIABILITY for the
other charges pressed against them in this action in connection
with violation of the Criminal Foreign Exchange Regime Law under
these summary proceedings filed by the Argentine Central Bank
regarding the transactions recorded under slips Nos. 40729 and
41288 (according to the charges pressed in each case) as the
alleged conducts did not match with any of the offenses set forth
by law. IV &#x2013; NO COURT COSTS WERE AWARDED (pursuant to
Sections 143 and 144 Code of Criminal Procedure).</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On April 29, 2016,
final judgement was passed, whereby: I- The criminal charges files
against Banco Hipotecario S.A., Clarisa Diana Lifsic, Eduardo
Sergio Elsztain, Gabriel Adolfo Gregorio Reznik, Pablo Daniel
Vergara Del Carril, Ernesto Manuel Vi&#xF1;es, Saul Zang, Julio
Augusto Macchi, Carlos Bernardo Pisula, Edgardo Luis Jos&#xE9;
Fornero, Federico Le&#xF3;n Bensad&#xF3;n and Gabriel Gustavo
Said&#xF3;n in connection with the transactions recorded under
slips No. 21683, 21749, 22065, 22136, WERE DECLARED PARTIALLY
STATUTE BARRED and the above mentioned persons WERE PARTIALLY
ACQUITTED as concerns the above mentioned deeds (Section 19 of Law
19,359 and Section 434 and 443, subsection 3 and 454 of the Code of
Criminal Procedure). II The criminal charges filed against Jacobo
Julio Dreizzen and Jorge Miguel Grouman, in connection with the
transactions recorded under slips No. 31034, 31042, 37270, 37973,
38476, 38511, 38651, 38693, 40005, 40066, 40190, 40304, 40687 and
40688 WERE DECLARED PARTIALLY STATUTE-BARRED and the above
mentioned persons WERE PARTIALLY ACQUITTED as concerns the above
mentioned deeds (Section 19 of Law 19,359 and Section 434 and 443,
subsection 3, and 454 of the Code of Criminal Procedure). III
&#x2013;Banco Hipotecario S.A., Clarisa Diana Lifsic, Eduardo Sergio
Elsztain, Gabriel Adolfo Gregorio Reznik, Pablo Daniel Vergara del
Carril, Ernesto Manuel Vi&#xF1;es, Sa&#xFA;l Zang, Edgardo Luis
Jos&#xE9; Fornero, Federico Le&#xF3;n Bensad&#xF3;n, Jacobo Julio
Dreizzen, Jorge Miguel Grouman, Gabriel Gustavo Said&#xF3;n, Julio
Augusto Macchi and Carlos Bernardo Pisula WERE FULLY RELEASED OF
LIABILITY for the other charges pressed against them in this action
in connection with violation of the Criminal Foreign Exchange
Regime Law under these summary proceedings filed by the Argentine
Central Bank regarding the transactions recorded under slips Nos.
40729 and 41288 (according to the charges pressed in each case) as
the alleged conducts did not match with any of the offenses set
forth by law. IV &#x2013; IV &#x2013; NO COURT COSTS WERE AWARDED
(pursuant to Sections 143 and 144 Code of Criminal
Procedure).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As no appeal was
lodged against it, the judgment became firm and
conclusive.</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font>
&#xA0; <font style="font-size: 13px; font-family: Times New Roman"><br>
</font></font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<div id="ftr">
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<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-205</font></div>
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<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -48px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;On
October 7, 2014, BHSA had been notified of Resolution No. 513 dated
August 16, 2014 handed down by the Superintendent of Financial and
Foreign Exchange Institutions in the summary proceedings in
financial matters No. 1365 (on grounds of alleged failure to comply
with the minimum requirements in terms of internal controls under
Communication &#x201C;A&#x201D; 2525) whereby Banco Hipotecario S.A.
was imposed a fine for Ps. 112 and its directors (Messrs. Pablo D.
Vergara del Carril; Carlos B. P&#xED;sula, Eduardo S. Elsztain,
Jacobo J. Dreizzen, Gabriel G. Reznik; Edgardo L. Fornero; Ernesto
M. Vi&#xF1;es; and Saul Zang) and former directors (Ms. Clarisa D.
Lifsic de Estol and Messrs. Jorge L. March; and Federico L.
Bensad&#xF3;n).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As required by
Section 42 of the Law of Financial Institutions, the fines were
paid and the relevant appeal was lodged with the National Appellate
Court with Federal Jurisdiction over Contentious and Administrative
Matters against the above-mentioned resolution. The fine of 112
thousand pesos was timely provisioned and paid by the
Bank.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Under judgment
dated June 21, 2016, the National Appellate Court with Federal
Jurisdiction over Contentious and Administrative Matters &#x2013;
Panel IV, dismissedthe appeals lodged by Banco Hipotecario S.A. and
the defendant directors, and awarded court costs against the losing
appellants. The judgement became final and conclusive.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">31.
Programa Cr&#xE9;dito Argentino del Bicentenario para la Vivienda
&#xDA;nica y Familiar (PROCREAR)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On June 12, 2012,
the Argentine Executive Branch issued Decree No. 902 whereby it
ordered the creation of a Public Fiduciary Fund referred to as
Programa Cr&#xE9;dito Argentino del Bicentenario para la Vivienda
&#xDA;nica Familiar (Argentine Single Family Housing Program for
the Bicentennial) (PROCREAR).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On that same date,
the Bank&#x2019;s Board of Directors approved the Bank&#x2019;s role
as trustee of the referred fund.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On July 18, 2012,
the Argentine State, as Trustor, and Banco Hipotecario S.A. as
Trustee, created the PROCREAR Administrative and Financial Trust,
and its underlying assets were transferred to it as trust
property.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Trust&#x2019;s
sole and irrevocable purpose is as follows: (i) to manage the trust
assets with the aim of facilitating the population&#x2019;s access
to housing and the generation of job opportunities as economic and
social development policies, in compliance with the principles and
objectives set forth in Decree No. 902; (ii) the use by the Trustee
of the net proceeds of the placement of the Trust Bonds (Valores
Representativos de Deuda or VRDs) and cash contributions by the
Argentine State to originate loans for the construction of houses
in accordance with the provisions of Decree No. 902 and the credit
lines; and (iii) the repayment of the VRDs in accordance with the
terms of the agreement that creates the Trust and the provisions of
the Trust Law.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Trust shall be
in effect for a term of thirty (30) years as from the date of
execution of the agreement (July 18, 2012).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In addition to the
obligations imposed on it under the Trust Law and the Commercial
Code, the Trustee is required to:</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#x25CF; perform the
obligations set forth in the Trust Agreement and follow the
instructions imparted on it by the Executive
Committee;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#x25CF; carry out
its duties as Trustee with the loyalty, diligence and prudence of a
good businessman acting on the basis of the trust placed on
him;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#x25CF; exercise
the powers granted to it under the Agreement, and preserve the
Trust Assets;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font>
&#xA0; <font style="font-size: 13px; font-family: Times New Roman"><br>
</font></font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-206</font></div>
</div>
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</div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 48px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#x25CF; use the
Trust Assets for lawful purposes, in accordance with the provisions
of the Agreement and following the Executive Committee&#x2019;s
instructions;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#x25CF; identify
the Trust Property and record it in a separate accounting system,
segregated from its own assets or the assets of other trusts held
by it at present or in the future in the course of its
business;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#x25CF; prepare the
Trust&#x2019;s financial statements, hire the relevant audit firms
and comply with the applicable disclosure regulations;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#x25CF; insure the
Trust Assets against risks that could affect their
integrity;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#x25CF; invest or
reinvest the Trust&#x2019;s funds in accordance with the provisions
of the Agreement and following the instructions imparted by the
Executive Committee.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In compliance with
Communication &#x201C;A&#x201D; 5392, the Bank has capitalized
mortgage loan origination expenses under this program (see note
2.13.).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">32.
Capital Market Law</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On December 27,
2012, the Capital Market Law No. 26,831 was promulgated,
considering a comprehensive amendment to the public offering regime
set forth by Law No. 17,811.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Insofar as concerns
the matters related to the Company&#x2019;s business, this law
broadens the regulatory powers of the Argentine Government in
connection with the public offering of securities, through the
Argentine Securities Commission (CNV), and concentrates in this
agency the powers of authorization, supervision and oversight,
disciplinary authority and regulation of all capital market
players; further, it establishes that intermediary agents willing
to deal in a securities market are no longer required to be members
thereof, thus allowing the entry of other participants, and
delegates to the CNV the power to authorize, register and regulate
the various categories of agents.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On August 1, 2013,
Decree 1023/2013, partially regulating the Capital Markets Law, was
published in the Official Gazette, and on September 9, 2013,
General Resolution No. 622 of the CNV, approving the related
regulations, was published in the Official Gazette.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">These regulations
implement a register of agents that participate in the capital
market. To take part in each of the activities regulated by this
resolution, agents had to be entered in that register in such
capacity by March 1, 2014.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">For those agents
who have applied for registration with the final registry before
March 1, 2014 to comply with all the requirements, on February 7,
2014, the Argentine Securities Commission (CNV) extended the term
until December 31, 2014. On June 23, 2014 we were notified by
Mercado Abierto Electr&#xF3;nico S.A. that CNV mandated that the
Agents registered with MAE S.A. who have proceedings underway
before CNV for registration as Agent in any of the categories
authorized by currently applicable rules and regulations may
continue to do business normally up and until they start operating
in the new Agent category as per the CNV rules
(N.T.2013)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In turn, pursuant
to CNV Resolution No. 17,392 dated June 26, 2014, the Bank was
registered with the Registry of Financial Trustees prescribed by
Sections 6 and 7 of Chapter IV, Title V of the Rules, under No. 57.
And, on September 19, 2014, pursuant to CNV Resolution No. 2122,
the Bank has been registered as Settlement and Clearing Agent and
Comprehensive Trading Agent No. 40.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Pursuant to the
provisions of Section 45 of Law 26,831 and paragraph a), Section
20, Article VI, Chapter II, Title VII, and subsection j) of Section
7, Article IV, Chapter IV, Title V of Resolution No.622 of the CNV,
it is made known that Banco Hipotecario&#x2019;s minimum capital
composed as required by the rules issued by the Argentine Central
Bank exceeds the minimum amount required under such resolution. On
the other hand, the Bank&#x2019;s capital was duly paid in as of the
closing of</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: center; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;F-207</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
&#xA0; <font style="font-family: Times New Roman; font-size: 13px;"><br>
</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">the period and the
liquid balancing account is identified as BONAR 17 (Government
security carried at fair market value).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On October 22,
2014, the Board of Directors of Mercado de Valores de Buenos Aires
S.A. approved the registration of Banco Hipotecario S.A. in Mercado
de Valores de Buenos Aires S.A.&#x2019;s Registry of Agents as
Settlement and Clearing Agent and Trading Agent &#x2013;
Comprehensive (ALyC and AN as per the Spanish
acronyms).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On December 23,
2014, BHSA was authorized to operate under the provisions of Merval
Communication No. 15594.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Pursuant to
CNV&#x2019;s Resolution No. 17.338 dated April 24, 2014, BACS Banco
de Cr&#xE9;dito y Securitizaci&#xF3;n S.A., was registered with the
Registry of Financial Trustees prescribed by Sections 6 and 7 of
Chapter IV, Title V of the Rules, under No. 55. And, on September
19, 2014, CNV communicated to BACS that in its capacity as
Settlement and Clearing Agent - Comprehensive and Trading Agent the
Bank has been assigned License No. 25. It must be noted that the
composition of BACS&#x2019; equity as of the end of the period was
correct and that the liquidity requirement takes the form of
Peso-denominated Lebacs.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As of the date of
these financial statements, BH Valores SA has been approved by CNV
as a Settlement and Clearing Agent in its own name under
Registration Number 189 in the terms of CNV&#x2019;s General
Resolution No. 622.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">According to the
minimum requirements laid down, BH Valores S.A.&#x2019;s minimum
shareholders&#x2019; equity exceeds the amount prescribed by
CNV&#x2019;s General Resolution No. 622 and its composition is
correct. As to the liquidity requirements, they have been satisfied
in the form of a deposit of the Government security called Bono de
la Naci&#xF3;n Argentina $ Badlar Privada + 200 bps. Vto. 2017, as
discussed in Exhibit II to the Company&#x2019;s financial
statements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In view of the
latest tax, regulatory and operational developments that have
modified BH Valores S.A.&#x2019;s commercial strategy and decreased
the competitive advantages of running such a business, the Board of
Directors of BH Valores S.A. has, as of the date of these financial
statements, decided to substantially diminish the volume of
operations with an eye towards suspending the operations of BH
Valores S.A. in the future to prevent two structures that are
presently highly similar in terms of their functions and have been
rendered redundant within the same conglomerate from
overlapping.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">33.
Resolutions issued by the Argentine Central Bank</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="text-decoration: underline; font-size: 13px; font-family: Times New Roman">
Financing line for production and financial inclusion</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Under Communication
&#x201C;A&#x201D; 5874 dated December 31, 2015, the Argentine Central
Bank revised the name of the credit line in effect since 2012 and
started to publish the &#x201C;Credit line for production and
financial inclusion purposes&#x201D;.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The new line will
become effective on the first half of 2016. The financial
institutions subject to the provisions of this circular must record
a lending balance under this credit line amounting to at least 14%
of the deposits from the non-financial private sector in pesos,
calculated taking into account the monthly average daily balances
of November 2015, being able to attribute all the balances of loans
disbursed through the "Line of credit for productive investment "
in so far as the case of destinations also supported by this
line.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">At least 75% of the
quota must be granted to SMEs. In calculating the quota, the
average daily balances of outstanding loans during the first half
of 2016 will be considered. The highest rate applicable under this
line should be a fixed nominal rate of 22% per annum for the first
36 months, except for the purchase of portfolio and mortgage loans
and loans for the acquisition of rights over trusts for the
construction of real property to individuals, which will be a mixed
interest rate. For clients who do not qualify as SMEs, the rate
will be freely agreed upon.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-208</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; page-break-after: always; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0; <font style="font-size: 13px; font-family: Times New Roman"><br>
</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Finally, under
Communication "A" 5975 dated May 17, 2016 the Argentine Central
Bank established the 2016 second quota under the "Fianncing line of
production and financial inclusion", whereby a lending balance
equal to at least 15.5 % of the non-financial private sector
deposits in pesos, calculated taking into account the monthly
average daily balances of May 2016, must be recorded under this
line.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">At the closing of
these financial statements BHSA had recorded in average Ps.
1,401,724 as principal and interest under BHSA&#x2019;s assets in
connection with this credit line.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="text-decoration: underline; font-size: 13px; font-family: Times New Roman">
Compliance with rules on term deposits and investments. Conditions
governing interest rates on term deposits</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Pursuant to its
Communication &#x201C;A&#x201D; 5781, the Argentine Central Bank
raised the floor of the interest rates payable on term deposits and
the maximum amount of the placements that may obtain such benefit.
The rest of the transactions shall be agreed upon freely, that is,
without the involvement of the Argentine Central Bank.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">It has been
determined that starting on July 27, 2015 the rates can&#x2019;t be
less than the product arising from the last reference interest rate
and a coefficient according to the original term of the imposition,
as follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;- from 30 to
44 days: 0.91</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">- from 45 to 59
days: 0.93</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">- from 60 to 89
days: 0.97</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">- from 90 to 119
days: 0.97</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">- from 120 to 179
days: 0.98</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">- from 180 days or
more: 0.99</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #212121; font-size: 13px; font-family: Times New Roman">These
minimum rates apply to all Peso-denominated term deposits of up to
Ps.1,000 on behalf of holders who are human and / or legal
persons.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Finally, the
Argentine Central Bank provides that failure to comply with the
minimum rate level shall result in an increase in minimum cash
requirements in Pesos for an amount equivalent to all relevant term
deposits for the month following that when the failure to comply
takes place. No offsets among term deposits are allowed. In
addition to the foregoing, summary proceedings shall be commenced
in accordance with the guidelines laid down by the Superintendent
of Financial and Foreign Exchange Institutions.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 11px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">This regulation was
repealed by the Argentine Central Bank through Communication
&#x201C;A&#x201D; 5853, as described in the following
item.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="text-decoration: underline; font-size: 13px; font-family: Times New Roman">
Interest rates on lending transactions. Financing subject to
interest rate regulation by the Central Bank.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Under Communication
&#x201C;A&#x201D; 5590 dated June 10, 2014, the BCRA adopted a system
of benchmark interest rates for personal and pledge loans to
individuals not qualifying as SMEs and established a ceiling for
these kinds of loans that may not exceed the product arising from
multiplying the 90-day LEBACs&#x2019; cut-off interest rate by a
multiplier ranging from 1.25 to 2.0, depending on the kind of loan
and Bank Group. To this end, banks are divided into:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font>
&#xA0; <font style="font-size: 13px; font-family: Times New Roman"><br>
</font></font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-209</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; page-break-after: always; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0; <font style="font-size: 13px; font-family: Times New Roman"><br>
</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">- Group I:
financial institutions operating as financial agents of the
national, provincial and/or municipal governments and/or other
institutions accounting for at least 1% of the total deposits from
the non-financial private sector; and</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">- Group II; the
remaining institutions.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The BCRA publishes
the &#x201C;benchmark interest rate&#x201D; to be applied by the
financial institutions in each of these groups to each type of
loans (personal loans, pledge loans and portfolio purchases). The
rates applied by each institution to each loan within the lines
mentioned above may not exceed the &#x201C;benchmark interest
rate&#x201D; reported by the BCRA.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On December 17,
2015, under Communication "A" 5853 the BCRA repealed the above
mentioned Communications and thus eliminated any regulation on
rates, for both lending transactions and term deposits. This new
rule will became applicable to any loans agreed upon from December
17, 2015 onwards.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">However, the BCRA
provides that financial institutions shall disclose the total
financial cost of lending transactions (by displaying it at their
offices and in press ads) subject to specific typeface size
requirements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Moreover, it
establishes a timetable for violations detected until June 30, 2016
for transactions subject to regulated interest rates, i.e., those
outstanding as of December 16, 2015; and for violations detected
from January 1, 2016 onwards, the provisions set forth in
Communication &#x201C;A&#x201D; 5849 shall apply.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The mechanism
provided in such rule imposed the obligation to reimburse the
excess amount collected and any expenses incurred by clients in
filing their claims.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="text-decoration: underline; font-size: 13px; font-family: Times New Roman">
Protection granted to users of financial services</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On March 23, 2016
following Communication "A" 5928 the Argentine Central Bank decided
that all savings accounts shall be free of charge, including the
use of debit cards and that the fees charged by the bank can be
raised by up to twenty percent (20 %), insofar as the customer is
informed of these increases at least 60 days before their effective
application in the case of products sold for a price. Bank shall be
free to determine the fees to be charged by them starting September
1, 2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financial
institutions shall be under duty to inform their
competitors&#x2019;s prices when they decide to change a price and
to insert a highlighted hyperlink on their website with the name
"Price Comparison " leading to BCRA&#x2019;sweb page which will show
the charges applied by peer banks on their different
products.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Finally, under
Communication "A" 5993 dated June 22, 2016 the Argentine Central
Bank put an end to the "Financial service fees and/or charges "
reporting scheme and establishes a new transparency reporting
scheme, whereby financial institutions are required to disclose on
a monthly basis the fees and charges of the products and/or
services offered to users of financial services.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="text-decoration: underline; font-size: 13px; font-family: Times New Roman">
Assignment of financial and foreign exchange institutions&#x2019;
foreign currency position</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On December 17,
2015 under Communication "A " 5828, the BCRA provided that
financial institutions authorized to carry out foreign exchange
transactions, should sell to the BCRA their positive foreign
currency position as of the closing of business on December 16,
2015 valued at reference exchange rate prevailing on such date, and
could then repurchase it in full, on December 17, 18 or 21, 2015 at
the reference exchange rate prevailing on the repurchase
date.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font>
&#xA0; <font style="font-size: 13px; font-family: Times New Roman"><br>
</font></font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-210</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; page-break-after: always; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0; <font style="font-size: 13px; font-family: Times New Roman"><br>
</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In orden to
exercise this option, the institutions filed a notice signed by
their highest local authority by 10 a.m. on the selected repurchase
date, sent to the General Transactions Sub-Management Department,
giving express notice of their decision to effect such
repurchase.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">34.
Summary of Significant Differences between Argentine Banking GAAP
and U.S. GAAP</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Bank&#x2019;s
consolidated financial statements have been prepared in accordance
with Argentine Banking GAAP, which differs in certain significant
respects from U.S. GAAP. Such differences involve methods of
measuring the amounts shown in the consolidated financial
statements, as well as additional disclosures required by U.S. GAAP
and regulations of the SEC. These consolidated financial statements
include solely a reconciliation of net income and
shareholders&#x2019; equity to U.S. GAAP. Pursuant to Item 17 of
Form 20-F, this reconciliation does not include disclosure of all
information that would be required by U.S. GAAP and regulations of
the SEC.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: center; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;F-211</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
&#xA0; <font style="font-size: 13px; font-family: Times New Roman"><br></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 36px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">I.</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;Differences
in measurement methods</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As from March 1,
2003, inflation accounting was discontinued. The following
reconciliation does not include the reversal of the adjustments to
the consolidated financial statements for the effects of inflation,
because, as permitted by the Securities and Exchange Commission
(&#x201C;SEC&#x201D;), it represents a comprehensive measure of the
effects of price-level changes in the Argentine economy, and as
such, is considered a more meaningful presentation than historical
cost-based financial reporting for both Argentine GAAP and U.S.
GAAP.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The main
differences between Argentine GAAP and U.S. GAAP as they relate to
the Bank are described below, together with an explanation, where
appropriate, of the method used in the determination of the
necessary adjustments. References below to &#x201C;ASC&#x201D; are to
Accounting Standard Codification issued by the Financial Accounting
Standards Board in the United States of America.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The following
tables summarize the main reconciling items between Argentine GAAP
and U.S. GAAP:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; text-decoration: underline; font-size: 13px; font-family: Times New Roman">
Reconciliation of net income:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td rowspan="2" style="vertical-align: bottom; width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="2" style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: bottom; width: 44%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Net
income as reported under Argentine Banking GAAP</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,115,530</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">537,190</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">627,027</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">U.S.
GAAP adjustments:</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">- Loan origination
fees and
costs&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(a)</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(131,794)</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(19,325)</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">27,525</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">- Loan loss reserve
....&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(b)</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(30,165)</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(30,703)</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(29,677)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">- Derivative
financial
instruments...&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(c)</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">876</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(941)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">- Government
securities
&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;...</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(d)</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(12,429)</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">18,230</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(17,669)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">- Financial
liabilities&#x2026;&#x2026;&#x2026;.&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(e)</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">77,581</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,709</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,136</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-
Securitizations&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;..&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;..</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(f)</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(41,251)</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">16,434</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(10,725)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">- Intangible
assets&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 36px;"><font style="font-size: 13px; font-family: Times New Roman">Software
costs&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;..&#x2026;</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(g)</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,522</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(26,525)</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(18,396)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 36px;"><font style="font-size: 13px; font-family: Times New Roman">Other intangible
assets&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(g)</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">59</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(3,156)</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(4,793)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 50%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -24px;"><font style="font-size: 13px; font-family: Times New Roman">Business
combinations&#x2026;&#x2026;&#x2026;...&#x2026;&#x2026;&#x2026;...&#x2026;..</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(g)</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">990</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">991</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">989</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">- Impairment of
fixed and foreclosed assets.&#x2026;&#x2026;...</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(h)</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,116</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">944</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">983</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">- Miscellaneous
assets.&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;..&#x2026;...</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(n)</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(30,848)</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">- Vacation
provision..&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;..</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(j)</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(17,010)</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(17,302)</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(18,955)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">- Insurance
technical
reserve..&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(k)</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(960)</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,780</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,398</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">- Capitalization of
interest
cost&#x2026;&#x2026;.&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(l)</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(4,001)</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">775</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">301</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">- Financial
guarantees
issued...&#x2026;&#x2026;.&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(m)</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,209)</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">- Deferred income
tax&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;..</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(o)</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">94,028</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">44,673</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">55,122</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">- Non-Controlling
interest..&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;..</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(i)</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(5,998)</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(13,658)</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(11,031)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Net
income in accordance with U.S. GAAP</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,015,161</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">514,933</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">605,294</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">- Less Net (Gain) /
Loss attributable to the Non-Controlling
interest&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;..&#x2026;.</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(i)</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">18,311</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,369</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">10,284</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Net
income attributable to Controlling interest in accordance with U.S.
GAAP</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,033,472</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">519,302</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">615,578</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Basic and diluted
net income per share in accordance with U.S. GAAP</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6.937</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3.519</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4.136</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 50%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Average number of
shares outstanding (in
thousands)&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,463,365</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,463,365</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,463,365</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font>
&#xA0; <font style="font-size: 13px; font-family: Times New Roman"><br>
</font></font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-212</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; page-break-after: always; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0; <font style="font-size: 13px; font-family: Times New Roman"><br>
</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; text-decoration: underline; font-size: 13px; font-family: Times New Roman">
Reconciliation of shareholders&#x2019; equity</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 33%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
shareholders' equity under Argentine Banking GAAP</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5,816,242</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,700,716</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">U.S.
GAAP adjustments:</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">- Loan origination
fees and
costs..&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;...</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(a)</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(222,687)</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(90,893)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">- Loan loss reserve
&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;..</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(b)</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(250,706)</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(220,541)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">- Government
securities&#x2026;..&#x2026;&#x2026;&#x2026;&#x2026;.&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(d)</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(4,697)</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">37,759</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">- Financial
liabilities&#x2026;...&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(e)</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">87,863</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">10,282</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-
Securitizations&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;...&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(f)</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(56,693)</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(15,442)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">- Intangible
assets&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.&#x2026;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 36px;"><font style="font-size: 13px; font-family: Times New Roman">Software
costs&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(g)</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(62,366)</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(63,888)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 36px;"><font style="font-size: 13px; font-family: Times New Roman">Other intangible
assets&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;...&#x2026;.</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(g)</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(59)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 36px;"><font style="font-size: 13px; font-family: Times New Roman">Business
combinations&#x2026;.&#x2026;&#x2026;&#x2026;...&#x2026;&#x2026;&#x2026;..&#x2026;..</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(g)</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(186)</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,176)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">- Impairment of
fixed and foreclosed
assets&#x2026;&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(h)</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(36,263)</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(37,379)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">- Miscellaneous
assets
&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(n)</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(30,848)</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">- Vacation
provision&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(j)</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(74,644)</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(57,634)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">- Insurance
technical
reserve&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(k)</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,299)</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(339)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">- Capitalization of
interest
cost&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(l)</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,001</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">- Financial
guarantees
issued...&#x2026;&#x2026;.&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(m)</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,209)</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">- Deferred income
Tax&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;.&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(o)</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">352,931</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">258,903</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">- Non-Controlling
interest..&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;..</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(i)</font></div>
</td>
<td style="vertical-align: middle; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">130,207</font></div>
</td>
<td style="vertical-align: middle; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">67,957</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Shareholders&#x2019; Equity under U.S. GAAP</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5,645,645</font></div>
</td>
<td style="vertical-align: middle; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,592,267</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">- Non-Controlling
Interest under U.S. GAAP&#x2026;..&#x2026;..</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(i)</font></div>
</td>
<td style="vertical-align: middle; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(118,063)</font></div>
</td>
<td style="vertical-align: middle; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(68,126)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Consolidated
Parent Company Shareholders&#x2019; Equity under U.S.
GAAP</font></div>
</td>
<td style="vertical-align: middle; width: 7%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5,527,582</font></div>
</td>
<td style="vertical-align: middle; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,524,141</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; text-decoration: underline; font-size: 13px; font-family: Times New Roman">
Description of changes in shareholders&#x2019; equity under U.S.
GAAP:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 80%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 20%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Shareholders&#x2019; Equity</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 80%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Balance as of June
30, 2014</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,031,065</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 80%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cash
dividends</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(41,817)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 80%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other Comprehensive
Income</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">15,591</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 80%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Net income for the
twelve-month period in accordance with U.S. GAAP</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">519,302</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 80%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Balance as of June
30, 2015</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,524,141</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 80%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other Comprehensive
Income</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(30,031)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 80%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Net income for the
twelve-month period in accordance with U.S. GAAP</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,033,472</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 80%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Balance as of June
30, 2016</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5,527,582</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-style: italic; font-size: 13px; font-family: Times New Roman">
a. Loan origination fees and costs</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Under Argentine
Banking GAAP, the Bank does not defer loan origination fees and
costs on mortgage, personal and credit card loans, different from
those originated under the Pro.Cre.Ar program.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font>
&#xA0; <font style="font-size: 13px; font-family: Times New Roman"><br>
</font></font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-213</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; page-break-after: always; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0; <font style="font-size: 13px; font-family: Times New Roman"><br>
</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Given the
bank&#x2019;s role as Trustee of the PROCREAR Administrative and
Financial Trust, (see note 30), it has capitalized direct expenses
incurred in the mortgage loan origination process, which
disbursements would not have been incurred by it had it not been
for the grant of the related loans, in accordance with the
provisions of Communication &#x201C;A&#x201D; 5392. Such origination
expenses are amortized in 60 monthly installments.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In accordance with
U.S. GAAP, under ASC 310 loan origination fees and certain direct
loan origination costs should be recognized over the life of the
related loan as an adjustment of yield.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Therefore the
shareholders&#x2019; equity adjustment between Argentine Banking
GAAP and U.S. GAAP for Banco Hipotecario S.A. as of June 30, 2016
and 2015 amounted to Ps. (222,687) and (90,893),
respectively.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-style: italic; font-size: 13px; font-family: Times New Roman">
b. Loan loss reserve</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Bank&#x2019;s
accounting for its allowance for loan losses differs in some
significant respects with practices of U.S.-based
banks.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Under Argentine
Banking GAAP, the allowance for loan losses is calculated according
to specific criteria. This criterion is different for commercial
loans (those in excess of Ps. 2,500) and consumer loans. Loan loss
reserves for commercial loans are principally based on the
debtors&#x2019; payment capacity and cash-flows analysis. Loan loss
reserves for consumer loans are based on the client&#x2019;s aging.
Argentine banks may maintain other reserves to cover potential loan
losses which management believes to be inherent in the loan
portfolio, and other Argentine Central Bank required
reserves.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Under U.S. GAAP,
the allowance for loan losses should be in amounts adequate to
cover inherent losses in the loan portfolio, incurred at the
respective balance sheet dates. Specifically:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 36px">
<font style="font-size: 13px; font-family: Times New Roman">a)</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Loans considered
impaired, in accordance with ASC 310-10 &#x201C;Accounting for
Creditors for Impairment of a Loan&#x201D;, are recorded at the
present value of the expected future cash flows discounted at the
loan&#x2019;s effective contractual interest rate or at the fair
value of the collateral if the loan is collateral dependent. Under
ASC 310-10, a loan is considered impaired when, based on current
information, it is probable that the borrower will be unable to pay
contractual interest or principal payments as scheduled in the loan
agreement. ASC 310-10 applies to all loans except smaller-balance
homogeneous consumer loans, loans carried at the lower of cost or
fair value, debt securities, and leases.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Bank applies
ASC 310-10 to all commercial loans classified as &#x201C;With
problems&#x201D;, &#x201C;Insolvency Risks&#x201D; and
&#x201C;Uncollectible&#x201D; or commercial loans more than 90 days
past due. The Bank specifically calculates the present value of
estimated cash flows for commercial loans in excess of Ps.2,500 and
more than 90 days past due. For commercial and other loans in legal
proceedings, loans in excess of Ps.2,500 are specifically reviewed
either on a cash-flow or collateral-value basis, both considering
the estimated time to settle the proceedings.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As of June 30, 2016
and 2015, the result of applying ASC 310-10, shows that the Bank
recorded an adjustment to shareholders&#x2019; equity for U.S. GAAP
purposes of Ps.60,574 and Ps. 39,753, respectively.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 36px">
<font style="font-size: 13px; font-family: Times New Roman">b)</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">In addition, the
Bank has performed a migration analysis for mortgage, credit cards
and consumer loans following the ASC 450-20 and historical loss
ratios were determined by analyzing historical losses, in order to
calculate the allowance required for smaller-balance impaired loans
and unimpaired loans for U.S. GAAP purposes. Loss estimates are
analyzed by loan type and thus for homogeneous groups of clients.
Such historical ratios were updated to</font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 36px">
<font style="font-size: 13px; font-family: Times New Roman"><br></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: center; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;F-214</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
&#xA0; <font style="font-family: Times New Roman; font-size: 13px;"><br>
</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 36px">
</div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">incorporate the
most recent data reflecting current economic conditions, industry
performance trends, geographic or obligor concentrations within
each portfolio segment, and any other pertinent information that
may affect the estimation of the allowance for loan
losses.</font></div>
</div>
</div>
&#xA0; <font style="font-family: Times New Roman; font-size: 13px;"><br>
</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As a result of the
analysis mentioned before, the Bank recorded an adjustment to
shareholders&#x2019; equity for U.S. GAAP purposes of Ps. (193,715)
and Ps. (129,868), for 2016 and 2015, respectively.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 36px">
<font style="font-size: 13px; font-family: Times New Roman">c)</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Under Argentine
Banking GAAP, loans that were previously charged-off, which are
subsequently restructured and become performing loans, are included
again in the Bank&#x2019;s assets, according to the policies adopted
by the bank. Under U.S. GAAP recoveries of loans previously charged
off should be recorded when received. As of June 2016 and 2015, the
Bank recorded an adjustment to shareholders&#x2019; equity related
to reinstated loans of Ps. (48,146) and Ps. (62,502),
respectively.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 36px">
<font style="font-size: 13px; font-family: Times New Roman">d)</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Effective July 1,
2010, the Bank implemented new accounting guidance provided by SFAS
166 and 167 (ASU 2009-16 and ASU 2009-17, respectively, under the
new codification), which amend the accounting for transfers of
financial assets and consolidation of variable interest entities
(VIEs). As a result of applying such guidance, the Bank, or its
subsidiaries, were deemed to be the primary beneficiary of the
securitization trusts because the Bank, or its subsidiaries, have
the power to direct the activities of these VIEs through its
servicing responsibilities and duties. Additionally, the Bank, or
its subsidiaries, through its retained interests held in these
securitizations have the obligation to absorb losses or the right
to receive benefits from the VIEs. As a result of the analysis
performed, the Bank should consolidate assets and liabilities of
those securitization trusts, elimininating the investment in the
retained interests and recording and adjustment in the allowance
for loan losses of such securitization trusts.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As a result of the
analysis mentioned before, the Bank recorded an adjustment to
shareholders&#x2019; equity for U.S. GAAP purposes of Ps. (69,419)
and Ps. (67,924), for 2016 and 2015, respectively.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As a result of
analysis performed the breakdown of the shareholders&#x2019; equity
adjustment between Argentine Banking GAAP and U.S. GAAP between the
Bank&#x2019;s adjustment and the reconsolidated securitization
trusts as of June 30, 2016 and 2015 is as follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="4" style="vertical-align: top; width: 42%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 43%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Allowances under
Arg. Banking GAAP</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Allowances under
U.S. GAAP</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adjustment to
shareholders&#x2019; equity</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Allowances under
Arg. Banking GAAP</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Allowances under
U.S. GAAP</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adjustment to
shareholders&#x2019; equity</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Migration analysis
(*)</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">412,693</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">606,408</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(193,715)</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">346,797</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">476,665</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(129,868)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">ASC
310-10</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">84,157</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">23,583</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">60,574</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">91,365</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">51,612</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">39,753</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Reinstated
loans</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">48,146</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(48,146)</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">62,502</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(62,502)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Subtotal</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">496,850</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">678,137</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(181,287)</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">438,162</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">590,779</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(152,617)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: -36px;"><font style="font-size: 13px; font-family: Times New Roman">(*) Migration
analysis of Banco Hipotecario and its subsidiaries.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-215</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
&#xA0; <font style="font-family: Times New Roman; font-size: 13px;"><br>
</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 42%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td colspan="4" style="vertical-align: top; width: 43%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Allowances under
Arg. Banking GAAP</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Allowances under
U.S. GAAP</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adjustment to
shareholders&#x2019; equity</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Allowances under
Arg. Banking GAAP</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Allowances under
U.S. GAAP</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adjustment to
shareholders&#x2019; equity</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Reconsolidated
trusts</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">196,202</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">265,621</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(69,419)</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">76,232</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">144,156</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(67,924)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Subtotal</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">196,202</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">265,621</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(69,419)</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">76,232</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">144,156</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(67,924)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 28%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 30%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">693,052</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">943,758</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(250,706)</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">514,394</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">734,935</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(220,541)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-style: italic; font-size: 13px; font-family: Times New Roman">
c. Derivative Financial Instruments</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As mentioned in
notes 18 and 2.9. the Bank entered in several derivative
transactions, mainly, to hedge: i) the exchange rate risk attached
to liabilities denominated in foreign currency, and ii) interest
rate swaps to manage its interest rate risk.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Gains and losses
are recorded in earnings in each period.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: -2px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Under U.S. GAAP,
the Bank accounts for derivative financial instruments in
accordance with ASC 815 which establishes the standards of
accounting and reporting derivative instruments, including certain
derivative instruments embedded within contracts (collectively
referred to as derivatives) and hedging activities. This statement
requires institutions to recognize all derivatives in the balance
sheet, whether as assets or liabilities, and to measure those
instruments at their fair value. If certain conditions are met, a
derivative may be specifically designated as (a) a hedge for the
exposure to changes in the fair value of a recorded asset or
liability or unrecorded firm commitment, (b) a hedge for the
exposure of future cash flows and (c) a hedge for the exposure of
foreign currency. If such a hedge designation is achieved then
special hedge accounting can be applied for the hedged transactions
that will reduce the volatility in the income statement to the
extent that the hedge is effective. In order for hedge accounting
to be applied the derivative and the hedged item must meet strict
designation and effectiveness tests.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Bank&#x2019;s
derivatives do not qualify for hedge accounting treatment under
U.S. GAAP. Therefore gains and losses are recorded in earnings in
each period.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Under U.S. GAAP,
the Bank&#x2019;s estimates the fair value of the receivable and
payable on the derivative instrument using valuation techniques
with observable market parameters.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-style: italic; font-size: 13px; font-family: Times New Roman">
d. Government securities</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The following table
summarizes the U.S. GAAP shareholders&#x2019; equity adjustment
related to other government securities, as of June 30, 2016 and
2015:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="vertical-align: top; width: 51%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
June 30,</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 24%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="vertical-align: top; width: 4%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 24%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Discount
Bonds</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 1px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 1px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 1px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 1px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(534)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Unquoted Securities
issued by the BCRA</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 1px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1,525</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 1px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1,352</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Bills issued by
Provincial Governments</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 1px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(10,167)</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 1px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">8,472</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other National
Government Bonds</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 1px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,945</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 1px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">28,469</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 1px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 1px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(4,697)</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 1px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 1px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">37,759</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-216</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font>
&#xA0; <font style="font-size: 13px; font-family: Times New Roman"><br>
</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
&#xA0; <font style="font-family: Times New Roman; font-size: 13px;"><br>
</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 36px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-style: italic; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-style: italic; font-size: 13px; font-family: Times New Roman">
Discount Bonds</font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-style: italic; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: left; display: table-cell">
<font>&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As of June 30, 2004
the Bank held certain defaulted Argentine government bonds. Such
bonds were not quoted in the public market. On January 2005, the
Bank accepted the offer to exchange its defaulted government
securities for &#x201C;Discount Bonds in pesos&#x201D; issued under
the Argentine debt restructuring. On April 1, 2005 the government
securities were exchange.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">For U.S. GAAP
purposes and in accordance with ASC 310 satisfaction of one
monetary asset (in this case a defaulted government securities) by
the receipt of another monetary asset (in this case Discount Bonds)
from the creditor is generally based on the market value of the
asset received in satisfaction of the debt. In this particular
case, the Bonds being received are significantly different in
structure and in interest rates than the securities swapped.
Therefore, the fair value of the Bonds was determined on the
balance sheet date based on their market value and will constitute
the cost basis of the asset. Any difference between the old asset
and the fair value of the new asset is recognized as a gain or
loss. The bonds arisen from the exchange have been
sold.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As of June 30, 2015
and 2015 the Discount Bonds were considered available for sale
securities for U.S. GAAP purposes according with ASC 320-10 and
recorded at fair value with the unrealized gains and losses
recognized as a charge or credit to equity through other
comprehensive income.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As of June 30, 2015
the following table shows the amortized cost, book value and fair
value of the mentioned bond.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="vertical-align: top; width: 68%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
2015</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Amortized
Cost U.S. GAAP</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Book
Value Argentine Banking GAAP</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Fair
Value &#x2013; Book value under U.S. GAAP</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Unrealized
(Loss)/Gain</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Shareholders&#x2019;
equity Adjustment</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="vertical-align: top; width: 68%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(In
thousands of $)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 32%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Discount
Bonds</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">9,624</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">9,624</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">9,090</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 1px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(11,013)</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 1px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(534)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">During the period
ended June 30, 2016, all Discount Bonds were sold. Therefore, the
2016 U.S. GAAP net income reconciliation includes the reversal of
the 2015 shareholders&#x2019; equity adjustment of Ps. (534) plus
Ps. 534 of gains previously recorded through other comprehensive
income, which that are being realized and reversed through the
income statement during the period ended June 30,
2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 36px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-style: italic; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-style: italic; font-size: 13px; font-family: Times New Roman">
Other Bonds</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Under Argentine
Banking GAAP, as of June 30, 2016 and 2015, some National
Government Bonds, unquoted securities issued by the BCRA and bills
issued by Provincial Governments have been recorded at cost. This
value increases monthly on the basis of the internal rate of return
resulting from the interest rate which, used as discount, matches
the cash flow&#x2019;s present value with the initial
value.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Under U.S. GAAP
these securities were considered available for sale securities
according with ASC 320 and recorded at fair value with the
unrealized gains and losses recognized as a charge or credit to
equity through other comprehensive income.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As of June 30, 2016
and 2015 the following table shows the amortized cost, book value
and fair value of the mentioned bonds:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-217</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
&#xA0; <font style="font-family: Times New Roman; font-size: 13px;"><br>
</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="vertical-align: top; width: 46%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
2016</font></div>
</td>
<td colspan="5" style="vertical-align: top; width: 46%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
2015</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Amortized
Cost U.S. GAAP</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Book
Value Argentine Banking GAAP</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Fair
Value &#x2013; Book value under U.S. GAAP</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Unrealized
(Loss)/Gain</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Shareholders&#x2019;
equity Adjustment</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Amortized
Cost U.S. GAAP</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Book
Value Argentine Banking GAAP</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Fair
Value &#x2013; Book value under U.S. GAAP</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Unrealized
(Loss)/Gain</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Shareholders&#x2019;
equity Adjustment</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="10" style="vertical-align: top; width: 92%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(In
thousands of $)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Unquoted
securities issued by the BCRA</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1,251,461</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1,251,461</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1,252,986</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1,525</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1,525</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1,719,856</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1,719,856</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1,721,208</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1,352</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1,352</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Bills
issued by Provincial Governments</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">503,200</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">503,200</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">493,033</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">2,259</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(10,167)</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">539,172</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">539,172</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">547,644</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">8,472</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">8,472</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Other
National Government Bonds</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">377,990</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">377,990</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">381,935</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">3,945</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">3,945</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">648,921</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">648,921</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">677,390</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">28,469</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">28,465</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Bank has
evaluated whether there was a decline in the value of the security
that is other-than temporary as defined by ASC 320.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">A number of factors
are considered in performing an impairment analysis of securities.
Those factors include, among others:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-size: 13px; font-family: Times New Roman">a.</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Intent
and ability of the Bank to retain its investment for a period of
time that allows for any anticipated recovery in market
value;</font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px; font-family: Times New Roman">b.</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Expectation
to recover the entire amortized cost of the security;</font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px; font-family: Times New Roman">c.</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Recoveries
in fair value after the balance sheet date;</font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px; font-family: Times New Roman">d.</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">The
financial condition and near-term prospects of the issuer,
including any specific events which may influence the operations of
the issuer (such as changes in technology that may impair the
earnings potential of the investment or the discontinuance of a
segment of a business that may affect the future earnings
potential).</font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-size: 13px; font-family: Times New Roman">e.</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Likelihood
that it will be required to sell debt investments before recovery
of amortized cost.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Bank also takes
into account <font style="color: #000000">the length of time and
the extent to which the market value of the security has been less
than cost and</font> changes in global and regional economic
conditions and changes related to specific issuers or industries
that could adversely affect these values.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As of June 30, 2016
the fair value of the Bills issued by Provincial Governments is
less than its amortized cost. The Bank as a result of its analysis
has determined that, as of June 30, 2016, unrealized losses on some
Bills, are not temporary, consequently the Bank has recorded an
other-than temporary impairment for U.S. GAAP purposes. Therefore
the fair value of the security was determined on the balance sheet
date based on their market value and will constitute the new cost
basis for the asset. In addition, the bank has performed an
impairment analysis for the rest of their portfolio and no other
than temporary impairment were detected.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-style: italic; font-size: 13px; font-family: Times New Roman">
e. Financial liabilities</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Bonds</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As described in
note 15, the bank has issued several series of negotiable
obligations in different terms and conditions. Under Argentine
Banking GAAP, the costs of originating such instruments have been
charged to the Income Statement at the issuance date.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Under U.S.GAAP, and
according to ASC 835-30-45-3, issuance costs should be reported in
the balance sheet as deferred charges. In addition, ASC 470-10-35-2
states that debt issuance costs should be amortized over the same
period used in the interest cost determination.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-218</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
&#xA0; <font style="font-family: Times New Roman; font-size: 13px;"><br>
</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Subordinated
bonds</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On June 22, 2015
BACS Banco de Cr&#xE9;dito y Securitizaci&#xF3;n S.A., issued
negotiable obligations that are convertible into the
Company&#x2019;s ordinary and book-entry shares for a principal
amount of Ps.100,000. The private offering of the convertible
negotiable obligations was solely addressed to the Company&#x2019;s
shareholders. IRSA Inversiones y Representaciones Sociedad
An&#xF3;nima subscribed all the convertible negotiable
obligations.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Under Argentine
Banking GAAP the subordinated negotiable obligations have been
recorded at their residual value plus interests
accrued.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">According to ASC
470-20-25-5, an embedded beneficial conversion feature present in a
convertible instrument shall be recognized separately at issuance
by allocating a portion of the proceeds equal to the intrinsic
value of that feature to additional paid in capital.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As of June 30, 2016
and 2015 the shareholder&#x2019;s equity adjustment, for both
concepts, amounts to Ps. 87,863 and Ps. 10,282,
respectively.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-style: italic; font-size: 13px; font-family: Times New Roman">
f. Securitizations</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">For Argentine
Banking GAAP purposes, the debt securities and certificates
retained by the Bank are accounted for at cost plus accrued
interest for the debt securities, and the equity method is used to
account for the residual interest in the trust.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Under U.S. GAAP the
primary beneficiary of a variable interest entity (VIE) is required
to consolidate its assets and liabilities. An entity is considered
a VIE if it possesses one of the following
characteristics:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 36px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;Insufficient
Equity Investment at Risk</font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 36px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;Equity
lacks decision-making rights</font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 36px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;Equity
with non-substantive voting rights</font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 36px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;Lacking
the obligation to Absorb an Entity&#xB4;s Expected
Losses</font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 36px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;Lacking
the right to receive an Entity&#xB4;s expected residual
returns</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The primary
beneficiary is the party that has both (1) the power to direct the
activities of an entity that most significantly impact the
VIE&#x2019;s economic performance; and (2) through its interests in
the VIE, the obligation to absorb losses or the right to receive
benefits from the VIE that could potentially be significant to the
VIE.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">To assess whether
the Bank has the power to direct the activities of a VIE that most
significantly impact the VIE&#x2019;s economic performance, the Bank
considers all facts and circumstances, including its role in
establishing the VIE and its ongoing rights and responsibilities.
This assessment includes, first, identifying the activities that
most significantly impact the VIE&#x2019;s economic performance; and
second, identifying which party, if any, has power over those
activities.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As a consequence of
this assessment, the Bank was deemed to be the primary beneficiary
of certain securitization trusts because the Bank has the power to
direct the activities of these VIEs through its servicing
responsibilities and duties. Additionally, the Bank through its
retained interests held in these securitizations has the obligation
to absorb losses or the right to receive benefits from the
VIEs.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">For U.S. GAAP
purposes, as of June 30, 2016 and 2015, the Bank consolidated
certain VIE&#x2019;s in which the Bank had a controlling financial
interest and for which it is the primary beneficiary. Therefore,
the Bank reconsolidated their net assets, eliminated the gain or
loss recognized on the sale of receivables when the carrying value
of transferred credit card receivables differs from the amount of
cash and certificates of participation received, eliminated the
servicing liabilities and re-established its loan loss reserves
under ASC 450-20. See note 33.b. for allowance for loan
losses.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-219</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font>
&#xA0; <font style="font-size: 13px; font-family: Times New Roman"><br>
</font></font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
&#xA0; <font style="font-family: Times New Roman; font-size: 13px;"><br>
</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">No servicing assets
or liabilities have been recognized.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The total
shareholders&#x2019; equity adjustment between Argentine Banking
GAAP and U.S. GAAP as of June 30, 2016 and 2015 amounted to Ps.
(56,693) and Ps. (15,442), respectively.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; text-decoration: underline; font-size: 13px; font-family: Times New Roman">
Additional information required by U.S. GAAP</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Bank adopted
ASC 860-10 and ASC 810-10 which require additional disclosures
about its involvement with consolidated VIE&#x2019;s and expanded
the population of VIE&#x2019;s to be disclosed. The table below
presents the assets and liabilities of the financial trusts which
have been consolidated for U.S. GAAP purposes:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="vertical-align: top; width: 41%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 20%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 20%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cash and due from
banks</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">224,
065</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">88,236</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Loans (net of
allowances)</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,425,255</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,235,655</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other
assets</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,181,403</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,149,023</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Assets</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">5,830,723</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3,472,914</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Debt
Securities</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,575,569</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,868,064</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Certificates of
Participation</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,062,201</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">451,365</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other
liabilities</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">192,953</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">153,485</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 59%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Liabilities</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">5,830,723</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3,472,914</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As of June 30,
2016, the Bank&#x2019;s maximum loss exposure, which amounted to Ps.
5,830,723, is based on the unlikely event that all of the assets in
the VIE&#x2019;s become worthless and incorporates potential losses
associated with assets recorded on the Bank&#x2019;s Balance Sheet.
Nevertheless, under Argentine Law the Debt securities will be paid
exclusively with the securitized assets.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-style: italic; font-size: 13px; font-family: Times New Roman">
g. Intangible Assets</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Software
costs</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Under Argentine
Banking GAAP fees paid for a re-engineering project and for
restructuring expenses incurred in relation to certain equity
transactions are recognized as an intangible asset and amortized in
a maximum of five years. Such cost should be expensed as incurred
under U.S. GAAP.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Under Argentine
Banking GAAP, the Bank capitalizes costs relating to all three of
the stages of software development. Under ASC 350-40 defines three
stages for the costs of computer software developed or obtained for
internal use: the preliminary project stage, the application
development stage and the post-implementation operation stage. Only
the second stage costs should be capitalized.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Shareholders&#x2019;
equity adjustment between Argentine Banking GAAP and U.S. GAAP as
of June 30, 2016 and 2015 amounted to Ps. (62,366) and Ps.
(63,888), respectively.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Other
intangible assets</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-220</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font>
&#xA0; <font style="font-size: 13px; font-family: Times New Roman"><br>
</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
&#xA0; <font style="font-family: Times New Roman; font-size: 13px;"><br>
</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On January 13,
2011, Tarshop S.A. acquired from APSA Media S.A., previously
Metroshop S.A., a portfolio of credit cards delinquent by less than
60 days; a contractual position in contracts for the issuance of
credit cards; the accounts of customers, the lease agreements and
movable property at certain branches and the contracts of
employment with personnel under a labor relationship.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Under Argentine
Banking GAAP, no intangible assets should be recognized in
accordance with these transactions.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Under U.S. GAAP,
ASC 350-30 defines that an intangible asset which is acquired
either individually or with a group of other assets shall be
recognized. Assets are recognized based on their cost to the
acquiring entity, which generally includes the transaction costs of
the assets acquisition, and no gain or loss is recognized unless
the fair value of noncash assets given as consideration differs the
assets&#x2019; carrying amount on the acquiring entity&#x2019;s
books. The cost of a group of assets acquired shall be allocated to
the individual assets acquired or liabilities assumed based on
their relative fair values and shall not give rise to
goodwill.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Shareholders&#x2019;
equity adjustment between Argentine Banking GAAP and U.S. GAAP as
of June 30, 2015 amounted to Ps. (59), respectively, related to the
contractual position in contracts for the issuance of credit cards
and the accounts of customers recorded as intangibles assets for
U.S. GAAP purposes.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Business
combination</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">i) Acquisition of
Tarshop S.A.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On August 30, 2010,
the Financial and Exchange Institutions Superintendency of the
Argentine Central Bank gave its consent to the purchase of 80% of
the share capital of Tarshop SA. Such shareholding consists of
107,037,152 non-endorsable, registered ordinary shares, par value 1
Peso per share, and entitled to one vote per share, in turn
equivalent to 107,037,152 votes.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The sales price
amounted to US$ 26.8 million, of which 20% (US$ 5.4 million) was
paid on December 29, 2009 and the remaining balance of the price
was cancelled on September 13, 2010.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Pursuant to
Argentine Central Bank rules, and due to the difference between the
acquisition cost and the estimated fair value of assets and
liabilities acquired, a goodwill amounting to Ps. 29,568 was
recorded under Intangible Assets &#x2013; Goodwill. This goodwill is
subsequently charged to Income on a straight-line basis during 60
months. <font style="color: #000000">As of June 30, 2016 and 2015
the Bank has a balance of Ps. 12,320 and Ps. 15,277, respectively,
related to the goodwill.</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="color: #000000">Under U.S. GAAP, ASC 805 requires the acquisition
of controlling interest of</font> Tarshop S.A. <font style="color: #000000">to be accounted for as a business combination
applying the purchase method, recognizing all net assets acquired
at their fair value.</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The intangible
assets identified as part of the acquisition where customer
relationships, trademark and workforce amounted to Ps. 24,394 as of
August 31, 2010 subject to amortization.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">ii) Acquisition of
BACS Administradora de activos S.A. S.G.F.C.I.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">On
April 26, 2012 BACS Banco de Cr&#xE9;dito y Securitizaci&#xF3;n
S.A. acquired 85% of the shares belonging to BACS Administradora de
activos S.A. S.G.F.C.I. (former FCMI Argentina Financial
Corporation S.A. S.G.F.C.I.). The purchase price was Ps. 6
million.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Pursuant to
Argentine Central Bank rules, and due to the difference between the
acquisition cost and the estimated fair value of assets and
liabilities acquired as of April 30, 2012, a goodwill amounting to
Ps. 4,728 was recorded under Intangible Assets &#x2013; Goodwill.
This goodwill is subsequently charged to income on a straight-line
basis during 120 months. <font style="color: #000000">As of June
30, 2016 and 2015 the Bank recorded such balance which amounted to
Ps. 2,758 and Ps. 3,231, respectively.</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-221</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font>
&#xA0; <font style="font-size: 13px; font-family: Times New Roman"><br>
</font></font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -48px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
&#xA0; <font style="font-family: Times New Roman; font-size: 13px;"><br>
</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Under
U.S. GAAP, ASC 805 requires the acquisition of controlling interest
of BACS Administradora de activos S.A. S.G.F.C.I. (former FCMI
Argentina Financial Corporation S.A. S.G.F.C.I.) to be accounted
for as a business combination applying the purchase method,
recognizing all net assets acquired at their fair
value.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Goodwill
amortization, under Argentine Banking GAAP has been reversed for
U.S. GAAP purposes.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
<font style="font-weight: bold">h.</font> <font style="font-weight: bold; color: #000000">Impairment of fixed assets and
foreclosed assets</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Under Argentine
Banking GAAP, fixed assets and foreclosed assets are restated for
inflation using the WPI index at February 28, 2003. As such, the
balances of fixed assets and foreclosed assets were increased
approximately 120%.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In accordance with
ASC 360-10 such assets are subject to impairment tests in certain
circumstances. Because projected cash flows associated with fixed
assets and foreclosed assets are insufficient to recover the
restated carrying amounts of the assets, those assets should be
tested for impairment. During 2002, in the absence of credible
market values for our fixed and foreclosed assets, the Bank under
U.S. GAAP reversed the restatement of fixed and foreclosed
assets.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Long-lived assets
are reviewed for impairment whenever events or changes in
circumstances indicate that the carrying amount may not be
recoverable.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As of June 2016 and
2015, no additional impairment was recorded in fixed and foreclosed
assets.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Shareholders&#x2019;
equity adjustment between Argentine Banking GAAP and U.S. GAAP as
of June 30, 2016 and 2015 amounted to Ps. (36,263) and Ps.
(37,379), respectively. The differences between periods are due to
depreciation recorded under Argentine Banking GAAP.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-style: italic; font-size: 13px; font-family: Times New Roman">
i. Non-controlling interest</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Argentine Banking
GAAP rules require recording non-controlling interests as a
component of the liabilities. ASC 810 requires recording such
interests as shareholders&#x2019; equity. In addition, the U.S. GAAP
adjustment represents the allocation to the non-controlling
interest of non-wholly owned subsidiaries of certain U.S. GAAP
adjustments related to such subsidiaries.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-style: italic; font-size: 13px; font-family: Times New Roman">
j. Vacation Provision</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Bank&#x2019;s
policy for vacation benefits is to expense such benefits as taken.
For U.S. GAAP purposes, the vacation accrual is based on an accrual
basis, where earned but untaken vacation is recognized as a
liability.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Shareholders&#x2019;
equity adjustment between Argentine Banking GAAP and U.S. GAAP as
of June 30, 2016 and 2015 amounted to Ps. (74,644) and Ps.
(57,634), respectively.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-style: italic; font-size: 13px; font-family: Times New Roman">
k. Insurance Technical reserve</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font>
&#xA0; <font style="font-size: 13px; font-family: Times New Roman"><br>
</font></font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-222</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
&#xA0; <font style="font-family: Times New Roman; font-size: 13px;"><br>
</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Until September
2003, the calculation of the local technical reserves performed by
the Bank was the same as that used under U.S. GAAP.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="color: #000000">On September 2003, the National Insurance
Superintendency issued certain regulations on the calculation of
reserves introducing changes to the local regulations. F</font>or
U.S. GAAP purposes the Bank has accounted these insurance technical
reserves under ASC 944.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="color: #000000">Therefore, the technical reserves for the
twelve-month periods ended June 30, 2016 and 2015 were adjusted for
U.S. GAAP purposes. Shareholders&#x2019; equity adjustment</font> as
of June 30, 2016 and 2015 amounted to Ps. (1,299) and Ps. (339),
respectively<font style="color: #000000">.</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-style: italic; font-size: 13px; font-family: Times New Roman">
l. Capitalization of interest cost</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Under
Argentine Banking GAAP, during the process of construction of an
asset the capitalization of interest is not
recognized.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="color: #000000">For U.S. GAAP purposes, as stated in ASC</font>
<font style="color: #000000">835-20 the amount of interest cost to
be capitalized for qualifying assets is intended to be that portion
of the interest cost incurred during the assets&#x2019; acquisition
periods that theoretically could have been avoided (for example, by
avoiding additional borrowings or by using the funds expended for
the assets to repay existing borrowings) if expenditures for the
assets had not been made.</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">The
amount capitalized in an accounting period shall be determined by
applying an interest rate to the average amount of accumulated
expenditures for the asset during the period. The capitalization
rates used in an accounting period shall be based on the rates
applicable to borrowings outstanding during the
period.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">The
total amount of interest cost capitalized in an accounting period
shall not exceed the total amount of interest cost incurred by the
enterprise in that period.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Shareholders&#x2019;
Equity adjustment between Argentine Banking GAAP and U.S. GAAP as
of June 30, 2015 amounted to Ps. 4,001, respectively.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-style: italic; font-size: 13px; font-family: Times New Roman">
m. Financial guarantees issued</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="color: #000000">During the twelve-month period ended June 30,
2016, the Bank entered into different agreements to guarantee lines
of credit of selected customers. As of June 30, 2016, guarantees
granted by the Bank amounted to Ps</font>. 463,107<font style="color: #000000">.</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="color: #000000">Under Argentine Banking GAAP the guarantees are
recorded in memorandum accounts. As of June 30, 2016, for U.S. GAAP
purposes the Bank recognized a liability for the fair value of the
obligations assumed at its inception in accordance with the
requirements of ASC 460. Such liabilities are being amortized over
the expected term of the guarantee. As of June 30, 2016, the fair
value of the guarantees less the estimated proceeds from collateral
amounted to Ps.</font> (1,209)<font style="color: #000000">.</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">As
of June 30, 2016, the Bank maintained the following
guarantees:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 35%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="8" style="vertical-align: middle; width: 65%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
As of June 30, 2016</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 35%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 20%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Maximum Potential Payments (*)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 20%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Estimated Proceeds from collateral resource</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 21%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
U.S. GAAP adjustment</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 35%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Financial
guarantees</font></div>
</td>
<td style="vertical-align: middle; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">463,107</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">4,398</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(1,209)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 35%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
463,107</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
4,398</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
(1,209)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(*)
The maximum potential payments represent a &#x201C;worse-case
scenario&#x201D;, and do not necessarily reflect expected results.
Estimated proceeds from collateral and recourse represent the
anticipated value of assets that could be liquidated or received
from other parties to offset the Company&#x2019;s payments under
guarantees.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-223</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
&#xA0; <font style="font-family: Times New Roman; font-size: 13px;"><br>
</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-style: italic; font-size: 13px; font-family: Times New Roman">
n. Miscellaneous assets</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Under
Argentine Banking GAAP, the stock of forms, books, prints,
stationery and other assets of a similar nature the entity has to
be used in the future, are booked under the caption
&#x201C;Miscellaneous assets&#x201D;.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">For
U.S. GAAP purposes, the amounts expensed in these items should be
recognized as a cost incurred during the period.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Shareholders&#x2019;
equity adjustment between Argentine Banking GAAP and U.S. GAAP as
of June 30, 2016 amounted to Ps. (30,848).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-style: italic; font-size: 13px; font-family: Times New Roman">
o. Deferred Income Tax</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Argentine
Banking GAAP requires income taxes to be recognized on the basis of
amounts due in accordance with Argentine tax regulations. Temporary
differences between the financial reporting and income tax bases of
accounting are therefore not considered in recognizing income
taxes.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In accordance with
ASC 740-10 under U.S. GAAP income taxes are recognized on the
liability method whereby deferred tax assets and liabilities are
established for temporary differences between the financial
reporting and tax bases of our assets and liabilities. Deferred tax
assets are also recognized for tax loss carryforwards. Deferred tax
assets and liabilities are measured using enacted tax rates
expected to apply to taxable income in the years in which those
temporary differences are expected to be recorded or settled. The
effect on deferred tax assets and liabilities of a change in tax
rates is recognized in income in the period that includes the
enactment date. A valuation allowance is recognized for that
component of net deferred tax assets which is &#x201C;more likely
than not&#x201D; that it will not be recoverable.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As of June 30, 2016
and 2015, and based on the tax projections performed, the Bank
believes that is more likely than not that it will recover the net
operating tax loss carry forward and all the temporary differences,
with future taxable income.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In a consolidated
basis, the Bank has recognized a shareholders&#x2019; equity
adjustment between Argentine Banking GAAP and U.S. GAAP that
amounted to Ps. 352,931 and Ps. 258,903, as of June 30, 2016 and
2015, respectively.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">ASC 740 prescribes
a comprehensive model for the recognition, measurement, financial
statement presentation and disclosure of uncertain tax positions
taken or expected to be taken in a tax return. Additionally, it
provides guidance on derecognition, classification, interest and
penalties, accounting in interim periods, disclosure and
transition. As of June 30, 2016, there were no uncertain tax
positions.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Bank classifies
income tax-related interest and penalties as income taxes in the
financial statements. The adoption of this pronouncement had no
effect on the Bank&#x2019;s overall financial position or results of
operations.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The following table
shows the tax years open for examination as of June 30, 2016, by
major tax jurisdictions in which the Bank operates:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-224</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
<font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: bottom; width: 36%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Jurisdiction</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 58%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Tax
year</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 36%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Argentina</font></div>
</td>
<td style="vertical-align: top; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 58%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2011 &#x2013;
2015</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-style: italic; font-size: 13px; font-family: Times New Roman">
p. Items in process of collection</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Bank does not
give accounting recognition to checks drawn on the Bank or other
banks, or other items to be collected until such time as the
related item clears or is accepted. Such items are recorded by the
Bank in memorandum accounts. U.S. banks, however, account for such
items through balance sheet clearing accounts at the time the items
are presented to the Bank.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Bank&#x2019;s
assets and liabilities would be increased by approximately Ps.
234,515 and Ps. 137,944, had U.S. GAAP been applied at June 30,
2016 and 2015, respectively.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 36px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">II.</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;Additional
disclosure requirements:</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-style: italic; font-size: 13px; font-family: Times New Roman">
q. Fair Value Measurements Disclosures</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">ASC 820-10 defines
fair value as the price that would be received to sell an asset or
paid to transfer a liability in an orderly transaction between
market participants at the measurement date. Effective January
2010, the Bank adopted new accounting guidance under ASC 820 that
requires additional disclosures including, among other things, (i)
the amounts and reasons for certain significant transfers among the
three hierarchy levels of inputs, (ii) the gross, rather than net,
basis for certain level 3 roll forward information, (iii) use of a
&#x201C;class&#x201D; rather than a &#x201C;major category&#x201D;
basis for assets and liabilities, and (iv) valuation techniques and
inputs used to estimate level 2 and level 3 fair value
measurements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In addition, ASC
820-10 establishes a three-level valuation hierarchy for disclosure
of fair value measurements. The valuation hierarchy is based upon
the transparency of inputs to the valuation of an asset or
liability as of the measurement date. The three levels are defined
as follows.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 36px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Level
1 &#x2013; inputs to the valuation methodology are quoted prices
(unadjusted) for identical assets or liabilities in active
markets.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 36px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Level
2 &#x2013; inputs to the valuation methodology include quoted prices
for similar assets and liabilities in active markets, and inputs
that are observable for the asset or liability, either directly or
indirectly, for substantially the full term of the financial
instrument.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 36px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Level
3 &#x2013; inputs to the valuation methodology are unobservable and
significant to the fair value measurement.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">A financial
instrument&#x2019;s categorization within the valuation hierarchy is
based upon the lowest level of input that is significant to the
fair value measurement.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; text-decoration: underline; font-size: 13px; font-family: Times New Roman">
Determination of fair value</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Fair value is based
upon quoted market prices, where available. If listed prices or
quotes are not available, fair value is based upon internally
developed models that use primarily market-based or
independently-sourced market parameters, including interest rate
yield curves, option volatilities and currency rates. Valuation
adjustments may be made to ensure that financial instruments are
recorded at fair value. These adjustments include amounts to
reflect counterparty credit quality, the Bank&#x2019;s
creditworthiness, liquidity and unobservable parameters that are
applied consistently over time.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font>
&#xA0; <font style="font-size: 13px; font-family: Times New Roman"><br>
</font></font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-225</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; page-break-after: always; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000"><font>&#xA0;</font></div>
</div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Bank believes
its valuation methods are appropriate and consistent with other
market participants, the use of different methodologies, or
assumptions, to determine the fair value of certain financial
instruments could result in a different estimate of fair value at
the reporting date.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">The
following section describes the valuation methodologies used by the
Bank to measure various financial instruments at fair value,
including an indication of the level in the fair-value hierarchy in
which each instrument is generally classified. Where appropriate,
the description includes details of the valuation models, the key
inputs to those models as well as any significant
assumptions.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Assets
(by Class of asset)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 36px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
a)</font></div>
<div style="text-align: left; display: table-cell"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Securities</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As of June 30, 2016
and 2015 the Bank&#x2019;s securities are classified within level
1of the valuation hierarchy using quoted prices available in the
active market. Level 1 securities includes government bonds and
instruments issued by BCRA and corporate securities. Furthermore
the Bank&#xB4;s instruments issued by BCRA with no volatility
published by the BCRA and bills issued by Provincial Governments
are classified within Level 2 using quoted prices available of
similar assets.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 36px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
b)</font></div>
<div style="text-align: left; display: table-cell"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Securities receivable under repurchase agreements</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Bank&#x2019;s
securities receivable under repurchase agreements which do not
qualify for sale accounting for U.S. GAAP purposes, are classified
within level 1 of the valuation hierarchy. To estimate the fair
value of these securities, quoted prices are available in an active
market.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 36px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
c)</font></div>
<div style="text-align: left; display: table-cell"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Derivatives</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The fair value of
level 1 derivative positions are determined using quoted market
prices. The fair value of level 2 derivative positions are
determined using internally developed models that utilize market
observable parameters.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Liabilities
(by Class of liability)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 36px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
d)</font></div>
<div style="text-align: left; display: table-cell"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Derivatives</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The fair value of
level 1 derivative positions are determined using quoted market
prices.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The following table
presents the financial instruments, by class of asset and
liabilities, carried at fair value as of June 30, 2016 and 2015, by
ASC 820-10 valuation hierarchy (as described above).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-226</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: middle; width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="4" style="vertical-align: middle; width: 63%; border-top: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Balances
as of June 30, 2016</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: -1px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
carrying value</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Quoted
market prices in active markets</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(Level
1)</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Internal
models with significant observable market parameters</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;(Level
2)</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Internal
models with significant unobservable market parameters</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;(Level
3)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">ASSETS</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Government
and corporate securities</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Trading
securities</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,592,155</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,592,155</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Available for sale
securities</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">894,122</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">727,009</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">167,113</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Instruments issued
by the BCRA</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,296,723</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,263,657</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">33,066</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Corporate
securities</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">490,538</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">490,538</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Other
receivables from financial transactions</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Trading
securities</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">903,031</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">903,031</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Available for sale
securities</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">260,298</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">260,298</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Futures</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">50,637</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">50,637</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Miscellaneous
assets</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Trading
securities</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14,350</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14,350</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">TOTAL
ASSETS AT FAIR VALUE</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">6,501,854</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">6,301,675</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">200,179</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">LIABILITIES</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Other
obligations from financial transactions</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Trading
securities</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(792,149)</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(792,149)</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Available for sale
securities</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(71,880)</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(53,307)</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(18,573)</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Futures</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(37,864)</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(37,864)</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Deposits</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Trading
securities</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(776,687)</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(776,687)</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">TOTAL
LIABILITIES AT FAIR VALUE</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1,678,580)</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1,660,007)</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(18,573)</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-227</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: middle; width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="4" style="vertical-align: middle; width: 63%; border-top: solid 1px #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Balances
as of June 30, 2015</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: -1px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
carrying value</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Quoted
market prices in active markets</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(Level
1)</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Internal
models with significant observable market parameters</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;(Level
2)</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Internal
models with significant unobservable market parameters</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;(Level
3)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">ASSETS</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Government
and corporate securities</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Trading
securities</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,244,278</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,244,278</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Available for sale
securities</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,210,421</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">729,986</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">480,435</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Instruments issued
by the BCRA</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,422,813</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">672,239</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,750,574</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Corporate
securities</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">430,855</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">430,855</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Other
receivables from financial transactions</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Trading
securities</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">231,366</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">231,366</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Available for sale
securities</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">231,400</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">231,117</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">283</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Futures</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">182</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">182</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Interest rate
swaps</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">575</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">575</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Miscellaneous
assets</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Trading
securities</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">162,759</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">162,759</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">TOTAL
ASSETS AT FAIR VALUE</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">5,934,649</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3,703,357</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2,231,292</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">LIABILITIES</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Other
obligations from financial transactions</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Trading
securities</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(105,684)</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(105,684)</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Available for sale
securities</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(247,143)</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(247,143)</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Futures</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(687)</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(687)</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Interest rate
swaps</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(512)</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(512)</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Deposits</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Trading
securities</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(99,515)</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(99,515)</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Available for sale
securities</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(16,288)</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(16,288)</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 37%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">TOTAL
LIABILITIES AT FAIR VALUE</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(469,829)</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(469,829)</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-style: italic; font-size: 13px; font-family: Times New Roman">
q. Credit Risk disclosures</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; text-decoration: underline; font-size: 13px; font-family: Times New Roman">
Allowance for credit losses and recorded investments in financial
receivables</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The following table
presents the allowance for account receivables losses and the
related carrying amount of Financing Receivables for the periods
ended June 30, 2016 and 2015 respectively:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 35%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="8" style="vertical-align: middle; width: 65%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
As of June 30, 2016</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 35%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 20%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Consumer Loan Portfolio</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 20%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Commercial Loan Portfolio</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 21%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Total</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 35%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Allowance for credit losses:</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 35%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ending
balance: individually evaluated for impairment</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">19,621</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">19,621</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 35%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ending
balance: collectively evaluated for impairment</font></div>
</td>
<td style="vertical-align: middle; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">920,175</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">3,962</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">924,137</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 35%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Ending Balance</font></div>
</td>
<td style="vertical-align: middle; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
920,175</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
23,583</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
943,758</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 35%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Financing receivables:</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 35%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ending
balance: individually evaluated for impairment</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">21,635</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">21,635</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 35%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ending
balance: collectively evaluated for impairment</font></div>
</td>
<td style="vertical-align: middle; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">19,821,668</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">7,646,522</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">27,468,190</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 35%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Ending Balance</font></div>
</td>
<td style="vertical-align: middle; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
19,821,668</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
7,668,157</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
27,489,825</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-228</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font>
&#xA0; <font style="font-size: 13px; font-family: Times New Roman"><br>
</font></font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
&#xA0; <font style="font-size: 13px; font-family: Times New Roman"><br></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 35%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="8" style="vertical-align: middle; width: 65%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
As of June 30, 2015</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 35%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 20%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Consumer Loan Portfolio</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 20%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Commercial Loan Portfolio</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 21%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Total</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 35%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Allowance for credit losses:</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 35%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ending
balance: individually evaluated for impairment</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">26,410</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">26,410</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 35%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ending
balance: collectively evaluated for impairment</font></div>
</td>
<td style="vertical-align: middle; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">683,323</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">25,202</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">708,525</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 35%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Ending Balance</font></div>
</td>
<td style="vertical-align: middle; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
683,323</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
51,612</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
734,935</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 35%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Financing receivables:</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 35%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ending
balance: individually evaluated for impairment</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">44,496</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">44,496</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 35%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ending
balance: collectively evaluated for impairment</font></div>
</td>
<td style="vertical-align: middle; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">15,266,470</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">6,853,897</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">22,120,367</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 35%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Ending Balance</font></div>
</td>
<td style="vertical-align: middle; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
15,266,470</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
6,898,393</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
22,164,863</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The activity in the
allowance for loan losses for period is as follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="vertical-align: top; width: 56%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of June 30,</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 27%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
2016</font></div>
</td>
<td style="vertical-align: bottom; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 27%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
2015</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Allowance for credit losses:</font></div>
</td>
<td style="vertical-align: top; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Beginning Balance</font></div>
</td>
<td style="vertical-align: top; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
734,935</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
596,656</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Charge-offs</font></div>
</td>
<td style="vertical-align: top; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(177,834)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">(267,694)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Provision
for loan losses</font></div>
</td>
<td style="vertical-align: top; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 21%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">386,657</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 20%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">405,973</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Ending Balance</font></div>
</td>
<td style="vertical-align: top; width: 6%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 21%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
943,758</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 20%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
734,935</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; text-decoration: underline; font-size: 13px; font-family: Times New Roman">
Account receivable charge-off and recoveries</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Under Argentine
GAAP, recoveries on previously charge-off account receivable are
recorded directly to income and the amount of charge-off account
receivable in excess of amounts specifically allocated is recorded
as a direct charge to the income statement. The Bank does not
partially charge off troubled account receivable until final
disposition of the credit, rather, the allowance is maintained on a
credit-by &#x2013;credit basis for its estimated settlement value.
Under U.S. GAAP, all charge off and recovery activity is recorded
through the allowance for account receivable losses account.
Further, account receivables are generally charged to the allowance
account when all or part of the credit is considered
uncollectible.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; text-decoration: underline; font-size: 13px; font-family: Times New Roman">
Impaired loans</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">ASC 310, requires a
creditor to measure impairment of a loan based on the present value
of expected future cash flows discounted at the loan&#x2019;s
effective interest rate, or at the loan&#x2019;s observable market
price or the fair value of the collateral if the loan is collateral
dependent. This Statement is applicable to all loans (including
those restructured in a troubled debt restructuring involving
amendment of terms), except large groups of smaller-balance
homogenous loans that are collectively evaluated for impairment.
Loans are considered impaired when, based on Management&#x2019;s
evaluation, a borrower will not be able to fulfill its obligation
under the original loan terms.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-229</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font>&#xA0;
<font style="font-size: 13px; font-family: Times New Roman"><br>
</font></font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -48px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
&#xA0; <font style="font-family: Times New Roman; font-size: 13px;"><br>
</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The following table
discloses the amounts of loans considered impaired in accordance
with ASC 310 updated by ASU 2010 - 20, as of June 30, 2016 and
2015:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: bottom; width: 41%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="8" style="vertical-align: top; width: 59%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
As of June 30, 2016</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 41%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Recorded Investment</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 20%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Unpaid Principal Balance</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Related Allowance</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 41%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-style: italic; color: #000000; font-size: 13px; font-family: Times New Roman">
With no related allowance recorded:</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 41%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Commercial</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 41%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Impaired
Loans</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 41%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 41%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-style: italic; color: #000000; font-size: 13px; font-family: Times New Roman">
With an allowance recorded:</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 41%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Commercial</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 41%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Impaired
Loans</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">21,635</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">18,389</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">19,621</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 41%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Total</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
21,635</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
18,389</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
19,621</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: bottom; width: 41%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="8" style="vertical-align: top; width: 59%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
As of June 30, 2015</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 41%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Recorded Investment</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 20%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Unpaid Principal Balance</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Related Allowance</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 41%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-style: italic; color: #000000; font-size: 13px; font-family: Times New Roman">
With no related allowance recorded:</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 41%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Commercial</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 41%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Impaired
Loans</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 41%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 41%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-style: italic; color: #000000; font-size: 13px; font-family: Times New Roman">
With an allowance recorded:</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 41%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Commercial</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 41%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Impaired
Loans</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">44,496</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">37,658</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">26,410</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 41%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Total</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
44,496</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
37,658</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
26,410</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The average
recorded investment in impaired loans amounted Ps. 1,983 and Ps.
42,349, as of June 30, 2016 and 2015, respectively. There is no
amount of interest income recognized during the time within the
period that the loans were impaired.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; text-decoration: underline; font-size: 13px; font-family: Times New Roman">
Non-accrual accounts receivables and Past due</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Non-Accrual loans
are defined as those loans in the categories of: (a)&#xA0;Consumer
portfolio: &#x201C;Medium Risk&#x201D;, &#x201C;High&#xA0;Risk&#x201D;
and &#x201C;Uncollectible&#x201D;, and (b)&#xA0;Commercial portfolio:
&#x201C;With problems&#x201D;, &#x201C;High Risk of Insolvency&#x201D;
and &#x201C;Uncollectible&#x201D;.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The following table
represents the amounts of nonaccruals, as of June 30, 2016 and
2015, respectively:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-230</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: bottom; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="6" style="vertical-align: top; width: 51%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of June 30,</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 24%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
2016</font></div>
</td>
<td style="vertical-align: bottom; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 24%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
2015</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Consumer</font></div>
</td>
<td style="vertical-align: top; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Advances</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">342</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">187</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Mortgage
Loans</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">26,996</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">30,739</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Personal Loans
&#x2013; BHSA</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">100,484</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">88,514</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Personal Loans
&#x2013; Financial trusts</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">92,396</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">52,827</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Personal Loans
&#x2013; Tarshop</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Credit Card Loans
&#x2013; BHSA</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">152,892</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">115,792</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Credit card Loans
&#x2013; Tarshop</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">316,083</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">109,319</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Consumer</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
689,193</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
397,378</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Commercial</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Performing
Loans</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 18%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Impaired
Loans</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">21,635</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">44,496</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Commercial</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
21,635</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
44,496</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Non accrual loans</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
710,828</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
441,874</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">An aging analysis
of past due account receivables, segregated by class of account
receivables, as of June 30, 2016 and 2015 was as
follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: bottom; width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="7" style="vertical-align: bottom; width: 78%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
As of June 30, 2016</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">30-90</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">91-180</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">181-360</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Days
Past</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Days
Past</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Days
Past</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Greater</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Past</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Current</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Due</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Due</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Due</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">than
360</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Due</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Financing</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Consumer</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Advances</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">266</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">107</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">218</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">17</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">608</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">12,701</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">13,309</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Mortgage
Loans</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">25,838</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">5,163</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">4,409</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">17,424</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">52,834</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">2,536,670</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">2,589,504</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Personal Loans
&#x2013; BHSA</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">111,179</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">46,890</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">53,051</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">543</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">211,663</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">2,916,970</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">3,128,633</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Personal Loans
&#x2013; Financial trusts</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">8,648</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">9,994</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">33,458</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">48,944</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">101,044</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">131,044</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">232,088</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Personal Loans
&#x2013; Tarshop</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">3,787</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">3,787</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">92,804</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">96,591</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Credit Card Loans
&#x2013; BHSA</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">111,061</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">78,226</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">74,571</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">95</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">263,953</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">9,627,352</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">9,891,305</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Credit card Loans
&#x2013; Tarshop</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">139,332</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">162,809</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">148,651</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">4,623</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">455,415</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">3,414,823</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">3,870,238</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Consumer Loans</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">400,111</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">303,189</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">314,358</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">71,646</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,089,304</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">18,732,364</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">19,821,668</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Commercial:</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Performing
Loans</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1,763</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1,763</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">7,644,759</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">7,646,522</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Impaired
loans</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">6</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">3,673</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">17,956</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">21,635</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">21,635</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Commercial Loans</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,763</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">6</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3,673</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">17,956</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">23,398</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">7,644,759</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">7,668,157</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 22%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Total</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
401,874</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
303,195</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
318,031</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
89,602</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
1,112,702</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
26,377,123</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
27,489,825</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-231</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: bottom; width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="7" style="vertical-align: bottom; width: 79%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
As of June 30, 2015</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">30-90</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">91-180</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">181-360</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Days
Past</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Days
Past</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Days
Past</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Greater</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Past</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Current</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Due</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Due</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Due</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">than
360</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Due</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Financing</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Consumer</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Advances</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">904</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">119</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">62</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">6</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1,091</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">17,846</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">18,937</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Mortgage
Loans</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">24,196</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">6,707</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">4,350</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">19,682</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">54,935</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">2,662,466</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">2,717,401</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="color: #000000">Personal</font> Loans &#x2013; BHSA</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">74,437</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">40,349</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">47,916</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">249</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">162,951</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">2,449,316</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">2,612,267</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Personal Loans
&#x2013; Financial trusts</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">94,144</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">31,334</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">21,030</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">463</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">146,971</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">727,455</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">874,426</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Credit Card Loans
&#x2013; BHSA</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">58,835</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">53,133</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">62,318</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">341</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">174,627</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">7,349,464</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">7,524,091</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Credit card Loans
&#x2013; Tarshop</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">112,302</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">49,500</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">53,187</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">6,632</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">221,621</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1,297,727</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1,519,348</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Consumer Loans</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">364,818</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">181,142</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">188,863</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">27,373</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">762,196</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">14,504,274</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">15,266,470</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Commercial:</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Performing
Loans</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1,568</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1,568</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">6,852,329</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">6,853,897</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Impaired
loans</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">173</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">11,402</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">32,921</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">44,496</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">44,496</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Commercial Loans</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,568</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">173</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">11,402</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">32,921</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">46,064</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">6,852,329</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">6,898,393</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Total</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
366,386</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
181,315</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
200,265</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
60,294</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
808,260</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
21,356,603</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
22,164,863</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financial
receivables that are past due 90 days or more do not accrue
interests.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; text-decoration: underline; font-size: 13px; font-family: Times New Roman">
Credit Quality</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The following
tables contain the loan portfolio classification by credit quality
indicator set forth by the Argentine Central Bank.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Commercial
Portfolio</font>:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 300px">
<font style="font-size: 13px; font-family: Times New Roman">Loan
Classification&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Description</font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 252px">
<font style="font-size: 13px; font-family: Times New Roman">1.
Normal Situation&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">The debtor is
widely able to meet its financial obligations, demonstrating
significant cash flows, a liquid financial situation, an adequate
financial structure, a timely payment record, competent management,
available information in a timely, accurate manner and satisfactory
internal controls. The debtor is in a sector of activity that is
operating properly and has good prospects.</font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 252px">
<font style="font-size: 13px; font-family: Times New Roman">2. With
Special Follow-up&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Cash flow analysis
reflects that the debt may be repaid even though it is possible
that the customer&#x2019;s future payment ability may deteriorate
without a proper follow-up.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 312px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">This category is
divided into two subcategories:</font></div>
<div style="text-align: left; margin-left: 312px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">(2.a). Under
Observation;</font></div>
<div style="text-align: left; margin-left: 312px; margin-right: 0px; text-indent: 12px;"><font style="font-size: 13px; font-family: Times New Roman">(2.b). Under
Negotiation or Refinancing Agreements.</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 252px">
<font style="font-size: 13px; font-family: Times New Roman">3. With
Problems&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Cash flow analysis
evidences problems to repay the debt, and therefore, if these
problems are not solved, there may be some losses.</font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 252px">
<font style="font-size: 13px; font-family: Times New Roman">4. High
Risk of Insolvency&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Cash flow analysis
evidences that repayment of the full debt is highly
unlikely.</font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 252px">
<font style="font-size: 13px; font-family: Times New Roman">5.
Uncollectible&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">The amounts in this
category are deemed total losses. Even though these assets may be
recovered under certain future circumstances, inability to make
payments is evident at the date of the analysis. It includes loans
to insolvent or bankrupt borrowers.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font>
&#xA0; <font style="font-size: 13px; font-family: Times New Roman"><br>
</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-232</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Credit quality
indicators for the commercial portfolio are reviewed, at a minimum,
on an annual basis.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 312px; margin-right: 0px; text-indent: -300px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Consumer
Portfolio</font>:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 300px">
<font style="font-size: 13px; font-family: Times New Roman">Loan
Classification&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Description</font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 252px">
<font style="font-size: 13px; font-family: Times New Roman">1.
Normal Situation&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Loans with timely
repayment or arrears not exceeding 31 days, both of principal and
interest.</font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 252px">
<font style="font-size: 13px; font-family: Times New Roman">2. Low
Risk&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Occasional late
payments, with a payment in arrears of more than 32 days and up to
90 days. A customer classified as &#x201C;Medium Risk&#x201D; having
been refinanced may be recategorized within this category, as long
as he amortizes one principal installment (whether monthly or
bimonthly) or repays 5% of principal.</font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 252px">
<font style="font-size: 13px; font-family: Times New Roman">3.
Medium Risk&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Some inability to
make payments, with arrears of more than 91 days and up to 180
days. A customer classified as &#x201C;High Risk&#x201D; having been
refinanced may be recategorized within this category, as long as he
amortizes two principal installments (whether monthly or bimonthly)
or repays 5% of principal.</font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 252px">
<font style="font-size: 13px; font-family: Times New Roman">4. High
Risk&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Judicial
proceedings demanding payment have been initiated or arrears of
more than 180 days and up to one year. A customer classified as
&#x201C;Uncollectible&#x201D; having been refinanced may be
recategorized within this category, as long as he amortizes three
principal installments (whether monthly or bimonthly) or repays 10%
of principal.</font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 252px">
<font style="font-size: 13px; font-family: Times New Roman">5.
Uncollectible&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Loans to insolvent
or bankrupt borrowers, or subject to judicial proceedings, with
little or no possibility of collection, or with arrears in excess
of one year.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Credit quality
indicators for the consumer portfolio are reviewed on a monthly
basis.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The following table
shows the account receivable balances categorized by credit quality
indicators for the periods ended June 30, 2016 and
2015:</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-233</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: bottom; width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="6" style="vertical-align: bottom; width: 76%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">As
of June 30, 2016</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">"1"</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">"2"</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">"3"</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">"4"</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">"5"</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Normal Situation</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
With special follow-up or Low Risk</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
With problems or Medium Risk</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
High risk of insolvency or High risk</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Uncollectible</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Total</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Consumer</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Advances</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">12,701</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">266</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">107</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">218</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">17</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">13,309</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Mortgage
Loans</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,536,670</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">25,838</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5,163</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,409</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">17,424</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,589,504</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Personal Loans
&#x2013; BHSA</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,916,970</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">111,179</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">46,890</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">53,051</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">543</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,128,633</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Personal Loans
&#x2013; Financial trusts</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">131,044</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8,648</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,542</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">88,854</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">232,088</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Personal Loans
&#x2013; Tarshop</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">92,804</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,787</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">96,591</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Credit Card Loans
&#x2013; BHSA</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9,627,352</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">111,061</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">78,226</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">74,571</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">95</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9,891,305</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Credit card Loans
&#x2013; Tarshop</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,414,823</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">139,332</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">162,809</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">148,651</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,623</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,870,238</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Consumer Loans</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">18,732,364</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">400,111</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">296,737</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">369,754</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">22,702</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">19,821,668</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Commercial:</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Performing
loans</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7,644,759</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,763</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7,646,522</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Impaired
loans</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,673</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">17,956</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">21,635</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Commercial Loans</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">7,644,759</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,763</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">6</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3,673</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">17,956</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">7,668,157</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Total Financing Receivables</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">26,377,123</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">401,874</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">296,743</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">373,427</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">40,658</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">27,489,825</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="6" style="vertical-align: bottom; width: 76%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">As
of June 30, 2015</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">"1"</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">"2"</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">"3"</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">"4"</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">"5"</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Normal Situation</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
With special follow-up or Low Risk</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
With problems or Medium Risk</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
High risk of insolvency or High risk</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Uncollectible</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Total</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Consumer</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Advances</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">17,846</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">904</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">119</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">62</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">6</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">18,937</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Mortgage
Loans</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">2,662,466</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">24,196</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">6,707</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">4,350</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">19,682</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">2,717,401</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="color: #000000">Personal</font> Loans &#x2013; BHSA</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">2,449,316</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">74,437</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">40,349</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">47,916</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">249</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">2,612,267</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Personal Loans
&#x2013; Financial trusts</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">796,527</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">24,931</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">31,418</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">21,550</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">874,426</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Credit Card Loans
&#x2013; BHSA</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">7,349,464</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">58,835</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">53,133</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">62,318</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">341</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">7,524,091</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Credit card Loans
&#x2013; Tarshop</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1,297,727</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">112,302</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">49,500</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">53,187</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">6,632</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1,519,348</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Consumer Loans</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">14,573,346</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">295,605</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">181,226</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">189,383</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">26,910</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">15,266,470</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Commercial:</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Performing
loans</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">6,852,329</font></div>
</td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1,568</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">6,853,897</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Impaired
loans</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">173</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">11,402</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">32,921</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">44,496</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Commercial Loans</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">6,852,329</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,568</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">173</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">11,402</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">32,921</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">6,898,393</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 24%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Total Financing Receivables</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
21,425,675</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
297,173</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
181,399</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
200,785</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
59,831</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
22,164,863</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; text-decoration: underline; font-size: 13px; font-family: Times New Roman">
Troubled debt restructuring</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">According to BCRA
regulations, a refinancing is considered to exist whenever any of
the original contractually agreed conditions for a financing
transaction (term, capital, interest or rate) are
modified.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font>
&#xA0; <font style="font-size: 13px; font-family: Times New Roman"><br>
</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-234</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We concluded that
all our refinanced loans comply with the conditions for considering
them as troubled debt restructuring (&#x201C;TDR&#x201D;) as defined
under U.S. GAAP. In accordance with ASC 310-40 a restructured loan
is considered a TDR if the debtor is experiencing financial
difficulties and the Bank grants a concession to the debtor that
would not otherwise be considered. Concessions granted could
include: reduction in interest rate to rates that are considered
below market, extension of repayment schedules and maturity dates
beyond original contractual terms.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The following table
presents for the financing receivables modified as troubled debt
restructurings within during the last two periods:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: bottom; width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="4" style="vertical-align: top; width: 53%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
As of June 30, 2016</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Number of contracts</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 31%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Post-modification Outstanding recorded investment</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Consumer</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 23%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Advances</font></div>
</td>
<td style="vertical-align: bottom; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">35</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: bottom; width: 23%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">950</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Mortgage
Loans</font></div>
</td>
<td style="vertical-align: bottom; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">109</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 23%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">2,826</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Personal
Loans</font></div>
</td>
<td style="vertical-align: bottom; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">5,260</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 23%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">141,884</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Credit Card Loans
&#x2013; BHSA</font></div>
</td>
<td style="vertical-align: bottom; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">12,038</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 23%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">195,570</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Credit card Loans
&#x2013; Tarshop</font></div>
</td>
<td style="vertical-align: bottom; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">17,275</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 23%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">167,361</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Consumer</font></div>
</td>
<td style="vertical-align: bottom; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
34,717</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Ps.</font></div>
</td>
<td style="vertical-align: bottom; width: 23%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
508,591</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 23%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Commercial</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 23%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Performing
Loans</font></div>
</td>
<td style="vertical-align: bottom; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: bottom; width: 23%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Impaired
Loans</font></div>
</td>
<td style="vertical-align: bottom; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 23%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Commercial</font></div>
</td>
<td style="vertical-align: bottom; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
-</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Ps.</font></div>
</td>
<td style="vertical-align: bottom; width: 23%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 23%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
TDRs</font></div>
</td>
<td style="vertical-align: middle; width: 19%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
34,717</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 23%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
508,591</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: bottom; width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="4" style="vertical-align: top; width: 53%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="4" style="vertical-align: top; width: 53%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="4" style="vertical-align: top; width: 53%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
As of June 30, 2015</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Number of contracts</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 31%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Post-modification Outstanding recorded investment</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Consumer</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 23%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Advances</font></div>
</td>
<td style="vertical-align: bottom; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">63</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: bottom; width: 23%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1,463</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Mortgage
Loans</font></div>
</td>
<td style="vertical-align: bottom; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">174</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 23%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">4,490</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Personal
Loans</font></div>
</td>
<td style="vertical-align: bottom; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">6,921</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 23%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">160,312</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Credit Card Loans
&#x2013; BHSA</font></div>
</td>
<td style="vertical-align: bottom; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">21,472</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 23%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">245,522</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Credit card Loans
&#x2013; Tarshop</font></div>
</td>
<td style="vertical-align: bottom; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">15,512</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 23%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">92,758</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Consumer</font></div>
</td>
<td style="vertical-align: bottom; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
44,142</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Ps.</font></div>
</td>
<td style="vertical-align: bottom; width: 23%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
504,545</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 23%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Commercial</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 23%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Performing
Loans</font></div>
</td>
<td style="vertical-align: bottom; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: bottom; width: 23%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Impaired
Loans</font></div>
</td>
<td style="vertical-align: bottom; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 23%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Commercial</font></div>
</td>
<td style="vertical-align: bottom; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
-</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Ps.</font></div>
</td>
<td style="vertical-align: bottom; width: 23%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 23%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
TDRs</font></div>
</td>
<td style="vertical-align: middle; width: 19%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
44,142</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 23%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
504,545</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The following table
presents for, the financing receivables modified as troubled debt
restructurings within the previous 12 months and for which there
was a payment default during that period. We consider a TDR that
have subsequently defaulted if the borrower has failed to make
payments of either principal, interest or both for a period of 90
days or more from contractual due date.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font>
&#xA0; <font style="font-size: 13px; font-family: Times New Roman"><br>
</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-235</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: bottom; width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="9" style="vertical-align: top; width: 70%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of June 30,</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="4" style="vertical-align: top; width: 33%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
2016</font></div>
</td>
<td style="vertical-align: bottom; width: 3%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="4" style="vertical-align: top; width: 34%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
2015</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Number of contracts</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Recorded investment</font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Number of contracts</font></div>
</td>
<td style="vertical-align: bottom; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Recorded investment</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Consumer</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Advances</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">8</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">180</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">10</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">197</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Mortgage
Loans</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">2,203</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">25</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">783</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Personal
Loans</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1,176</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">26,913</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">1,116</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">21,602</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Credit Card Loans
&#x2013; BHSA</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">3,176</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">35,285</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">672</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">7,923</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Credit card Loans
&#x2013; Tarshop</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">5,574</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">36,315</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">5,146</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">26,253</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Consumer</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
10,034</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
100,896</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
6,969</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
56,758</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Commercial</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Performing
Loans</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Impaired
Loans</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
Commercial</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
-</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
-</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 30%">
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
TDRs that subsequently defaulted</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
10,034</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
100,896</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
6,969</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
56,758</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Allowance
for Credit Losses</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Accounts receivable
balances are classified as uncollectible and written off from the
Consolidated Balance Sheet when 365 days past due and subsequently
recorded in memorandum accounts.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The activity in the
allowance for accounts receivables losses under U.S. GAAP for the
fiscal periods ended June 30, 2016 and 2015 was as
follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="8" style="vertical-align: top; width: 52%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Argentine Banking
GAAP</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">U.S.
GAAP</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adjustment</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">June 30,
2015&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">514,394</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">734,935</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(220,541)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Variances&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">178,658</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">208,823</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(30,165)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">June 30,
2016&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">693,052</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">943,758</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(250,706)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-style: italic; font-size: 13px; font-family: Times New Roman">
s. Comprehensive income</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">ASC 220 establishes
standards for reporting and disclosure of comprehensive income and
its components (revenues, expenses, gains and losses) in the
financial statements. Comprehensive income is the total of net
income and other charges or credits to equity that are not the
result of transactions with owners.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The following
disclosure presented for the twelve-month periods ended June 30,
2016, 2015 and 2014, shows all periods in Argentine Banking GAAP
format reflecting U.S. GAAP income and comprehensive statement
adjustments.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-236</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: bottom; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="8" style="vertical-align: bottom; width: 60%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">June
30,</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2016</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 20%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Income
Statement</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financial
income&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9,063,628</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5,559,510</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,666,910</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financial
expenses&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(5,612,760)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(3,241,306)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2,399,052)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Net financial
income&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,450,868</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,318,204</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,267,858</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Provision for loan
losses&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(386,657)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(405,973)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(333,025)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Income from
services&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,307,451</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,264,698</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,145,423</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Expenses for
services&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,089,690)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(768,870)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(682,638)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Administrative
expenses&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(4,539,637)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(3,411,162)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2,380,651)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 40%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: -24px;"><font style="font-size: 13px; font-family: Times New Roman">Net income from
financial transactions&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,742,335</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">996,897</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,016,967</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Miscellaneous
income&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">546,543</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">317,530</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">188,928</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Miscellaneous
expenses&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(669,358)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(466,554)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(286,596)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 40%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: -24px;"><font style="font-size: 13px; font-family: Times New Roman">Income before
income taxes and Non-controlling
interest....&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: middle; width: 4%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,619,520</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">847,873</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">919,299</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Income
taxes&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(604,359)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(332,940)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(314,005)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Net
income under U.S. GAAP&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,015,161</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">514,933</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">605,294</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 40%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: -24px;"><font style="font-size: 13px; font-family: Times New Roman">Less Net (Loss)
attributable to the Non-controlling
interest&#x2026;&#x2026;&#x2026;&#x2026;...</font></div>
</td>
<td style="vertical-align: middle; width: 4%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">18,311</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,369</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">10,284</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Net
income attributable Controlling interest in accordance with U.S.
GAAP&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;..&#x2026;</font></div>
</td>
<td style="vertical-align: middle; width: 4%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,033,472</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">519,302</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">615,578</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other comprehensive
income (loss):</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Unrealized gains
(loss) on securities&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(30,031)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">15,591</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">22,283</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Other comprehensive income
(loss)</font>&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;&#x2026;</font></div>
</td>
<td style="vertical-align: middle; width: 4%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(30,031)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;Ps</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">15,591</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;Ps</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">22,283</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Comprehensive income</font>
&#x2026;..&#x2026;&#x2026;&#x2026;..</font></div>
</td>
<td style="vertical-align: middle; width: 4%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,003,441</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">534,893</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 4%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ps.</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">637,861</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-style: italic; font-size: 13px; font-family: Times New Roman">
t. Risks and Uncertainties</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">All
transactions involving the purchase of foreign currency must be
settled through the single free exchange market (Mercado &#xDA;nico
Libre de Cambios, or &#x201C;MULC&#x201D;) where the Central Bank
supervises the purchase and sale of foreign currency. Under
Executive Branch Decree No. 260/2002, the Argentine government set
up an exchange market through which all foreign currency exchange
transactions are made. Such transactions are subject to the
regulations and requirements imposed by the Central Bank. Under
Communication &#x201C;A&#x201D; 3471, as amended, the Central Bank
established certain restrictions and requirements applicable to
foreign currency exchange transactions. If such restrictions and
requirements are not met, criminal penalties shall be
applied.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">On
October 28, 2011, the Federal Administration of Public Revenues
(Administraci&#xF3;n Federal de Ingresos P&#xFA;blicos,
&#x201C;AFIP&#x201D;) established an Exchange Transactions Inquiry
Program (&#x201C;Inquiry Program&#x201D;) through which the entities
authorized by the Central Bank to deal in foreign exchange must
inquire and register through an IT system the total peso amount of
each exchange transaction at the moment it is closed. All foreign
exchange sale transactions, whether involving foreign currency or
banknotes, irrespective of their purpose or allocation, are subject
to this inquiry and registration system, which determines whether
Transactions are &#x201C;Validated&#x201D; or
&#x201C;Inconsistent&#x201D;.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Pursuant
to Communication &#x201C;A&#x201D; 5239, afterward replaced by
Communication &#x201C;A&#x201D; 5245, in the case of sales of foreign
exchange (foreign currency or banknotes) for the formation of
off-shore assets by residents without the obligation of
subsequently allocating it to specific purpose, entities authorized
to deal in foreign exchange may only allow transactions through the
MULC by those clients who have obtained the validation and who
comply with the rest of the requirements set forth in the
applicable foreign exchange regulations. Sales of foreign exchange
other than for the formation of off-shore assets by residents
without a specific purpose are also exempted from the Inquiry
Program, although, the financial entities must verify that the
other requirements established by the MULC are
accomplished.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font>
&#xA0; <font style="font-size: 13px; font-family: Times New Roman"><br>
</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-237</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">According
to Communication &#x201C;A&#x201D; 5264, as amended, in general terms
the access to the foreign exchange market for resident in order to
pay services, debts and profits to non-residents has no limits or
restrictions. The access to the MULC requires the filing of certain
documentation by residents evidencing the validity of transactions
for which the funds are purchase for its remittance abroad.
Communication &#x201C;A&#x201D; 5236, item 4.2. which regulated the
outflow of fund allowing residents to access to the MULC for the
formation of off-shore assets without a specific allocation by
residents has been suspended and, up to now, the Central Bank has
not issued any other measure or provisions in this
regard.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">On
August 6, 2012, Resolution #3210 was replaced by Resolution #3356
enacted by AFIP. This resolution sets forth more restrictions for
the access to the foreign exchange market, in particular for the
outflow of funds made by residents. Both resolutions (3210 and
3356) are related with Communications &#x201C;A&#x201D; 5239
(currently abrogated) and 5245.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">The
Argentine government may, in the future, impose additional controls
on the foreign exchange market and on capital flows from and into
Argentina, in response to capital flight or depreciation of the
Peso. These restrictions may have a negative effect on the economy
and on our business if imposed in an economic environment where
access to local capital is constrained.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-style: italic; font-size: 13px; font-family: Times New Roman">
u. U.S. GAAP estimates</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Valuation reserves,
impairment charges and estimates of market values on assets and
step up bonds discounting, as established by the Bank for U.S. GAAP
purposes are subject to significant assumptions of future cash
flows and interest rates for discounting such cash flows. Losses on
the exchange of government and provincial bonds were significantly
affected by higher discount rates. Should the discount rates change
in future years, the carrying amounts and charges to income and
shareholders&#x2019; equity deficit will also change. In addition,
as estimates of future cash flows change, so too will the carrying
amounts which are dependent on such cash flows. It is possible that
changes to the carrying amounts of loans, investments and other
assets will be adjusted in the near term in amounts that are
material to the Bank&#x2019;s financial position and results of
income.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-style: italic; font-size: 13px; font-family: Times New Roman">
v. Allowance for loan losses</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Management believes
that the current level of allowance for loan losses recorded for
U.S. GAAP purposes are sufficient to cover incurred losses of the
Bank&#x2019;s loan portfolio as of June 30, 2016 and 2015. Many
factors can affect the Bank&#x2019;s estimates of allowance for loan
losses, including expected cash flows, volatility of default
probability, migrations and estimated loss severity. The process of
determining the level of the allowance for credit losses requires a
high degree of judgment. It is possible that others, given the same
information, may at any point in time reach different reasonable
conclusions. If market conditions and economic uncertainties exist,
it might result in higher credit losses and provision for credit
losses in future periods.</font></div>
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<div id="ftr">
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<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-238</font></div>
</div>
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<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">35.
New authoritative pronouncements</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">During the
twelve-months ended June 30, 2016, the FASB has issued Accounting
Standards Updates. Those updates applicable for the Bank are
mentioned below:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; color: #000000; font-size: 13px; font-family: Times New Roman">
ASU 2015-03</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">The
FASB issued in April 2015 the Accounting Standards Update No.
2015-03 &#x201C;Interest&#x2014;Imputation of Interest (Subtopic
835-30) &#x2014; Simplifying the Presentation of Debt Issuance
Costs&#x201D;. The Board is issuing this Update as part of its
initiative to reduce complexity in accounting standards (the
Simplification Initiative). The objective of the Simplification
Initiative is to identify, evaluate, and improve areas of U.S. GAAP
for which cost and complexity can be reduced while maintaining or
improving the usefulness of the information provided to users of
financial statements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">The
Board received feedback that having different balance sheet
presentation requirements for debt issuance costs and debt discount
and premium creates unnecessary complexity. Recognizing debt
issuance costs as a deferred charge (that is, an asset) also is
different from the guidance in IFRS, which requires that
transaction costs be deducted from the carrying value of the
financial liability and not recorded as separate assets.
Additionally, the requirement to recognize debt issuance costs as
deferred charges conflicts with the guidance in FASB Concepts
Statement No. 6, Elements of Financial Statements, which states
that debt issuance costs are similar to debt discounts and in
effect reduce the proceeds of borrowing, thereby increasing the
effective interest rate. Concepts Statement 6 further states that
debt issuance costs cannot be an asset because they provide no
future economic benefit.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">To
simplify presentation of debt issuance costs, the amendments in
this Update require that debt issuance costs related to a
recognized debt liability be presented in the balance sheet as a
direct deduction from the carrying amount of that debt liability,
consistent with debt discounts. The recognition and measurement
guidance for debt issuance costs are not affected by the amendments
in this Update.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">For
public business entities, the amendments in this Update are
effective for financial statements issued for fiscal years
beginning after December 15, 2015, and interim periods within those
fiscal years.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; color: #000000; font-size: 13px; font-family: Times New Roman">
ASU 2015-15</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">In
August 2015, the FASB issued the Accounting Standards Update No.
2015-15 &#x201C;Presentation and Subsequent Measurement of Debt
Issuance Costs Associated with Line-of-Credit Arrangements&#x201D;.
The amendments in this Update provide guidance on accounting for
the costs on line-of-credit arrangements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Given
the absence of authoritative guidance within Update 2015-03 for
debt issuance costs related to line-of-credit arrangements, the SEC
staff would not object to an entity deferring and presenting debt
issuance costs as an asset and subsequently amortizing the deferred
debt issuance costs ratably over the term of the line-of-credit
arrangement, regardless of whether there are any outstanding
borrowings on the line-of-credit arrangement.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">The
impact of this ASU has not any significant effect in the U.S. GAAP
disclosures and financial information for the Bank.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-style: italic; font-size: 13px; font-family: Times New Roman">
ASU 2015-16</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">In
September 2015, FASB issued ASU 16 &#x201C;Simplifying the
Accounting for Measurement-Period Adjustment&#x201D;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font>
&#xA0; <font style="font-size: 13px; font-family: Times New Roman"><br>
</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-239</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
ASU 2016-01</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="color: #000000; font-size: 13px">In January 2016, the FASB issued
the Accounting Standards Update No. 2016-01 &#x201C;Recognition and
Measurement of Financial Assets</font><font style="color: #000000">&#xA0;</font><font style="color: #000000; font-size: 13px">and Financial Liabilities&#x201D;.
The amendments in this Update: i) Require equity investments
(except those accounted for under the equity method of accounting
or those that</font><font style="color: #000000">&#xA0;</font><font style="color: #000000; font-size: 13px">result in consolidation of the
investee) to be measured at fair value with changes in fair value
recognized in net income; ii) simplify the</font><font style="color: #000000">&#xA0;</font><font style="color: #000000; font-size: 13px">impairment assessment of equity
investments without readily determinable fair values by requiring a
qualitative assessment to identify</font><font style="color: #000000">&#xA0;</font><font style="color: #000000; font-size: 13px">impairment; iii) eliminate the
requirement for public business entities to disclose the method(s)
and significant assumptions used to</font><font style="color: #000000">&#xA0;</font><font style="color: #000000; font-size: 13px">estimate the fair value that is
required to be disclosed for financial instruments measured at
amortized cost on the balance sheet; and</font><font style="color: #000000">&#xA0;</font><font style="color: #000000; font-size: 13px">iv) require public business
entities to use the exit price notion when measuring the fair value
of financial instruments for disclosure</font><font style="color: #000000">&#xA0;</font><font style="color: #000000; font-size: 13px">purposes; among other
changes.</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="color: #000000; font-size: 13px">For public business entities, the
amendments in this Update are effective for financial statements
issued for fiscal years beginning</font><font style="color: #000000">&#xA0;</font><font style="color: #000000; font-size: 13px">after December 15, 2017, and
interim periods within those fiscal years.</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The impact of this
Update has not any significant effect in the present U.S. GAAP
financial statements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
ASU 2016-02</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Accounting Standard
Update 2016-02 &#x201C;Leases (Topic 842)&#x201D; was issued in
February 2016. The FASB is issuing this Update to increase
transparency and comparability among organizations by recognizing
lease assets and lease liabilities on the balance sheet and
disclosing key information about leasing arrangements. To meet that
objective, the FASB is amending the ASC and creating Topic 842,
Leases. The accounting applied by a lessor is largely unchanged
from that applied under previous GAAP.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">For public business
entities, the amendments in this Update are effective for financial
statements issued for fiscal years beginning after December 15,
2018, and interim periods within those fiscal years.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The impact of this
Update has not any significant effect in the present U.S. GAAP
financial statements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">36.
BHN Inversi&#xF3;n S.A.&#x2019;s dividend distribution</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On March 9, 2016
the Ordinary Shareholders' Meeting of BHN Sociedad de
Inversi&#xF3;n S.A. approved the payment of cash dividends and / or
government securities for Ps 650,000 authorizing the Board to make
the distribution in the form and opportunity in the year 2016 sees
fit.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On March 30, 2016
BHN Sociedad de Inversi&#xF3;n S.A. made a first payment of
dividends in government securities for Ps 330,000.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">37.
BACS Banco de Cr&#xE9;dito y Securitizaci&#xF3;n S.A. -
Representations before the Central Bank to perform the activities
planned for a commercial bank of first grade</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On October 20, 2015
the Extraordinary General Shareholders&#x2019; unanimously approved
to:</font></div>
<div style="text-align: left; display: table; margin-left: 36px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px; font-family: Times New Roman">&#x25CF;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Delegate in the
Board of Directors <font style="color: #212121">the broadest powers
to take all steps, events and presentations necessary for the
purposes of processing the license to operate as a commercial bank
of first grade to the Central Bank and also prepare, approve ,
manage and execute all documentation -whether public or private
instrument- that is required by the institution for the purpose of
the authorization, and</font></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 36px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px; font-family: Times New Roman">&#x25CF;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #212121; font-size: 13px; font-family: Times New Roman">Authorize
the Board of Directors to delegate the powers mentioned in the
preceding point in one or more of its members or one or more of the
managers of the company</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font>
&#xA0; <font style="font-size: 13px; font-family: Times New Roman"><br>
</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-240</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">38.
Supplementary services to the financial business</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Pursuant to
Communication &#x201C;A&#x201D; 5700, the Argentine Central Bank
included changes in the rules on &#x201C;Supplementary services to
the financial business and permitted activities&#x201D;,
&#x201C;Consolidated supervision&#x201D; and &#x201C;Minimum capitals
of financial institutions&#x201D;.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As concerns the
scope of the supplementary services, it is allowed to hold
interests in the stock capital of companies engaged in the
development of two of the subject activities to the extent that, in
the opinion of the SEFyC, both activities are economically related
to each other and there are no legal inconsistencies that would
prevent them from being developed jointly.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The subject
activities include the issuance of credit, debit and similar cards.
This notwithstanding, provided that 25% of the total financing
amount as of the closing date of each month is not exceeded, loans
not subject to the credit card law may be extended to financial
services users, in which cases the provisions on &#x201C;Interest
rates applicable to lending transactions&#x201D; shall be complied
with.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On the other hand,
changes are introduced in the calculation of the regulatory capital
(responsabilidad patrimonial computable) to reflect the impact of
these amendments.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As a result of such
Communication, on March 16, 2015, Tarshop SA&#x2019;s General
Extraordinary Shareholders&#x2019; Meeting approved an amendment to
its corporate purpose. According to such amendment, the company may
grant and market consumer loans and consumer credits and financing
for users of financial services pursuant to the Argentine Central
Bank&#x2019;s rules and regulations, handle the collection of
utility bills, credits and similar items, render payroll and
supplier payment and revenue collection services.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 5px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In such regard, on
June 3, 2016, the Argentine Central Bank awarded the Company a
Provisional Authorization Code in the Register of Other
Non-Financial Credit Providers, and thus allowed it to start
granting consumer loans, in line with the amendment to the
corporate purpose recorded with the General Superintendency of
Corporations on January 8, 2016 under number 437, book 77 of
Corporations, and authorized by the Argentine Securities Commission
under Resolution No. 17,930 dated December 21, 2015.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">39.
Subsequent events</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="text-decoration: underline; font-size: 13px; font-family: Times New Roman">
Negotiable obligations</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The following table
shows the amount, interest rate and maturity date of each series
issued after June 30, 2016:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-241</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BANCO
HIPOTECARIO SA AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
As of and for the twelve-month periods ended June 30, 2016, 2015
and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
&#xA0;(Expressed in thousands of Argentine pesos, except share data
and as otherwise indicated)</font></div>
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: bottom; width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Issue
date</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Maturity
date</font></div>
</td>
<td style="vertical-align: bottom; width: 19%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Annual
interest rate</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Banco
Hipotecario S.A.</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 19%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Series XXXVIII (Ps.
145,200)</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">08/18/16</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">02/18/18</font></div>
</td>
<td style="vertical-align: bottom; width: 19%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Badlar+300bp</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Series XXXIX (Ps.
343,241)</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">08/18/16</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">08/18/19</font></div>
</td>
<td style="vertical-align: bottom; width: 19%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Badlar+349bp</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;<font style="color: #000000; font-size: 13px; font-family: Times New Roman">Series
XL (Ps. 6,078,320)</font></font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;10/12/16</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;01/12/20</font></div>
</td>
<td style="vertical-align: bottom; width: 19%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;Badlar +
250bp<br></font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 66%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BACS
Banco de Cr&#xE9;dito y Securitizaci&#xF3;n S.A.</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Series IX (Ps.
249,500)</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">07/27/16</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">07/27/18</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Badlar
+345bp</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: middle; width: 66%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Tarshop
S.A.</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Class I (Ps.
204,033)</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">09/07/16</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">03/07/18</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Badlar
+448bp</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Class II (Ps.
67,360)</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">09/07/16</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">03/07/19</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Badlar
+499bp</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<td style="vertical-align: middle; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<td style="vertical-align: middle; width: 51%">
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<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 51%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-242</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 32px; font-family: Times New Roman">NEW
LIPSTICK LLC AND SUBSIDIARY</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 24px; font-family: Times New Roman">(A
Limited Liability Company)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 24px; font-family: Times New Roman">Consolidated
Financial Statements</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 24px; font-family: Times New Roman">(With
Supplementary Information)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(Together
with Independent Auditors&#x2019; Report)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 24px; font-family: Times New Roman">For
the Years Ended June 30, 2016, 2015, and 2014</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-243</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
NEW LIPSTICK LLC AND SUBSIDIARY</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
(A Limited Liability Company)</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Table of Contents</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 77%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 23%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Page</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 77%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 23%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 77%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Consolidated
Financial Statements:</font></div>
</td>
<td style="vertical-align: top; width: 23%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 77%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 23%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 77%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Independent
Auditors Report</font></div>
</td>
<td style="vertical-align: top; width: 23%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="background-color: #fffb00"><font style="font-weight: bold; background-color: #fffb0; font-size: 13px; font-family: Times New Roman">
<font style="background-color: #ffffff">F-245</font><br></font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 77%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 23%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 77%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Consolidated
Balance Sheets</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;As of
June 30, 2016 and 2015</font></div>
</td>
<td style="vertical-align: top; width: 23%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="background-color: #fffb00"><font style="font-weight: bold; background-color: #fffb0; font-size: 13px; font-family: Times New Roman">
<font style="background-color: #ffffff">F-246</font></font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 77%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 23%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 77%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Consolidated
Statements of Operations</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;For the
Years Ended June 30, 2016, 2015, and 2014</font></div>
</td>
<td style="vertical-align: top; width: 23%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="background-color: #fffb00"><font style="font-weight: bold; background-color: #fffb0; font-size: 13px; font-family: Times New Roman">
<font style="background-color: #ffffff">F-247</font></font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 77%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 23%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 77%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Consolidated
Statements of Changes in Members&#x2019; Deficit</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;For the
Years Ended June 30, 2016, 2015, and 2014</font></div>
</td>
<td style="vertical-align: top; width: 23%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="background-color: #fffb00"><font style="font-weight: bold; background-color: #fffb0; font-size: 13px; font-family: Times New Roman">
<font style="background-color: #ffffff">F-248</font></font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 77%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 23%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 77%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Consolidated
Statements of Cash Flows</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;For the
Years Ended June 30, 2016, 2015, and 2014</font></div>
</td>
<td style="vertical-align: top; width: 23%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="background-color: #fffb00"><font style="font-weight: bold; background-color: #fffb0; font-size: 13px; font-family: Times New Roman">
<font style="background-color: #ffffff">F-249</font></font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 77%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 23%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 77%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 12px;"><font style="background-color: #ffffff"><font style="font-size: 13px; font-family: Times New Roman; background-color: rgb(255, 255, 255);">
Consolidated Notes to Financial Statements</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="background-color: #ffffff"><font style="font-size: 13px; font-family: Times New Roman; background-color: rgb(255, 255, 255);">
&#xA0;&#xA0;&#xA0;&#xA0;June 30, 2016, 2015, and
2014</font></font></div>
</td>
<td style="vertical-align: top; width: 23%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="background-color: #ffffff"><font style="background-color: rgb(255, 255, 255);"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman; background-color: rgb(255, 255, 255);">
F-250 - F-262</font></font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 77%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 23%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 77%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 23%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 77%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 23%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 77%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 23%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 77%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 23%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 77%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 23%">
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</td>
</tr><tr>
<td style="vertical-align: top; width: 77%">
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</td>
<td style="vertical-align: top; width: 23%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 77%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 23%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 77%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 23%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 77%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 23%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-244</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
INDEPENDENT AUDITORS REPORT</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="background-color: #ffffff; font-size: 13px; font-family: Times New Roman">
New Lipstick LLC and Subsidiary</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="background-color: #ffffff">We have audited the accompanying
consolidated financial statements of New Lipstick LLC and
Subsidiary, which comprise the balance sheets as of June 30, 2016
and 2015 the related statements of operations, changes in
members&#x2019; deficit and cash flows for the years ended June
30,</font> 2016, 2015, and 2014<font style="background-color: #ffffff">, and the related notes to the
consolidated financial statements.</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="background-color: #ffffff; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Management&#x2019;s Responsibility for the Consolidated Financial
Statements</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="background-color: #ffffff; font-size: 13px; font-family: Times New Roman">
Management is responsible for the preparation and fair presentation
of these consolidated financial statements in accordance with
accounting principles generally accepted in the United States of
America; this includes the design, implementation, and maintenance
of internal control relevant to the preparation and fair
presentation of financial statements that are free from material
misstatement, whether due to fraud or error.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="background-color: #ffffff; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Auditors&#x2019; Responsibility</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="background-color: #ffffff; font-size: 13px; font-family: Times New Roman">
Our responsibility is to express an opinion on these consolidated
financial statements based on our audits. We conducted our audits
in accordance with auditing standards generally accepted in the
United States of America. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free from material
misstatement.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="background-color: #ffffff; font-size: 13px; font-family: Times New Roman">
An audit involves performing procedures to obtain audit evidence
about the amounts and disclosures in the consolidated financial
statements. The procedures selected depend on the auditors&#x2019;
judgment, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or
error. In making those risk assessments, the auditor considers
internal control relevant to the entity&#x2019;s preparation and
fair presentation of the consolidated financial statements in order
to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on
the effectiveness of the entity&#x2019;s internal control.
Accordingly, we express no such opinion. An audit also includes
evaluating the appropriateness of accounting policies used and the
reasonableness of significant accounting estimates made by
management, as well as evaluating the overall presentation of the
consolidated financial statements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="background-color: #ffffff; font-size: 13px; font-family: Times New Roman">
We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit
opinion.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="background-color: #ffffff; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Opinion</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="background-color: #ffffff">In our opinion, the consolidated
financial statements referred to above present fairly, in all
material respects, the financial position of New Lipstick LLC and
Subsidiary, as of June 30,</font> 2016 and 2015, <font style="background-color: #ffffff">and the results of its operations and
its cash flows for the years ended June 30,</font> 2016, 2015, and
2014<font style="background-color: #ffffff">, in accordance with
accounting principles generally accepted in the United States of
America.</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Marks Paneth
LLP<br></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="background-color: #ffffff; font-size: 13px; font-family: Times New Roman">
New York, NY</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="background-color: #ffff00; font-size: 13px; font-family: Times New Roman">
</font><font style="font-size: 13px; font-family: Times New Roman">October 31,
2016<br></font></div>
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<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-245</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr>
<td colspan="3" rowspan="1" style="vertical-align:bottom;width:100%;">
<div><font style="vertical-align:bottom;width:3%;display:inline-block;">&#xA0;&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:94%;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">
NEW LIPSTICK LLC AND SUBSIDIARY</font></div>
</font><font style="vertical-align:bottom;width:3%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align:bottom;width:100%;">
<div><font style="vertical-align:bottom;width:3%;display:inline-block;">&#xA0;&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:94%;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">
(A LIMITED LIABILITY COMPANY)</font></div>
</font><font style="vertical-align:bottom;width:3%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align:bottom;width:100%;">
<div><font style="vertical-align:bottom;width:3%;display:inline-block;">&#xA0;&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:94%;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">
CONSOLIDATED BALANCE SHEETS</font></div>
</font><font style="vertical-align:bottom;width:3%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align:bottom;width:100%;">
<div><font style="vertical-align:bottom;width:3%;display:inline-block;">&#xA0;&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:94%;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">
AS OF JUNE 30,</font></div>
</font><font style="vertical-align:bottom;width:3%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align:bottom;width:100%;">
<div><font style="vertical-align:bottom;width:3%;display:inline-block;">&#xA0;&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:94%;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">
(Amounts in US dollars)</font></div>
</font><font style="vertical-align:bottom;width:3%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align:bottom;width:100%;">
<div><font style="padding-bottom:2px;width:3%;vertical-align:bottom;display:inline-block;">
&#xA0;</font><font style="vertical-align:bottom;width:94%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">
ASSETS</font></div>
</font><font style="padding-bottom:2px;width:3%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">
&#xA0;</font><font style="vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">
2016</font></div>
</font><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">
&#xA0;</font><font style="vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">
2015</font></div>
</font><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Real
estate, net</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">137,532,942</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">140,469,010</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Cash
and cash equivalents</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,440,752</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,075,395</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Tenant
receivables, net of allowance for doubtful accounts of $124,876 and
$132,141 respectively<br></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">352,143<br></font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">344,104<br></font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Prepaid
expenses and other assets</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">5,962,924</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">5,809,307</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Due
from related parties</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">120,274</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">125,029</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Restricted
cash</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">3,407,889</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">3,477,967</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Deferred
rent receivable</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">9,990,156</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">8,856,399</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Lease
intangibles, net</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">22,645,990</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">26,533,839</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Goodwill</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">5,422,615</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">5,422,615</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 4px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Total</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">186,875,685</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">192,113,665</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="3" style="vertical-align:bottom;width:100%;">
<div><font style="padding-bottom:2px;width:3%;vertical-align:bottom;display:inline-block;">
&#xA0;</font><font style="vertical-align:bottom;width:94%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">
LIABILITIES AND MEMBERS' DEFICIT</font></div>
</font><font style="padding-bottom:2px;width:3%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Liabilities:</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Note
payable</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">113,201,357</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">113,201,357</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Accrued
interest payable</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">321,115</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">316,216</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Accounts
payable and accrued expenses</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">2,096,534</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">3,031,831</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Due
to related parties</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">403,967</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">319,133</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Deferred
revenue</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">774,699</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">918,800</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Tenants&#x2019;
security deposits</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">650,589</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">682,727</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Deferred
ground rent payable</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">164,724,375</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">136,727,666</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Lease
intangibles, net</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">39,464,515</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">42,365,499</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Total
liabilities</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">321,637,151</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">297,563,229</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Members'
deficit</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(134,761,466</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(105,449,564</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 4px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Total</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">186,875,685</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">192,113,665</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">See
Notes to Consolidated Financial Statements.</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-246</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr>
<td colspan="4" rowspan="1" style="vertical-align:bottom;width:100%;">
<div><font style="vertical-align:bottom;width:2%;display:inline-block;">&#xA0;&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:96%;display:inline-block;">
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">
&#xA0; <a name="range!a1:d41"></a>NEW LIPSTICK
LLC AND SUBSIDIARY</font></div>
</font><font style="vertical-align:bottom;width:2%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="4" style="vertical-align:bottom;width:100%;">
<div><font style="vertical-align:bottom;width:2%;display:inline-block;">&#xA0;&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:96%;display:inline-block;">
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">
(A LIMITED LIABILITY COMPANY)</font></div>
</font><font style="vertical-align:bottom;width:2%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="vertical-align:bottom;width:80%;display:inline-block;">
<div style="text-align: center"><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="4" style="vertical-align:bottom;width:100%;">
<div><font style="vertical-align:bottom;width:2%;display:inline-block;">&#xA0;&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:96%;display:inline-block;">
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">
CONSOLIDATED STATEMENTS OF OPERATIONS</font></div>
</font><font style="vertical-align:bottom;width:2%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="4" style="vertical-align:bottom;width:100%;">
<div><font style="vertical-align:bottom;width:2%;display:inline-block;">&#xA0;&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:96%;display:inline-block;">
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">
FOR THE YEARS ENDED JUNE 30,</font></div>
</font><font style="vertical-align:bottom;width:2%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="4" style="vertical-align:bottom;width:100%;">
<div><font style="vertical-align:bottom;width:2%;display:inline-block;">&#xA0;&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:96%;display:inline-block;">
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">
(Amounts in US dollars)</font></div>
</font><font style="vertical-align:bottom;width:2%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="vertical-align:bottom;width:80%;display:inline-block;">
<div style="text-align: center"><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="vertical-align:bottom;width:80%;display:inline-block;">
<div style="text-align: center"><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">
&#xA0;</font><font style="vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">
2016</font></div>
</font><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">
&#xA0;</font><font style="vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">
2015</font></div>
</font><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">
&#xA0;</font><font style="vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">
2014</font></div>
</font><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Revenues</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Base
rents</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">41,386,687</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">40,597,526</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">38,375,303</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Tenant
reimbursements and escalations</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">7,770,284</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">6,903,479</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">5,427,358</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Other
rental revenue</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">25,601</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">40,779</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">45,292</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Other
revenue</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">509</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">1,622</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">-</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Total</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">49,183,081</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">47,543,406</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">43,847,953</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Expenses</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Real
estate taxes</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">11,060,507</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">10,716,257</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">9,919,196</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Utilities</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">2,602,809</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">2,927,214</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">2,598,340</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Janitorial</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">2,085,870</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">2,056,750</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">2,157,449</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Insurance</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">316,131</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">318,027</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">315,545</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Repairs
and maintenance</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">2,221,463</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">2,262,799</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,445,342</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Bad
debt (recovery) expense</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(7,265</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">124,877</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">-</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Security</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,140,603</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,047,372</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">912,362</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;General
and administrative</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">847,607</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">835,373</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">829,010</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Management
fees</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,052,350</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">988,189</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">948,084</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Elevator</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">294,590</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">311,875</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">286,013</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;HVAC</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">63,954</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">62,442</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">107,515</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Tenant
reimbursable costs</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">107,005</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">154,557</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">122,139</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Ground
rent</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">45,457,736</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">45,457,736</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">45,457,735</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Interest
expense</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">4,958,251</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">4,786,205</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">4,789,913</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Amortization</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">3,046,427</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">3,005,570</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">3,087,330</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Depreciation</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">6,085,265</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">5,599,278</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">4,886,008</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Total</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">81,333,303</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">80,654,521</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">77,861,981</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 4px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Net
loss</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(32,150,222</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(33,111,115</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(34,014,028</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 4px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-247</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr>
<td colspan="4" rowspan="1" style="vertical-align:bottom;width:100%;">
<div><font style="vertical-align:bottom;width:2%;display:inline-block;">&#xA0;&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:96%;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">
NEW LIPSTICK LLC AND SUBSIDIARY</font></div>
</font><font style="vertical-align:bottom;width:2%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="4" style="vertical-align:bottom;width:100%;">
<div><font style="vertical-align:bottom;width:2%;display:inline-block;">&#xA0;&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:96%;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">
(A LIMITED LIABILITY COMPANY)</font></div>
</font><font style="vertical-align:bottom;width:2%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align:bottom;width:24%;">
<div><font style="vertical-align:bottom;width:5%;display:inline-block;">&#xA0;</font><font style="vertical-align:bottom;width:90%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="vertical-align:bottom;width:5%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="4" style="vertical-align:bottom;width:100%;">
<div><font style="vertical-align:bottom;width:2%;display:inline-block;">&#xA0;&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:96%;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">
CONSOLIDATED STATEMENTS OF CHANGES IN MEMBERS' DEFICIT</font></div>
</font><font style="vertical-align:bottom;width:2%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="4" style="vertical-align:bottom;width:100%;">
<div><font style="vertical-align:bottom;width:2%;display:inline-block;">&#xA0;&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:96%;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">
FOR THE YEARS ENDED JUNE 30,</font></div>
</font><font style="vertical-align:bottom;width:2%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="4" style="vertical-align:bottom;width:100%;">
<div><font style="vertical-align:bottom;width:2%;display:inline-block;">&#xA0;&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:96%;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">
(Amounts in US dollars)</font></div>
</font><font style="vertical-align:bottom;width:2%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">
&#xA0;</font><font style="vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">
2016</font></div>
</font><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">
&#xA0;</font><font style="vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">
2015</font></div>
</font><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">
&#xA0;</font><font style="vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">
2014</font></div>
</font><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Balance,
beginning of years</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(105,449,564</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(72,763,742</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(43,679,661</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Contributions
from members</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">2,838,320</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">425,293</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">4,952,500</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Distribution
to member</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">-</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">-</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(22,553</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Net
loss</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(32,150,222</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(33,111,115</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(34,014,028</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 4px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Balance,
end of years</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(134,761,466</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">)</font></div>
</td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(105,449,564</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(72,763,742</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">See
Notes to Consolidated Financial Statements</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-248</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr>
<td colspan="4" rowspan="1" style="vertical-align:bottom;width:100%;">
<div><font style="vertical-align:bottom;width:2%;display:inline-block;">&#xA0;&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:96%;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">
NEW LIPSTICK LLC AND SUBSIDIARY</font></div>
</font><font style="vertical-align:bottom;width:2%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="4" style="vertical-align:bottom;width:100%;">
<div><font style="vertical-align:bottom;width:2%;display:inline-block;">&#xA0;&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:96%;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">
(A LIMITED LIABILITY COMPANY)</font></div>
</font><font style="vertical-align:bottom;width:2%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="4" rowspan="1" style="vertical-align:bottom;width:100%;">
<div><font style="vertical-align:bottom;width:2%;display:inline-block;">&#xA0;&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:96%;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">
CONSOLIDATED STATEMENTS OF CASH FLOWS</font></div>
</font><font style="vertical-align:bottom;width:2%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="4" style="vertical-align:bottom;width:100%;">
<div><font style="vertical-align:bottom;width:2%;display:inline-block;">&#xA0;&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:96%;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">
FOR THE YEARS ENDED JUNE 30,</font></div>
</font><font style="vertical-align:bottom;width:2%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="4" style="vertical-align:bottom;width:100%;">
<div><font style="vertical-align:bottom;width:2%;display:inline-block;">&#xA0;&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:96%;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">
(Amounts in US dollars)</font></div>
</font><font style="vertical-align:bottom;width:2%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">
&#xA0;</font><font style="vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">
2016</font></div>
</font><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">
&#xA0;</font><font style="vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">
2015</font></div>
</font><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">
&#xA0;</font><font style="vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">
2014</font></div>
</font><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Operating
activities</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Net
loss</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(32,150,222</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(33,111,115</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(34,014,028</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Adjustments
to reconcile net loss to net cash</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;used
in operating activities:</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Amortization</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">3,046,427</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">3,005,570</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">3,087,330</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Depreciation</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">6,085,265</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">5,599,278</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">4,886,008</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Bad
debt (recovery) expense</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(7,265</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">124,877</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(3,827</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Deferred
rent</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(1,133,757</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(1,917,821</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(1,929,668</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Below
market lease amortization</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(2,463,176</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(2,475,983</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(2,821,032</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Above
market lease amortization</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,407,364</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,442,682</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,544,576</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Above
market ground lease amortization</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(437,809</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(437,809</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(437,809</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Deferred
ground rent</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">27,996,709</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">28,414,754</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">28,822,593</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Changes
in operating assets and liabilities:</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Restricted
cash</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">37,940</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">2,702,379</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">525,764</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Tenant
receivables</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(774</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(46,037</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(86,094</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Prepaid
expenses and other assets</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(153,617</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(332,815</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(340,620</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Accrued
interest payable</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">4,899</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">2,273</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(3,019</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Accounts
payable and accrued expenses</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(278,936</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">349,380</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">33,811</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Deferred
leasing costs</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(153,048</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(994,677</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(1,526,938</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Unearned
revenue</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(144,101</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">298,915</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">310,488</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Net
cash provided by (used in) operating activities</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">1,655,899</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">2,623,851</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(1,952,465</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Investing
activities</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Additions
to real estate</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(4,218,451</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(2,586,237</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(3,700,979</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Net
cash used in investing activities</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(4,218,451</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(2,586,237</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(3,700,979</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Financing
activities</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Note
principal payments</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">-</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">-</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(1,912</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Due
to/from related parties</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">89,589</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(239,238</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">208,304</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Contributions
from members</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">2,838,320</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">425,293</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">4,952,500</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Net
cash provided by financing activities</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">2,927,909</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">186,055</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">5,158,892</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Net
increase (decrease) in cash and cash equivalents</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">365,357</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">223,669</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(494,552</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Cash
and cash equivalents, beginning of years</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">1,075,395</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">851,726</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">1,346,278</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 4px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Cash
and cash equivalents, end of years</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">1,440,752</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">1,075,395</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">851,726</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Supplemental
disclosure of cash flow information:</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 24px; margin-right: 0px; padding-bottom: 4px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Interest
paid</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">4,953,352</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">4,783,939</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">4,792,932</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Schedule
of Noncash Investing Activities</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 24px; margin-right: 0px; padding-bottom: 4px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Real
estate additions were financed through accounts
payable</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">622,439</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">1,691,693</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">568,390</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 24px; margin-right: 0px; padding-bottom: 4px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Deferred
leasing costs additions were financed through accounts
payable</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">503,202</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">90,308</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">115,867</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 4px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Real
estate additions fully depreciated and written off</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">55,097</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">-</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">-</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 4px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Deferred
leasing costs fully amortized and written off for the
year</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">325,565</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">-</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">-</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Schedule
of Noncash Financing Activities</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 24px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Lobby
exhibit acquired in the year ended June 30, 2013, included in
real</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 24px; margin-right: 0px; padding-bottom: 4px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">estate,
and transferred to a 49% member of the Company as a
distribution.</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">-</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">-</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">22,553</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">See
Notes to Consolidated Financial Statements</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-249</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
New Lipstick LLC and Subsidiary</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
(A Limited Liability Company)</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Notes to Consolidated Financial Statements</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
June 30, 2016, 2015 and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
&#xA0;(Amounts in US dollars)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTE
1:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BUSINESS</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 60px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Formation
and Property Description</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">New Lipstick LLC
(the "Company"), was organized as a Delaware limited liability
company and commenced operations on November 3, 2010. The Company
was formed among IRSA International, LLC ("IRSA"), Marciano
Investment Group, LLC ("Marciano"), Avi Chicouri ("AVI"), Par
Holdings, LLC ("PAR"), and Armenonville S.A. ("Armenonville"),
collectively (the "Members"). On December 15, 2010, Armenonville
assigned 100 percent of its membership interest to Lomas Urbanas
S.A. IRSA is a wholly-owned subsidiary of TYRUS S.A. ("TYRUS"), a
wholly-owned subsidiary of IRSA Inversiones y Representaciones
Sociedad Anonima, a company whose shares are listed on the Buenos
Aires and New York Stock Exchanges. The Company was formed in order
to acquire 100% interest in Metropolitan 885 Third Avenue Leasehold
LLC ("Metropolitan"), its wholly-owned subsidiary, and to provide
management services to Metropolitan.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Metropolitan was
organized for the purpose of acquiring and operating a 34 story
Class A office tower commonly known as the Lipstick Building
located at 885 Third Avenue in New York (the "Property").
Metropolitan leased the land which contains approximately 26,135
square feet. The Property was acquired on July 9, 2007 and contains
approximately 635,800 square feet of rentable space, consisting of
retail and office spaces.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On November 16,
2010 (the "Petition Date"), Metropolitan filed a voluntary
pre-packaged plan of reorganization under Chapter 11 of Title 11 of
the United States Bankruptcy Code (the "Chapter 11") in the
Southern District of New York (the "Bankruptcy Court") including a
disclosure statement and plan of reorganization (the "Plan"). The
Plan provided for, among other things, the extinguishment of 100%
of the shares of Metropolitan and the issuance of the membership
interest to the Company. The Plan was approved by Metropolitan's
members and the Bankruptcy Court approved the Plan on December 22,
2010 with an effective date of December 30, 2010 (the "Effective
Date").</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Metropolitan
accounted for the reorganization using "fresh start accounting"
effective December 30, 2010. Accordingly, the forgiveness of debt
was reflected in the predecessor entity's final statement of
operations and all assets and liabilities were restated to reflect
their reorganization value.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Company
operates under the guidelines of an Operating Agreement (the
"Agreement") entered into by the Members on November 15, 2010. The
manager of the Company is Lipstick Management, LLC
(&#x201C;LM&#x201D;), a company affiliated to IRSA.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Agreement calls
for Class A and Class B Members. Class A Members are IRSA,
Marciano, and Armenonville and Class B Members are AVI and
PAR.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Class B Membership
interests of any Class B Member shall be automatically converted,
in whole and not in part, into an equal number of Class A
Membership interests on the earlier to occur of the date on which
LM certifies that all unreturned additional Class A capital
contributions and all unreturned Class A capital contributions have
been reduced to zero.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-250</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
New Lipstick LLC and Subsidiary</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
(A Limited Liability Company)</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Notes to Consolidated Financial Statements</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
June 30, 2016, 2015 and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
&#xA0;(Amounts in US dollars)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTE
1:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">BUSINESS
(CONTINUED)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Formation
and Property Description (continued)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Any Class A Member,
as defined in the Agreement, may transfer, directly or indirectly,
any or all of its percentage interest as a Member in the Company to
an unaffiliated third party, but the offering Member must first
offer the Right of First Offer ("ROFO") to each of the Class A
Members by written notice specifying the cash price and the other
terms and conditions of the offer. Upon receipt of the ROFO notice,
each of the offeree members has the right, exercisable in ten (10)
days, to accept or decline the offer.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Company shall
continue perpetually until dissolution, liquidation or
termination.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The liability of
the members of the Company is limited to the members&#xB4; total
contribution, plus any amounts guaranteed by the
members.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Company has
adopted a fiscal year end of June 30.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The terms of the
Agreement provide for initial capital contributions and percentage
interests as follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr>
<td rowspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">
&#xA0;</font><font style="vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">Percentage
of</font></div>
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">Ownership</font></div>
</font><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">
&#xA0;</font><font style="vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">Initial
Capital Contributions</font></div>
</font><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">IRSA International,
LLC</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">49.00</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">15,417,925</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Marciano Investment
Group, LLC</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">42.00</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">13,215,365</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Lomas Urbanas
S.A.</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2.27</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">714,259</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Avi
Chicouri</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">3.07</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Par Holdings,
LLC</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">3.66</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 4px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:double 4px #000000;">100.00</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">29,347,549</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In accordance with
the Agreement, the Members may be required to make additional
capital contributions which are reasonably related to the
operations and/or leasing of the Property and its activities. The
Members contributed $2,838,320, $ 425,293, and $4,952,500 for the
years ended June 30, 2016, 2015, and 2014,
respectively.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Distributions</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Distribution of
capital will be made to the Member at the times, and in aggregate
amounts determined by the Board of Directors of the Company.
Distributions amounted to $22,553 for the year ended June 30, 2014.
There were no distributions for the years ended June 30, 2016 and
2015.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Allocation
of Profit and Losses</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Company&#xB4;s
profits and losses are allocated to the Members.</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-251</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
New Lipstick LLC and Subsidiary</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
(A Limited Liability Company)</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Notes to Consolidated Financial Statements</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
June 30, 2016, 2015 and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
&#xA0;(Amounts in US dollars)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font style="color: #000000">
NOTE
2:</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Principles
of Consolidation</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The accompanying
consolidated financial statements of the Company include the
accounts of New Lipstick LLC and its wholly-owned subsidiary
Metropolitan.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="color: #000000">All</font> significant intercompany accounts and
transactions have been eliminated.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Basis
of Accounting</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The consolidated
financial statements have been prepared in accordance with
accounting principles generally accepted in the United States of
America ("GAAP").</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Use
of Estimates</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Management is
required to use estimates and assumptions in preparing financial
statements in conformity with GAAP. Those estimates and assumptions
affect the reported amounts of assets and liabilities, the
disclosure of contingent assets and liabilities, and the reported
revenues and expenses. Accordingly, actual results could differ
from those estimates.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Real
Estate</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Real estate
consists of building, building improvements and tenant improvements
and is stated at cost. Building and improvements are depreciated
over 39 years. Tenant improvements are depreciated over the shorter
of the estimated useful life of the asset or the terms of the
respective leases.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ordinary repairs
and maintenance are expensed as incurred; major replacements and
betterments are capitalized to building improvements and
depreciated over their estimated useful lives.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Company reviews
its long-lived assets and certain identifiable intangibles for
impairment whenever events or changes in circumstances indicate
that the carrying amount of an asset may not be recoverable.
Recoverability of assets to be held and used is determined by a
comparison of the carrying amount of an asset to future net
undiscounted cash flows expected to be generated by the assets. If
the carrying value of the assets exceeds such cash flows, the
assets are considered impaired. The impairment charge to be
recognized is measured by the amount by which the carrying amount
of the assets exceeds their estimated fair value. No impairment was
recorded for the years ended June 30, 2016 and 2015.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Cash
and Cash Equivalents</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Company
considers all highly liquid investments with maturities of three
months or less upon acquisition to be cash
equivalents.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Concentration
of Credit Risk</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financial
instruments that potentially subject the Company to concentration
of credit risk consist of cash and cash equivalent accounts in
financial institutions. The Company maintains its cash balances at
two financial institutions. At times, such balances may be in
excess of the Federal Deposit Insurance Company (FDIC) insurance
limit. According to the FDIC insurance limit, deposits held in
noninterest-bearing transaction accounts are aggregated with any
interest-bearing deposits the Company may hold in the same
ownership category, and the combined total insured is up to at
least $250,000.&#xA0;As of June 30, 2016 and 2015, these balances
at one of the institutions, including tenant security and escrow
amounts, were in excess of federally insurable limits by
approximately $3,838,801 and $3,985,000, respectively.</font></div>
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<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-252</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
New Lipstick LLC and Subsidiary</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
(A Limited Liability Company)</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Notes to Consolidated Financial Statements</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
June 30, 2016, 2015 and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
&#xA0;(Amounts in US dollars)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font style="color: #000000">
NOTE
2:</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Restricted
Cash</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Restricted cash
represents amounts held in escrow, as required by the lender, to be
used for real estate taxes, insurance and other qualified
expenditures, as well as tenant security deposits.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Tenant
Receivables</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Company carries
its tenant receivables at the amount due pursuant to lease
agreements but uncollected at period end, less an allowance for
doubtful accounts. The Company evaluates its receivables and
establishes an allowance for doubtful accounts, based on a history
of past write-offs, collections and current
conditions.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Revenue
Recognition</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Company
recognizes base rent on a straight-line basis over the terms of the
respective leases. Deferred rent receivable represents the amount
by which straight-line rental revenue exceeded rents currently
billed in accordance with the lease agreements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Capitalized below
market lease values are amortized as an increase to base rents (see
Note 4).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Capitalized above
market lease values are amortized as a decrease to base rents (see
Note 4).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Company also
receives reimbursements from tenants for certain costs as provided
for in the lease agreements. These costs include real estate taxes,
utilities, insurance, common area maintenance and other recoverable
costs in excess of a base year amount. The reimbursements are
recognized when the tenants are billed.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Deferred income
represents rent collected in advance of being due.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 48px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Deferred
Ground Rents</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ground rent expense
is accounted for on a straight-line basis over the non-cancelable
terms of the ground leases. All future minimum increases in the
non-cancelable ground rents consist of either 2.5% or 3% annual
increases through May 1, 2068. This has resulted in deferred ground
rent payable in the amount of $164,724,375 and $136,727,666 as of
June 30, 2016 and 2015, respectively (see Note 6).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Lease
Intangibles</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Leasing costs and
commissions incurred in connection with leasing activities are
capitalized and amortized on a straight-line basis over the lives
of the respective leases. Unamortized deferred leasing costs are
charged to amortization expense upon early termination of the
lease.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Above and below
market leases and above market ground lease values were recorded on
the Property's reorganization date based on the present value
(using an interest rate which reflected the risk associated with
the leases acquired) of the difference between (i) the contractual
amounts to be paid pursuant to the in-place leases and ground
lease, and (ii) management's estimate of fair market lease rates
for the corresponding in-place leases and ground lease, measured
over a period equal to the remaining non-cancelable term of the
leases.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-253</font></div>
</div>
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<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
New Lipstick LLC and Subsidiary</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
(A Limited Liability Company)</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Notes to Consolidated Financial Statements</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
June 30, 2016, 2015 and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
&#xA0;(Amounts in US dollars)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font style="color: #000000">
NOTE
2:</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Lease
Intangibles (continued)</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Above market lease
values are capitalized as an asset and amortized as a decrease to
rental income over the remaining terms of the respective leases.
The above market ground lease value is capitalized as an asset and
amortized to ground rent expense over the remaining term of the
ground lease. Below market lease values are capitalized as a
liability and amortized as an increase to rental income over the
remaining terms of the respective leases.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The aggregate value
of in-place leases were measured based on the difference between
(i) the Property valued with existing in-place leases adjusted to
market rental rates, and (ii) the Property valued as if vacant,
based upon management's estimates. Factors considered by management
in their analysis included an estimate of carrying costs during the
expected lease-up periods considering current market conditions and
costs to execute similar leases. In estimating carrying costs,
management included real estate taxes, insurance and other
operating expenses and estimates of lost rentals at market rates
during the expected lease-up periods, which primarily were a year.
Management also estimated costs to execute similar leases including
leasing commissions, legal and other related expenses.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The value of
in-place leases are amortized to expense over the initial term of
the respective leases. As of June 30, 2016, the remaining terms
were ranging from three months to nine years.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Income
Taxes</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">No provision for
income taxes is necessary in the accompanying consolidated
financial statements because the Company is a disregarded entity
for federal and state income tax purposes. Income or loss of the
Company is includible in the separate income tax returns of the
Members. Prior to the effective date of reorganization on December
30, 2010, the Company was treated as a partnership for federal and
state income tax purposes. The Company performed a review for
uncertainty in income tax positions in accordance with
authoritative guidance. As of June 30, 2015, the Company does not
believe it has any uncertain tax positions that would qualify for
either recognition or disclosure in the consolidated financial
statements. The Company is no longer subject to federal or state
and local income tax examinations by tax authorities for tax years
ending before December 31, 2011. Management continually evaluates
expiring statutes of limitations, audits, proposed settlements,
changes in tax laws and new authoritative rulings.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Company&#xB4;s
income tax returns for its tax years commencing January 1, 2009,
through December 30, 2010, have been selected by the New York State
Department of Taxation and Finance for audit. Such audit is in its
preliminary stage. At this time, the Company has not been advised
of any proposed changes to its New York State income tax returns
filed for the tax years January 1, 2009 through December 30,
2010.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-254</font></div>
</div>
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<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
New Lipstick LLC and Subsidiary</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
(A Limited Liability Company)</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Notes to Consolidated Financial Statements</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
June 30, 2016, 2015 and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
&#xA0;(Amounts in US dollars)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font style="color: #000000">
NOTE
2:</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Goodwill</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Goodwill represents
the excess of the cost of the December 30, 2010 acquisition of
Metropolitan over the net of the amounts assigned to assets
acquired, including identifiable intangible assets, and liabilities
assumed. In accordance with GAAP goodwill is not amortized but is
subject to annual impairment tests. Annual impairment tests are
performed by either comparing a &#x201C;reporting units&#x201D; (in
the Company&#x2019;s case, the Company as a whole) estimated fair
value to its carrying amount or by doing a qualitative assessment
of a reporting units fair value from the last quantitative
assessment to determine if there is a potential
impairment.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">A qualitative
assessment may be done when the results of the previous
quantitative test indicated the reporting unit&#x2019;s estimated
fair value was significantly in excess of the carrying value of its
net assets and we do not believe there have been significant
changes in the reporting unit&#x2019;s operations that would
significantly decrease its estimated fair value or significantly
increase its net assets. Management has selected the end of the
Company&#x2019;s fiscal year as the date on which to either perform
its annual impairment tests for goodwill or make the determination
as to whether qualitative factors render it unnecessary. As of June
30, 2016 and 2015, the date of the impairment tests, no impairment
of goodwill was identified.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Reclassifications</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Certain prior year
balances have been reclassified to conform to the current year
consolidated financial statement presentation.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font style="color: #000000">
NOTE
3:</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
REAL ESTATE</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 60px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">At
June 30, real estate consists of the following:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr>
<td rowspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">
&#xA0;</font><font style="vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">
2016</font></div>
</font><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">
&#xA0;</font><font style="vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">
2015</font></div>
</font><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Building
and improvements</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">145,177,399</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">144,892,369</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Tenant
improvements</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">19,143,859</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">16,334,789</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">164,321,258</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">161,227,158</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Less:
accumulated depreciation</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(26,788,316</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(20,758,148</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 4px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;Total</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">137,532,942</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">140,469,010</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Depreciation
expense amounted to $6,085,265, $5,599,278 and $4,886,008, for the
years ended June 30, 2016, 2015, and 2014,
respectively.</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-255</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
New Lipstick LLC and Subsidiary</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
(A Limited Liability Company)</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Notes to Consolidated Financial Statements</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
June 30, 2016, 2015 and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
&#xA0;(Amounts in US dollars)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 101px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font style="color: #000000">
NOTE
4:</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
LEASE INTANGIBLES</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Lease intangibles
and the value of assumed lease obligations at June 30, 2016, were
as follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr>
<td rowspan="1" style="vertical-align:bottom;width:30%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">
&#xA0;</font><font style="vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div style="text-align: center"><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
<div style="text-align: center"><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">
Leases</font></div>
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">
In-place</font></div>
</font><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">
&#xA0;</font><font style="vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div style="text-align: center"><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;"><font style="color:#000000;">
Leasing</font> <font style="color:#000000;">Costs</font></font></div>
</font><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">
&#xA0;</font><font style="vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">
Above</font></div>
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">
Market</font></div>
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">
Leases</font></div>
</font><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">
&#xA0;</font><font style="vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">
Total</font></div>
</font><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">
&#xA0;</font><font style="vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div style="text-align: center"><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">
Below</font></div>
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">
Market</font></div>
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">
Leases</font></div>
</font><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">
&#xA0;</font><font style="vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div style="text-align: center"><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;"><font style="color:#000000;">
Above Market</font> <font style="color:#000000;">Ground
Leases</font></font></div>
</font><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">
&#xA0;</font><font style="vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">
Total</font></div>
</font><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:30%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 24px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Cost</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">26,496,905</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">4,352,071</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">14,777,318</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">45,626,294</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">26,361,027</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">29,041,332</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">55,402,359</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:30%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;Less:
accumulated</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;Amortization</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(13,976,950</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(1,262,790</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(7,740,564</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(22,980,304</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(13,529,895</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(2,407,949</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(15,937,844</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:30%;">
<div style="text-align: left; text-indent: 0px; margin-right: 27px; padding-bottom: 4px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Totals</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:4px;margin-left:0px;"><font style="vertical-align:bottom;padding-bottom:4px;display:inline-block;">&#xA0;</font><font style="vertical-align:bottom;border-bottom:double 4px #000000;display:inline-block;">&#xA0;</font><font style="vertical-align:bottom;border-bottom:double 4px #000000;display:inline-block;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 12px"><font style="font-size: 13px; font-family: Times New Roman">$12,519,955</font><font style="vertical-align:bottom;padding-bottom:4px;display:inline-block;"><br>
</font></div>
</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">3,089,281</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">7,036,754</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">22,645,990</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">12,831,132</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">26,633,383</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">39,464,515</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 60px;"><font style="font-size: 13px; font-family: Times New Roman">Lease intangibles
and the value of assumed lease obligations at June 30, 2015 were as
follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr>
<td rowspan="1" style="vertical-align:bottom;width:30%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">
&#xA0;</font><font style="vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div style="text-align: center"><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
<div style="text-align: center"><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">
Leases</font></div>
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">
In-place</font></div>
</font><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">
&#xA0;</font><font style="vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div style="text-align: center"><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;"><font style="color:#000000;">
Leasing</font> <font style="color:#000000;">Costs</font></font></div>
</font><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">
&#xA0;</font><font style="vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">
Above</font></div>
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">
Market</font></div>
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">
Leases</font></div>
</font><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">
&#xA0;</font><font style="vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">
Total</font></div>
</font><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">
&#xA0;</font><font style="vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div style="text-align: center"><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">
Below</font></div>
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">
Market</font></div>
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">
Leases</font></div>
</font><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">
&#xA0;</font><font style="vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div style="text-align: center"><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;"><font style="color:#000000;">
Above Market</font> <font style="color:#000000;">Ground
Leases</font></font></div>
</font><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">
&#xA0;</font><font style="vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">
Total</font></div>
</font><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:30%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 24px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Cost</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">27,149,892</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">4,111,694</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">15,316,749</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">46,578,335</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">30,470,806</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">29,041,332</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">59,512,138</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:30%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;Less:
accumulated</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;Amortization</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(12,088,790</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(1,083,075</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(6,872,631</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(20,044,496</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(15,176,499</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(1,970,140</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(17,146,639</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:30%;">
<div style="text-align: left; text-indent: 0px; margin-right: 27px; padding-bottom: 4px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Totals</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">15,061,102</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">3,028,619</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">8,444,118</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">26,533,839</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">15,294,307</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">27,071,192</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">42,365,499</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The aggregate
amortization of leases in-place included in amortization expense
for the years ended June 30, 2016, 2015, and 2014 was $2,541,147,
$2,567,911, and $2,761,823, respectively.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The aggregate
amortization of leasing costs included in amortization expense for
the years ended June 30, 2016, 2015, and 2014 was $505,280,
$437,659, and $325,507, respectively</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The aggregate
amortization of above market ground leases included as a reduction
of ground rent expense for the years ended June 30, 2016, 2015, and
2014 were $437,809, $437,809, and $437,809,
respectively.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The aggregate
amortization of above market leases included as a reduction of base
rental income for the years ended June 30, 2016, 2015, and 2014 was
$1,407,364, $1,442,682, and $1,544,576, respectively.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The aggregate
amortization of below market leases included in base rental income
for the years ended June 30, 2016, 2015, and 2014 were $2,463,176,
$2,475,983, and $2,821,032, respectively.</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-256</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
New Lipstick LLC and Subsidiary</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
(A Limited Liability Company)</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Notes to Consolidated Financial Statements</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
June 30, 2016, 2015 and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
&#xA0;(Amounts in US dollars)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 101px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font style="color: #000000">
NOTE
4:</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
LEASE INTANGIBLES (CONTINUED)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The estimated
amortization of lease intangibles for each of the five years
subsequent to June 30, 2016 and thereafter is as
follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr>
<td rowspan="1" style="vertical-align:bottom;width:30%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">
&#xA0;</font><font style="vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div style="text-align: center"><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">Leases</font></div>
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">In-place</font></div>
</font><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">
&#xA0;</font><font style="vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div style="text-align: center"><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">Leasing</font></div>
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">Costs</font></div>
</font><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">
&#xA0;</font><font style="vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">Above
Market Leases</font></div>
</font><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">
&#xA0;</font><font style="vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div style="text-align: center"><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
<div style="text-align: center"><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">Total</font></div>
</font><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">
&#xA0;</font><font style="vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">Below
Market Leases</font></div>
</font><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">
&#xA0;</font><font style="vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">Above
Market Ground Leases</font></div>
</font><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">
&#xA0;</font><font style="vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div style="text-align: center"><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
<div style="text-align: center"><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">Total</font></div>
</font><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:30%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:30%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">2017</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2,540,843</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">466,234</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1,407,364</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">4,414,441</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2,459,981</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">437,809</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2,897,790</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:30%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">2018</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2,483,557</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">405,536</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1,407,364</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">4,296,457</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2,387,551</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">437,809</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2,825,360</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:30%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">2019</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2,464,461</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">364,331</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1,407,364</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">4,236,156</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2,363,408</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">437,809</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2,801,217</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:30%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">2020</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2,462,742</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">312,620</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1,407,364</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">4,182,726</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2,356,387</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">437,809</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2,794,196</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:30%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">2021</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2,454,143</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">292,706</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1,407,298</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">4,154,147</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2,321,281</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">437,809</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2,759,090</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:30%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Thereafter</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">114,209</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">1,247,854</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">1,362,063</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">942,524</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">24,444,338</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">25,386,862</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:30%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:30%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 4px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Totals</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">12,519,955</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">3,089,281</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">7,036,754</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">22,645,990</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">12,831,132</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">26,633,383</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">39,464,515</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 101px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font style="color: #000000">
NOTE
5:</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
NOTE PAYABLE</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On December 30,
2010, Metropolitan&#x2019;s existing note agreements with Royal Bank
of Canada (the &#x201C;Lender&#x201D;) were amended and restated. The
outstanding balance of the Amended Note was $115,000,000. The
Amended Note bears interest at (i) the London InterBank Offered
Rate ("LIBOR") plus 400 basis points, or (ii) Prime Rate plus Prime
Rate Margin, if converted into a Prime Rate Loan. The Amended Note
provides for a maximum interest rate of 5.25% through February 29,
2012 and 6.25% from March 1, 2012 through August 31, 2015 and
matures on August 1, 2017. The interest rate was 4.47% at June 30,
2016. Interest expense amounted to $4,958,251, $4,786,205, and
$4,789,913, and for the years ended June 30, 2016, 2015, and 2014,
respectively.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Pursuant to a cash
management agreement with the Lender, all rents collected are
required to be deposited in a clearing account and all funds are
disbursed in accordance with the Loan agreement, including the
funding of all reserve accounts. In addition, after payment of debt
service, operating expenses and other expenses, as defined, forty
percent (40%) of all the remaining cash flow in the cash management
account is applied to the outstanding principal balance of the loan
on a monthly basis. As of June 30, 2016 and 2015, the outstanding
principal balance of the Amended Note is $113,201,357 and
$113,201,357, respectively.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Amended Note is
collateralized by the Property including all related facilities,
amenities, fixtures and personal property owned by the
borrower.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Company pledged
a first priority security interest in the Company&#x2019;s
membership interest in Metropolitan to the Lender as collateral
security for the Amended Note.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTE
6: GROUND LEASES</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Property was
erected on a 26,135 square foot parcel of land (the "Site Area") of
which 20,635 square feet is subject to a ground lease (the "Ground
Lease") and an adjacent lot containing approximately 5,500 square
feet ("Lot A") subject to a ground sub-sublease (the "Ground
Sub-sublease").</font></div>
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<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-257</font></div>
</div>
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<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
New Lipstick LLC and Subsidiary</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
(A Limited Liability Company)</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Notes to Consolidated Financial Statements</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
June 30, 2016, 2015 and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
&#xA0;(Amounts in US dollars)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTE
6:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">GROUND
LEASE (CONTINUED)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Ground Lease
matures on the earlier of (i) April 30, 2077, (ii) the date of
termination of the Ground Sub-sublease term or (iii) a date if
sooner terminated. The Ground Lease provides for monthly ground
rent of approximately $925,000 through April 30, 2012, $1,321,000
through April 30, 2013, and provides for annual increases of 2.5%
beginning on May 1, 2013 through April 30, 2020.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On May 1, 2020, May
1, 2038 and every ten years thereafter through May 1, 2068,
(&#x201C;Adjustment Years&#x201D;) ground rent shall be adjusted to
be the greater of (a) 1.03 times the base rent payable during the
lease year immediately preceding the said Adjustment Year or (b) 7%
of the fair market value of the land.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Monthly ground rent
shall increase 3% annually for each lease year subsequent to the
Adjustment Year. The Ground Sub-sublease is subject to a ground
sublease and a prime lease. The ground sublease expires on April
29, 2080 (the "Ground Sublease"), and the prime lease matures on
April 30, 2080 (the "Prime Lease"). The Ground Sub-sublease matures
on the earlier of (i) April 30, 2077, (ii) the expiration or
earlier termination of the Prime Lease or (iii) the expiration or
earlier termination date of the Ground Sublease, except for reason
of default by the sublandlord as subtenant under the Ground
Sublease or the sublandlord as subtenant under the Prime Lease
provided that the lessees are not in default under the Ground
Sub-sublease or the Ground Sublease.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Ground
Sub-sublease provides for monthly ground rent of $58,000 through
April 30, 2010, and approximately $63,000 beginning on May 1, 2010
through April 30, 2020. On May 1, 2020, May 1, 2040 and May 1,
2060, ground rent shall be adjusted to 8% of the fair market value
of Lot A, as defined.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">For the year ended
June 30, 2016, Ground Lease and Ground Sub-sublease expense
amounted to $45,136,545 and $759,000, respectively, after giving
effect to straight-line rent adjustments of $27,996,709 and $0,
respectively. For the year ended June 30, 2015, Ground Lease and
Ground Sub-sublease expense amounted to $45,136,544 and $759,000,
respectively, after giving effect to straight-line rent adjustments
of $28,414,754 and $0, respectively. For the year ended June 30,
2014, Ground Lease and Ground Sub-sublease expenses amounted to
$45,136,545 and $759,000, respectively, after giving effect to
straight-line rent adjustments of $28,822,593 and $0,
respectively.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Ground Lease
also provides the Company with an option to purchase the land (the
"Purchase Option"). The Purchase Option is exercisable on April 30,
2020, April 30, 2037 and on the last day of every tenth year
thereafter (the "Purchase Date"). The Purchase Price, as defined in
the Ground Lease, shall be the amount which together with all
ground rent paid by the Company on or before the applicable
Purchase Date yields an internal rate of return ("IRR") that equals
the Target IRR in respect to the applicable Purchase Date as
follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-258</font></div>
</div>
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<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
New Lipstick LLC and Subsidiary</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
(A Limited Liability Company)</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Notes to Consolidated Financial Statements</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
June 30, 2016, 2015 and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
&#xA0;(Amounts in US dollars)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NOTE
6:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">GROUND
LEASE (CONTINUED)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 3px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Purchase Date</font></div>
</td>
<td style="vertical-align: top; width: 89%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 3px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
Target IRR</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 89%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 3px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">April
30, 2020</font></div>
</td>
<td style="vertical-align: top; width: 89%">
<div style="text-align: left; margin-left: 12px; margin-right: 3px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">7.47%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 3px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">April
30, 2037</font></div>
</td>
<td style="vertical-align: top; width: 89%">
<div style="text-align: left; margin-left: 12px; margin-right: 3px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">7.67%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 3px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">April
30, 2047</font></div>
</td>
<td style="vertical-align: top; width: 89%">
<div style="text-align: left; margin-left: 12px; margin-right: 3px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">7.92%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 3px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">April
30, 2057</font></div>
</td>
<td style="vertical-align: top; width: 89%">
<div style="text-align: left; margin-left: 12px; margin-right: 3px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">8.17%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 3px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">April
30, 2067</font></div>
</td>
<td style="vertical-align: top; width: 89%">
<div style="text-align: left; margin-left: 12px; margin-right: 3px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">8.42%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 3px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">April
30, 2077</font></div>
</td>
<td style="vertical-align: top; width: 89%">
<div style="text-align: left; margin-left: 12px; margin-right: 3px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">8.67%</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In the event the
Purchase Option is exercised on April 30, 2020, the Company shall
pay a purchase price of approximately $521 million which is based
upon an agreed land value of $317 million in July 2007, according
to a Target IRR of 7.47%. The Ground Lease also provides for an
option to demolish the Property ("Demolition Option") during the
period beginning on May 1, 2055, and ending on April 30, 2072 (the
"Demolition Period"). The Ground Lease lessor has the option to
cause the Company to purchase the Property ("Put Option") at a then
Put Price, as defined. The Put Option is exercisable during the
period subsequent to the Demolition Option and prior to April 30,
2072.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Future minimum
annual ground rents due before giving effect to the fair market
value adjustments which are not determinable at the present time
are as follows for the five years subsequent to June 30, 2016, and
thereafter:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr>
<td rowspan="1" style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">
&#xA0;</font><font style="vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div style="text-align: center"><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">Ground
Lease</font></div>
</font><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">
&#xA0;</font><font style="vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">Ground</font></div>
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">Sub-Sublease</font></div>
</font><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">
&#xA0;</font><font style="vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div style="text-align: center"><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">Total</font></div>
</font><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">2017</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">17,568,332</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">759,000</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">18,327,332</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">2018</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">18,007,540</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">759,000</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">18,766,540</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">2019</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">18,457,729</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">759,000</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">19,216,729</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">2020</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">18,934,872</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">632,500</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">19,567,372</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">2021</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">19,502,919</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">19,502,919</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Thereafter</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">2,818,059,457</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">-</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">2,818,059,457</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 4px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 4px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">2,910,530,849</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">2,909,500</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">2,913,440,349</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-259</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
New Lipstick LLC and Subsidiary</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
(A Limited Liability Company)</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Notes to Consolidated Financial Statements</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
June 30, 2016, 2015 and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
&#xA0;(Amounts in US dollars)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font style="color: #000000">
NOTE
7:</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
TENANT LEASES</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Company leases
space in the Property to tenants under long-term noncancelable
operating leases.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Future minimum
annual base rents due from noncancelable operating leases in each
of the five years subsequent to June 30, 2016 and thereafter are as
follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr style="background-color:#ffffff;">
<td rowspan="1" style="vertical-align:bottom;width:88%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">2017</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">41,070,872</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:88%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">2018</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">39,933,674</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:88%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">2019</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">38,695,278</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:88%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">2020</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">38,154,584</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:88%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">2021</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">37,352,416</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:88%;">
<div style="text-align: left; text-indent: 0px; margin-right: 3px; padding-bottom: 2px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Thereafter</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">34,255,723</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:88%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 4px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 3px; padding-bottom: 4px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">229,462,547</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">For the year ended
June 30, 2016, 2015, and 2014, approximately 69%, 71%, and 75%,
respectively, of the Company's base rent before amortization of
above and below market bases was from one law firm tenant. For the
year ended June 30, 2016, the approximate rental revenue from the
one law firm tenant amounted to $27,728,019 of which $0 amounts
remained outstanding. For the year ended June 30, 2015, the
approximate rental revenue from the one law firm tenant amounted to
$27,675,000 of which $0 amounts remain outstanding. For the year
ended June 30, 2014, the approximate rental revenue from the one
law firm tenant amounted to $27,200,000 of which $0 amounts remain
outstanding. Law firms accounted for approximately 77%, 79%, and
83% of the Property&#x2019;s total base rent for the years ended
June 30, 2016, 2015, and 2014, respectively.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">At June 30, 2016,
2015, and 2014, the Property was approximately 95%, 92%, and 89%
leased, respectively.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font style="color: #000000">
NOTE
8:</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">RELATED
PARTY TRANSACTIONS</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On April 20, 2011,
Lipstick Management LLC (&#x201C;LM&#x201D;), an affiliate of the
Company, entered into an agreement with the Company&#x2019;s lender
which provides that the Company would be directly responsible for
certain fees that are payable to Herald Square Properties LLC
(&#x201C;HSP&#x201D;). HSP is a 49% owner in LM. LM and the Company
are affiliated by common ownership. These fees are based on a
consulting agreement between LM and HSP which provides a monthly
fee of $12,000. As of January 1, 2013, the Company renewed the
contract with HSP which provides a monthly fee of $22,000. As of
January 1, 2014, the parties agreed to extend the agreement for one
year. The parties have the right to terminate this agreement at any
time upon thirty (30) days written notice served to the other
party. The total management consulting fee for the year ended June
30, 2016, 2015, and 2014, included in management fees in the
accompanying consolidated statement of operations, amounted to
$369,000, $264,000, and $264,000, respectively. As of June 30,
2016, $37,000, of management consulting fees were
unpaid.</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-260</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
New Lipstick LLC and Subsidiary</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
(A Limited Liability Company)</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Notes to Consolidated Financial Statements</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
June 30, 2016, 2015 and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
&#xA0;(Amounts in US dollars)</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font style="color: #000000">
NOTE
8:</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">RELATED
PARTY TRANSACTIONS (CONTINUED)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On May 3, 2011, the
Company entered into an asset management agreement with LM. The
Company was charged an asset management fee of 1% of its
consolidated gross revenues. Asset management fees incurred to LM
amounted to $408,350 for the year ended June 30, 2016, $449,189 for
the year ended June 30, 2015, $409,084 for the year ended June 30,
2014, of which $86,114, $38,280, and $272,763, were unpaid at June
30, 2016, 2015, and 2014, respectively, and is included in due to
related party in the accompanying balance sheet. Asset management
fees are included in management fees in the accompanying statement
of operations.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Effective August 1,
2011, LM leased office space from the Company. The term of the
agreement was for five years expiring July 31, 2016. The total
amount of rental income earned for the years ended June 30, 2016,
2015, and 2014 amounted to $203,914, $203,916, 203,916,
respectively.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Balances with
related companies are as follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr>
<td rowspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">
&#xA0;</font><font style="vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">
2016</font></div>
</font><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">
&#xA0;</font><font style="vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">
2015</font></div>
</font><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Due
from related parties:</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;Lipstick
Management LLC</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">120,274</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">123,959</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;Rigby
183 LLC</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">-</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">405</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;I
Madison LLC</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">-</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">310</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;IRSA
International LLC</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">-</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">355</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 4px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">120,274</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">125,029</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 84px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The above amount
represents expenses paid by the Company on behalf of related
companies, which will be reimbursed by related
companies.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr>
<td rowspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">
&#xA0;</font><font style="vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">
2016</font></div>
</font><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">
&#xA0;</font><font style="vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000000;">
2015</font></div>
</font><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Due
to related parties:</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;IRSA
International, LLC</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(39,979</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(39,979</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;Lipstick
Management LLC</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(123,114</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(38,280</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;IRSA
Inversiones y Representaciones</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Sociedad
Anonima</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(240,874</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(240,874</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 4px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(403,967</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(319,133</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-261</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
New Lipstick LLC and Subsidiary</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
(A Limited Liability Company)</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Notes to Consolidated Financial Statements</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
June 30, 2016, 2015 and 2014</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 3px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
&#xA0;(Amounts in US dollars)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 24px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 92px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font style="color: #000000">
NOTE
9:</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
PROPERTY MANAGEMENT</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 96px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On December 30,
2010, a property management agreement was entered into with a third
party. The term of the property management agreement will continue
on a month-to-month basis. The Company is charged a monthly
property management fee of approximately $22,917. The total
property management fee for the years ended June 30, 2016, 2015,
and 2014, included in management fees in the accompanying statement
of operations, amounted to $275,000 of which $0 is unpaid as of
June 30, 2016 and 2014, and $22,917 was unpaid as of June 30,
2015.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 24px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 140px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font style="color: #000000">
NOTE
10:</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
UNCERTAINTEES, CONTINGENCIES, AND RISKS</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 96px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">There are currently
five mechanic&#x2019;s liens filed by subcontractors against the
Property in reference to work performed by a general contractor of
the Property. The aggregate sum of these liens is approximately
$534,000. Although the likelihood for exposure is for a smaller sum
of money, a number of other subcontractors are owed money and have
threatened to file liens for a potential aggregate additional sum
of approximately $1.4 million. It has been recommended by the
Company&#x2019;s attorney to bond the liens. As of June 30, 2016,
the total amount due to the general contractor is approximately
$546,000 and has been accrued and included as accounts payable and
accrued expenses in the accompanying financial statements. As the
ultimate outcome of these matters is not presently determinable and
estimable there has been no adjustment to the accompanying
financial statements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 24px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 140px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><font style="color: #000000">
NOTE
11:</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
SUBSEQUENT EVENTS</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 96px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Company has
evaluated, for potential recognition and disclosure, events
subsequent to the date of the balance sheet through October 31,
2016&#xA0; the date the consolidated financial statements were
available to be issued.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-262</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 100%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Adama
Agricultural Solutions Ltd.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Consolidated
Financial Statements</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 14px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">as
of December 31, 2015</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 14px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">in
US Dollars</font></div>
</td>
</tr></table>
</div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-263</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Financial
Statements as of December 31, 2015</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 96px; margin-right: 0px; text-indent: -84px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Contents</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 86%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Page</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 86%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 86%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 86%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 86%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Auditors'
Report &#x2013; Consolidated Financial Statements as of December 31,
2015</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">F-265</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 86%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 86%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Financial statements</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 86%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 86%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Consolidated
Statements of Financial Position</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">F-267<br>
</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 86%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 86%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Consolidated
Statements of Income</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">F-269<br>
</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 86%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 86%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Consolidated
Statements of Comprehensive Income</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">F-270</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 86%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 86%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Consolidated
Statements of Changes in Equity</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">F-271</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 86%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 86%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Consolidated
Statements of Cash Flows</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">F-274</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 86%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 86%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Notes
to the Consolidated Financial Statements</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">F-276</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 86%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 86%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Appendix
to the Financial Statements &#x2013; Schedule of Investee
Companies</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">F-368</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><br></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-264</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left">
<table cellpadding="0" cellspacing="0" style="text-align: left; margin: 0 auto;width: 100%;">
<tr>
<td style="width: 50%">
<div>
<div style="text-align: left; margin-left: 156px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 156px; margin-right: 0px; text-indent: 0px;"><font style="color: #0c2d83; font-size: 13px; font-family: Times New Roman">n<img src="adamafinancialstatementde000.jpg"></font></div>
</div>
</td>
<td style="width: 50%">
<div><font>&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div><font>&#xA0;</font></div>
<div>
<div style="text-align: left; margin-left: 156px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold; color: #0c2d83">Somekh
Chaikin</font>&#xA0;&#xA0;&#xA0;&#xA0;<font style="color: #0c2d83">Telephone</font>&#xA0;<font style="color: #0c2d83">972 3 684 8000</font></font></div>
<div style="text-align: left; margin-left: 156px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="color: #0c2d83">17 Ha'arba'a Street, PO Box
609</font>&#xA0;&#xA0;&#xA0;<font style="color: #0c2d83">Fax</font>&#xA0;<font style="color: #0c2d83">972 3
684 8444</font></font></div>
<div style="text-align: left; margin-left: 156px; margin-right: 0px; text-indent: 0px;"><font style="color: #0c2d83; font-size: 13px; font-family: Times New Roman">KPMG
Millennium Tower</font></div>
<div style="text-align: left; margin-left: 156px; margin-right: 0px; text-indent: 0px;"><font style="color: #0c2d83; font-size: 13px; font-family: Times New Roman">Tel-Aviv
61006 Israel</font></div>
&#xA0; <font style="font-family: Times New Roman; font-size: 13px;"><br>
</font></div>
</td>
<td style="width: 50%">
<div><font>&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 50%">
<div><font>&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 50%">
<div><font>&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Independent
Auditors' Report</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">The
Board of Directors</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Adama
Agricultural Solutions Ltd.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We have audited the
accompanying consolidated financial statements of Adama
Agricultural Solutions Ltd. (hereinafter &#x201C;the Company&#x201D;)
which comprise the consolidated statement of financial position as
of December 31, 2015, and the related consolidated statements of
income, comprehensive income, changes in equity and cash flows, for
the year ended December 31, 2015.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-style: italic; font-size: 13px; font-family: Times New Roman">
Management&#x2019;s Responsibility for the Financial
Statements</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Management is
responsible for the preparation and fair presentation of these
consolidated financial statements in accordance with International
Financial Reporting Standards as issued by the International
Accounting Standards Board; this includes the design,
implementation, and maintenance of internal control relevant to the
preparation and fair presentation of consolidated financial
statements that are free from material misstatement, whether due to
fraud or error.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-style: italic; font-size: 13px; font-family: Times New Roman">
Auditors&#x2019; Responsibility</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Our responsibility
is to express an opinion on these consolidated financial statements
based on our audits.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We conducted our
audit in accordance with auditing standards generally accepted in
the United States of America. Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether
the consolidated financial statements are free from material
misstatement.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">An audit involves
performing procedures to obtain audit evidence about the amounts
and disclosures in the consolidated financial statements. The
procedures selected depend on the auditors&#x2019; judgment,
including the assessment of the risks of material misstatement of
the consolidated financial statements, whether due to fraud or
error. In making those risk assessments, the auditor considers
internal control relevant to the entity&#x2019;s preparation and
fair presentation of the consolidated financial statements in order
to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on
the effectiveness of the entity&#x2019;s internal control.
Accordingly, we express no such opinion. An audit also includes
evaluating the appropriateness of accounting policies used and the
reasonableness of significant accounting estimates made by
management, as well as evaluating the overall presentation of the
consolidated financial statements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font><font style="color: #000080; font-size: 13px; font-family: Times New Roman">Somekh
Chaikin, an Israeli partnership and a member firm of the KPMG
network of independent member firms affiliated with KPMG
International Cooperative (&#x201C;KPMG
International&#x201D;),</font> <font style="color: #000080; font-size: 13px; font-family: Times New Roman">a
Swiss entity.</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-265</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">We believe that the
audit evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-style: italic; font-size: 13px; font-family: Times New Roman">
Opinion</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In our opinion,
based on our audit and on the reports of the other auditors, the
consolidated financial statements referred to above present fairly,
in all material respects, the financial position of the Company and
its consolidated subsidiaries as of December 31, 2015 and the
results of their operations and their cash flows, for the year
ended December 31, 2015, in accordance with International Financial
Reporting Standards (IFRS) as issued by the International
Accounting Standards Board.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Somekh
Chaikin</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Certified Public
Accountants (Isr.)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">October 31,
2016</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="color: #000080; font-size: 13px; font-family: Times New Roman">Somekh
Chaikin, an Israeli partne</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000080; font-size: 13px; font-family: Times New Roman">rship
and a member firm of the KPMG network of independent member firms
affiliated with KPMG International Cooperative (&#x201C;KPMG
International&#x201D;),</font> <font style="color: #000080; font-size: 13px; font-family: Times New Roman">a
Swiss entity.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-266</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Consolidated
Statements as of Financial Position as of December 31</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr style="background-color:#ffffff;">
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:63%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:14%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:14%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:63%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note</font></div>
</td>
<td style="vertical-align:top;width:9%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:14%;border-bottom:solid 2px #000000;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:14%;border-bottom:solid 2px #000000;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:63%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:14%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:14%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 64%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Current
assets</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 64%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cash and cash
equivalents</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;395,352&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;405,276&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 64%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Short-term
investments</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;4,730&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;11,008&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 64%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Trade
receivables</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;771,818&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;1,073,735&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 64%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Trade receivable as
part of securitization transaction not yet eliminated</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;26,367&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 64%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Subordinated note
in respect of sale of trade receivables</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;71,293&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 64%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Prepaid
expenses</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;15,811&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;18,268&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 64%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financial and other
assets, including derivatives</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;180,528&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;298,297&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 64%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Tax deposits less
provision for taxes</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">17</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;12,361</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;13,720&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 64%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Inventories</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;1,149,058</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">*
1,219,191&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 64%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 64%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
current assets</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;2,627,318&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;3,039,495&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 64%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 64%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Long-term
investments, loans and receivables</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 64%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Investments in
equity-accounted investee companies</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;70,397&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;76,993&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 64%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other financial
investments and receivables</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;48,035&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;45,143&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 64%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Non-financial
investments and other receivables, including</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 64%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;non-current
inventory</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;35,941&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;22,548&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 64%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 64%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;154,373&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;144,684&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 64%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 64%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Fixed
assets</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 64%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cost</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;1,651,652&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;1,574,623&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 64%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Less &#x2013;
accumulated depreciation</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;864,345&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;808,167&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 64%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 64%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;787,307&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;766,456&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 64%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 64%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Deferred
tax assets</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">17</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;75,196&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">*
82,623&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 64%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 64%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 64%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Intangible
assets</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 64%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cost</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">10</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;1,651,529&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;1,609,214&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 64%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Less &#x2013;
accumulated amortization</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;964,080&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;905,323&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 64%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 64%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;687,449&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;703,891&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 64%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 64%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 64%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
non-current assets</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;1,704,325&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;1,697,654&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 64%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 64%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
assets</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;4,331,643&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;4,737,149&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 64%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-267</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
</div>
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr style="background-color:#ffffff;">
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:63%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:14%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:14%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:63%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note</font></div>
</td>
<td style="vertical-align:top;width:9%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:14%;border-bottom:solid 2px #000000;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:14%;border-bottom:solid 2px #000000;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:63%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:14%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:14%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Current
liabilities</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Loans and credit
from banks and other lenders</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;222,800&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;371,206&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Current maturities
of debentures</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">15</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;100,789&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;102,022&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Trade
payables</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">12</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;554,357&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;650,829&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other
payables</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">13</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;469,292&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;659,814&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Current tax
liabilities</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">17</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;25,627&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;34,321&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Put options to
holders of non-controlling interests</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;32,430&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;33,384&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
current liabilities</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;1,405,295&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;1,851,576&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Non-current
liabilities</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Long-term loans
from banks</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;173,708&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;264,139&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Debentures</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">15</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;1,056,380&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;902,638&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other long-term
liabilities</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">16</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;29,233&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;29,161&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Deferred tax
liabilities</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">17</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;22,595&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;19,695&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Employee
benefits</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">18</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;70,552&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;70,457&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Put options to
holders of non-controlling interests</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;7,040&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;8,434&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
non-current liabilities</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;1,359,508&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;1,294,524&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
liabilities</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;2,764,803&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;3,146,100&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Equity</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Share
capital</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;125,595&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;125,595&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Share
premium</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;623,829&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;623,829&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Capital
reserves</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(309,030)</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(265,354)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Retained
earnings</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;1,126,239&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">*
1,106,592&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Equity
attributable to the owners of the Company</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;1,566,633&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;1,590,662&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Non-controlling
interests</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;207&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;387&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
equity</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">21</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;1,566,840&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;1,591,049&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
liabilities and equity</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;4,331,643&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;4,737,149&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 63%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">* Immaterial
adjustment of the comparative figures - see Note 2D.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 33%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 34%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 34%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Yang
Xingqiang</font></div>
</td>
<td style="vertical-align: top; width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Chen
Lichtenstein</font></div>
</td>
<td style="vertical-align: top; width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Aviram
Lahav</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Chairman of the
Board of Directors</font></div>
</td>
<td style="vertical-align: top; width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">President &amp;
Chief Executive Officer</font></div>
</td>
<td style="vertical-align: top; width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Chief Financial
Officer</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 34%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Date of approval of
the financial statements: October 31, 2016</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The accompanying
notes are an integral part of these financial
statements.</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-268</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
</div>
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Consolidated
Statements of Income for the year ended December 31</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr style="background-color:#ffffff;">
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:48%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:14%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:14%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:15%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2013</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:48%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note</font></div>
</td>
<td style="vertical-align:top;width:9%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font>&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:14%;border-bottom:solid 2px #000000;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:14%;border-bottom:solid 2px #000000;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:48%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:14%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:14%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Revenues</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">22</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;3,063,870&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;3,221,298&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;3,076,355&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cost of
sales</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">23</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;2,094,281&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;2,195,993&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;2,108,282&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Gross
profit</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;969,589&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;1,025,305&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;968,073&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other
income</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(14,385)</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(4,711)</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(12,815)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Selling and
marketing expenses</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">24</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;534,454&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;570,581&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;522,050&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">General and
administrative expenses</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">25</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;102,535&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;111,933&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;114,485&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Research and
development expenses</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">26</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;30,197&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;33,554&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;33,667&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other
expenses</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;16,681&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;2,947&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;1,697&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;669,482&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;714,304&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;659,084&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Operating
income</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;300,107&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;311,001&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;308,989&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financing
expenses</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;286,498&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;252,693&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;273,176&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financing
income</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(146,926)</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(128,724)</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(132,611)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financing expenses,
net</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">27</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;139,572&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;123,969&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;140,565&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Share
of income (losses) of equity-accounted</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;investee
companies</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1,498)</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;5,885&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;3,197&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Profit
before taxes on income</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;159,037&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;192,917&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;171,621&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Income
taxes</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">17</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;49,262&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;46,902&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;44,550&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Profit
for the year</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;109,775&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;146,015&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;127,071&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Attributable
to:</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The owners of the
Company</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;110,108&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;146,405&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;127,248&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Holders of
non-controlling interests</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(333)</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(390)</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(177)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Profit
for the year</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;109,775&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;146,015&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;127,071&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 48%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The accompanying
notes are an integral part of these financial
statements.</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-269</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Consolidated
Statements of Comprehensive Income for the year ended December
31</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr style="background-color:#ffffff;">
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:57%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:14%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:14%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:14%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2013</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:57%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:14%;border-bottom:solid 2px #000000;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:14%;border-bottom:solid 2px #000000;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:14%;border-bottom:solid 2px #000000;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:57%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:14%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:14%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:14%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Profit
for the year</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;109,775&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">146,015&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">127,071&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Other
comprehensive income items that after initial</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;recognition
in comprehensive income were or will be</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;transferred
to the statement of income</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Foreign currency
translation differences in respect of</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;foreign
operations</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(32,159)</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(25,499)</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(16,691)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Effective portion
of change in fair value of cash flow</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;hedges</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;58,521&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;56,426&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;(19,145)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Net change in fair
value of cash flow hedges transferred</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;to the
statement of income</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(70,060)</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;14,356&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(13,174)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Taxes in respect of
other comprehensive income items</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;that were or
will be transferred to the statement of income</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;in succeeding
periods</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;106&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(3,023)</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">118&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
other comprehensive income (loss) for the year</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;that
after initial recognition in comprehensive income</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;were
or will be transferred to the statement of income, net</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;of
tax</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(43,592)</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;42,260&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(48,892)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Other
comprehensive income that will not be transferred</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">to
the statement of income</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Re-measurement of
defined benefit plan</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;3,404&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;935&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;170&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Taxes in respect of
other comprehensive income items</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;that will not
be transferred to the statement of income</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(436)</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(53)</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(47)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
other comprehensive income for the year that</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;will
not be transferred to the statement of income, net of</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;tax</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;2,968&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;882&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;123&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
comprehensive income for the year</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;69,151&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;189,157&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;78,302&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
comprehensive income attributable to:</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The owners of the
Company</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;69,483&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;189,592&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;78,351&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Holders of
non-controlling interests</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(332)</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(435)</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(49)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
comprehensive income for the year</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;69,151&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;189,157&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;78,302&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The accompanying
notes are an integral part of these financial
statements.</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-270</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Consolidated
Statements of Changes in Equity for the year ended December
31</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr style="background-color:#ffffff;">
<td rowspan="1" style="vertical-align:top;width:40%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:9%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:8%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:8%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:8%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:8%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
equity</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:8%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:8%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:40%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:9%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:8%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:8%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:8%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:8%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">attributable
to</font></div>
</td>
<td style="vertical-align:top;width:8%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Non-</font></div>
</td>
<td style="vertical-align:top;width:8%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:40%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:9%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:8%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Share</font></div>
</td>
<td style="vertical-align:top;width:8%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Capital</font></div>
</td>
<td style="vertical-align:top;width:8%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Retained</font></div>
</td>
<td style="vertical-align:top;width:8%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">the
owners of</font></div>
</td>
<td style="vertical-align:top;width:8%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">controlling</font></div>
</td>
<td style="vertical-align:top;width:8%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:40%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:9%;border-bottom:solid 2px #000000;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Share
capital</font></div>
</td>
<td style="vertical-align:top;width:8%;border-bottom:solid 2px #000000;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">premium</font></div>
</td>
<td style="vertical-align:top;width:8%;border-bottom:solid 2px #000000;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">reserves
(1)</font></div>
</td>
<td style="vertical-align:top;width:8%;border-bottom:solid 2px #000000;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">earnings</font></div>
</td>
<td style="vertical-align:top;width:8%;border-bottom:solid 2px #000000;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">the
Company</font></div>
</td>
<td style="vertical-align:top;width:8%;border-bottom:solid 2px #000000;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">interests</font></div>
</td>
<td style="vertical-align:top;width:8%;border-bottom:solid 2px #000000;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
equity</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:40%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:9%;border-bottom:solid 2px #000000;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:8%;border-bottom:solid 2px #000000;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:8%;border-bottom:solid 2px #000000;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:8%;border-bottom:solid 2px #000000;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:8%;border-bottom:solid 2px #000000;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:8%;border-bottom:solid 2px #000000;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:8%;border-bottom:solid 2px #000000;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">For
the year ended December 31, 2015</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Balance as of
January 1, 2015</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;125,595&#xA0;</font></div>
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;623,829&#xA0;</font></div>
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(265,354)</font></div>
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">*
1,106,592&#xA0;</font></div>
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;1,590,662&#xA0;</font></div>
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;387&#xA0;</font></div>
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;1,591,049&#xA0;</font></div>
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
comprehensive income for the year</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Profit for the
year</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;110,108&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;110,108&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(333)</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;109,775&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Other
comprehensive income</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Foreign currency
translation differences in respect of foreign
operations</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(32,160)</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(32,160)</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;1&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(32,159)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Effective portion
of change in fair value of cash flow hedges</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;58,521&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;58,521&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;58,521&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Net change in fair
value of cash flow hedges transferred to the</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;statement of
income</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(70,060)</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(70,060)</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(70,060)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Re-measurement of
defined benefit plan</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;3,404&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;3,404&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;3,404&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Taxes on other
comprehensive income</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;106&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(436)</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(330)</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(330)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Other
comprehensive income (loss) for the year, net of tax</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(43,593)</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;2,968&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(40,625)</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;1&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(40,624)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
comprehensive income (loss) for the year</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;(43,593)</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;113,076&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;69,483&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(332)</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;69,151&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: right; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: right; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Dividends to
holders of non-controlling interests holding a put
option</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(2,427)</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(2,427)</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(2,427)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Transactions with
holders of non-controlling interests</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(83)</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(83)</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;152&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;69&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Share-based
payments</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;8,998&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;8,998&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;8,998&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Dividends to owners
of the Company</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(100,000)</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(100,000)</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(100,000)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: -24px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Balance
as of December 31, 2015</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;125,595&#xA0;</font></div>
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;623,829&#xA0;</font></div>
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(309,030)</font></div>
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;1,126,239&#xA0;</font></div>
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;1,566,633&#xA0;</font></div>
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;207&#xA0;</font></div>
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;1,566,840&#xA0;</font></div>
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 28px">
<font style="font-size: 13px; font-family: Times New Roman">*&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Immaterial
adjustment of the comparative figures - see Note 2D.</font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 28px">
<font style="font-size: 13px; font-family: Times New Roman">(1)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Including treasury
shares that were cancelled in the amount of $245,548
thousand.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The accompanying
notes are an integral part of these financial
statements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-271</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Consolidated
Statements of Changes in Equity for the year ended December
31</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr style="background-color:#ffffff;">
<td rowspan="1" style="vertical-align:top;width:40%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:8%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:8%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:8%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:8%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
equity</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:8%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:8%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:40%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:8%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:8%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:8%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:8%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">attributable
to</font></div>
</td>
<td style="vertical-align:top;width:8%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Non-</font></div>
</td>
<td style="vertical-align:top;width:8%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:40%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:8%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Share</font></div>
</td>
<td style="vertical-align:top;width:8%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Capital</font></div>
</td>
<td style="vertical-align:top;width:8%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Retained</font></div>
</td>
<td style="vertical-align:top;width:8%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">the
owners of</font></div>
</td>
<td style="vertical-align:top;width:8%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">controlling</font></div>
</td>
<td style="vertical-align:top;width:8%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:40%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:9%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Share
capital</font></div>
</td>
<td style="vertical-align:top;width:8%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">premium</font></div>
</td>
<td style="vertical-align:top;width:8%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">reserves
(1)</font></div>
</td>
<td style="vertical-align:top;width:8%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">earnings</font></div>
</td>
<td style="vertical-align:top;width:8%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">the
Company</font></div>
</td>
<td style="vertical-align:top;width:8%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">interests</font></div>
</td>
<td style="vertical-align:top;width:8%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
equity</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:40%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:9%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:8%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:8%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:8%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:8%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:8%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:8%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">For
the year ended December 31, 2014</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Balance as of
January 1, 2014</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;125,595&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;623,829&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(307,096)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">*
953,423&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;1,395,751&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;1,001&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;1,396,752&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
comprehensive income for the year</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Profit for the
year</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;146,405&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;146,405&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(390)</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;146,015&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Other
comprehensive income</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Foreign currency
translation differences in respect of foreign
operations</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(25,454)</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(25,454)</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(45)</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(25,499)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Effective portion
of change in fair value of cash flow hedges</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;56,426&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;56,426&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;56,426&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Net change in fair
value of cash flow hedges transferred to the</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;statement of
income</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;14,356&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14,356&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14,356&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Re-measurement of
defined benefit plan</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;935&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;935&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;935&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Taxes on other
comprehensive income</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(3,023)</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(53)</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(3,076)</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(3,076)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Other
comprehensive income for the year, net of tax</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;42,305&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">882&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;43,187&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(45)</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;43,142&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
comprehensive income for the year</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;42,305&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;147,287&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;189,592&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(435)</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;189,157&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Dividends to
holders of non-controlling interests holding a put
option</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,994)</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,994)</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,994)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Transactions with
holders of non-controlling interests</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(480)</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(480)</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;480&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Share-based
payments</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;7,984&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;7,984&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;7,984&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Elimination of
non-controlling interests due to loss of control of</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;subsidiary</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(659)</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(659)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Exercise of options
granted to employees of a subsidiary</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(83)</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(108)</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(191)</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(191)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: -24px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Balance
as of December 31, 2014</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;125,595&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;623,829&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(265,354)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">*
1,106,592&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;1,590,662&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;387&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;1,591,049&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 28px">
<font style="font-size: 13px; font-family: Times New Roman">*&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Immaterial
adjustment of the comparative figures - see Note 2D.</font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 28px">
<font style="font-size: 13px; font-family: Times New Roman">(1)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Including treasury
shares that were cancelled in the amount of $245,548
thousand.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The accompanying
notes are an integral part of these financial
statements.</font></div>
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<div id="ftr">
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<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-272</font></div>
</div>
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<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Consolidated
Statements of Changes in Equity for the year ended December
31</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr style="background-color:#ffffff;">
<td rowspan="1" style="vertical-align:top;width:40%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:9%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:8%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:8%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:8%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:8%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
equity</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:8%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:8%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:40%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:9%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:8%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:8%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:8%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:8%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">attributable
to</font></div>
</td>
<td style="vertical-align:top;width:8%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Non-</font></div>
</td>
<td style="vertical-align:top;width:8%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:40%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:9%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:8%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Share</font></div>
</td>
<td style="vertical-align:top;width:8%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Capital</font></div>
</td>
<td style="vertical-align:top;width:8%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Retained</font></div>
</td>
<td style="vertical-align:top;width:8%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">the
owners of</font></div>
</td>
<td style="vertical-align:top;width:8%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">controlling</font></div>
</td>
<td style="vertical-align:top;width:8%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:40%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:9%;border-bottom:solid 2px #000000;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Share
capital</font></div>
</td>
<td style="vertical-align:top;width:8%;border-bottom:solid 2px #000000;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">premium</font></div>
</td>
<td style="vertical-align:top;width:8%;border-bottom:solid 2px #000000;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">reserves
(1)</font></div>
</td>
<td style="vertical-align:top;width:8%;border-bottom:solid 2px #000000;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">earnings</font></div>
</td>
<td style="vertical-align:top;width:8%;border-bottom:solid 2px #000000;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">the
Company</font></div>
</td>
<td style="vertical-align:top;width:8%;border-bottom:solid 2px #000000;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">interests</font></div>
</td>
<td style="vertical-align:top;width:8%;border-bottom:solid 2px #000000;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
equity</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:40%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:9%;border-bottom:solid 2px #000000;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:8%;border-bottom:solid 2px #000000;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:8%;border-bottom:solid 2px #000000;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:8%;border-bottom:solid 2px #000000;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:8%;border-bottom:solid 2px #000000;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:8%;border-bottom:solid 2px #000000;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:8%;border-bottom:solid 2px #000000;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">For
the year ended December 31, 2013</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Balance as of
January 1, 2013</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;125,595&#xA0;</font></div>
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;623,829&#xA0;</font></div>
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(257,662)</font></div>
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">*
828,978&#xA0;</font></div>
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;1,320,740&#xA0;</font></div>
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;636&#xA0;</font></div>
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;1,321,376&#xA0;</font></div>
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
comprehensive income for the year</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Profit for the
year</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;127,248&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;127,248&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(177)</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;127,071&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Other
comprehensive income</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Foreign currency
translation differences in respect of foreign
operations</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(16,819)</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(16,819)</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">128&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(16,691)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Effective portion
of change in fair value of cash flow hedges</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(19,145)</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(19,145)</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(19,145)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Net change in fair
value of cash flow hedges transferred to the</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;statement of
income</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(13,174)</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(13,174)</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(13,174)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Re-measurement of
defined benefit plan</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;170&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;170&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;170&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Taxes on other
comprehensive income</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;118&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(47)</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;71&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;71&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Other
comprehensive income (loss) for the year, net of tax</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(49,020)</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">123&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(48,897)</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">128&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(48,769)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
comprehensive income (loss) for the year</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(49,020)</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;127,371&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;78,351&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(49)</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;78,302&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Dividends to
holders of non-controlling interests holding a put
option</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2,926)</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2,926)</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2,926)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Transactions with
holders of non-controlling interests</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(414)</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(414)</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;414&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: -24px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Balance
as of December 31, 2013</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;125,595&#xA0;</font></div>
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;623,829&#xA0;</font></div>
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(307,096)</font></div>
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">*
953,423&#xA0;</font></div>
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;1,395,751&#xA0;</font></div>
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;1,001&#xA0;</font></div>
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;1,396,752&#xA0;</font></div>
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 28px">
<font style="font-size: 13px; font-family: Times New Roman">*&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Immaterial
adjustment of the comparative figures - see Note 2D.</font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 28px">
<font style="font-size: 13px; font-family: Times New Roman">(1)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Including treasury
shares that were cancelled in the amount of $245,548
thousand.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The accompanying
notes are an integral part of these financial
statements.</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-273</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Consolidated
Statement as of Cash Flows for the year ended December
31</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr style="background-color:#ffffff;">
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:57%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:14%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:14%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:14%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2013</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:57%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:14%;border-bottom:solid 2px #000000;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:14%;border-bottom:solid 2px #000000;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:14%;border-bottom:solid 2px #000000;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:57%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:14%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:14%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:14%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Cash
flows from operating activities</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Profit for the
year</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;109,775&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;146,015&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;127,071&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Adjustments</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Depreciation and
amortization</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;168,457&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;167,180&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;157,001&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Impairment of
assets</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;3,084&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Gain on sale of
investment</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(3,619)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Loss (gain) on
realization of fixed and other assets, net</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(10,659)</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;258&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(442)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Amortization of
discount/premium and debt issuance costs</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(2,334)</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2,813)</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">667&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Share of losses
(income) of equity-accounted investee</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;companies</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;1,498&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(5,885)</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(3,197)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Share-based
payments expenses</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;8,998&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7,984&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#x2013;&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Changes due to put
options to holders of non-controlling</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;interests</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;433&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;3,185&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;10,878&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adjustment of
long-term liabilities</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(12,221)</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(132,639)</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">106,599&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">SWAP
transactions</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(481)</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(481)</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(7,882)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Change in provision
for income tax and tax deposits, net</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;851&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(7,395)</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11,461&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Decrease (increase)
in deferred taxes, net</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;9,602&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(370)</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(8,060)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Changes
in assets and liabilities</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Decrease (increase)
in trade and other receivables</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;26,708&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(252,736)</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(139,548)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Decrease (increase)
in inventories</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;26,426&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(22,668)</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">10,648&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Increase (decrease)
in trade and other payables</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;(225,346)</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;299,319&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;98,787&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Change in employee
benefits</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;2,219&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(19,834)</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,161&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Net
cash from operating activities</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;107,010&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;179,120&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;362,525&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Cash
flows from investing activities</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Acquisition of
fixed assets</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;(117,859)</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(100,525)</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(84,867)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Additions to
intangible assets</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(97,669)</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(101,009)</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(113,554)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Short-term
investments, net</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;6,108&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,136)</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(9,456)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Long-term
investments, net</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;7&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">52,208&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(52,429)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Proceeds from sale
of fixed and intangible assets</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;13,323&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;3,925&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;1,616&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Investment grant
received</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;1,340&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Investment in
equity-accounted investee company</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(6,528)</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(58,294)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Dividend from
equity-accounted investee company</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;1,509&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7,288&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,097&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Disposal of
subsidiaries</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;(101)</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(261)</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,603)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Proceeds from sale
of investment</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;4,508&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Acquisition of
subsidiaries net of cash acquired</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(9,568)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Net
cash used in investing activities</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(193,342)</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(146,038)</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(321,550)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The accompanying
notes are an integral part of these financial
statements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-274</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Consolidated
Statement of Cash Flows for the year ended December 31
(cont&#x2019;d)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr style="background-color:#ffffff;">
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:57%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:14%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:14%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:14%;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2013</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:57%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:14%;border-bottom:solid 2px #000000;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:14%;border-bottom:solid 2px #000000;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:14%;border-bottom:solid 2px #000000;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:57%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:14%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:14%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:14%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Cash
flows from financing activities</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Receipt of
long-term loans from banks</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;15,650&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;97,237&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;118,304&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Repayment of
long-term loans and liabilities from banks</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;and
others</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(74,320)</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(109,974)</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(130,649)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Repayment of
debentures</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(99,909)</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(99,909)</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(160,959)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Increase (decrease)
in short-term liabilities to banks, net</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;76,796&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,426)</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">15,191&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">SWAP
settlements</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;21,309&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Dividend paid to
owners of the Company</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(100,000)</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Dividend to holders
of non-controlling interests</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(2,427)</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2,185)</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2,412)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Issuance of
debentures, net of issuance costs</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;256,859&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;146,806&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;177,215&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Proceeds from bond
options</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;4,505&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Acquisition of
non-controlling interests</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(30,000)</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Payment of
contingent consideration &#x2013; in respect of
business</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;combination</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(5,000)</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Fundraising
costs</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(746)</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2,741)</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Net
cash from (used in) financing activities</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;76,408&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(7,192)</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">37,999&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Net
increase (decrease) in cash and cash equivalents</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(9,924)</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">25,890&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">78,974&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Cash
and cash equivalents at the beginning of the year</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;405,276&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;379,386&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;300,412&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Cash
and cash equivalents at the end of the year</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;395,352&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;405,276&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;379,386&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Additional
information:</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Interest paid in
cash</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(107,478)</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(96,384)</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(95,215)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Interest received
in cash</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;41,276&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;29,786&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;21,878&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Taxes paid in cash,
net</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(34,108)</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(47,798)</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(29,257)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The accompanying
notes are an integral part of these financial
statements.</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-275</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
1 - General</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">A.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Description
of the Company and its activities</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">1.&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd. is an Israel-resident company that was incorporated
in Israel, and its official address is at Golan Street in Airport
City Park. The Group&#x2019;s consolidated financial statements as
of December 31, 2015, include those of the Company and its
subsidiaries (hereinafter together &#x2013; &#x201C;the Group&#x201D;)
as well as the Company&#x2019;s interest in associated companies and
in joint arrangements. The Group operates in and outside of Israel
and is engaged in development, manufacturing and marketing of
agrochemicals, intermediate materials for other industries, food
additives and synthetic aromatic products, mainly for
export.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As of
December&#xA0;31, 2015 and 2014, 60% of the Company&#x2019;s shares
were held by China National Agrochemical Corporation (hereinafter
&#x2013; &#x201C;CNAC&#x201D;) and 40% of the Company&#x2019;s shares
were held by Koor Industries Ltd. (&#x201C;Koor&#x201D;). The Company
is a reporting entity.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">2.&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Sales of
agrochemical products are directly impacted by the timing of the
agricultural seasons (in each of the various markets), the weather
in every region and the cyclical pattern of the harvests.
Therefore, the Company&#x2019;s income is not uniform or spread
evenly throughout the quarters of the year. The agricultural
seasons in countries located in the northern hemisphere (mainly the
United States and Europe) take place in the first two quarters of
the year and, accordingly, in these countries the sales are usually
highest in the first half of the year. On the other hand, in the
southern hemisphere, the seasonal trends are the opposite and most
of the local sales are made in the second half of the year, except
for Australia where most of the sales are made in April through
July.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In the
Company&#x2019;s estimation, the Group's balanced regional exposure
mitigates the inherent seasonality in the business to some extent,
even though the Group&#x2019;s sales are higher in the northern
hemisphere.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">B.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Definitions</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In these financial
statements:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: -24px;"><font style="font-size: 13px; font-family: Times New Roman">(1)&#xA0;The
Company</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#x2013;</font></div>
</td>
<td style="vertical-align: top; width: 78%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: -24px;"><font style="font-size: 13px; font-family: Times New Roman">(2)&#xA0;The
Group</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#x2013;</font></div>
</td>
<td style="vertical-align: top; width: 78%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd. and its investee companies.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: -24px;"><font style="font-size: 13px; font-family: Times New Roman">(3)&#xA0;Subsidiaries</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#x2013;</font></div>
</td>
<td style="vertical-align: top; width: 78%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Companies of which
the financial statements are fully consolidated, directly or
indirectly, with the financial statements of the
Company.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: -24px;"><font style="font-size: 13px; font-family: Times New Roman">(4)&#xA0;Investee
companies</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#x2013;</font></div>
</td>
<td style="vertical-align: top; width: 78%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Subsidiaries and
associated companies or joint arrangements that the Company&#x2019;s
investment in which is stated, directly or indirectly, using the
equity method of accounting.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: -24px;"><font style="font-size: 13px; font-family: Times New Roman">(5)&#xA0;Related
party</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#x2013;</font></div>
</td>
<td style="vertical-align: top; width: 78%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As defined in IAS
24 (2009) &#x201C;Relating Party Disclosures&#x201D;.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: -24px;"><font style="font-size: 13px; font-family: Times New Roman">(6)&#xA0;Interested
parties</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#x2013;</font></div>
</td>
<td style="vertical-align: top; width: 78%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As defined in
Paragraph (1) of the definition of an &#x201C;Interested
Party&#x201D; in Section 1 of the Israeli Securities Law,
1968.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: -24px;"><font style="font-size: 13px; font-family: Times New Roman">(7)&#xA0;CPI</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#x2013;</font></div>
</td>
<td style="vertical-align: top; width: 78%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Consumer Price
Index in Israel as published by the Central Bureau of
Statistics.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: -24px;"><font style="font-size: 13px; font-family: Times New Roman">(8)
Dollar</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#x2013;</font></div>
</td>
<td style="vertical-align: top; width: 78%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The United States
dollar.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: -24px;"><font style="font-size: 13px; font-family: Times New Roman">(9)
NIS</font></div>
</td>
<td style="vertical-align: top; width: 5%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#x2013;</font></div>
</td>
<td style="vertical-align: top; width: 78%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The New Israeli
Shekel.</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-276</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
2 - Basis for Financial Statement Preparation</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">A.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Declaration
of compliance with International Financial Reporting Standards
(IFRS)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The consolidated
financial statements have been prepared in accordance with
International Financial Reporting Standards (IFRS) as issued by the
- International Accounting Standards Board
(IASB).<br></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The consolidated
financial statements were authorized for issue by the
Company&#x2019;s Board of Directors on October 31,
2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">B.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Basis
of measurement</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The consolidated
financial statements have been prepared on the historical cost
basis except for the following assets and liabilities:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x2013;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Financial
instruments, derivative and other assets and liabilities measured
at fair value through profit and loss.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x2013;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Inventory measured
at the lower of cost or net realizable value.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x2013;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Deferred tax assets
and liabilities.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x2013;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Provisions.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x2013;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Assets and
liabilities relating to employee benefits.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x2013;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Investments in
associated companies and joint ventures.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">For additional
information regarding the measurement of these assets and
liabilities see Note&#xA0;3 &#x2013; Significant Accounting
Policies.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">C.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Use
of estimates and judgment</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The preparation of
financial statements in accordance with IFRS requires management to
use judgments, estimates and assumptions that affect the
implementation of the accounting policies and the reported amounts
of assets, liabilities, income and expenses. Actual results may
differ from these estimates.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The preparation of
accounting estimates used in the preparation of the Group&#x2019;s
financial statements requires the Company&#x2019;s management to
make assumptions regarding circumstances and events that involve
considerable uncertainty. Management of the Company prepares the
estimates on the basis of past experience, various facts, external
circumstances, and reasonable assumptions according to the
pertinent circumstances to each estimate.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Estimates and
underlying assumptions are reviewed on an ongoing basis. Revisions
to accounting estimates are recognized in the period in which the
estimates are revised and in any future periods
affected.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-277</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
2 - Basis for Financial Statement Preparation
(cont&#x2019;d)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">C.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Use
of estimates and judgment (cont&#x2019;d)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Information
regarding assumptions made by the Group with respect to the future
and other significant reasons for uncertainty with respect to the
estimates, that have a significant risk that they may result in a
material adjustment to the carrying amounts of assets and
liabilities in the next financial year, is included in the
following notes:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Contingent
liabilities &#x2013; when assessing the possible outcomes of legal
claims filed against the Company and its investee companies, the
company positions are based on the opinions of their legal
advisors. These assessments by the legal advisors are based on
their professional judgment, considering the stage of the
proceedings and the legal experience accumulated regarding the
various matters. Since the results of the claims will be determined
by the courts, the outcomes could be different from the
assessments.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In addition to the
said claims, the Group is exposed to unasserted claims, inter alia,
where there is doubt as to interpretation of the agreement and/or
legal provision and/or the manner of their implementation. This
exposure is brought to the Company&#x2019;s attention in several
ways, among others, by means of contacts made to Company personnel.
In assessing the risk deriving from the unasserted claims, the
Company relies on internal assessments by the parties dealing with
these matters and by management, who weigh assessment of the
prospects of a claim being filed, and the chances of its success,
if filed. The assessment is based on experience gained with respect
to the filing of claims and the analysis of the details of each
claim. Naturally, in view of the preliminary stage of the
clarification of the legal claim, the actual outcome could be
different from the assessment made before the claim was
filed.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">For further
information regarding the Company&#x2019;s exposure to claims
&#x2013; see Note 19 regarding contingent liabilities.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Impairment of
assets &#x2013; the Company evaluates the need for recording a
provision for impairment of goodwill at least annually, on a fixed
date. In addition, each reporting date, the Company evaluates
whether events have occurred or whether there have been changes in
circumstances that indicate that impairment has occurred in one or
more of the other non-monetary assets. If there are signs of
impairment, an examination is made as to whether the amount at
which the investment in the asset is stated can be recovered from
the discounted cash flows expected from that asset and, if
necessary, an impairment provision is recorded up to the
recoverable amount. The discounted cash flows are calculated using
a pre-tax discount rate that represents the market's assessment of
the time value of money and the specific risks attributed to the
asset. Determination of the estimated cash flows is based on past
experience of this asset or similar assets, and the Company&#x2019;s
best assessment of the economic conditions that will prevail during
the remaining estimated useful life of the asset. Changes in the
Company&#x2019;s assessments, as noted, could lead to material
changes in the book value of the assets and the operating
results.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-278</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
2 - Basis for Financial Statement Preparation
(cont&#x2019;d)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">C.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Use
of estimates and judgment (cont&#x2019;d)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Estimated useful
life of intangible assets &#x2013; intangible assets that have a
defined useful life are amortized systematically over their
estimated useful life. The amortization period reflects the best
estimate of the period in which future economic benefits are
expected to accrue to the Company. Use of other assumptions could
lead to a different assessment of the estimated period in which
future economic benefits are expected to be received.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Allowance for
doubtful debts &#x2013; the Company&#x2019;s trade receivables are
stated net of an allowance for doubtful debts. The allowance for
doubtful debts is examined regularly by the Company&#x2019;s
management and is determined mostly according to familiarity with
the customer, its quality and the collateral amount the customer
provides. Changes in the assumptions used to calculate the
allowance could lead to material changes in the allowance
required.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Income taxes
&#x2013; the Company and Group companies are assessed for income tax
purposes in a large number of jurisdictions and, therefore, Company
management is required to use considerable judgment in determining
the total provision for taxes and attribution of income. Deferred
taxes are calculated at the tax rates expected to be in effect when
they are realized. Some of the Group companies create deferred tax
assets in respect of losses carried forward for tax purposes in
cases where it is expected to utilize these losses in the
foreseeable future. Changes in these assumptions could lead to
material changes in the book values of the tax assets and tax
liabilities and in the operating results.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">For additional
information regarding deferred taxes and taxes on income &#x2013;
see Note&#xA0;17.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Employee benefits
&#x2013; the Group&#x2019;s liabilities for long-term post-employment
and other benefits are calculated according to the estimated future
amount of the benefit to which the employee will be entitled in
consideration for his services during the current period and prior
periods. The benefit is stated at present value net of the fair
value of the plan&#x2019;s assets, based on actuarial assumptions.
Changes in the actuarial assumptions could lead to material changes
in the book value of the liabilities and in the operating
results.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">For additional
information regarding employee benefits &#x2013; see
Note&#xA0;18.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Derivative
financial instruments &#x2013; the Group enters into transactions in
derivative financial instruments for the purpose of hedging risks
related to foreign currency, inflationary risks and interest risks.
The derivatives are recorded at their fair value. The fair value of
derivative financial instruments is based on quotes from financial
institutions. The reasonableness of the quotes is examined by
discounting the future cash flows, based on the terms and time to
maturity of each contract, while using market interest rates of a
similar instrument as of the measurement date. Changes in the
assumptions and the calculation model could lead to material
changes in the fair value of the assets and liabilities and in the
operating results.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 72px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 36px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Inventories &#x2013;
inventories are measured in the financial statements at the lower
of cost or net realizable value. Net realizable value is an
estimate of the selling price in the ordinary course of business,
after deducting the estimated cost to complete and the costs
required to execute the sale. The selling price is estimated on the
basis of the expected selling price at the time of realization of
inventories. A reduction in the expected selling price could lead
to an impairment of the inventories.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-279</font></div>
</div>
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<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
2 - Basis for Financial Statement Preparation
(cont&#x2019;d)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">D.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Immaterial
adjustment of the comparative figures</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">During the first
quarter of 2015, an immaterial error was found in calculation of
the unrealized income in respect of inventory sold between the
Group&#x2019;s subsidiaries. The impact of the correction on the
comparative figures is in the following items: retained earnings,
in the amount of $7.4&#xA0;million, constituting 0.7% of the
retained earnings as previously report, inventory, in the amount of
$10.4&#xA0;million, and deferred tax assets, in the amount of $3
million.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
3 - Significant Accounting Policies</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The accounting
policies set out below have been applied consistently for all
periods presented in these consolidated financial statements, and
have been applied consistently by Group entities. In this Note,
matters have been marked in bold with respect to which the Group
has chosen accounting alternatives permitted in the accounting
standards.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">A.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Basis
for Consolidation</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(1)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; text-decoration: underline; font-size: 13px; font-family: Times New Roman">
Business combinations</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Group applies
the acquisition method with respect to all business combinations.
The acquisition date is the date on which the acquirer obtains
control over the acquiree. Control exists where the Group is
exposed or has rights to variable returns from its involvement with
the acquiree and it has the ability to affect those returns through
its power over the acquiree. Substantive rights held by the Group
and others are taken into account when assessing
control.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Group
recognizes goodwill on acquisition according to the fair value of
the consideration transferred including any amounts recognized in
respect of non-controlling interests in the acquiree as well as the
fair value on the acquisition date of any pre-existing equity right
of the Group in the acquiree, less the net amount attributed in the
acquisition to the identifiable assets acquired and the liabilities
assumed.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On the acquisition
date, the Group recognizes a contingent liability assumed in a
business combination if there is a present obligation resulting
from past events and its fair value can be reliably
measured.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The consideration
transferred includes the fair value of any contingent
consideration. After the acquisition date, the Group recognizes
changes in the fair value of contingent consideration classified as
a financial liability in profit or loss.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-280</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
3 - Significant Accounting Policies (cont&#x2019;d)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">A.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Basis
for Consolidation (cont&#x2019;d)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(1)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold; text-decoration: underline">Business
combinations</font><font style="text-decoration: underline">&#xA0;</font><font style="font-weight: bold">(cont&#x2019;d)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Costs associated
with the acquisition incurred by the acquirer in the business
combination, such as, legal, valuation and other professional or
consulting fees, are recognized as an expense in the period in
which the services are received.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(2)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; text-decoration: underline; font-size: 13px; font-family: Times New Roman">
Subsidiaries</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Subsidiaries are
entities that are controlled by the Company. The financial
statements of the subsidiaries are included in the consolidated
financial statements from the date control was acquired and up to
the date control ceases to exist. The accounting policies of the
subsidiaries have been changed where necessary to align them with
the accounting policies adopted by the Group.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(3)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; text-decoration: underline; font-size: 13px; font-family: Times New Roman">
Transactions eliminated on consolidation</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Intercompany
balances within the Group and unrealized income and expenses
derived from intercompany transactions are eliminated as part of
the preparation of the consolidated financial
statements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(4)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; text-decoration: underline; font-size: 13px; font-family: Times New Roman">
Structured entities</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Group operates
with a structured entity for purposes of securitization trade
receivables. The Group does not have any direct or indirect holding
in the shares of that entity. The structured entity, which was
established for purposes of securitization of such trade
receivables, was included in the consolidated financial statements
when the Group had control over the entity per its definition is in
Paragraph (1) above.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(5)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; text-decoration: underline; font-size: 13px; font-family: Times New Roman">
Investment in associated associates and joint ventures</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Associates are
those companies in which the Group has significant influence over
the financial and operating policies, but where control or joint
control over them has not been achieved. There is a rebuttable
presumption whereby a holding at the rate of 20% to&#xA0;50% in the
investee entity confers significant influence. When examining the
existence of significant influence, account is taken of potential
voting rights that may be exercised or converted immediately for
shares of the investee company.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Joint ventures are
joint arrangements wherein the Group has rights in the
arrangement&#x2019;s net assets.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Investments in
associates and joint arrangements are accounted for using the
equity method of accounting and are initially recognized at cost.
The cost of the investment includes transaction costs. The
consolidated financial statements include the Group&#x2019;s share
in the revenues and expenses in the income or loss and other
comprehensive income of investee companies accounted for using the
equity method of accounting, from the date on which the significant
influence or joint control exists until the date that significant
influence or joint control ceases.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-281</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
3 - Significant Accounting Policies (cont&#x2019;d)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">A.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Basis
for Consolidation (cont&#x2019;d)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(6)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; text-decoration: underline; font-size: 13px; font-family: Times New Roman">
Non-controlling interests</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Non-controlling
interests constitute the equity of a subsidiary that cannot be
attributed, directly or indirectly, to the parent
company.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Measurement of non-controlling interests on the date of the
business combination</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Non-controlling
interests which are instruments that confer a present ownership
interest and entitle their holders to a share of net assets in the
event of liquidation (for example: ordinary shares), are measured
at the date of the business combination at their proportionate
interest in the identifiable assets and liabilities of the
acquiree.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Allocation of profit or loss and other comprehensive income to the
shareholders</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Profit or loss and
any component of other comprehensive income are allocated to the
owners of the Company and to the non-controlling interests. The
total profit or loss and other comprehensive income is allocated to
the owners of the Company and to the non-controlling interests even
if as a result the balance of the non-controlling interests will be
negative.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Transactions with non-controlling interests, while retaining
control</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Transactions with
holders of non-controlling interests while retaining control are
accounted for as equity transactions. <font style="font-weight: bold">Any difference between the consideration paid
or received and the change in the non-controlling interests is
recognized in the owners&#x2019; share in the equity of the Company
directly in a capital reserve.</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">For
an increase in the holding rate, the amount of the adjustment to
the non-controlling interests is calculated according to the
proportionate share acquired from the balance of the
non-controlling interests in the consolidated financial statements
prior to the transaction.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Furthermore, when
the holding rate of the subsidiary changes, while retaining
control, the Group re-attributes the accumulated amounts that were
recognized in other comprehensive income to the owners of the
Company and the non-controlling interests.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Issuance of a put option to non-controlling interests</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">A put option issued
by the Group to holders of non-controlling interests that is
settled in cash or another financial instrument is recognized as a
liability at the present value of the exercise price. In subsequent
periods, changes in the value of the liability in respect of a put
option issued commencing from January 1, 2010 are recognized in
profit or loss according to the effective interest method. Changes
in re-measurements of liabilities in respect of a put option issued
by the Group to holders of non-controlling interests before January
1, 2010, continue to be recognized in goodwill and are not
recognized in profit or loss. <font style="font-weight: bold">The
Group&#x2019;s share of a subsidiary&#x2019;s profits includes the
share of the holders of the non-controlling interests to which the
Group issued a put option, even where the non-controlling interests
have access to the returns arising from the interests in the
subsidiary.</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Dividends
distributed to holders of non-controlling interests in a subsidiary
that hold a put option are recognized in equity.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-282</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
3 - Significant Accounting Policies (cont&#x2019;d)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">A.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Basis
for Consolidation (cont&#x2019;d)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman"><font style="font-size: 16px">(</font>7)&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold; text-decoration: underline">Loss of
contro</font><font style="font-weight: bold">l</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Upon the loss of
control, the group derecognizes the assets and liabilities of the
subsidiary, any non-controlling interests and other components of
equity related to the subsidiary.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">B.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Functional
currency and presentation currency</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(1)&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; text-decoration: underline; font-size: 13px; font-family: Times New Roman">
General</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">These consolidated
financial statements are presented in Dollar, which is the
Group&#x2019;s functional currency. The Dollar is the currency that
represents the principal economic environment in which the Group
operates.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(2)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; text-decoration: underline; font-size: 13px; font-family: Times New Roman">
Foreign currency transactions</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Transactions in
foreign currency are translated into the Group&#x2019;s functional
currency according to the exchange rate in effect on the
transaction dates. Monetary assets and liabilities denominated in
foreign currency on the reporting date are translated into the
functional currency according to the exchange rate prevailing on
that date. Exchange rate differences in respect of monetary items
are the difference between the amortized cost in the functional
currency at the beginning of the year, adjusted for the effective
interest and for payments during the period, and the amortized cost
in foreign currency translated according to the exchange rate at
the end of the period. Exchange rate differences are recognized
directly in &#x201C;financing expenses&#x201D; in the consolidated
statement of income.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Non-monetary items
denominated in foreign currency and measured based on historical
cost are translated using the exchange rate in effect on the date
of the transaction.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(3)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; text-decoration: underline; font-size: 13px; font-family: Times New Roman">
Foreign Operations</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The assets and
liabilities of foreign operations, including goodwill and
adjustments to fair value recorded at acquisition, are translated
into Dollars according to the exchange rates prevailing on the date
of the report. Income and expenses of foreign operations are
translated into Dollars according to the exchange rates that were
in effect on the dates of the transactions.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Foreign currency
differences in respect of the translation are recognized in other
comprehensive income and are presented in equity as part of capital
reserve.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">When a foreign
operation is a subsidiary that is not wholly owned by the Company,
the proportionate share of the foreign currency differences in
respect of the foreign operations is allocated to the
non-controlling interests.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">When a foreign
operation is disposed of such that control, significant influence
or joint control is lost, the cumulative amount in the Translation
Reserve related to that foreign operation is reclassified to profit
or loss as a part of the gain or loss on the disposal.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Generally, exchange
rate differences in respect of loans received from or provided to
foreign operations, including foreign operations that are
subsidiaries, are recognized in profit and loss in the consolidated
financial statements. Where settlement of loans received from or
provided to the foreign operations is not planned and is not
expected in the foreseeable future, gains and losses from exchange
rate differences deriving from these monetary items are included as
part of a net investment in the foreign operations, are recognized
in other comprehensive income, and are presented within equity as
part of the Translation Reserve.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-283</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
3 - Significant Accounting Policies (cont&#x2019;d)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">C.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Financial
Instruments</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1)&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Non-derivative
financial instruments</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="text-decoration: underline; font-size: 13px; font-family: Times New Roman">
Initial recognition of financial assets</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Group initially
recognizes loans and receivables and deposits on the date that they
are created. All other financial assets acquired in a regular way
purchase, including assets designated at fair value through profit
or loss, are recognized initially on the trade date on which the
Group becomes a party to the contractual provisions of the
instrument, meaning on the date the Group undertook to purchase the
asset. Non-derivative financial instruments include trade and other
receivables and cash and cash equivalents.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="text-decoration: underline; font-size: 13px; font-family: Times New Roman">
Derecognition of financial assets</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financial assets
are derecognized when the contractual rights of the Group to the
cash flows deriving from the financial asset expire, or the Group
transfers the rights to receive the contractual cash flows deriving
from the financial asset in a transaction in which all the risks
and rewards of ownership of the financial asset are effectively
transferred.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Regular way sales
of financial assets are recognized on the trade date, meaning on
the date the Group undertook to sell the asset.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="text-decoration: underline; font-size: 13px; font-family: Times New Roman">
Classification of financial assets into categories and the
accounting treatment of each category</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Loans and receivables</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Loans and
receivables are non-derivative financial assets with fixed or
determinable payments that are not quoted in an active market. Such
assets are recognized initially at fair value plus any directly
attributable transaction costs. Subsequent to the initial
recognition, loans and other receivables are measured at amortized
cost using the effective interest method, less any impairment
losses. Loans and receivables include cash and cash equivalents and
trade and other receivables.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cash and cash
equivalents include cash balances available for immediate use and
call deposits. Cash equivalents include highly-liquid short-term
investments having original maturities of up to three months, that
are readily convertible into known amounts of cash, and which are
exposed to insignificant risk of changes in value.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="text-decoration: underline; font-size: 13px; font-family: Times New Roman">
Offset of financial assets and liabilities</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">A financial asset
and a financial liability are offset and the amounts are presented
net in the statement of financial position when the Group has a
currently enforceable legal right to offset the amounts and intends
to settle the asset and the liability on a net basis or to realize
the asset and settle the liability concurrently.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-284</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
3 - Significant Accounting Policies (cont&#x2019;d)</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">C.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Financial
Instruments (cont&#x2019;d)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(2)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Non-derivative
financial liabilities</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Non-derivative
financial liabilities include bank overdrafts, loans and borrowings
from banks and others, marketable debt instruments, finance lease
liabilities and trade and other payables.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="text-decoration: underline; font-size: 13px; font-family: Times New Roman">
Initial recognition of financial liabilities</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Group initially
recognizes debt instruments issued on the date that they are
issued. All other financial liabilities are recognized initially on
the trade date on which the Group becomes a party to the
contractual provisions of the instrument.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financial
liabilities are recognized initially at fair value less any
directly attributable transaction costs. Subsequent to the initial
recognition, financial liabilities are measured at amortized cost
using the effective interest method.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="text-decoration: underline; font-size: 13px; font-family: Times New Roman">
Derecognition of financial liabilities</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financial
liabilities are derecognized when the obligation of the Group, as
specified in the agreement, expires or when it is settled or
cancelled.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(3)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Derivative
financial instruments, including hedge accounting</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Group uses
derivative financial instruments to hedge its risks related to
foreign currency, inflation and interest rates and derivatives that
are not used for hedging.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Hedge accounting</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On the commencement
date of the accounting hedge, the Group formally documents the
relationship between the hedging instrument and hedged item,
including the Group&#x2019;s risk management objectives and strategy
in executing the hedge transaction, together with the methods that
will be used by the Group to assess the effectiveness of the
hedging relationship.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Group makes an
assessment, both at the inception of the hedge relationship as well
as on an ongoing basis, whether the hedge is expected to be
&#x201C;highly effective&#x201D; in offsetting the changes in the
fair value of cash flows that can be attributed to the hedged risk
during the period for which the hedge is designated, and whether
the actual results of each hedge are within a range of 80&#x2013;125
percent.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">With respect to a
cash-flow hedge, a forecasted transaction that constitutes a hedged
item must be highly probable and must give rise to exposure to
changes in cash flows that could ultimately affect profit or
loss.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="text-decoration: underline; font-size: 13px; font-family: Times New Roman">
Measurement of derivative financial instruments</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Derivative
financial instruments are recognized initially at fair value;
attributable transaction costs are recognized in profit or loss as
incurred.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-285</font></div>
</div>
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<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
3 - Significant Accounting Policies (cont&#x2019;d)</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">C.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Financial
Instruments (cont&#x2019;d)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(3)&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Derivative
financial instruments, including hedge accounting
(cont&#x2019;d)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Measurement of derivative financial
instruments</font> (cont&#x2019;d)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Subsequent to the
initial recognition, changes in the fair value of derivatives used
to hedge cash flows are recognized through other comprehensive
income directly in a hedging reserve, with respect to the part of
the hedge that is effective. Regarding the portion of the hedge
that is not effective, the changes in fair value are recognized in
profit and loss. The amount accumulated in the hedging reserve is
reclassified to profit and loss in the period in which the hedged
cash flows impact profit or loss and is presented in the same line
item in the statement of income as the hedged item.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">If the hedging
instrument no longer meets the criteria for hedge accounting,
expires or is sold, terminated or exercised, the hedge accounting
is discontinued. The cumulative gain or loss previously recognized
in a hedging reserve through other comprehensive income remains in
the reserve until the forecasted transaction occurs or is no longer
expected to occur. If the forecasted transaction is no longer
expected to occur, the cumulative gain or loss in respect of the
hedging instrument in the hedging reserve is reclassified to profit
or loss.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Economic hedge</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Hedge accounting is
not applied with respect to derivative instruments used to
economically hedge financial assets and liabilities denominated in
foreign currency or CPI linked. Changes in the fair value of such
derivatives are recognized in profit or loss as financing income or
expenses.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Derivatives that are not used for hedging</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Changes in the fair
value of derivatives that are not used for hedging are recognized
in profit or loss as financing income or expenses.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(4)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">CPI-linked
assets and liabilities not measured at fair value</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The value of
CPI-linked financial assets and liabilities that are not measured
according to fair value are revalued in every period, according to
the actual rate of increase/decrease in the CPI.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(5)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Share
capital</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Ordinary shares</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Ordinary shares are
classified as equity. Incremental costs directly attributable to
the issuance of ordinary shares and options for shares are
recognized as a deduction from equity.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Incremental costs
directly attributable to an expected issuance of an instrument that
will be classified as an equity instrument are recognized as an
asset in deferred expenses in the statement of financial position.
The costs are deducted from the equity upon the initial recognition
of the equity instruments, or are deducted as financing expenses in
the statement of income when the issuance is no longer expected to
take place.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Treasury shares</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">When share capital
recognized in equity is repurchased by the Group, the amount of the
consideration paid, including direct costs, net of the tax effect,
is deducted from equity and classified as treasury shares.
<font style="font-weight: bold">Upon cancellation of the treasury
shares, the amount of the consideration paid for them is deducted
from the capital reserves.</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-286</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
3 - Significant Accounting Policies (cont&#x2019;d)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">D.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Fixed
assets</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Recognition
and measurement</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Fixed-asset items are measured at cost less
accumulated depreciation and accrued impairment losses.</font> Cost
includes expenditures that can be directly attributed to purchase
of the asset. The cost of self-constructed assets includes the cost
of the materials and direct labor costs, as well as additional
costs that are directly attributable to bringing the asset to the
position and condition necessary for it to function as management
intended, as well as an estimate of the costs to dismantle and
remove the item, to restore its location and capitalized borrowing
costs. The cost of purchased software, which is an integral part of
operating the related equipment, is recognized as part of the cost
of such equipment.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Spare parts,
servicing equipment and stand-by equipment are classified as fixed
assets when they meet the definition of fixed assets in IAS 16;
otherwise, they are classified as inventory.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">When major parts of
a fixed asset item (including costs of major periodic inspections)
have different useful lives, they are accounted for as separate
items (major components) of fixed assets.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Changes in the
obligation to dismantle and remove the items and to restore the
site on which they are located, other than changes deriving from
the passing of time, are added to or deducted from the cost of the
asset in the period in which they occur. The amount deducted from
the cost of the asset shall not exceed the balance of the carrying
amount, and any balance is recognized immediately in profit or
loss.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The gain or loss
from disposal of a fixed-asset item is determined by comparing the
consideration from disposal of the asset to its book value, and is
recognized net in the &#x201C;other income&#x201D; or &#x201C;other
expenses&#x201D; items, as applicable, in the statement of
income.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(2)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Subsequent
costs</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The cost of
replacing part of a fixed-asset item and other subsequent expenses
are recognized if it is probable that the future economic benefits
associated with them will flow to the Group and if their cost can
be measured reliably. The carrying amount of the replaced part of a
fixed asset item is derecognized. Current maintenance costs of
fixed-asset items are recognized in profit or loss as
incurred.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(3)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Depreciation</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Depreciation is a
systematic allocation of the depreciable amount of an asset over
its useful life. The depreciable amount is the cost of the asset,
or other amount substituted for cost, less its residual
value.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">An asset is
depreciated from the date it is ready for use, meaning the date it
reaches the location and condition required for it to operate in
the manner intended by management.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-287</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
3 - Significant Accounting Policies (cont&#x2019;d)</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">D.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Fixed
Assets (cont&#x2019;d)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">(3)</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Depreciation</font> <font style="font-weight: bold">(cont&#x2019;d)</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Depreciation is
recognized in profit or loss on a straight-line basis over the
estimated useful lives of each part of every fixed-asset item,
since this most closely reflects the expected pattern of
consumption of the future economic benefits embodied in the asset.
Freehold land are not depreciated.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 144px; margin-right: 0px; text-indent: -36px;"><font style="font-size: 13px; font-family: Times New Roman">The estimated
useful life for the current period and comparative periods is as
follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 52%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Buildings</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">25&#x2013;50
years</font></div>
</td>
<td style="vertical-align: top; width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 52%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Facilities and
equipment</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">22
years</font></div>
</td>
<td style="vertical-align: top; width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 52%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Furniture,
equipment and accessories</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7&#x2013;17
years</font></div>
</td>
<td style="vertical-align: top; width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#x2013; mainly 14
years</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 52%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Motor
vehicles</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5&#x2013;7
years</font></div>
</td>
<td style="vertical-align: top; width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 52%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Computers and
auxiliary equipment</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3&#x2013;5
years</font></div>
</td>
<td style="vertical-align: top; width: 31%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The estimates
regarding the depreciation method, useful lives and residual values
are reviewed at least at the end of each reporting year and
adjusted where necessary.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">E.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Intangible
Assets</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Goodwill</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Goodwill that
arises upon the acquisition of subsidiaries is presented as part of
intangible assets. For information regarding measurement of
goodwill upon initial recognition &#x2013; see Paragraph&#xA0;A(1)
of this Note.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In subsequent
periods, goodwill is measured at cost less accrued impairment
losses.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Research
and development</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Expenditures
related to research activities undertaken for the purpose of
acquiring know-how and new scientific or technical knowledge are
recognized in profit and loss as incurred.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Development
activities relate to a plan for the production of new products or
processes or significant improvement of existing products or
processes. Expenditures for development activities are recognized
as an intangible asset only if: it is possible to reliably measure
the development costs; it is technically and commercially possible
to implement the product or process; future economic benefit is
expected from the product and the Group has intentions and
sufficient resources to complete development of the asset and then
use or sell it. The expenditures capitalized in respect of
development activities include the cost of materials and overhead
expenses that can be directly attributed to preparing the asset for
its intended use. Other costs for development activities are
recognized in profit and loss as incurred.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In subsequent
periods, capitalized development costs are measured at cost less
accumulated amortization and accrued impairment
losses.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-288</font></div>
</div>
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<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
3 - Significant Accounting Policies (cont&#x2019;d)</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">E.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Intangible
Assets (cont&#x2019;d)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Other
intangible assets</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other intangible
assets that are acquired by the Group, which have finite useful
lives, are measured at cost less accumulated amortization and
accrued impairment losses.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">4.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Subsequent
costs</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Subsequent costs
are recognized as an intangible asset only where they increase the
future economic benefit embodied in the asset in respect of which
they were expended. All other costs are recognized in profit or
loss as incurred.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">5.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Amortization</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Amortization is a
systematic allocation of the amortizable amount of an intangible
asset over its useful life. The amortizable amount is the cost of
the asset, less its residual value.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Amortization is
recognized in profit or loss on a straight-line basis over the
estimated useful lives of the intangible assets from the date they
are available for use, since this method most closely reflects the
expected pattern of consumption of the future economic benefits
embodied in the asset. Goodwill that has an indefinite useful life
is not systematically amortized but is tested at least once a year
for impairment.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Intangible assets
generated within the Group are not systematically amortized as long
as they are not available for use, i.e. they are not yet in the
condition required in order that they will be able to be used as
intended by Management.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The estimated
useful life for the current period and comparative periods is as
follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 108px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 36px">
<font style="font-size: 13px; font-family: Times New Roman">&#x25CF;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Product
registration &#x2013; mainly 8 years.</font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 108px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 36px">
<font style="font-size: 13px; font-family: Times New Roman">&#x25CF;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Intangible assets
on purchase of products &#x2013; mainly 20 years.</font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 108px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 36px">
<font style="font-size: 13px; font-family: Times New Roman">&#x25CF;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Marketing rights
&#x2013; 5 to 10 years.</font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 108px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 36px">
<font style="font-size: 13px; font-family: Times New Roman">&#x25CF;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Rights to use
trademarks &#x2013; mainly 4 years.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Registration costs
incurred for products that can be identified and separated, and
which in the Company&#x2019;s estimation will produce future
economic benefit, are recognized as an asset in the
&#x201C;intangible assets&#x201D; category and are amortized over the
period of economic benefit they are expected to
provide.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The amortization
methods, useful lives and residual values are reviewed at least at
the end of each reporting year and are adjusted where
necessary.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Group examines
the estimated useful life of an intangible asset that is not
amortized (goodwill) in every reporting year, in order to determine
if the events and circumstances continue to support the
determination that the intangible asset has an indeterminate
lifespan.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-289</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
3 - Significant Accounting Policies (cont&#x2019;d)</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">F.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Leased
Assets</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Leases, including
leases of lands from Israel Lands Administration or from other
third parties, wherein the Group assumes substantially all the
risks and rewards of ownership of the asset are classified as
financing leases. Upon initial recognition, the leased asset is
measured at an amount equal to the lower of its fair value and the
present value of the future minimum lease payments. Future payments
for exercising an option to extend the lease from Israel Lands
Administration are not recognized as part of the asset and the
corresponding liability since they constitute contingent lease
payments that are derived from the fair value of the land on the
future renewal dates of the lease agreement. Subsequent to the
initial recognition, the asset is accounted for in accordance with
the accounting policy applicable to that asset.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other leases are
classified as operating leases when the leased assets are not
recognized in the financial report of the group. Operating lease
payments are recorded in profit or loss over the lease
term.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In a lease of land
and buildings, the land and buildings components are examined
separately for purposes of classifying the lease, where a
significant consideration in classification of the land component
is the fact that land normally has an indefinite useful
life.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">G.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Inventory</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Inventory is
measured at the lower of cost or net realizable value. <font style="font-weight: bold">The cost of the inventories of raw materials,
packaging materials, spare parts, maintenance materials and
purchased materials is determined according to a weighted-average
formula</font>, which includes the costs of acquiring the inventory
and bringing it to its current location and condition. The cost of
finished products and of products in process is determined on the
basis of average production costs, including materials, labor and
factory expenses. The cost includes the allocable part of the
production overhead, based on normal capacity. Net realizable value
is the estimated selling price during the ordinary course of
business, after deduction of the estimated completion costs and the
estimated costs required to execute the sale.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Long-term inventory
is inventory the Company expects to realize in a period of more
than the upcoming 12 months.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">H.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Capitalization
of Borrowing Costs</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The costs of
specific and non-specific borrowing are capitalized to qualified
assets during the period required for completion and construction
until they are ready for their intended use. Non-specific borrowing
costs were capitalized in the same manner to the investment in
qualified assets or to the part thereof that was not financed by
specific borrowing, using an interest rate that is the
weighted-average of the cost rates for those borrowing sources, the
cost of which was not capitalized specifically. Other borrowing
costs are recorded in profit and loss as incurred.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">I.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Impairment</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Non-derivative
financial assets</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">A financial asset
not presented at fair value through profit or loss is tested for
impairment when objective evidence exists indicating that a loss
event has occurred after the initial recognition of the asset, and
that the loss event had a negative effect on the estimated future
cash flows of that asset that can be reliably
estimated.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-290</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
3 - Significant Accounting Policies (cont&#x2019;d)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">I.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Impairment
(cont&#x2019;d)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Non-derivative
financial assets (cont&#x2019;d)</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Group assesses
evidence of impairment of trade receivables at both individual
asset and collective levels. Trade receivables that are
individually significant are reviewed specifically for impairment.
These trade receivables for which no specific impairment has been
identified are grouped together and then collectively assessed for
any impairment that has occurred and has not yet been identified.
Regarding trade receivables that are not individually significant,
collective testing for impairment is carried out by grouping them
in accordance with similar risk characteristics.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">All impairment
losses are recorded in profit or loss.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Reversal of impairment loss</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">An impairment loss
is reversed if the reversal can be related objectively to an event
that occurred after the impairment loss was recognized. For
financial assets measured at amortized cost the reversal is
recognized in profit or loss.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Non-financial
assets</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Timing of impairment testing</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The carrying
amounts of the Group&#x2019;s non-financial assets, other than
inventories and deferred tax assets, are reviewed at each reporting
date to determine whether there are indications of impairment. If
such indications exist, the asset&#x2019;s recoverable amount is
calculated. Once a year and on the same date, or more frequently if
there are indications of impairment, the Group estimates the
recoverable amount of each cash-generating unit that contains
goodwill, or intangible assets that have indefinite useful lives or
are unavailable for use.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Determining cash-generating units</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">For purposes of
impairment testing, assets that cannot be tested individually are
grouped together into the smallest group of assets that generates
cash inflows from continuing use that are largely independent of
the cash inflows of other assets or groups of assets
(&#x201C;cash-generating unit&#x201D;).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Measurement of recoverable amount</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The recoverable
amount of an asset or cash-generating unit is the greater of its
value in use and its fair value less costs to sell. In assessing
value in use, the estimated future cash flows are discounted to
their present value using a pre-tax discount rate that reflects
current market assessments of the time value of money and the
specific risks attributed to the asset or cash-generating unit, for
which the estimated future cash flows expected to derive from the
asset or cash-generating unit were not adjusted.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Allocation of goodwill to cash-generating units</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Subject to an
operating segment ceiling test (before the aggregation of similar
segments), for purposes of goodwill impairment testing,
cash-generating units to which goodwill has been allocated are
aggregated so that the level at which the goodwill impairment
testing is performed reflects the lowest level at which goodwill is
monitored for internal reporting purposes. In cases where goodwill
is not monitored for internal reporting purposes, it is allocated
to operating segments (before the aggregation of similar segments)
and not to a cash-generating unit (or group of cash-generating
units) lower in level than an operating segment.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Goodwill acquired
in a business combination is allocated to cash-generating units,
including those existing in the Group before the business
combination, that are expected to benefit from synergies of the
combination.</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-291</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
3 - Significant Accounting Policies (cont&#x2019;d)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">I.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Impairment
(cont&#x2019;d)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Non-financial
assets (cont&#x2019;d)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Recognition of impairment loss</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Impairment losses
are recognized if the carrying amount of an asset or the
cash-generating unit exceeds its estimated recoverable amount and
such losses are recognized in profit and loss. Regarding
cash-generating units that include goodwill, an impairment loss is
recognized when the carrying amount of the cash-generating unit,
after gross-up of the goodwill, exceeds its recoverable amount.
Impairment losses recognized in respect of cash-generating units
are allocated first to reduce the carrying amount of any goodwill
allocated to these units and then to reduce the carrying amounts of
the other assets in the cash-generating unit, on a pro rata
basis.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Reversal of impairment loss</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">An impairment loss
in respect of goodwill is not reversed. In respect of other assets,
for which impairment losses were recognized in prior periods, at
every reporting date an examination is made as to whether there are
indications that the losses have decreased or no longer exist. An
impairment loss is reversed if there has been a change in the
estimates used to determine the recoverable amount, but only to the
extent that the asset&#x2019;s carrying amount does not exceed the
carrying amount that would have been determined, net of
depreciation or amortization, if no impairment loss had been
recognized.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Investments
in associates and joint ventures</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">An investment in an
associates and a joint venture is tested for impairment when
objective evidence indicates there has been a decline in
value.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Goodwill that
constitutes part of the carrying amount of an investment in an
associated company or joint venture is not recognized as a separate
asset and, therefore, is not tested for impairment
separately.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">If objective
evidence indicates that the value of the investment may have been
impaired, the Group estimates the recoverable amount of the
investment, which is the greater of its value in use and its net
selling price. In assessing value in use of an investment in an
associated company or joint venture, the Group either estimates its
share of the present value of the estimated future cash flows that
are expected to be generated by the associate or joint venture,
including cash flows from operations of the associate or joint
venture and the consideration from the final realization of the
investment, or estimates the present value of the estimated future
cash flows that are expected to be derived from dividends that will
be received and from the final disposal.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-292</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
3 - Significant Accounting Policies (cont&#x2019;d)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">J.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Employee
Benefits</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Post-employment
benefits</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Group has a
number of post-employment benefit plans. The plans are generally
funded by deposits with insurance companies or in funds managed by
a trustee, and they are classified either as defined contribution
plans or as defined benefit plans.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 108px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">a.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="text-decoration: underline; font-size: 13px; font-family: Times New Roman">
Defined contribution plans</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 156px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">A defined
contribution plan is a post-employment benefit plan under which the
Group pays fixed contributions to a separate entity and has no
legal or constructive obligation to pay further amounts.
Obligations for contributions to defined contribution plans are
recognized as an expense in profit or loss in the periods during
which related services are rendered by employees.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 108px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">b.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="text-decoration: underline; font-size: 13px; font-family: Times New Roman">
Defined benefit plans</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 156px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">A defined benefit
plan is a post-employment benefit plan other than a defined
contribution plan. The Group&#x2019;s net obligation, in respect of
defined benefit plans for post-employment benefits, is calculated
separately for each plan by estimating the future amount of the
benefit to which an employee will be entitled as compensation for
his services during the current and past periods. This benefit is
presented according to present value after deducting the fair value
of the plan assets. The Group determines the net interest on the
net defined benefit liability (asset) in respect of a defined
benefit by multiplying the net liability (asset) in respect of a
defined benefit by the discount rate used to measure the defined
benefit obligation as they were determined at the beginning of the
annual reporting period.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 156px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The discount rate
is determined according to the yield as of the date of the report
on high-quality, CPI-linked corporate debentures, which are
denominated in NIS and the maturity dates of which approximate the
terms of the Group&#x2019;s obligation. The calculations are
performed by a licensed actuary using the &#x201C;projected unit
credit method&#x201D;.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 156px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">When on the basis
of the calculations a net asset is created for the Group, the asset
is not recognized as an asset of the Group, since the Group is not
entitled to refunds or a reduction in future deposits.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 156px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Remeasurement of
the net defined benefit liability (assets) includes actuarial gains
and losses and the return on plan assets (excluding interest).
Remeasurements are recognized immediately, directly in retained
earnings through other comprehensive income.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 156px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Interest costs on a
defined benefit obligation and interest income on plan assets that
were recognized in profit or loss are presented under financing
income and expenses, respectively.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-293</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
3 - Significant Accounting Policies (cont&#x2019;d)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">J.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Employee
Benefits (cont&#x2019;d)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Other
long-term employee benefits</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Group&#x2019;s
net obligation for long-term employee benefits, which are not
attributable to post-employment benefit plans, is for the amount of
the future benefit to which employees are entitled for services
that were provided during the current and prior periods. The amount
of these benefits is discounted to its present value and the fair
value of the assets related to these obligations is deducted
therefrom. The discount rate is determined according to the yield
as of the date of the report on high-quality, CPI-linked corporate
debentures, which are denominated in NIS and the maturity dates of
which approximate the terms of the Group&#x2019;s obligation. The
calculations use the &#x201C;projected unit credit method&#x201D;
method. Actuarial gains and losses are recorded in income and loss
in the period in which they arise.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Termination
benefits</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Termination
benefits to employees are recognized as an expense when the Group
has clearly undertaken, with no real chance of cancellation, to
terminate employees before they reach the customary retirement age
according to a formal, detailed plan. The benefits given to
employees upon voluntary retirement are charged when the Group
proposes a plan to the employees encouraging voluntary retirement,
it is expected that the proposal will be accepted and the number of
employees that will accept the proposal can be reliably estimated.
If the benefits are payable more than 12 months after the end of
the reporting period, they are discounted to their present value.
The discount rate used is the yield on the reporting date on
highly-rated corporate debentures denominated in the same currency,
that have maturity dates approximating the terms of the
Group&#x2019;s obligation.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">4.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Short-term
benefits</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Obligations for
short-term employee benefits are measured on a non-discounted
basis, and the expense is recorded when the related service is
provided. A provision for short-term employee benefits in respect
of cash bonuses is recognized in the amount expected to be paid
where the Group has a current legal or constructive obligation to
pay the said amount for services provided by the employee in the
past and the amount can be estimated reliably.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Classification of
employee benefits for measurement purposes as short-term benefits
or as other long-term benefits is determined based on the
Company&#x2019;s forecast with respect to full settlement of the
benefits.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">5.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Share-based
payment transactions</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The fair value on
the date of grant of share-based payment awards granted to
employees is recognized as a salary expense, with a corresponding
increase in equity, over the period wherein unconditional
entitlement to the awards is obtained. The amount recognized as an
expense in respect of share-based payment awards that are
conditional upon meeting service and non-market performance
conditions is adjusted to reflect the number of awards that are
expected to vest.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-294</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
3 - Significant Accounting Policies (cont&#x2019;d)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">K.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Provisions</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">A provision is
recognized if, as a result of a past event, the Group has a present
legal or constructive obligation that can be estimated reliably and
it is probable that an outflow of economic benefits will be
required to settle the obligation.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Group
recognizes an indemnification asset if, and only if, it is
virtually certain that the indemnification will be received if the
Group settles the obligation. The amount recognized in respect of
the indemnification does not exceed the amount of the
provision.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Legal
claims</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">A provision for
claims is recognized if, as a result of a past event, the Group has
a present legal or constructive obligation and it is more likely
than not that the Group will be required to use its economic
resources to settle the obligation and the amount of obligation can
be reliably estimated. Where the impact of the time value is
material, the provision is measured at its present
value.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">L.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Revenues</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Sale
of goods</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Revenues from the
sale of goods in the ordinary course of business is measured at the
fair value of the consideration received or receivable, net of
returns, discounts and commercial and quantity discounts. Where the
credit period is short and constitutes the accepted credit in the
industry, the future consideration is not discounted.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In cases where the
credit period granted by the group exceeds the accepted credit
period in the industry, the Group recognizes the future
consideration at its present value, calculated using the credit
risk rate of the customer. The difference between the fair value
and the stated value of the proceeds is recognized as interest
income over the credit period.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Group
recognizes revenue when the significant risks and rewards from
ownership of the products are transferred to the buyer, receipt of
the proceeds is probable, it is possible to reliably estimate the
future returns, the costs that were incurred or will be incurred
for the transaction can be reliably estimated, management has no
ongoing involvement in the products sold and the revenue can be
reliably estimated.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">If it is expected
that a discount will be granted and its amount can be measured
reliably, the discount is deducted from the revenue from sale of
the goods.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Discounts to
customers that are conditional upon the customers&#x2019; compliance
with certain targets, such as minimal annual purchases, are
included in the financial statements as a deduction from revenue,
in proportion to the rate of compliance with the targets, only when
it is probable that the targets will be achieved and the amount of
the discount can be reasonably determined.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The timing of
transferring the risks and rewards changes according to the
specific terms of the sale contract. Regarding sales of products in
Israel, transfer of the risks and rewards generally exists when the
products arrive at the customer&#x2019;s warehouse, although
regarding certain international shipments the transfer occurs when
the products are loaded on the shipper&#x2019;s
transport&#xA0;vehicles.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-295</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
3 - Significant Accounting Policies (cont&#x2019;d)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">L.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Revenues
(cont&#x2019;d)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(2)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Commissions</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">When the Group acts
as an agent and not as a primary supplier, the revenue is
recognized in the amount of the net commission.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">M.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Financing
Income and Expenses</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financing income
includes interest income on funds invested, dividend income,
changes in the fair value of financial assets presented at fair
value through profit or loss, exchange rate gains and gains on
hedging instruments recognized in profit or loss. Interest income
is recognized as it is accrued, using the effective interest
method. Dividend income is recognized when the Group is given the
right to receive the payment.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financing expenses
include interest on loans received, changes in the time value of
provisions, changes in the fair value of contingent considerations
from a business combination, changes in the fair value of financial
assets presented at fair value through profit or loss, impairment
losses on financial assets (other than losses on trade receivables
that are presented as part of general and administrative expenses)
and losses from hedging instruments recognized in profit or loss.
Credit costs, which are not capitalized to qualifying assets, are
recognized in profit or loss using the effective interest
method.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">Exchange rate gains and losses in respect of
financial assets and liabilities are reported on a net
basis</font>.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Results of
derivatives transactions which are not used for hedging are
reported in net amounts.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">N.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Income
Taxes Expense</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Taxes on income
include current and deferred taxes. Current tax and deferred taxes
are recognized in profit or loss except to the extent that they
relate to a business combination, or are recognized directly in
equity or in other comprehensive income to the extent they relate
to items recognized directly in equity or in other comprehensive
income.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Current taxes</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Current tax is the
amount of tax expected to be paid (or received) on the taxable
income for the year, calculated using the applicable tax rates
based on the laws enacted or substantively enacted as of the date
of the report. Current taxes also include taxes in respect of prior
years.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Offset of current tax assets and liabilities</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Group offsets
current tax assets and liabilities if there is a legally
enforceable right to offset current tax liabilities and assets, and
intends either to settle the current tax liabilities and assets on
a net basis or to realize the asset and settle the liability
simultaneously.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-296</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
3 - Significant Accounting Policies (cont&#x2019;d)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">N.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Income
Taxes Expense (cont&#x2019;d)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Uncertain tax positions</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">A provision for
uncertain tax positions, including additional tax and interest
expenses, is recognized when it is more probable than not that the
Group will have to use its economic resources to settle the
obligation.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Deferred taxes</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Deferred taxes are
recognized in respect of temporary differences between the carrying
amounts of assets and liabilities for financial reporting purposes
and the amounts used for tax purposes. The Group does not recognize
deferred taxes for the following temporary
differences:</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 36px">
<font style="font-size: 13px; font-family: Times New Roman">&#x25CF;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">The initial
recognition of goodwill;</font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 36px">
<font style="font-size: 13px; font-family: Times New Roman">&#x25CF;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">The initial
recognition of assets and liabilities in a transaction that is not
a business combination and that affects neither accounting nor
taxable income; and</font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 36px">
<font style="font-size: 13px; font-family: Times New Roman">&#x25CF;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Differences
deriving from investments in subsidiaries, joint arrangements and
associates, to the extent that the Group is able to control the
timing of the reversal of the temporary differences and it is
probable that they will not reverse in the foreseeable future,
either by way of selling the investment or by way of distributing
dividends in respect of the investment.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Deferred taxes are
measured at the tax rates expected to apply to the temporary
differences when they are utilized, based on the laws that have
been enacted or substantively enacted as of the reporting
date.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">A deferred tax
asset is recognized in respect of tax loss carryforwards, tax
benefits and deductible temporary differences, where it is expected
that in the future there will be taxable income against which they
can be utilized. Deferred tax assets are reviewed at every
reporting date and to the extent it is not expected that the
related tax benefits will be realized, they are
reduced.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Deferred tax assets
that were not recognized are reevaluated at each reporting date and
recognized if it has become probable that future taxable profits
will be available against which they can be utilized.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">When calculating
the deferred taxes, taxes that would have applied in the event of
realizing investments in Subsidiaries were not taken into account
since it is the Company&#x2019;s intention to hold these investments
and not realize them.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Offset of deferred tax assets and liabilities</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Group offsets
deferred tax assets and liabilities if there is a legally
enforceable right to offset current tax liabilities and assets, and
they relate to the same taxable income taxed by the same tax
authority for the same taxable entity, or on different taxable
entities, where they intend to settle current tax assets and
liabilities on a net basis or their tax assets and liabilities will
be settled concurrently.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Additional tax on dividend distribution</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Group may be
required to pay additional tax in case of distribution of dividends
by the Group companies. This additional tax was not included in the
financial statements, since the policy of the Group is not to
distribute a dividend which creates an additional tax liability for
the recipient company in the foreseeable future.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Inter-company transactions</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Deferred tax in
respect of inter-company transactions in the consolidated financial
statements is recorded according to the tax rate applicable to the
procuring company.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<div id="ftr">
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<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-297</font></div>
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<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
3 - Significant Accounting Policies (cont&#x2019;d)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">O.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Government
Grants</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Grants received
from the Chief Scientist in respect of research and development
projects are treated as forgivable loans, according to IAS&#xA0;20.
Grants received from the Chief Scientist are recognized as
liabilities according to their fair value on the date the grants
were received unless it was reasonably certain on that date that
the amount received will not be repaid. The amount of the liability
is reexamined in each period and any changes in the present value
of the cash flows, discounted at the original interest rate of the
grant, are recognized in the profit or loss. The difference between
the amount received and the fair value on the date the grant is
received, is recognized as a reduction of research and development
expenses.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Grants that
compensate the Group for the cost of an asset <font style="font-weight: bold">are presented as a deduction from the related
assets</font> and are recognized in profit or loss on a systematic
basis over the useful life of the asset.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">P.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Segment
Reporting</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">An operating
segment is a component of the Group that meets the following three
conditions:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">1.&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">It engages in
business activities from which it may earn revenues and incur
expenses, including revenues and expenses that relate to
transactions between the Group companies;</font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">2.&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Its operating
results are reviewed regularly by the Group&#x2019;s chief operating
decision maker in order to make decisions regarding resources to be
allocated to the segment and to assess its performance;
and</font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">3.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Separate financial
information is available in respect thereof.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Q.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Environmental
Costs</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The current costs
for operation and maintenance of facilities for the prevention of
environmental pollution and projected provisions, for environmental
rehabilitation costs stemming from current or past activities, are
recorded in the statement of income. The costs of constructing
facilities to prevent environmental pollution, which increase the
life expectancy of a facility or its efficiency, or decrease or
prevent the environmental pollution, are added to the cost of the
fixed assets and are depreciated according to the Group&#x2019;s
regular depreciation policies.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">R.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">New
standards</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(A)&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IFRS
9 (2014), <font style="font-style: italic">Financial
Instruments</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">A final version of
the standard, which includes revised guidance on the classification
and measurement of financial instruments, and a new model for
measuring impairment of financial assets. This guidance has been
added to the chapter dealing with general hedge accounting
requirements issued in 2013.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-298</font></div>
</div>
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<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
3 - Significant Accounting Policies (cont&#x2019;d)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">R.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">New
standards (cont&#x2019;d)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(A)&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IFRS
9 (2014), <font style="font-style: italic">Financial
Instruments</font> (cont&#x2019;d)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Classification and measurement</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In accordance with
the standard, there are three principal categories for measuring
financial assets: amortized cost, fair value through profit and
loss and fair value through other comprehensive income. The basis
of classification for debt instruments is the entity&#x2019;s
business model for managing financial assets and the contractual
cash flow characteristics of the financial asset. Investments in
equity instruments will be measured at fair value through profit
and loss (unless the entity elected at initial recognition to
present fair value changes in other comprehensive
income).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The standard
requires that changes in fair value of financial liabilities
designated at fair value through profit or loss that are
attributable to changes in its credit risk, should usually be
recognized in other comprehensive income.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Hedge accounting &#x2013; general</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In accordance with
the standard, additional hedging strategies that are used for risk
management will qualify for hedge accounting. The standard replaces
the present 80%-125% test for determining hedge effectiveness, with
the requirement that there be an economic relationship between the
hedged item and the hedging instrument, without stipulating a
quantitative threshold. In addition, the standard introduces new
models that are alternatives to hedge accounting as regards credit
exposures and certain contracts outside the scope of the standard
and sets new principles for accounting for hedging instruments. In
addition, the standard provides new disclosure
requirements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Impairment of financial assets</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The standard
includes a new &#x2018;expected credit loss&#x2019; model for
calculating impairment. For most of the financial debt instruments,
the new model presents a dual measurement approach for impairment:
if the credit risk of a financial asset has not increased
significantly since its initial recognition, an impairment
provision will be recorded in the amount of the expected credit
losses that result from default events that are possible within the
twelve months after the reporting date. If the credit risk has
increased significantly, in most cases the impairment provision
will increase and be recorded at the level of lifetime expected
credit losses of the financial asset.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The standard is to
be applied for annual periods beginning on January 1, 2018, with
early adoption being permissible. The standard is to be applied
retrospectively, except for certain exemptions.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Group has not
yet commenced examining the effects of adoption of the standard on
the financial statements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(B)&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IFRS
15, <font style="font-style: italic">Revenue from Contracts with
Customers</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The standard
replaces the current guidance regarding recognition of revenues and
presents a new model for recognizing revenue from contracts with
customers. The standard provides two approaches for recognizing
revenue: at a point in time or over time. The model includes five
steps for analyzing transactions so as to determine when to
recognize revenue and at what amount. Furthermore, the standard
provides new and more extensive disclosure requirements than those
presently existing.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-299</font></div>
</div>
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<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
3 - Significant Accounting Policies (cont&#x2019;d)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">R.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">New
standards (cont&#x2019;d)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(B)&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IFRS
15, <font style="font-style: italic">Revenue from Contracts with
Customers</font> (cont&#x2019;d)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The standard is to
be applied for annual periods beginning on January 1, 2018, and
earlier application is permissible. The standard includes various
alternative transitional provisions, so that companies may choose
between one of the following alternatives at initial application:
full retrospective application, full retrospective application with
practical expedients, or application as from the mandatory
effective date, with an adjustment to the balance of retained
earnings at that date in respect of transactions that are not yet
complete.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Group has not
yet commenced examining the effects of adopting the standard on the
financial statements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(C)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">IFRS
16 &#x2013; <font style="font-style: italic">Leases</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The standard
replaces International Accounting Standard 17 &#x2013; Leases (IAS
17) and its related interpretations. The standard's instructions
annul the existing requirement from lessees to classify
leases</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">as operating or
finance leases. Instead of this, for lessees, the new standard
presents a unified model for the accounting treatment of all leases
according to which the lessee has to recognize an asset and
liability in respect of the lease in its financial statements.
Similarly, the standard determines new and expanded disclosure
requirements from those required at present.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The standard will
become effective for annual periods as of January 1, 2019, with the
possibility of early adoption, so long as the company has also
early adopted IFRS 15 &#x2013; Revenue from contracts
with</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">customers. The
standard includes a number of alternatives for the implementation
of transitional provisions, so that companies can choose one of the
following alternatives at the implementation date: full
retrospective implementation or implementation from the effective
date while adjusting the balance of retained earnings at that
date.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Group has not
yet commenced examining the effects of adopting the amendments on
the financial statements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-300</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
4 - Trade Receivables</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr style="background-color:#ffffff;">
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:46%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" rowspan="1" style="vertical-align:bottom;width:30%;">
<div style="text-align: right"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">December
31</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:46%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:46%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 46%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Foreign</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;792,669&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;1,073,930&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 46%">
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">Domestic
(Israel)</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;10,296&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;35,476&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 46%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 46%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;802,965&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;1,109,406&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 46%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Less &#x2013;
provision for doubtful accounts</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(31,147)</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(35,671)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 46%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 46%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;771,818&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;1,073,735&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 46%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr style="background-color:#ffffff;">
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:46%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" rowspan="1" style="vertical-align:bottom;width:30%;">
<div style="text-align: right"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">December
31</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:46%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:46%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 71%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Non-current trade
receivables</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;20,089&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;12,492&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 71%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Current trade
receivables</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;802,965&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;1,109,406&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 71%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Trade receivable as
part of securitization transaction not yet eliminated</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;26,367&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 71%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Less &#x2013;
provision for doubtful accounts</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(31,147)</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(35,671)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 71%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 71%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;818,274&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;1,086,227&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 71%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In September 2004,
the Company and certain of its subsidiaries entered into a
securitization transaction with Rabobank International for sale of
customer receivables (hereinafter &#x2013; &#x201C;the Securitization
Program&#x201D; and/or &#x201C;the Securitization
Transaction&#x201D;).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Pursuant to the
Securitization Program ,the companies will sell their customer
receivables, in various different currencies, to a foreign company
that was set up for this purpose and that is not owned by the Adama
Agricultural Solutions Group (hereinafter &#x2013; &#x201C;the
Acquiring Company&#x201D;). Acquisition of the customer receivables
by the Acquiring Company is financed by a U.S.&#xA0;company, Nieuw
Amsterdam Receivables Corporation for the Rabobank International
Group.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The customer
receivables included as part of the Securitization Transaction are
customer receivables that meet the criteria provided in the
agreement.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Every year the
credit facility is re-approved in accordance with the
Securitization Program. As at the date of the report, the
Securitization Agreement was approved up to July&#xA0;31, 2016.
Subsequent to the date of the report the credit facility was
re-approved for an additional year.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The maximum scope
of the securitization is adjusted for the seasonal changes in the
scope of the Company&#x2019;s activities, as follows: during the
months April through&#xA0;June the maximum scope of the
securitization is $350 million, during the months July
through&#xA0;September the maximum scope of the securitization is
$300 million and during the months October through&#xA0;March the
maximum scope of the securitization is $250 million. The proceeds
received from those customers whose debts were sold are used for
acquisition of new customer receivables.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-301</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -48px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
4 - Trade Receivables (cont&#x2019;d)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The price at which
the customer receivables are sold is the amount of the debt sold
less a discount calculated based on, among other things, the
expected length of the period between the date of sale of the
customer receivable and its anticipated repayment
date.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In the month
following acquisition of the debt, the Acquiring Company pays in
cash most the price of the debt while the remainder is recorded as
a subordinated liability that is paid after collection of the debt
sold. If the customer does not pay its debt on the anticipated
repayment date, the Company bears interest up to the earlier of the
date on which the debt is actually repaid or the date on which the
Acquiring Company is indemnified by the insurance company (the
actual costs are not significant and are not expected to be
significant).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Acquiring
Company will not have a right of recourse to the Company in respect
of the amounts paid in cash, except regarding debts with respect to
which a commercial dispute arises between the companies and their
customers, that is, a dispute the source of which is a claim of
non-fulfillment of an obligation of the seller in the supply
agreement covering the product, such as: a failure to supply the
correct product, a defect in the product, delinquency in the supply
date, and the like.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Pursuant to the
Receivables Servicing Agreement, the Group companies handle
collection of the customer receivables as part of the
Securitization Transaction for the benefit of the Acquiring
Company.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The loss from sale
of the customer receivables is recorded at the time of sale in the
statement of income in the &#x201C;financing expenses&#x201D;
category.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As part of the
agreement, the Company committed to comply with certain financial
covenants, mainly the ratio of the liabilities to equity and profit
ratios (see Note 20E).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Up to
March&#xA0;26, 2015, the companies bore the full amount of the
losses incurred by the Acquiring Company as a result of
non-payments of the customer receivables included as part of the
Securitization Program, up to the amount of the total balance of
the price of the unpaid debt. In addition, the Company undertook
with an insurance company in an insurance policy for the benefit of
the Acquiring Company insuring the customer receivables included in
the Securitization Program.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On March&#xA0;26,
2015, the Securitization Agreement was amended. The main changes
are as follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x2013;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">The Acquiring
Company bears 90% of the credit risk in respect of the customers
whose debts were sold.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x2013;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">The Acquiring
Company appointed a policy manager who will manage for it the
credit risk involved with the customer receivables sold, including
an undertaking with an insurance company.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x2013;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Increase of the
proceeds received in cash in the month following the date of sale
of the customer receivables.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-302</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -48px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
4 - Trade Receivables (cont&#x2019;d)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The accounting
treatment of sale of the customer receivables included as part of
the Securitization Program is: the Company continues to recognize
the customer receivables included in the Securitization Program
based on the extent of its continuing involvement
therein.</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Up to March 2015,
the Acquiring Company is consolidated in the Group&#x2019;s
financial statements since control over the Acquiring Company
existed.</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Commencing from
March 2015, as a result of amendment of the Securitization
Agreement, as described above, the Company ceased controlling the
Acquiring Company, therefore is not consolidated in the
company&#x2019;s reports since that date.</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In respect of the
part of the trade receivables included in the securitization
Program with respect to which cash proceeds were not yet received,
however regarding which the Company has transferred the credit
risk, a subordinated note is recorded.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
5 - Financial and Other Assets, Including Derivatives*</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr style="background-color:#ffffff;">
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:37%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:16%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:17%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" rowspan="1" style="vertical-align:bottom;width:31%;">
<div style="text-align: right"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">December
31</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:37%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:16%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:17%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:16%;border-bottom:solid 2px #000000;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:37%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:16%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:17%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:16%;border-bottom:solid 2px #000000;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 69%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Claims from the
government in respect of participations and</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 69%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;tax
refunds</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;59,331&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;56,799&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 69%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Receivables in
respect of transactions in derivatives</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;78,790&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;167,986&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 69%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financial
institutions</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;4,528&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;55,505&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 69%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Income
receivable</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;982&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;1,918&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 69%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Advances to
suppliers</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;23,200&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;5,422&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 69%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;13,697&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;10,667&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 69%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 69%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;180,528&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;298,297&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 69%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">* Except for
derivative transactions presented at fair value and non-financial
assets, the remaining items are classified in the &#x201C;loans and
receivables&#x201D; category.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-303</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
6 - Inventories</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr style="background-color:#ffffff;">
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:37%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:16%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:17%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" rowspan="1" style="vertical-align:bottom;width:31%;">
<div style="text-align: right"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">December
31</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:37%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:16%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:17%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:16%;border-bottom:solid 2px #000000;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:37%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:16%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:17%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:16%;border-bottom:solid 2px #000000;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; margin-right:0px;width:100%;font-size:13px;font-family:Times New Roman;margin-left:0px;">
<tr style="background-color:#ffffff;">
<td rowspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 60px;"><font style="font-size: 13px; font-family: Times New Roman">Finished goods and
commercial inventory</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">735,768</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">*759,913</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 60px;"><font style="font-size: 13px; font-family: Times New Roman">Work in
progress</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">81,317</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">106,052</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 60px;"><font style="font-size: 13px; font-family: Times New Roman">Raw
materials</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">296,748</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">317,970</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 60px;"><font style="font-size: 13px; font-family: Times New Roman">Packaging
materials</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">15,081</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">13,725</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 60px;"><font style="font-size: 13px; font-family: Times New Roman">Spare parts and
maintenance materials</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:solid 2px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:solid 2px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">20,144</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">21,531</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 4px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:4px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:double 4px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:double 4px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">1,149,058</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:4px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:double 4px #000000;">1,219,191</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 60px;"><font style="font-size: 13px; font-family: Times New Roman">Additional
information:</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 60px;"><font style="font-size: 13px; font-family: Times New Roman">Merchandise in
transit (included in the inventories balance)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:solid 2px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:solid 2px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">19,315</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">37,776</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">*Immaterial
adjustment of the comparative figures &#x2013; see Note
2D.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr style="background-color:#ffffff;">
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:46%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:12%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:11%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" rowspan="1" style="vertical-align:bottom;width:31%;">
<div style="text-align: right"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">December
31</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:46%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:12%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:11%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:16%;border-bottom:solid 2px #000000;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:46%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:12%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:11%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:16%;border-bottom:solid 2px #000000;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; margin-right:0px;width:100%;font-size:13px;font-family:Times New Roman;margin-left:0px;">
<tr style="background-color:#ffffff;">
<td rowspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 60px;"><font style="font-size: 13px; font-family: Times New Roman">Non-current
inventory</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">35,565</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">21,938</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 60px;"><font style="font-size: 13px; font-family: Times New Roman">Current
inventory</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:solid 2px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:solid 2px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">1,149,058</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">1,219,191</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 4px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:4px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:double 4px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:double 4px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">1,184,623</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:4px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:double 4px #000000;">1,241,129</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Group
wrote-down inventory mainly due to slow moving and defective
inventory and inventory for which the net realizable value is less
than its cost. The balance of the write-down was $29 million and
$19.8 million as of December 31, 2015 and 2014,
respectively.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
7 - Other Financial Investments and Receivables</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">A.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Composition</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr style="background-color:#ffffff;">
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:46%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:12%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:11%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" rowspan="1" style="vertical-align:bottom;width:31%;">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">December
31</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:46%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:12%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:11%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:16%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:46%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:12%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:11%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:16%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; margin-right:0px;width:100%;font-size:13px;font-family:Times New Roman;margin-left:0px;">
<tr style="background-color:#ffffff;">
<td rowspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 60px;"><font style="font-size: 13px; font-family: Times New Roman">Long-term
investments, loans and receivables</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">17,844</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">20,142</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 60px;"><font style="font-size: 13px; font-family: Times New Roman">Non-current trade
receivables</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">20,089</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">12,492</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 60px;"><font style="font-size: 13px; font-family: Times New Roman">Receivables in
respect of transactions in derivatives</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">6,860</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">9,448</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 60px;"><font style="font-size: 13px; font-family: Times New Roman">Call option in
respect of business combination transaction</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:solid 2px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:solid 2px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">3,249</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">3,068</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">48,042</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">45,150</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 60px;"><font style="font-size: 13px; font-family: Times New Roman">Less &#x2013;
current maturities</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:solid 2px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:solid 2px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">7</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">7</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 4px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:4px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:double 4px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:double 4px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">48,035</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:4px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:double 4px #000000;">45,143</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-304</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
7 - Other Financial Investments and Receivables
(cont&#x2019;d)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">B.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Maturities</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The other financial
investments and receivables are repayable as follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 42%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 69%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">First year (current
maturities)</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;7&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 69%">
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">Second
year</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;8,516&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 69%">
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">Third
year</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;2,925&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 69%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Fourth
year</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;3,255&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 69%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Fifth year and
thereafter</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;24,615&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 69%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Without fixed
maturity date</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;8,724&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 69%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 69%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;48,042&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 69%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: -96px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
8 - Non-Financial Investments and Other Receivables, including
Non-Current Inventory</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr style="background-color:#ffffff;">
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:46%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:12%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:11%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" rowspan="1" style="vertical-align:bottom;width:31%;">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">December
31</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:46%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:12%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:11%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:16%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:46%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:12%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:11%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:16%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 69%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Non-current
inventory</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;35,565&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;21,938&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 69%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Non-financial
assets</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;376&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;610&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 69%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 69%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;35,941&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;25,548&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 69%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-305</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
9 - Fixed Assets</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">A.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Movement
in the carrying amount:</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Furniture</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Land
and</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Facilities
and</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Motor</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">computers
and</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">buildings</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">equipment</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">vehicles</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">office
equipment</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="vertical-align: top; width: 67%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Cost</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Balance as of
January 1, 2015</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;237,964&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;1,286,594&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;14,057&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;36,008&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;1,574,623&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 33%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Additions**</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;3,059&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;74,076&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;2,117&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;2,575&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;81,827&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 33%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Disposals</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(67)</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(629)</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(2,625)</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(545)</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(3,866)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 33%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Disposal of
subsidiaries</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(930)</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(932)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Balance as of
December 31, 2015</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;240,956&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;1,359,111&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;13,549&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;38,036&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;1,651,652&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 33%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Accumulated
depreciation</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 33%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Balance as of
January 1, 2015</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;107,998&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;669,730&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;6,171&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;24,268&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;*808,167&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 33%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Additions**</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;5,231&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;46,753&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;1,975&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;3,469&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;57,428&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Disposals</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(67)</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(571)</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1,949)</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(366)</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(2,953)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 33%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Losses from
impairment</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;1,261&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;600&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;48&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;1,909&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 33%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Disposal of
subsidiaries</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(204)</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(2)</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(206)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Balance as of
December 31, 2015</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;114,423&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;716,308&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;6,197&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;27,417&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;864,345&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Depreciated
balance at</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;December
31, 2015</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;126,533&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;642,803&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;7,352&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;10,619&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">787,307&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-306</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
9 - Fixed Assets (cont&#x2019;d)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">A.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Movement
in the carrying amount: (cont&#x2019;d)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Furniture</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Land
and</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Facilities
and</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Motor</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">computers
and</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">buildings</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">equipment</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">vehicles</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">office
equipment</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" style="vertical-align: top; width: 67%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Cost</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Balance as of
January 1, 2014</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">237,060&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,201,596&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">13,004&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">33,971&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,485,631&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 33%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Additions**</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;6,029&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;90,230&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;3,137&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;3,293&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;102,689&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 33%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Disposals</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(5,086)</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(4,743)</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2,062)</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,228)</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(13,119)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 33%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Disposal of
subsidiaries</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(39)</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(489)</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(22)</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(28)</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(578)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Balance as of
December 31, 2014</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">237,964&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,286,594&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14,057&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">36,008&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,574,623&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 33%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Accumulated
depreciation</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 33%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Balance as of
January 1, 2014</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">103,637&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">630,930&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5,827&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">22,043&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">*762,437&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 33%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Additions**</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;4,806&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;43,259&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;1,886&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;3,355&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;53,306&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Disposals</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(439)</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(4,215)</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,535)</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,125)</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(7,314)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 33%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -12px;"><font style="font-size: 13px; font-family: Times New Roman">Disposal of
subsidiaries</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(6)</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(244)</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(7)</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(5)</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(262)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Balance as of
December 31, 2014</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">107,998&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">669,730&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6,171&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">24,268&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">808,167&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Depreciated
balance at</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;December
31, 2014</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;129,966&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;616,864&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;7,886&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;11,740&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;766,456&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: -24px;"><font style="font-size: 13px; font-family: Times New Roman">* Including an
impairment provision from 2010 of $15.8 million, of which $14.9
million is for facilities and equipment.</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px; font-family: Times New Roman">**&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Includes effect of
foreign currency translation differences in respect of foreign
operations.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-307</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
9 - Fixed Assets (cont&#x2019;d)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">B.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Additional
information</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">1.&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Adama Makhteshim
Chemical Works Ltd.&#x2019;s (hereinafter &#x2013;
&#x201C;Makhteshim&#x201D;) facilities are located on land of about
1,086 dunams in Naot Hovav (including buildings, offices facilities
and warehouses) under lease agreements for various periods ending
between the years 2023&#x2013;2029 with a right to extend, and on
land of about 407 dunams in Be&#x2019;er Sheva leased from Israel
Lands Administration, on which there is a built-up area, including
buildings, offices facilities and warehouses. In addition, on the
land located in Be&#x2019;er Sheva, there is a facility of Lycord, a
subsidiary of the Company.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agan Chemical
Manufacturers Ltd.&#x2019;s (hereinafter &#x2013; &#x201C;Agan&#x201D;)
facilities are located in Ashdod on a freehold area of about 242
dunams, of which an area of about 90&#xA0;dunams is registered in
the name of Agan and about 112 dunams that will be registered in
the name of Agan subject to execution of consolidation and
subdivision proceedings, which as of the date of the report had not
yet been completed, and approximately 40 dunams are leased from
Israel Lands Administration for lease periods ending between the
years 2050 and 2054. On the land there is a built-up area,
including, among other things, manufacturing facilities, warehouse,
storage areas for empty packagings, engineering services, technical
equipment, offices, laboratories, platforms, rest areas for the
employees and various auxiliary buildings. Furthermore, Adama Agan
leases from other lessors, who are third parties unrelated to the
Company, areas of about 7 dunams, are located adjacent to the plant
area, for purposes of parking and storage, in consideration of
amounts that are not significant to the Company.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In April 2006, the
Company signed an agreement with the City of Ashdod for a period of
24&#xA0;years whereby the Company is permitted to make use of an
area measuring about 20&#xA0;dunams for purposes of construction of
a facility for wastewater purification. The Company pays an annual
usage fee for the land.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The facilities of
investee companies outside Israel are located on freehold
land.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">2.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Regarding liens
&#x2013; see Note 20.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">C.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Collateral</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As of December 31,
2015, fixed asset items totalling $1,975 thousand (2014 &#x2013;
$3,618 thousand) are pledged to secure bank loans (see Note 14
regarding long-term bank loans with respect to terms and repayment
dates).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">D.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Purchase
of fixed assets on credit</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Group&#x2019;s
credit due to purchases of fixed assets as of December 31, 2015 is
$11,771 thousand.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-308</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
9 - Fixed Assets (cont&#x2019;d)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">E.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Investment
grants</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Investment grants
received for the purchase of fixed assets</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr style="background-color:#ffffff;">
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:46%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:12%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:11%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" rowspan="1" style="vertical-align:bottom;width:31%;">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Balance
as of December 31</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:46%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:12%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:11%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:16%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:46%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:12%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:11%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:16%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 69%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Buildings and
equipment in the Group&#x2019;s plants</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;114,023&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;112,683&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 69%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The investment
grants deducted from the cost of the buildings and equipment in the
Group&#x2019;s plants. The investment grants that were deducted from
the cost of the buildings and equipment in the Group&#x2019;s plants
were received for investments in an &#x201C;approved
enterprise&#x201D; over the course of many years. In order to ensure
compliance with the grant conditions, a floating lien was recorded
on the assets of the subsidiaries in Israel in favor of the State
of Israel. For some of the investments, if the Group does not
comply with the conditions for receipt of the grant, it will have
to refund the amount of the grants, fully or partially, plus
interest and linkage difference as per law.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">F.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Capitalized
borrowing costs</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr style="background-color:#ffffff;">
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:46%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:11%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" rowspan="1" style="vertical-align:bottom;width:31%;">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Balance
as of December 31</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:46%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:11%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:16%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:46%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:11%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:16%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 69%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Borrowing
costs</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;23,248&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;22,705&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 69%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">G.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Additional
Information</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Group has
fully-depreciated assets that are still in use. The cost of these
assets as of December 31, 2015 is $308,621 thousand (December 31,
2014 &#x2013; $298,047 thousand).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Part of the land in
Israel has not yet been registered in the name of the Group
companies at the Land Registry Office, mostly due to registration
procedures or technical problems.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-309</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
10 - Intangible Assets</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr style="background-color:#ffffff;">
<td rowspan="1" style="vertical-align:top;width:26%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:2%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Intangible</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:26%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:2%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">assets
on</font></div>
</td>
<td style="vertical-align:top;width:10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Marketing</font></div>
</td>
<td style="vertical-align:top;width:10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:26%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:2%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Product</font></div>
</td>
<td style="vertical-align:top;width:10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">purchase
of</font></div>
</td>
<td style="vertical-align:top;width:10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">rights
and</font></div>
</td>
<td style="vertical-align:top;width:10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:26%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:2%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:10%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">registration</font></div>
</td>
<td style="vertical-align:top;width:10%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Goodwill</font></div>
</td>
<td style="vertical-align:top;width:10%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">products(1)</font></div>
</td>
<td style="vertical-align:top;width:10%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Software</font></div>
</td>
<td style="vertical-align:top;width:10%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">trademarks</font></div>
</td>
<td style="vertical-align:top;width:10%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Other</font></div>
</td>
<td style="vertical-align:top;width:10%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:26%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:2%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:10%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:10%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:10%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:10%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:10%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:10%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:10%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Cost</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Balance as of
January 1, 2015</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;879,418&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;236,253&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;320,141&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;60,718&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;67,761&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;44,923&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;1,609,214&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Additions
(2)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;83,005&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(8,028)</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;8,389&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(223)</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;4,338&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;87,481&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Disposals</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(30,993)</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(5,549)</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(737)</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(6,960)</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(4)</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(44,243)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Disposal of
subsidiaries</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(918)</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(5)</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(923)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Balance as of
December 31, 2015</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;930,512&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;228,225&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;314,592&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;68,370&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;60,578&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;49,252&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;1,651,529&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Accumulated
amortization</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Balance as of
January 1, 2015</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;521,519&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;47,483&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;215,604&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;37,083&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;56,511&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;27,123&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;905,323&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Additions
(2)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;76,631&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1,481)</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;14,152&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;6,234&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;1,912&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;3,566&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;101,014&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Disposals</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(30,130)</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(5,549)</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(711)</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(6,960)</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(4)</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;(43,354)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Loss from
impairment</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;1,175&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;1,175&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Disposal of
subsidiaries</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(78)</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(78)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Balance as of
December 31, 2015</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;569,117&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;46,002&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;224,207&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;42,606&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;51,463&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;30,685&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;964,080&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Amortized
balance as of December 31, 2015</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;361,395&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;182,223&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;90,385&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;25,764&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;9,115&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;18,567&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;687,449&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 36px">
<font style="font-size: 13px; font-family: Times New Roman">(1)&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Intangible assets
on purchase of products includes mainly consideration paid pursuant
to agreements from 2001 and 2002 attributed to rights in
intellectual property, trademarks, trade&#xA0;name, technological
know-how, and information with respect to customers and suppliers
of raw materials.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
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<font style="font-size: 13px; font-family: Times New Roman">(2)&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Including effect of
foreign currency translation differences in respect of foreign
operations.</font></div>
</div>
</div>
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<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-310</font></div>
</div>
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<div id="hdr">
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</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
10 - Intangible Assets (cont&#x2019;d)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr style="background-color:#ffffff;">
<td rowspan="1" style="vertical-align:top;width:26%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:2%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Intangible</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:26%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:2%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">assets
on</font></div>
</td>
<td style="vertical-align:top;width:10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Marketing</font></div>
</td>
<td style="vertical-align:top;width:10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:26%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:2%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Product</font></div>
</td>
<td style="vertical-align:top;width:10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">purchase
of</font></div>
</td>
<td style="vertical-align:top;width:10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">rights
and</font></div>
</td>
<td style="vertical-align:top;width:10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:26%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:2%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:10%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">registration</font></div>
</td>
<td style="vertical-align:top;width:10%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Goodwill</font></div>
</td>
<td style="vertical-align:top;width:10%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">products(1)</font></div>
</td>
<td style="vertical-align:top;width:10%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Software</font></div>
</td>
<td style="vertical-align:top;width:10%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">trademarks</font></div>
</td>
<td style="vertical-align:top;width:10%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Other</font></div>
</td>
<td style="vertical-align:top;width:10%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:26%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:2%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:10%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:10%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:10%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:10%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:10%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:10%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:10%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Cost</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Balance as of
January 1, 2014</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;798,847&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;245,368&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;329,583&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;52,348&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;71,193&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;49,043&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;1,546,382&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Additions
(2)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;83,650&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(9,115)</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;10,166&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(259)</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(687)</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;83,755&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Disposals</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(3,079)</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(9,442)</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,796)</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(3,173)</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2,700)</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(20,190)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Transition from
consolidation to equity</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;accounted
company</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(733)</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(733)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Balance as of
December 31, 2014</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;879,418&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;236,253&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;320,141&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;60,718&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;67,761&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;44,923&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;1,609,214&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Accumulated
amortization</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Balance as of
January 1, 2014</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;454,536&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;48,722&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;210,525&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;33,826&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;49,411&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;25,664&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;822,684&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Additions
(2)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;70,041&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,239)</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;14,521&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;5,053&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;10,273&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;4,159&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;102,808&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Disposals</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(3,058)</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(9,442)</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,796)</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(3,173)</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2,700)</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(20,169)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Balance as of
December 31, 2014</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;521,519&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;47,483&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;215,604&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;37,083&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;56,511&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;27,123&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;905,323&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Amortized
balance as of December 31, 2014</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;357,899&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;188,770&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;104,537&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;23,635&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;11,250&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;17,800&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;703,891</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 36px">
<font style="font-size: 13px; font-family: Times New Roman">(1)&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Intangible assets
on purchase of products includes mainly consideration paid pursuant
to agreements from 2001 and 2002 attributed to rights in
intellectual property, trademarks, trade&#xA0;name, technological
know-how, and information with respect to customers and suppliers
of raw materials.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 36px">
<font style="font-size: 13px; font-family: Times New Roman">(2)&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Including effect of
foreign currency translation differences in respect of foreign
operations.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-311</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
11 - Loans and Credit from Banks and Other Lenders</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">A.&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Composition</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr style="background-color:#ffffff;">
<td rowspan="1" style="vertical-align:top;width:68%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:16%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">December
31</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:16%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">December
31</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:68%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:16%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="vertical-align:top;width:16%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:68%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:16%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:16%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 68%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Credit
from banks</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 68%">
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">Overdrafts</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;15,225&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;10,234&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 68%">
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">Short-term
credit</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;103,725&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;286,587&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 68%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;118,950&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;296,821&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 68%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 68%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Current maturities
&#x2013; other</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;109&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;109&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 68%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Current maturities
of long-term loans from banks</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;103,741&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;74,276&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 68%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 68%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;222,800&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;371,206&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">B.</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Regarding financial
covenants <font style="font-weight: bold">&#x2013;</font> see Note
20C.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
12 - Trade Payables</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr style="background-color:#ffffff;">
<td rowspan="1" style="vertical-align:top;width:68%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:16%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">December
31</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:16%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">December
31</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:68%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:16%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="vertical-align:top;width:16%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:68%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:16%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:16%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 68%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Open
accounts</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;511,534&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;615,014&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 68%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Post-dated
checks</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;42,823&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;35,815&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 68%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 68%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;554,357&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;650,829&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 68%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
13 - Other Payables</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr style="background-color:#ffffff;">
<td rowspan="1" style="vertical-align:top;width:68%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:16%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">December
31</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:16%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">December
31</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:68%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:16%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="vertical-align:top;width:16%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:68%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:16%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:16%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 68%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Liabilities to
employees and other liabilities in respect of</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 68%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;salaries and
wages</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;103,333&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;109,415&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 68%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Government
institutions</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;11,819&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;9,642&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 68%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Payables in respect
of transactions in derivatives</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;125,640&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;295,554&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 68%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financial
institutions</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;13,078&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;6,471&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 68%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Accrued
expenses</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;77,904&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;81,618&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 68%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Payables in respect
of intangibles assets</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;11,757&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;9,042&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 68%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Payables in respect
of business combination</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;8,237&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;827&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 68%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Liabilities for
discounts</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;61,004&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;92,955&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 68%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Provisions for
legal claims</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;12,930&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;11,233&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 68%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;43,590&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;43,057&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 68%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 68%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;469,292</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;659,814&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-312</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
14 - Long-Term Loans from Banks</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">A.</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Composition</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr style="background-color:#ffffff;">
<td rowspan="1" style="vertical-align:top;width:67%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:16%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">December
31</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:17%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">December
31</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:67%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:16%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="vertical-align:top;width:17%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:67%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:16%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:17%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td colspan="2" style="vertical-align: top; width: 67%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Loans from
banks</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;277,449&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;338,415&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 67%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Less &#x2013;
current maturities</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;103,741&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;74,276&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 67%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 67%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;173,708&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;264,139&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 67%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">B.</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Regarding the
commitment of the Company and certain subsidiaries to banks to
maintain certain financial covenants, mainly debt-equity and
profitability ratios &#x2013; see Note 20C.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
15 - Debentures</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On December&#xA0;4,
2006, the Company issued to institutional investors three series of
debentures, Series&#xA0;B,&#xA0;C&#xA0;and&#xA0;D, in the aggregate
amount of NIS&#xA0;2,350 million par value, in exchange for their
par value.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">During 2008, the
Company purchased by itself and through a wholly-owned subsidiary,
a cumulative total of NIS 80.4 million par value debentures (Series
B), at a total cost of $16,425 thousand. Due to the Company's
purchase, debentures with a par value of NIS 12.5 million were
de-listed from trading.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On March 25, 2009,
the Company issued debentures by expanding Series C and D, in the
total amount of NIS 1,133 million par value debentures for a
consideration of 101.56% and 98.95% of its par value,
respectively.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On January 16,
2012, the Company issued debentures by expanding Series B and D, in
the total amount of NIS 1,054 million par value debentures for a
consideration of 85.84% and 103.36% of their par values,
respectively.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On January 7, 2013,
the Company issued debentures by expanding Series B, in the total
amount of NIS 600 million par value debentures for a consideration
of 94.88% of their par value.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On February 9,
2014, the Company issued debentures by expanding Series D, in the
total amount of NIS 487.8 million par value debentures for a
consideration of 106.74% of their par value.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On February 1,
2015, the Company issued 533,330 units composed of NIS 533.3
million par value debentures (Series B), which were issued by means
of an expansion of the Series, in exchange for 103.59% of their par
value and 2,667 non-marketable options. Each option is exercisable
for NIS 100 par value debentures (Series B) in exchange for a
consideration of NIS 127. In the first and second quarters of 2015,
all of the warrants were exercised.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-313</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
15 - Debentures (cont'd)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The debentures
issued are broken down into three series, as follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">1.&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Series&#xA0;B
debentures, in the amount of NIS&#xA0;3,563.5 million par value,
linked to the CPI and bearing interest at the base annual rate
of&#xA0;5.15%. The debenture principal is to be repaid in
17&#xA0;equal payments in the years 2020 through&#xA0;2036. The
issuance costs for this series amounted to $4,144
thousand.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">2.&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Series&#xA0;C
debentures, in the amount of NIS&#xA0;1,126 million par value,
linked to the CPI and bearing interest at the base annual rate
of&#xA0;4.45%. The debenture principal repaid in 4&#xA0;equal
payments in the years 2010 through&#xA0;2013. The issuance costs
for this series amounted to $1,591 thousand.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">3.&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Series&#xA0;D
debentures, in the amount of NIS&#xA0;1,735.4 million par value,
unlinked and bearing interest at the base annual rate of&#xA0;6.5%.
The debenture principal of the series issued in 2006 and&#xA0;2009
is to be repaid in 6&#xA0;equal payments in the years 2011
through&#xA0;2016. The debenture principal of the series issued in
2012 is to be repaid in 5&#xA0;equal payments in the years 2012
through&#xA0;2016 and the debenture principal of the series issued
in 2014 is to be repaid in 3&#xA0;equal payments in the years 2014
through&#xA0;2016. The issuance costs for this series amounted to
$2,775 thousand.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On November 30,
2010 through&#xA0;2013, the Company repaid a total of NIS 1,126
million par value debentures (Series C), which amounted to about
$358.3 million, as payment of the debenture principal of Series C.
The principal payment made on November&#xA0;30, 2013, was the final
payment where as a result thereof the principal was repaid in
full.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On November 30,
2011 through&#xA0;2015, the Company repaid a total of NIS 1,346.8
million par value debentures (Series D), which amounted to about
$354.3 million, as payment of the debenture principal of Series
D.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">A.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Linkage
base and interest rates:</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Interest
rate</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">as
of</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">balance
sheet</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">date</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Par
value</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Linkage
terms</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">%</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NIS
thousands</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Debentures &#x2013;
Series B</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">CPI</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5.15</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;3,483,117&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;1,056,380&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Debentures &#x2013;
Series D</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Unlinked</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6.5</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;388,546&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;100,789&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;3,871,663&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;1,157,169&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">B.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Repayment
dates:</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">First year (current
maturities)</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100,789&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Second
year</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Third
year</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Fourth
year</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">-&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Fifth year and
thereafter</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,056,380&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 19%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,157,169&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-314</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
16 - Other Long-Term Liabilities</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr style="background-color:#ffffff;">
<td rowspan="1" style="vertical-align:top;width:69%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">December
31</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:16%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">December
31</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:69%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="vertical-align:top;width:16%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:69%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:16%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 69%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Liabilities in
respect of claims</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;2,267&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;1,920&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 69%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Long-term
transactions in derivatives</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;4,107&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;5,865&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 69%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Liability in
respect of business combinations</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;1,991&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;8,360&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 69%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Liability in
respect of payments to the Chief Scientist</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;1,590&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;1,730&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 69%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other provisions
and liabilities</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;19,278&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;11,286&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 69%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 69%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;29,233&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;29,161&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 69%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
17 - Income Taxes</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Details
regarding the tax environment of the Group</font></div>
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<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">A.&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Corporate
Tax Rates</font></div>
</div>
</div>
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<div style="text-align: left; display: table; margin-left: 108px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(1)&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Set forth below are
the tax rates in Israel relevant to the Company for
2013&#x2013;2015:</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 204px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">2015 &#x2013;
26.5%</font></div>
<div style="text-align: left; margin-left: 204px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">2014 &#x2013;
26.5%</font></div>
<div style="text-align: left; margin-left: 204px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">2013 &#x2013;
25%</font></div>
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<div style="text-align: left; margin-left: 156px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On January 4, 2016,
the Knesset plenum passed the Law for amending the Income Tax
Ordinance (Number 216) - 2016 which determined, inter alia, that
the corporate tax rate would be reduced by 1.5% to a rate of 25% as
from 2016 onwards.</font></div>
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<div style="text-align: left; margin-left: 156px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">If the law had been
substantively enacted before December 31, 2015, the effect of the
change on the financial statements as at December 31, 2015 was
insignificant.</font></div>
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<div style="text-align: left; display: table; margin-left: 108px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(2)&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">In January 12, 2012
Amendment 188 to the Income Tax Ordinance (New Version) - 1961
(hereinafter - &#x201C;the Ordinance&#x201D;) was published in the
Official Gazette. The amendment amended Section 87A to the
Ordinance, and provides a temporary order whereby Accounting
Standard No. 29 &#x201C;Adoption of International Financial
Reporting Standards (IFRS)&#x201D; that was issued by the Israel
Accounting Standards Board shall not apply when determining the
taxable income for the tax years 2007-2011 even if this standard
was applied when preparing the financial statements (hereinafter -
&#x201C;the Temporary Order&#x201D;). On July 31, 2014 Amendment 202
to the Ordinance was issued, by which the Temporary Order was
extended to the 2012 and 2013 tax years. Taxable income for
2014,was also calculated by the Temporary Order above.</font></div>
</div>
</div>
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<div style="text-align: left; display: table; margin-left: 108px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(3)&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">The subsidiaries
outside of Israel are assessed based on the tax laws in the country
of their residence.</font></div>
</div>
</div>
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<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-315</font></div>
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<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
17 - Income Taxes (cont'd)</font></div>
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<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">B.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Benefits
under the Law for the Encouragement of Capital
Investments</font></div>
</div>
</div>
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<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Industrial
enterprises of companies in Israel were granted &#x201C;Approved
Enterprise&#x201D; or &#x201C;Beneficiary Enterprise&#x201D; status
under the Israeli Law for the Encouragement of Capital Investments,
1959. Part of the income deriving from the &#x201C;Approved
Enterprise&#x201D; or &#x201C;Beneficiary Enterprise&#x201D; during
the benefit period is subject to tax at the rate of up to 25% (the
total benefit period is seven years and in certain circumstances up
to ten years, but may not exceed 14 years from the date of the
Letter of Approval and 12 years from the date the &#x201C;Approved
Enterprise&#x201D; commenced operations or not more than
12&#xA0;years from the election year for a &#x201C;Benefitted
Enterprise&#x201D;).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other industrial
enterprises of subsidiaries in Israel are entitled to a tax
exemption for periods of between two and six years and a tax rate
of up to 25% for the remainder of the benefit period. Should a
dividend be distributed from the tax-exempt income, the
subsidiaries will be liable for tax on the income from which the
dividend was distributed at a rate of 25%.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The aforementioned
benefits are conditional upon compliance with certain conditions
specified in the Law, related Regulations and the Letters of
Approval, in accordance with which the investments in the Approved
Enterprises were made. Failure to meet these conditions may lead to
cancellation of the benefits, in whole or in part, and to repayment
of any benefits already received, together with interest.
Management believes that the companies are in compliance with these
conditions.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">C.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Amendment
to the Law for the Encouragement of Capital Investments,
1959</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On December 29,
2010 the Knesset approved the Economic Policy Law for 2011-2012,
which includes an amendment to the Law for the Encouragement of
Capital Investments &#x2013; 1959 (hereinafter &#x2013; &#x201C;the
Amendment&#x201D;). The Amendment is effective from January 1, 2011
and its provisions apply to preferred income derived or accrued in
2011 and thereafter by a preferred company, per the definition of
these terms in the Amendment. Companies can choose not to be
included in the scope of the amendment to the Encouragement Law and
to stay in the scope of the law before its amendment until the end
of the benefits period of its approved/beneficiary
enterprise.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Amendment
provides that only companies in Development Area A will be entitled
to the grants track and that they will be entitled to receive
benefits under this track and under the tax benefits track at the
same time. In addition, the existing tax benefit tracks were
eliminated (the tax exempt track, the &#x201C;Ireland&#x201D; track
and the &#x201C;Strategic&#x201D; track) and two new tax tracks were
introduced in their place, a preferred enterprise and a special
preferred enterprise, which mainly provide a uniform and reduced
tax rate for all the company&#x2019;s income entitled to benefits.
On August 5, 2013 the Knesset passed the Law for Changes in
National Priorities (Legislative Amendments for Achieving Budget
Objectives in the Years 2013 and 2014) &#x2013; 2013, which raised
the tax rates on preferred income as from the 2014 tax year as
follows: 9% for Development Area A and 16% for the rest of the
country (compared with 7% for Development Area A and 12.5% for the
rest of the country in 2013). Furthermore, an enterprise that meets
the definition of a special preferred enterprise is entitled to
benefits for a period of 10 consecutive years and a reduced tax
rate of 5% in Development Area A and of 8% in the rest of the
country.</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Amendment also
provides that no tax will apply to a dividend distributed out of
preferred income to a shareholder that is an Israeli resident
company. A tax rate of 20% shall apply to a dividend distributed
out of preferred income to an individual shareholder or foreign
resident, subject to double taxation prevention
treaties.</font></div>
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<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-316</font></div>
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<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
17 - Income Taxes (cont'd)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">C.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Amendment
to the Law for the Encouragement of Capital Investments, 1959
(cont'd)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Furthermore, the
Amendment provides relief with respect to the non-payment of tax on
a dividend received by an Israeli resident company from profits of
an approved/alternative/beneficiary enterprise that accrued in the
benefits period according to the version of the law before its
amendment, if the company distributing the dividend notifies the
tax authorities by June 30, 2015 that it is applying the provisions
of the Amendment and the dividend is distributed after the date of
the notice (hereinafter- &#x201C;the relief&#x201D;). Furthermore, a
distribution from profits of the exempt enterprise will be subject
to tax by the distributing company.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As of the report
date, the companies in Israel adopted the amendment to the Law and,
accordingly, the deferred taxes that are expected to be realized
were recorded based on the tax rates in the amended
law.</font></div>
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<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">D.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Benefits
under the Law for the Encouragement of Industry (Taxes),
1969</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Under the Israeli
Law for the Encouragement of Industry (Taxes) 1969, the Company is
an Industrial Holding Company and some of the subsidiaries in
Israel are &#x201C;Industrial Companies&#x201D;. The main benefit
under this law is the filing of consolidated income tax returns
(the Company files a consolidated income tax return with Adama
Makhteshim) and amortization of know-how over
8&#xA0;years.</font></div>
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<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">E.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Deferred
tax assets and liabilities</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Deferred
tax assets and liabilities recognized</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Deferred taxes are
calculated at the tax rate expected to be in effect on the date of
the reversal, as stated above. Deferred taxes for subsidiaries
operating outside of Israel were calculated according to the
relevant tax rates in each country.</font></div>
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<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-317</font></div>
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<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
17 - Income Taxes (cont'd)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">E.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Deferred
tax assets and liabilities (cont'd)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Deferred
tax assets and liabilities recognized</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The movement in
deferred tax assets and liabilities is attributed to the following
items:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr style="background-color:#ffffff;">
<td rowspan="1" style="vertical-align:top;width:25%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:12%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Fixed</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:14%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:12%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:12%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:25%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:12%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">assets
and</font></div>
</td>
<td style="vertical-align:top;width:13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:14%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:12%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:12%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:25%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:12%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">intangible</font></div>
</td>
<td style="vertical-align:top;width:13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Employee</font></div>
</td>
<td style="vertical-align:top;width:14%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Tax
loss</font></div>
</td>
<td style="vertical-align:top;width:12%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:12%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:25%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:12%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">assets</font></div>
</td>
<td style="vertical-align:top;width:13%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">benefits</font></div>
</td>
<td style="vertical-align:top;width:14%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">carryforwards</font></div>
</td>
<td style="vertical-align:top;width:12%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Inventories</font></div>
</td>
<td style="vertical-align:top;width:12%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Other</font></div>
</td>
<td style="vertical-align:top;width:13%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:25%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:12%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:13%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:14%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:12%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:12%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:13%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Deferred
tax asset</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;(liability)
balance as</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;at
January 1, 2014</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(64,970)</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;14,664&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;37,354&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">*
52,405&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;26,198&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;65,651&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Changes recognized
in</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;the statement
of income</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2,218)</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2,061)</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;2,942&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;4,159&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(3,038)</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(216)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Disposal of
subsidiaries</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(42)</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(42)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Changes recognized
in</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;other
comprehensive</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;income</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;660&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(264)</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;77&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;107&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(3,045)</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2,465)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Deferred
tax asset</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;(liability)
balance as</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;at
January 1, 2015</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(66,528)</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;12,339&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;40,331&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;56,671&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;20,115&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;62,928&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Changes recognized
in</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;the statement
of income</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(3,997)</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;712&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(3,742)</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;1,706&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(5,477)</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(10,798)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Changes recognized
in</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;other
comprehensive</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;income</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;219&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(415)</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(14)</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;681&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;471&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Deferred
tax asset</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;(liability)
balance as</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;at
December 31, 2015</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(70,306)</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;12,636&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;36,575&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;58,377&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;15,319&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;52,601&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr style="background-color:#ffffff;">
<td rowspan="1" style="vertical-align:top;width:25%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:11%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:11%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:11%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:16%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">December
31</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:16%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">December
31</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:25%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:11%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:11%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:11%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:16%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="vertical-align:top;width:16%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:25%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:11%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:11%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:11%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:16%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:16%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Presented
in:</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Deferred tax
assets</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;75,196&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">*
82,623&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Deferred tax
liabilities</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(22,595)</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(19,695)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;52,601&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;62,928&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">* Immaterial
adjustment of the comparative figures &#x2013; see Note
2D.</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-318</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
17 - Income Taxes (cont&#x2019;d)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">E.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Deferred
tax assets and liabilities (cont&#x2019;d)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Deferred
tax assets and liabilities recognized (cont&#x2019;d)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The deferred tax
asset balance for tax loss carryforwards is mainly from a
subsidiary in Brazil and subsidiaries in Israel. Deferred tax
assets were recognized as management considered it probable that
future taxable profits will be available against which they can be
utilized or in the amount of the deferred tax
liabilities.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">According to the
existing tax laws in the countries in which deferred taxes were
recognized, the utilization period of deductible temporary
differences and tax losses carryforward does not expire. However,
Brazil does limit the amount of tax loss carryforwards that may be
offset every year (30% of annual taxable income).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The main supporting
evidence used by the Company for the purpose of recognizing a tax
asset is based on the characteristics of the industry in which the
company operates, including: the agrochemicals industry is
characterized by stability and established products based on
traditional chemistry, not influenced by significant technological
developments.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Brazil is one of
the Group's main growth engines, due mainly to the vacant
cultivation areas and because Brazil is a key factor in the
production of major agricultural crops, in domestic consumption and
in global exporting.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(2)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Unrecognized
deferred tax assets</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Deferred tax assets
have not been recognized in respect of the following
items:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr style="background-color:#ffffff;">
<td rowspan="1" style="vertical-align:top;width:30%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:18%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:19%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">December
31</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:20%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">December
31</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:30%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:18%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:19%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="vertical-align:top;width:20%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:30%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:18%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:19%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:20%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Tax
losses</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;242,373&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;262,757&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 30%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Deferred tax assets
have not been recognized in respect of these items, since it is not
probable that foreseeable future taxable profit will be available
against which the Group can use the benefits
therefrom.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">F.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Components
of income taxes expenses (income)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr style="background-color:#ffffff;">
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:49%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" rowspan="1" style="vertical-align:bottom;width:51%;">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">For
the year ended December 31</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:49%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:18%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="vertical-align:top;width:17%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
<td style="vertical-align:top;width:16%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2013</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:49%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:18%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:17%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:16%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Current
tax expenses (income)</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Current
year</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;34,381&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">48,250&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">50,204&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adjustments for
previous years, net</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;4,083&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,564)</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,133&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;38,464&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">46,686&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">53,337&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Deferred
tax expenses (income)</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Creation and
reversal of temporary</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;differences</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;9,982&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">216&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(17,105)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Change in the tax
rate</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;816&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8,318&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;10,798&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">216&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(8,787)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
income taxes expenses</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;49,262&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">46,902&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">44,550&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-319</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
17 - Income Taxes (cont'd)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">G.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Reconciliation
between the theoretical tax and the tax expense</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Following is
reconciliation between the theoretical tax and the tax expense
(income) included in the statement of income:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr style="background-color:#ffffff;">
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:54%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" rowspan="1" style="vertical-align:bottom;width:46%;">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">For
the year ended December 31</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:54%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
<td style="vertical-align:top;width:16%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2013</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:54%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:16%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Profit before taxes
on income</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;159,037&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;192,917&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;171,621&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Company&#x2019;s
main tax rate</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">26.5%</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;26.5%&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;25%&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Tax calculated
according to the main tax rate</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;42,145&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;51,123&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;42,905&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Tax benefits from
Approved Enterprises</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(4,278)</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,668)</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(3,246)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Difference between
measurement basis of income</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;for financial
statement and for tax purposes</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;26,925&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11,663&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8,106&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Taxable income and
temporary differences at</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;other tax
rates</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(26,569)</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(19,949)</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(14,677)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Taxes in respect of
prior years</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;4,083&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,564)</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,133&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Temporary
differences and losses in the report</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;year for
which deferred taxes were not created</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;5,009&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;7,545&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;9,816&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Utilization of tax
losses from prior years for which</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;deferred
taxes were not created</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(2,484)</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,904)</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(4,235)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Creation of
deferred taxes for tax losses from</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;previous
years for which deferred taxes were not</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;created in
the past</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1,228)</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(5,525)</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(20,288)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Non-deductible
expenses and other differences</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;4,843&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;7,181&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;14,718&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Effect of change in
tax rate in respect of deferred</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;taxes</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;816&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8,318&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;49,262&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;46,902&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;44,550&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Effective tax
rate</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">30.98%</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;24.31%&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;25.96%&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">H.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Income
taxes in respect of other comprehensive income</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="10" style="vertical-align: top; width: 81%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">For
the year ended December 31</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="4" style="vertical-align: top; width: 28%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 26%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 27%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2013</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Tax</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Before</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Tax</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Net</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Before</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">benefit</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Net</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Before</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Tax</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Net</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">tax</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">expense</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">of
tax</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">tax</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(expense)</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">of
tax</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">tax</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">benefit</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">of
tax</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="10" style="vertical-align: top; width: 81%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Effective portion
of</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;changes in
fair value</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;of cash flow
hedges</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;58,521&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(6,254)</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;52,267&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;56,426&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,500)</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;54,926&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(19,145)</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(620)</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(19,765)</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 21%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Net changes in fair
value</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;of cash flow
hedges</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;transferred
to the</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;statement of
income</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(70,060)</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;6,360&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(63,700)</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;14,356&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,523)</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;12,833&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(13,174)</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">738&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(12,436)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Re-measurement
of</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;defined
benefit plan</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;3,404&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(436)</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;2,968&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;935&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(53)</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;882&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">170&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(47)</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">123&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(8,135)</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(330)</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(8,465)</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;71,717&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(3,076)</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;68,641&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(32,149)</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">71&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(32,078)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-320</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
17 - Taxes on Income (cont'd)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">I.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Final
tax assessments</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agan, Adama
Makhteshim, Lycored and the Company have received final tax
assessments up to and including the year ended 2011.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">J.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Losses
and deductions available for carryforward to future
years</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The amount of the
carryforward of unused tax losses at the balance sheet date is
$489.6 million.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Group has
created a deferred tax asset of approximately $37 million for
carryforward of unused tax losses, based on management's assessment
that it is probable that these losses will be realized in future
years.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">K.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Additional
Information</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Regarding tax
claims against a subsidiary in Brazil &#x2013; see Note
19D(1).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
18 - Employee Benefits</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Employee benefits
include post-employment benefits, other long-term benefits,
short-term benefits, termination benefits and share-based payments.
Likewise, the Company has a defined contribution plan for some of
its employees, which is subject to Section 14 of the Israeli
Severance Pay Law, 1963.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Severance
pay and retirement grants in Israel</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Company and its
subsidiaries in Israel make regular deposits with
&#x201C;Nativ&#x201D; (the Pension Fund of the Workers and Employees
of the Histadrut Ltd.) and insurance companies, conferring pension
rights or severance pay upon reaching retirement age. Amounts
deposited in the pension fund are not included in the balance sheet
because they are not managed or controlled by the
companies.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Employees dismissed
before reaching retirement age, to which Section 14 of the
Severance Pay Law does not apply, will be eligible for severance
benefits, calculated on the basis of their most recent salary. In
cases that the amounts accumulated in the pension fund are not
sufficient to cover the calculated severance benefits, the
companies will cover the deficit.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In addition to
their above mentioned pension rights, most employees are entitled
to receive retirement grants at the rate of 2.33% of their salary
at retirement age. The accrual in the balance sheet covers the
companies&#x2019; obligations to pay retirement grants as mentioned
above, as well as the full projected liability to pay severance
benefits to some of their employees for the period prior to the
date on which these employees joined the pension plan, during which
period no deposits had been made in the fund in the name of the
employee.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-321</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
18 - Employee Benefits (cont&#x2019;d)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Early
retirement pension</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The financial
statements include a liability for payment of pension benefits to a
number of employees whose work was terminated before they reached
retirement age. The liability was calculated on actuarial basis
taking into account the period from the date their employment was
terminated until the date stipulated in the agreement, on the basis
of the present value of the pension payments.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Regarding the
agreements reached by the Company with the Histadrut Haclalit
(General Organization of Workers in Israel) and with the
workers&#x2019; councils of the subsidiaries in Israel during 2010
&#x2013; see Note 19A(9).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Employee
Benefits</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr style="background-color:#ffffff;">
<td rowspan="1" style="vertical-align:top;width:53%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:16%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:16%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">December
31,</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:16%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">December
31,</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:53%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:16%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:16%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="vertical-align:top;width:16%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:53%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:16%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:16%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:16%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 69%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Present value of
unfunded obligations</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;23,757&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">24,159&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 69%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Present value of
funded obligations</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;36,658&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;40,630&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 69%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Total present value
of obligations</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;60,415&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;64,789&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 69%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 69%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Less &#x2013; fair
value of plan's assets</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(16,794)</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;18,408&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 69%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 69%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Total recognized
liability for defined benefit plan, net</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;43,621&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;46,381&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 69%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 69%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Liability in
respect of early retirement</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;32,271&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;30,598&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 69%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Liability for other
short-term benefits</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;19,734&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;19,827&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 69%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Liability for other
long-term benefits</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;16,758&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;16,956&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 69%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Total employee
benefits, net</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;112,384&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;113,762&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 69%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 69%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Presented in the
following items:</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 69%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other
payables</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;41,832&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;43,305&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 69%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Long-term employees
benefits</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;70,552&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;70,457&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 69%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;112,384&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;113,762&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 69%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The liability for
salaries, accompanying benefits and bonuses are included in the
&#x201C;other payables&#x201D; category.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-322</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
18 - Employee Benefits (cont'd)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Post-employment
benefit plans &#x2013; defined benefit plan</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 36px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1)</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Movement
in the net liability (assets) in respect of defined benefit plans
and their components</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr>
<td rowspan="1" style="vertical-align:bottom;width:40%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" rowspan="1" style="vertical-align:bottom;width:20%;">
<div><font style="padding-bottom:2px;width:5%;vertical-align:bottom;display:inline-block;">
&#xA0;</font><font style="vertical-align:bottom;width:90%;border-bottom:solid 2px #000000;display:inline-block;">
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">Defined
benefit obligation</font></div>
</font><font style="padding-bottom:2px;width:5%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="2" rowspan="1" style="vertical-align:bottom;width:20%;">
<div><font style="padding-bottom:2px;width:5%;vertical-align:bottom;display:inline-block;">
&#xA0;</font><font style="vertical-align:bottom;width:90%;border-bottom:solid 2px #000000;display:inline-block;">
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">Fair
value of plan assets</font></div>
</font><font style="padding-bottom:2px;width:5%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="2" rowspan="1" style="vertical-align:bottom;width:20%;">
<div><font style="padding-bottom:2px;width:5%;vertical-align:bottom;display:inline-block;">
&#xA0;</font><font style="vertical-align:bottom;width:90%;border-bottom:solid 2px #000000;display:inline-block;">
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">Total</font></div>
</font><font style="padding-bottom:2px;width:5%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:40%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">
&#xA0;</font><font style="vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">2015</font></div>
</font><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">
&#xA0;</font><font style="vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">2014</font></div>
</font><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">
&#xA0;</font><font style="vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">2015</font></div>
</font><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">
&#xA0;</font><font style="vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">2014</font></div>
</font><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">
&#xA0;</font><font style="vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">2015</font></div>
</font><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">
&#xA0;</font><font style="vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">2014</font></div>
</font><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:40%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">
&#xA0;</font><font style="vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">$
thousands</font></div>
</font><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">
&#xA0;</font><font style="vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">$
thousands</font></div>
</font><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">
&#xA0;</font><font style="vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">$
thousands</font></div>
</font><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">
&#xA0;</font><font style="vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">$
thousands</font></div>
</font><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">
&#xA0;</font><font style="vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">$
thousands</font></div>
</font><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">
&#xA0;</font><font style="vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div style="text-align: center"><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">$
thousands</font></div>
</font><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:40%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:40%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Balance as of
January 1</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">64,789</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">71,272</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">18,408</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">20,085</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">46,381</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">51,187</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:40%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:40%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Expense/income
recognized</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:40%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;in
profit and loss:</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:40%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Current service
cost</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">3,308</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">3,409</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#x2013;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#x2013;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">3,308</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">3,409</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:40%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Past service
cost</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">&#x2013;</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">154</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#x2013;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#x2013;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">&#x2013;</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">154</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:40%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Interest
costs</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">2,215</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1,995</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">607</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">559</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,608</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1,436</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:40%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Changes in exchange
rates</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(1,078</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(7,718</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(575</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(2,216</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(503</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(5,502</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:40%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:40%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Included
in other</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:40%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;comprehensive
income:</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:40%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Actuarial losses
from</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:40%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;changes in
the demographic</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:40%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;assumptions</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(469</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(672</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">&#x2013;</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#x2013;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(469</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(672</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:40%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Actuarial gains
(losses) from</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:40%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;changes in
the financial</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:40%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;assumptions</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(3,614</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">8,213</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">&#x2013;</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#x2013;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(3,614</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">8,213</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:40%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Other actuarial
gains (losses)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(243</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(7,460</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(663</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">641</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">420</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(8,101</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:40%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Actual return less
interest</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:40%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;income</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(50</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">104</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(309</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">479</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">259</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(375</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:40%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Foreign currency
translation</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:40%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;differences
in respect of</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:40%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;foreign
operations</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(44</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(81</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">&#x2013;</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#x2013;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(44</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(81</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:40%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:40%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Additional
movements:</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:40%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Benefits
paid</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(4,214</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(4,427</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(2,008</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(2,570</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(2,206</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(1,857</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:40%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Contributions paid
by the</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:40%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;Group</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">&#x2013;</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#x2013;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,134</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1,430</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(1,334</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(1,430</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:40%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">Classification of
short-term</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
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</td>
<td style="vertical-align:bottom;width:10%;">
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</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:40%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;employee
benefits</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:solid 2px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:solid 2px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(185</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">&#x2013;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
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</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">&#x2013;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:solid 2px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:solid 2px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(185</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">&#x2013;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:40%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
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</td>
<td style="vertical-align:bottom;width:10%;">
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</td>
<td style="vertical-align:bottom;width:10%;">
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</td>
<td style="vertical-align:bottom;width:10%;">
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</td>
<td style="vertical-align:bottom;width:10%;">
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</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:40%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Balance
as of</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:40%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 4px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;December
31</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:4px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:double 4px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:double 4px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">60,415</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:4px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:double 4px #000000;">64,789</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:4px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:double 4px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:double 4px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">16,794</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:4px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:double 4px #000000;">18,408</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:4px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:double 4px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:double 4px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">43,621</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:4px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:double 4px #000000;">46,381</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:40%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
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</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
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</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-323</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
18 - Employee Benefits (cont'd)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(2)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Actuarial
assumptions and sensitivity analysis</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The principal
actuarial assumptions at the reporting date (weighted
average)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2013</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">%</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">%</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">%</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Discount rate on
December 31</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1.7</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1.4</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.8</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The assumptions
regarding the future mortality rate are based on published
statistical data and acceptable mortality rates.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Possible reasonable
changes as of the date of the report in one of the relevant
actuarial assumptions, assuming the other assumptions remain
unchanged, would have affected the defined benefit obligation as
follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr style="background-color:#ffffff;">
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:53%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:16%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" rowspan="1" style="vertical-align:bottom;width:31%;">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">As
of December 31, 2015</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:53%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:16%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:16%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Increase
of 1%</font></div>
</td>
<td style="vertical-align:top;width:16%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Decrease
of 1%</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:53%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:16%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:16%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:16%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 69%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Discount
rate</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(5,399)</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;6,742&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(3)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Impact
of the plan on the Group&#x2019;s future cash flows</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Group expects
$1,084 thousand in contributions to be paid to the funded defined
benefit plan in 2016.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(4)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Post-employment
benefit plans &#x2013; defined contribution plans</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr style="background-color:#ffffff;">
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:57%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" rowspan="1" style="vertical-align:bottom;width:43%;">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">For
the year ended December 31</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:57%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:14%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="vertical-align:top;width:14%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2013</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:57%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:14%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:14%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Amount recognized
as an expense in respect of</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 57%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;defined
contribution plan</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;3,093&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;3,237&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;3,202&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
19 - Commitments and Contingent Liabilities</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">A.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Commitments</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">1.&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">On December 30,
2015, the Company's general meeting of shareholders has resolved
(after the approval of the board of directors from December 30,
2015 and the approval of the Remuneration Committee and the Audit
Committee from December 29 2015) to approve the framework decision
of the Company regarding the entry into agreement with annual
insurance policies for the insurance of directors and officers,
under which the liability of directors and officers of the Company
and its subsidiaries in Israel and abroad will be insured, from
time to time, including directors and officers who are controlling
shareholders of the Company (hereinafter - "insurance policies")
provided that said agreements meet the conditions set forth in the
framework decision. The insurance policies will be for several
insurance periods which in aggregate will not exceed five years
(i.e. 5-year insurance periods the last of which is up to December
31, 2020).</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-324</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -48px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
19 - Commitments and Contingent Liabilities
(cont&#x2019;d)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">A.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Commitments
(cont&#x2019;d)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">1.&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">(cont&#x2019;d)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The liability of
directors and officers of the Company and its subsidiaries
(including officers who might be considered controlling
shareholders) is covered by an insurance policy, in which the
liability limit is $100 million for each insurance occurrence and
for the insurance period plus reasonable legal defense expenses in
accordance with the terms of the policy. On January 1, 2016, the
Company entered into an insurance policy agreement with Clal
Insurance Company for the period ending December&#xA0;31, 2016 in
accordance with the terms of the framework decision as specified
above and according to the Company's remuneration
policy.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">2.&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">On October 8, 2007,
the General Meeting of the shareholders of the Company approved
giving a commitment for advance indemnification to officers by
granting letters of indemnity to Company officers (including
officers who might be considered controlling shareholders). At the
same time, the Company&#x2019;s General Meeting approved an
amendment to the sections of the Articles of Association dealing
with exemption, insurance and indemnity of Company officers. On
November 7, 2011, the Company&#x2019;s Board of Directors resolved
to approve an amendment to the letters of indemnity given in the
past by the Company to the directors and officers that serve and/or
will serve from time to time in the Company and/or companies it
controls, whereby provisions will be included with the objective of
modifying the letters of indemnity for the amendments made to the
legislation regarding exemption, indemnity and officers&#x2019;
insurance and to the provisions of the Efficiency in Enforcement
Processes in the Securities Authority (Legislative Amendments),
2011 (hereinafter - &#x201C;Amendment of Letters of
Indemnity&#x201D;). Further to the resolution of the Company&#x2019;s
Board of Directors, the Company&#x2019;s General Meeting held on
November 17, 2011 approved the amendment to the letters of
indemnity that have been and will be issued to
directors.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On August 10, 2015
the Company's general meeting of shareholders after the approval by
the board of directors dated August 10, 2015 and the approval of
the Remuneration Committee from August 6, 2015 approved the grant
of a commitment for exemption of officers and directors serving in
the Company and to officers and directors who will serve on the
Company from time to time. The conditions of the exemption
commitment are identical for all officers and directors of the
Company and in accordance with the provisions of the Companies Law,
1999 (hereinafter - the "Companies Law"), the Company's articles
and its remuneration policy.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">3.&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Regarding
undertakings of the Company and its subsidiaries as part of a
securitization agreement &#x2013; see Note 4.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">4.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Regarding
undertakings with interested parties &#x2013; see Note
28.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-325</font></div>
</div>
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<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -48px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
19 - Commitments and Contingent Liabilities
(cont&#x2019;d)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">A.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Commitments
(cont&#x2019;d)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">5.&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">In July 2006, Adama
Agan entered into an agreement with Ashdod Energy Ltd. (hereinafter
&#x2013; &#x201C;Ashdod Energy&#x201D;), which was modified from time
to time, pursuant to which Adama Agan rents to Ashdod Energy, as a
subtenant, approximately 13.5 Dunams of land, in the construction
period and about 8 Dunams in the operation period according to the
terms of the agreement, which is part of a 22.25 Dunams of land
rented by Adama Agan from Israel Lands Administration, on which
Ashdod Energy will construct and operate a power plant for
production of electricity and steam, based on the use of natural
gas.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Furthermore,
according to the agreement, Ashdod Energy will supply electricity
and steam to Adama Agan for a period of 24 years and 11 months from
the financial closing date or until the end of the rental period of
the adjacent real estate (as defined in the agreement), whichever
is earlier and in any case for a period that will not end before 24
years and 11 months from October 10, 2010. When the power plant
begins commercial production, the discount embedded in the tariffs
for electricity and steam will serve as full payment of the rent,
which comes to $80,000 for each year of rental. The construction
projects and the building of the power plant are the responsibility
of and at the expense of Ashdod Energy, which is also responsible
for obtaining the necessary permits and licenses required by law.
As of the report date, the construction of the power plant was
completed and now operates.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">6.&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">In May 2007, Adama
Makhteshim entered into an agreement with Ramat Hanegev Energy Ltd.
(hereinafter &#x2013; &#x201C;Negev Energy&#x201D;), a third party
that is not related to the Company, which has been amended
periodically, to build operate own and deliver a power plant in
Naot Hovav (hereinafter - &#x201C;the Agreement&#x201D;). As a result
of the Agreement, the parties signed a sub-rental agreement,
pursuant to which Adama Makhteshim rents to Negev Energy, as a
subtenant, an area of 19,317 square meters, for the purpose of
building and operating a power plant pursuant to the agreement
(hereinafter - &#x201C;the Sublease Agreement&#x201D;). As a result
of the Sublease Agreement, an area of 19,317 square meters of the
land leased by Adama Makhteshim from Israel Lands Administration
(ILA) according to a capitalized lease contract.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Pursuant to the
Agreement, Negev Energy will construct and operate a power plant
for production of electricity and steam, based on the use of
natural gas. The consideration to be received for rental of the
land is not material to the Company. Furthermore, according to the
Agreement, Negev Energy will supply electricity, steam, gas
emissions for creation of carbon dioxide, soft water, distilled
water and compressed air to Adama Makhteshim&#x2019;s facilities in
Naot Hovav for a period of twenty-four years and eleven months from
the date of the area was made available to Negev Energy.
Thereafter, the power plant will be transferred to Adama
Makhteshim&#x2019;s ownership. Execution of the building and
construction work is under the responsibility and at the expense of
Negev Energy, which is also responsible for obtaining the necessary
permits and licenses required by law. As of the report date, the
construction of the power plant was completed and now
operates.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-326</font></div>
</div>
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<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
19 - Commitments and Contingent Liabilities
(cont&#x2019;d)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">A.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Commitments
(cont&#x2019;d)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">7.&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">In
November&#xA0;2013, the Company acquired, through a subsidiary,
10.6% of the issued and paid-up share capital of Hubei Sanonda Co.
Ltd. (hereinafter &#x2013; &#x201C;Sanonda Ltd.&#x201D;), for a
consideration of $56.8 million. The acquisition was made by means
of a partial tender offer for the Class&#xA0;B shares held by the
public.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The investment is
accounted for using the equity method. This accounting treatment is
in light of understandings between the subsidiary and CNAC in
connection with the conduct of the parties with respect to the
process of making decisions and protecting the subsidiary&#x2019;s
interests in Sanonda Ltd., which provides the subsidiary
significant influence over Sanonda Ltd.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">For details
regarding the approval of an agreement for the sale of Sanonda Ltd.
Class B shares which are held by the Company to Sanonda Ltd.,
subject to the completion of the Sanonda transaction, as mentioned
below, see Note 19A(8) below.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">8.&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">On October&#xA0;1,
2014, an agreement was signed pursuant to which the Company entered
into an undertaking with CNAC whereby on the completion date of the
transaction and subject to fulfillment of its contingent terms,
including the receipt of the required governmental approvals and
all of the approvals required from third parties the Company will
acquire, through a wholly-owned subsidiary (hereinafter &#x2013;
&#x201C;the Purchaser&#x201D;) from CNAC through a wholly-owned
subsidiary (hereinafter &#x2013; &#x201C;the Seller&#x201D;), in a
single lot, 100% of the issued and paid-up share capital of
Jingzhou Sanonda Holding Co., Ltd. (hereinafter &#x2013;
&#x201C;Sanonda Holding&#x201D;), a private holding company that was
incorporated in China and the primary holding of which is the
holding of Class&#xA0;A shares, which constitute about&#xA0;20.15%
of the issued share capital of Sanonda Ltd., which is a public
company the shares of which are traded on the stock exchange in
Shanzan, China, wherein the Company holds, prior to the said
transaction, Class&#xA0;B shares, constituting 10.6% of the issued
and paid-up share capital of Sanonda Ltd.; along with 100% of the
issued and paid-up share capital of three private companies:
Jiangsu Anpon Electro-Chemical Co., Ltd.; Jiangsu Maidao
Agrochemical Co., Ltd. and Jiangsu Huaihe Chemical Co., Ltd.
(hereinafter together with Sanonda Holding &#x2013; &#x201C;the
Companies in China&#x201D;).(hereinafter &#x2013; &#x201C;the purchase
agreement&#x201D;).</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The undertaking in
the purchase agreement was approved on September&#xA0;30, 2014 by
the Company&#x2019;s Audit Committee and its Board of Directors,
after receipt of a recommendation of a special committee of the
Board of Directors and approval by the General Meeting of the
Company&#x2019;s shareholders.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Pursuant to the
purchase agreement, the Purchaser is to pay the Seller, in cash, on
the completion date, the amount of 1,987 million yuans (hereinafter
&#x2013; &#x201C;the Consideration&#x201D;) constituting as of
December 31, 2015 about $306 million. The final dollar amount of
the Consideration will be determined based on the currency rate of
exchange that will be in effect on the closing date.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-327</font></div>
</div>
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<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
19 - Commitments and Contingent Liabilities
(cont&#x2019;d)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">A.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Commitments
(cont&#x2019;d)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">8.&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">(cont&#x2019;d)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Pursuant to the
provisions of the purchase agreement and since the transaction was
not completed by March&#xA0;31, 2015, the parties hold discussions
concerning the alternatives to carry out the transaction, under
which the Company and its shareholders are examining various
possibilities with respect to execution of the business combination
between the Company and the Companies in China, this being either
by means of completion of the transaction, by necessary changes or
in other ways including by share exchanges among the shareholders
of the Company and Sanonda Ltd. as listed below.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On August 16, 2015,
the Company announced that shareholders of the Company have
informed that they are exploring a possible transaction with
Sanonda Ltd under which - the Company's shareholders will transfer
all of their shares in the Company to Sanonda Ltd. in return for
shares of Sanonda Ltd such that after the transaction, the Company
will be fully owned by Sanonda Ltd. (the " Sanonda
transaction").</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In this regard,
Sanonda Ltd. Company submitted a proposal to purchase Class B
shares of Sanonda Ltd. that are held by the Company, in a
consideration of HK $ 7.70 per share and a total of HK $ 485
million (about $ 62 million) for all B shares, subject to the
approval of the Board and the general meeting of Sanonda Ltd and
subject to the completion of the Sanonda transaction. On February
4, 2016, the audit committee, the board of directors and
shareholders approved the Company's agreement to sell Class B
shares of Sanonda Ltd. that are held by the Company, under the
above conditions, and subject to the completion of the Sanonda
transaction.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Company also
announced that it is considering the possibility of distributing
dividends to its current shareholders at an estimated amount of $
250 million before and next to the completion of the transaction. A
dividend of $ 100 million was declared and distributed to the
Company's shareholders on December 2015.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As the Company was
informed, the process of negotiations and the approval of the
Sanonda transaction is expected be long and take several months,
during which the relevant aspects of the transaction will be
examined, including its effect on the agreement to purchase the
shares of the companies in China, as defined above, from October
2014. It is also clarified that there is still uncertainty
concerning the maturing of the process into binding agreements, the
precise structure and the conditions of such agreements and what
will be their impact on the Company. As the process matures and the
agreements are signed, the completion of the Sanonda transaction
will be subject to significant conditions, including, among other
things, obtaining all regulatory approvals required in China,
including in connection with the agreement for the sale of B shares
and all other conditions that will be required by the shareholders
of the Company. See also note 32.<br></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<div id="ftr">
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<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-328</font></div>
</div>
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<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
19 - Commitments and Contingent Liabilities
(cont&#x2019;d)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">A.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Commitments
(cont&#x2019;d)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">9.&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">On October 31,
2010, the Company announced that it reached agreements with the new
Histadrut and the workers committees of the subsidiaries in Israel,
Adama Makhteshim and Adama Agan, whereby the labor disputes
declared with respect to the subsidiaries&#x2019; plants will come
to an end.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 156px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">Presented below are
highlights of the agreements reached in the agreement of
principles:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 108px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(1)&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">The Company
committed to continue to engage in manufacturing activities in
certain volumes and on certain production lines in the
subsidiaries&#x2019; plants in Israel until June 1, 2017 (&#x201C;the
commitment period&#x201D;).</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 108px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(2)&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Agreement was
reached regarding the voluntary early retirement of up to 100
employees above the age of 57 during the years 2011&#x2013;2012 in
each of the subsidiaries (a total of up to 200 employees). The
names of the voluntary retirees will be agreed to between the
parties.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 108px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(3)&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">A special fund will
be established to assist the employees and those retiring
voluntarily.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The
employees&#x2019; representatives committed not to cause any work
disruptions due to matters settled within the framework of the
agreements between the parties, including with respect to a future
transfer of control in the Company.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On November 6,
2010, the Company's management gave the Adama Makhteshim Workers
Council its consent in principle, in accordance with the
stipulations in the agreement of principles, whereby during the
years 2013-2014, up to 50 permanent workers may retire in addition
to those already listed in the agreement of principles, subject to
all the conditions provided in the agreement of
principles.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">During 2015, in
addition to provisions recorded in previous years, the Company
recorded a provision in an amount of $12 million reported in other
expenses.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">B.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Contingent
liabilities</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">1.&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">In accordance with
the Israeli Law for the Encouragement of Capital Investments, 1959,
Company subsidiaries received grants from the State of Israel in
respect of investments in fixed assets made as part of plant
expansion plans approved by the Investments Center. Receipt of the
grants is conditional upon fulfilment of the terms of the Letter of
Approval that include, among others, exports at certain rates. If
the companies do not comply with the required terms, they will have
to refund the amounts of the grants, together with interest from
the date of their receipt. Managements of the subsidiaries believe
that they are in compliance with the conditions of the approval.
See also Note 9E.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<div id="ftr">
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<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-329</font></div>
</div>
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<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
19 - Commitments and Contingent Liabilities
(cont&#x2019;d)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">B.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Contingent
liabilities (cont&#x2019;d)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">2.&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">In accordance with
the Israeli Law for the Encouragement of Research and Development
in Industry, 1984, subsidiaries received grants from the State of
Israel in respect of the research and development expenses they
incurred on projects approved by the Israeli Industrial Research
and Development Administration. Receipt of the grants is
conditional upon compliance with the terms of the letter of
approval which includes, among other things, the payment of
royalties to the State of Israel at rates of between 2%&#x2013;3.5%
of the sales of the products, up to the amount of the State&#x2019;s
participation.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The balance of the
State&#x2019;s participation in the said companies&#x2019; research
and development programs (net of royalties paid in respect
thereof), after deduction of unsuccessful research projects,
amounts to approximately $1.6 million.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">C.&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Environmental
protection</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">1.&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">The manufacturing
processes of the Company, and the products it produces and markets,
entail environmental risks that impact the environment. The Company
invests substantial resources in order to comply with the
applicable environmental laws and attempts to prevent or minimize
the environmental risks that could occur as a result of its
activities. To the best of the Company&#x2019;s knowledge, at the
date of the report, none of its applicable permits and licenses
with respect to environmental issues have been revoked. The Company
has insurance coverage for sudden, unexpected environmental
contamination in Israel and abroad. The Company estimates, based on
the opinion of its insurance consultants, that the extent of its
insurance coverage for said events is reasonable.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">2.&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Adama Agan&#x2019;s
in Ashdod plant has been required by the Ministry of Environmental
Protection and the Water Commission to perform various land surveys
and surveys of ground water monitoring wells. Upon submission of
the surveys to the Ministry of Environmental Protection and the
Water Commission, Adama Agan was requested to submit a plan for
carrying out surveys of risks according to a methodology that was
determined by Ministry of Environmental Protection..Adama Agan also
submitted to the Water Commission a detailed plan for treating the
ground water that was accepted in principle by the Water
Commission.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama
Makhteshim&#x2019;s plant in Be&#x2019;er Sheva has been required by
the Ministry of Environmental Protection to perform an historical
land survey and examination of a sample of land gases. Up to now,
the plant has not been requested by any of the authorities to take
any additional action in this regard.</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As part of the
integrated environmental regulation process, Adama
Makhteshim&#x2019;s plant in Naot Hovav has been required to submit
an historical ground survey. This survey was submitted to the
Ministry of Environmental Protection in early 2015. At this stage,
the Company is unable to estimate whether additional requirements
will be imposed on it in connection with surveys or treatment of
grounds or ground water in its plants, the nature thereof, and if
such requirements will have a significant impact on the
Company.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-330</font></div>
</div>
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<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
19 - Commitments and Contingent Liabilities
(cont&#x2019;d)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">D.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Claims
against subsidiaries</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In the ordinary
course of business, legal claims were filed against subsidiaries,
including lawsuits, regarding claims for patent infringement. Inter
alia, from time to time, the Company, similar to other companies
operating in the market of products for plant protection is exposed
to class actions for large amounts, which it must defend against
while incurring considerable costs, even if these claims, from the
start, have no basis. In the estimation of the Company&#x2019;s
management, based, inter alia, on opinions of its legal counsel
regarding the prospects of the proceedings, the financial
statements include appropriate provisions where necessary to cover
the exposure resulting from the claims. The main claims that were
filed against the subsidiaries are detailed below:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">1.&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Administrative
proceedings and fiscal claims are pending against a subsidiary in
Brazil (hereinafter &#x2013; &#x201C;Adama Brazil&#x201D;), all of
which deal with demands for payment of various taxes, with respect
to which the Company has not recorded a provision in the financial
statements. The amount of these demands, which in the estimation of
Adama Brazil, based on its legal advisors, the chances that they
will prevail are lower than the chances that they will be rejected,
totals about $15.3 million.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">2.&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Aside from that
detailed above, various claims have been filed against Group
companies in courts throughout the world, in immaterial amounts,
for causes of action involving mainly employee-employer relations
and various civil claims, for which the Company did not record a
provision in the financial statements. The total of the claims that
in the estimation of Company management, based on its legal
advisors, the chances of their succeeding is lower than the chances
they will be rejected, amounts to about $5.5 million. In addition,
tax demands were filed against the Company, in the amount of about
$10.5 million, which in the estimation of the Group companies,
based on their legal advisors, the chances they will prevail are
lower than the chances they will be rejected. Furthermore, claims
were filed for product liability damages, for which the Company has
appropriate insurance coverage, such that the Company&#x2019;s
exposure in respect thereof is limited to the amount its
self-participation requirement or the amount thereof does not
exceed the self-participation amount.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">E.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Legal
claims ended</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On July 24, 2011, a
financial claim and a request for approval of the claim as a class
action were received in the offices of Adama Agan, which were filed
by two residents of Moshav Nir Galim and a resident of Ashdod
alleging damages caused due to odor and noise nuisances. To the
extent the claim will be approved as a class action, the plaintiffs
assess that the amount claimed from Adama Agan is about NIS 642
million. On December&#xA0;8, 2013, a decision was rendered by the
District Court in Be&#x2019;er Sheva rejecting the request for
certification of the claim as a class action and charging the
plaintiffs for expenses. On February&#xA0;10, 2014, the plaintiffs
filed an appeal of the said court decision to the Supreme Court. On
February 29, 2016, the appeal was fully rejected.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<div id="ftr">
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<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-331</font></div>
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<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
20 - Liens and Financial Covenants</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">A.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Liabilities
to banks secured by liens:</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Company and its
subsidiaries have made commitments to banks not to register liens
on their assets in favor of other parties, except for specific
liens in the amount of about $2 million, for securing liabilities
in the amount of about $600 thousand, to the benefit of the party
financing the acquisition on certain terms, except for creation of
liens related to receipt of investment grants, as stated in
Paragraph B. below, and except for a lien on trade receivables
within the scope of the securitization agreement &#x2013; see Note
4.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">B.</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">In order to secure
fulfilment of the conditions of investment grants received (see
Note 9E), the Company&#x2019;s subsidiaries have registered floating
liens in unlimited amounts on all of their assets.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 156px; margin-right: 0px; text-indent: -96px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">C.</font>&#xA0;(1)&#xA0;The main financial
covenants included in the financing agreements as of
December&#xA0;31, 2015, are as follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 156px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(a)&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">The ratio of the
interest-bearing financial liabilities (net debt) to the
Company&#x2019;s equity shall not exceed&#xA0;1.25. As of
December&#xA0;31, 2015 the ratio was 0.8.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 156px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(b)&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">The ratio of the
interest-bearing financial liabilities (net debt) to earnings
before financing expenses, taxes, depreciation and amortization
(EBITDA) for 12 months shall not exceed a ratio&#xA0;4. As of
December&#xA0;31, 2015, the ratio of the Company&#x2019;s
interest-bearing financial liabilities (net debt) to the EBITDA for
12 months was 2.5.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 156px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(c)&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">The Company&#x2019;s
equity will not be less than $1.22 billion. As of December&#xA0;31,
2015, the Company's equity amounted to $1,567 million.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 156px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(d)&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">The financing
documents of one of the banks further require that the retained
earnings, according to the financial statements on every date,
shall not be less than $700 million. As of December 31, 2015, the
retained earnings were $1,126 million.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 156px; margin-right: 0px; text-indent: -96px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">D.</font>&#xA0;(1)&#xA0;Pursuant to agreements
the Company reached with the bank with which it signed the
securitization agreement and with the banks to which the Company is
required to maintain financial covenants by virtue of the financing
agreements, the balance of the debt under the securitization
agreement is not included as part of the financial liabilities for
purposes of examining the financial covenants.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 108px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(2)&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">The financing
agreements also include sections providing that a transfer of
control (as this term is defined in the relevant financing
agreements), in the Company and/or in the subsidiaries Adama
Makhteshim and Adama Agan that is made without obtaining the
advance written consents of the relevant banks, will constitute
grounds for calling the full amount of the relevant liabilities for
immediate repayment. The Company received the consents of the
relevant banks for transfer of control, in accordance with the
merger transaction that closed on October 17, 2011 with a company
from the China National Agrochemical Corporation.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">E.</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">The securitization
agreement of trade receivables of the Company and its subsidiaries
(including the updates thereto) include the Company&#x2019;s
commitment to maintain financial ratios, of which the key
commitments are below:</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-332</font></div>
</div>
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<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
20 - Liens and Financial Covenants (cont&#x2019;d)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">E.</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">(cont&#x2019;d)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 108px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(1)&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">The ratio between
the Company&#x2019;s interest bearing financial liabilities (net
debt) and its equity will not exceed 1.25. As of December&#xA0;31,
2015, the ratio was 0.8.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 108px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(2)&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">The ratio between
the Company&#x2019;s interest bearing financial liabilities (net
debt) and the EBITDA for 12 months will not exceed 4. As of
December&#xA0;31, 2015, this ratio was 2.5.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The securitization
agreement and the agreements with banks contain Cross Default
clauses, whereby the party opposite which the Company has
undertaken in the agreement will be allowed to demand immediate
repayment of the debts under circumstances wherein an event took
place entitling another lender of the Company and/or its
subsidiaries to call its debts for immediate repayment, in full or
part, provided that the amount of the debts and obligations of the
Company and/or subsidiaries toward that other financing parties
exceeds the minimum amount as prescribed in various financing
agreements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Furthermore, as
stated above, the Company has undertaken, under the terms of the
letters of consent opposite financing parties to comply with
additional criteria which the Company believes, at the report date,
does not significantly restrict the Company's
activities.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">At December 31,
2015, the Company was in compliance with the financial covenants
prescribed by the financing banks under the terms of the financing
documents and the securitization agreement, and during the report
period, complied with all the financial covenants and the
limitations applicable to it prescribed in the financing documents
and in the securitization agreement.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
21 - Equity</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">A.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Share
capital and premium on shares</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 32%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Ordinary
shares</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 68%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Share capital
issued and paid-up at December 31, in thousands</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 68%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;of shares of
NIS&#xA0;3.12 par value</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;137,991&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;137,991&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 68%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 68%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Authorized share
capital, in thousands of shares</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;300,000&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;300,000&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 68%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The holders of the
ordinary shares have the right to receive dividends as they will be
declared from time to time and the right to vote at the
Company&#x2019;s General Meetings, based one vote per
share.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On November
9,&#xA0;2014, the Company&#x2019;s Board of Directors and the
Company&#x2019;s shareholders approved a reverse split of the
Company&#x2019;s ordinary share capital, in a ratio of 3.12:1
(<font style="font-style: italic">i.e.,</font> each 3.12 ordinary
shares of the Company will become 1 ordinary share of NIS&#xA0;3.12
par value of the Company), effective as of the date of the Board
Resolution.</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As a result of the
Reverse Split and according to the provisions of the
Company&#x2019;s Global Option Plan (hereinafter &#x2013; &#x201C;the
Plan&#x201D;), the Company shall adjust the number of Shares
underlying such options.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-333</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
21 - Equity (cont'd)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">A.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Share
capital and premium on shares (cont&#x2019;d)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Accordingly all
ordinary shares and share-based payments parameters have been
adjusted retroactively for all periods presented in these financial
statements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In addition, the
Company&#x2019;s Board of Directors and the Company&#x2019;s
shareholders approved an increase in the Company&#x2019;s authorized
share capital to 300,000,000 shares of NIS&#xA0;3.12 par value
each, effective from the approval date of the Board of
Directors.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">B.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Translation
reserve of foreign operations</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The translation
reserve comprises all foreign currency differences arising from the
translation of the financial statements of foreign
operations.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">C.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Hedging
reserve</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The hedging reserve
comprises the effective portion of the net cumulative change in the
fair value of cash flow hedging instruments that relate to hedged
transactions that have not yet occurred.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">D.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Share-based
payments</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">1.&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">During December
2013, and on January&#xA0;1, 2014, the Company&#x2019;s Remuneration
Committee and Board of Directors approved an issuance of 9,322,227
options to Group officers and employees, in accordance with the
Company&#x2019;s options plan (hereinafter &#x2013; &#x201C;the
Plan&#x201D;). The options were issued on January&#xA0;29,
2014.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3.12 options may be
exercised for one share of NIS&#xA0;3.12 par value.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The options will
vest in three equal portions, where each third may be exercised
after two years, three years and four years, respectively,
commencing from January&#xA0;1, 2014. The options may be exercised,
in whole or in part, pursuant to the conditions of the Plan,
subject to the Company&#x2019;s shares being listed for trading on
the Tel-Aviv Stock Exchange Ltd. or any other stock exchange
outside of Israel (in whole or in part) on the exercise date, and
subject to reaching the Group&#x2019;s net sales targets and EBITDA
targets, as provided in the Plan.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The fair value of
the options granted, as stated above, was estimated using a
binomial model for pricing options.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The cost of the
benefit embedded in the options issued, as stated, based on the
fair value on the date of their issuance, amounted to a total of
$21 million. This amount will be recognized in the statement of
income over the vesting period of each portion.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">During April and
May 2014, the Company&#x2019;s Remuneration Committee, Board of
Directors and shareholders approved the issuance of an additional
988,799 options to the Company&#x2019;s CEO based on the conditions
set forth above.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The cost of the
benefit embedded in the options issued, as stated, based on the
fair value on the date of their issuance, amounted to a total of
$2.7 million. This amount is recognized in the statement of income
over the vesting period of each portion.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-334</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
21 - Equity (cont'd)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">D.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Share-based
payments (cont&#x2019;d)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">1.&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">(cont&#x2019;d)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">During August 2014,
the Company&#x2019;s Remuneration Committee and Board of Directors
approved the issuance of an additional 1,798,887 options to an
officer, senior managers, and additional employees of the Company
and of Company subsidiaries, in accordance with the conditions set
forth above.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The cost of the
benefit embedded in the options issued, as stated, based on the
fair value on the date of their issuance, amounted to a total of
approximately $4.5 million. This amount is recognized in the
statement of income over the vesting period of each
portion.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">During November
2014, the Company&#x2019;s Board of Directors approved the issuance
of an additional&#xA0;361,808 options to senior employees of the
Company and of Company subsidiaries in accordance with the
conditions set forth above.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The cost of the
benefit embedded in the options issued, as stated, based on the
fair value on the date of their issuance, amounted to a total of
approximately $0.5 million. This amount is recognized in the
statement of income over the vesting period of each
portion.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">2.&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Set forth below is
the movement in the options:</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="4" style="vertical-align: top; width: 44%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014
Plan</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">First</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Second</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Third</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Fourth</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">grant</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">grant</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">grant</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">grant</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 156px; margin-right: 0px; text-indent: -48px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Balance
as of January 1, 2014</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 156px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">Granted during the
year</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9,322,227&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;988,799&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,798,887&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;361,808&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;12,471,721&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Forfeited during
the year</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,667,377&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;53,964&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;1,721,341&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
options outstanding</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;as
of December&#xA0;31, 2014</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7,654,850&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;988,799&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,744,923&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;361,808&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;10,750,380&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Forfeited during
the year</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;649,356&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;649,356&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total
options outstanding</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;as
of December&#xA0;31, 2015</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7,005,494&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;988,799&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,744,923&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;361,808&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;10,101,024&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-335</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
21 - Equity (cont'd)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">D.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Share-based
payments (cont&#x2019;d)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">3.&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">The parameters used
in application of the binomial model are as follows:</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">First</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Second</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Third</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Fourth</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">grant</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">grant</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">grant</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">grant</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Share price
(dollars)</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">19.08</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">19.87</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">21.31</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">16.00</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Original exercise
price (dollars)*</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">19</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">19.00</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">19</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">19.00</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Expected
volatility</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">37.59%</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">38.00%</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">36.93%</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">35.85%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Risk free interest
rate</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2.47%</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2.07%</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1.93%</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1.91%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Economic value on
the grant date (thousands of</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;dollars)</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">21,013</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,729</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,477</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">494</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 61%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">* The exercise
price is 3.12 options exercisable for one share.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The fair value of
the options granted, as stated above, was estimated using a
binomial model for pricing options.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The model&#x2019;s
assumptions include the share price on the measurement date, the
exercise price of the instrument, the early exercise condition (on
the basis of past experience and the general behavior of the
holders of the options), anticipated volatility on the basis of
historic information of similar companies and the risk-free
interest rate (on the basis of debentures of the U.S. government).
Service conditions that are not market conditions are not taken
into account when determining the fair value.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Based on generally
accepted accounting principles, the cost of the benefit in respect
of the options is calculated only once, based on their economic
value on the grant date, is charged to expense over the period up
to the vesting date and does not change and is not impacted by
changes in the share price or actual exercise ability.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The total salaries
expenses in respect of share-based payments recorded as salaries
expenses in 2015 amounts to $8,998 thousand (in 2014 - $7,984
thousand).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">E.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Buy-Back
of Shares</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Under the
conditions precedent for the closing of the merger with CC
(hereinafter &#x2013; &#x201C;the merger transaction&#x201D;), the
Company&#x2019;s Board of Directors resolved on August 7, 2011, to
purchase 1,415,246 shares of the Company that were held by
subsidiaries, which constituted all of the Company&#x2019;s shares
held by subsidiaries, for consideration that is
immaterial.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In view of the
Company's commitment under the terms of the merger agreement, that
on the closing date there will be no dormant shares in the
Company's capital (a commitment that constituted a condition
precedent for closing the merger transaction), on October 9, 2011,
the Company&#x2019;s Board of Directors approved the cancellation of
all the shares in Company capital that were owned by the Company,
i.e., 14,198,095 shares (hereinafter &#x2013; &#x201C;the dormant
shares&#x201D;), so that following the cancellation, and at the
report date, there are no dormant shares in the Company's
capital.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Following
cancellation of the treasury shares, the cost of the
Company&#x2019;s shares held by the Company and a subsidiary,
totalling $245,548 thousand, is presented in capital reserves in
the statement of changes in equity, the balance of distributable
earning according to the Company&#x2019;s financial statement as of
December 31, 2015 is $880,691 thousand.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-336</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
21 - Equity (cont'd)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">F.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Dividend
distribution policy</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In the closing date
of the merger transaction, the dividend distribution policy
prescribed in the shareholder agreement and the Company&#x2019;s
bylaws took effect, whereby subject to the provisions of the bylaws
and the provisions of the Companies Law, the Board of Directors
will be allowed, from time to time, to declare and cause the
Company to pay a dividend for any fiscal period, as the Board of
Directors will find appropriate in a justifiable manner,
considering the Company's earnings. Subject to all laws and the
Company's reasonable liquidity needs, the Company will declare an
annual dividend that will not be less than 40% of that year&#x2019;s
annual earnings, since the IPO has not been completed within three
years from the closing of the merger transaction (October 17,
2011), commencing from the first fiscal year after the third
anniversary of the closing of the merger transaction (i.e., 2015),
subject to all laws and reasonable cash flow requirements
applicable to the Company, the Company will declare an annual
dividend at an amount that will not be less than 80% of the
Company&#x2019;s earnings in that year, beginning with the first
fiscal year after that date.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In December 2015,
the Company's Board of Directors resolved to distribute dividends
of $ 100 million (NIS 0.72468 per ordinary share). On December 7,
2015, the Company distributed such dividend.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
22 - Revenues</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr style="background-color:#ffffff;">
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:40%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" rowspan="1" style="vertical-align:bottom;width:45%;">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">For
the year ended December 31</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:40%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2013</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:40%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 55%">
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">Sales outside of
Israel</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;2,969,533&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,118,093&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,967,174&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 55%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Sales in
Israel</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;94,337&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">103,205&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">109,181&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 55%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 55%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;3,063,870&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,221,298&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,076,355&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 55%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-337</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
23 - Cost of Sales</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr style="background-color:#ffffff;">
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:40%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" rowspan="1" style="vertical-align:bottom;width:45%;">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">For
the year ended December 31</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:40%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2013</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:40%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 55%">
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">Materials and
commercial inventory</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;1,694,215&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;1,767,501&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;1,733,433&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 55%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Salaries and
related expenses</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;112,023&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;118,120&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;112,275&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 55%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Outsourcing</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;88,134&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;76,517&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;79,282&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 55%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other production
expenses</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;144,841&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;160,856&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;160,409&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 55%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Depreciation</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;58,725&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;55,017&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;51,565&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 55%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;2,097,938&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;2,178,011&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;2,136,964&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 55%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Change in finished
goods, commercial inventory</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 55%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;and work in
process</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(3,657)</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;17,982&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(28,682)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 55%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 55%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;2,094,281&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;2,195,993&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;2,108,282&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
24 - Selling and Marketing Expenses</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr style="background-color:#ffffff;">
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:39%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" rowspan="1" style="vertical-align:bottom;width:46%;">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">For
the year ended December 31</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:39%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
<td colspan="1" style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2013</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:39%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td colspan="1" style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Salaries and
related expenses</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;176,425&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;184,386&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;166,025&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Commissions and
delivery costs</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;83,558&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;94,164&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;83,106&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Advertising and
sales promotion</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;47,311&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;54,890&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;50,235&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Depreciation and
amortization</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;101,786&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;105,148&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;98,543&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Registration</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;15,226&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;16,886&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;16,758&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Professional
services</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;11,658&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;13,754&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;15,513&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Insurance</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;13,066&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;13,524&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;12,347&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Royalties</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;2,700&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;2,005&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;2,709&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;82,724&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;85,824&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;76,814&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;534,454&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;570,581&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;522,050&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
25 - General and Administrative Expenses</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr style="background-color:#ffffff;">
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:39%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" rowspan="1" style="vertical-align:bottom;width:46%;">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">For
the year ended December 31</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:39%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
<td colspan="1" style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2013</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:39%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td colspan="1" style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 55%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Salaries and
related expenses</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;45,120&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;46,911&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;50,148&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 55%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Depreciation and
amortization</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;5,954&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;5,214&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;5,112&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 55%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Bad and doubtful
debts</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;9,783&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;6,740&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;3,326&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 55%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Professional
services</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;13,575&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;19,485&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;24,650&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 55%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Insurance, tax and
fees</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;3,236&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;4,086&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;3,495&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 55%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;24,867&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;29,497&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;27,754&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 55%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 55%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;102,535&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;111,933&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;114,485&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 55%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-338</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
26 - Research and Development Expenses</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr style="background-color:#ffffff;">
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:39%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" rowspan="1" style="vertical-align:bottom;width:46%;">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">For
the year ended December 31</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:39%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="vertical-align:top;width:16%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2013</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:39%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:16%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 53%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Salaries and
related expenses</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;15,462&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;16,692&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;16,097&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 53%">
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">Field
tests</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;2,173&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;2,444&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;2,542&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 53%">
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">Professional
services</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;4,728&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;6,717&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;6,556&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 53%">
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">Materials</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;320&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;393&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;910&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 53%">
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">Other</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;7,514&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;7,308&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;7,562&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 53%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 53%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;30,197&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;33,554&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;33,667&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 53%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
27 - Financing Expenses (Income), Net</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr style="background-color:#ffffff;">
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:38%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" rowspan="1" style="vertical-align:bottom;width:47%;">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">For
the year ended December 31</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:38%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="vertical-align:top;width:16%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2013</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:38%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:16%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Financing
Income:</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Interest income on
trade receivables, net</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;27,051&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;23,651&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;18,794&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Interest income on
investments from banks and</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;others</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;10,461&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;5,677&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;4,566&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Net change in fair
value of derivative financial</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;assets</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;84,415&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;15,941&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;108,574&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Exchange rate
differences, net</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;74,620&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">CPI income in
respect of debentures</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;22,783&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;7,768&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;223&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Interest income in
respect of plan assets</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;607&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;559&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;454&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other
income</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;1,609&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;508&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financing income
recorded in the income</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;statement</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;146,926&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;128,724&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;132,611&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Financing
expenses:</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Loss in respect of
sale of trade receivables</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;7,625&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;6,931&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;6,568&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Revaluation of put
options, net</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;1,992&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;3,563&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;10,878&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Interest expenses
on debentures</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;63,462&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;60,857&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;67,025&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">CPI expenses on
debentures</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;14,421&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;6,957&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;19,270&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Interest expenses
on short and long-term loans</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;50,095&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;38,429&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;35,082&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Exchange rate
differences, net</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;127,781&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;19,106&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;129,428&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Interest expenses
on post-employment benefits</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;2,215&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;1,995&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;2,088&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Net change in fair
value of derivative financial</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;assets</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;10,111&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;109,160&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Fundraising
costs</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold">&#xA0;</font>&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;3,537&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Revaluation of
options on debentures</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;6,512&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#x2013;&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other
expenses</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;2,284&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;2,158&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;2,837&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financing expenses
recorded in the income</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;statement</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;286,498&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;252,693&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;273,176&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financing expenses,
net recorded in the income</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;statement</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;139,572&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;123,969&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;140,565&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-339</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
28 - Transactions and Balances with Related and Interested
Parties</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">A.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Transactions
with related and interested parties</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Following the
closing of the merger transaction in October 2011, the Company is
60%-held by CNAC (through an indirect subsidiary) and 40%-held by
Koor Industries Ltd. (&#x201C;Koor&#x201D;).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Negligible
transactions</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Pursuant to Israeli
Regulation&#xA0;41(a)(6) to the Securities Regulations (Annual
Financial Statements), 2010 (hereinafter - &#x201C;the Financial
Statements Regulations&#x201D;), on March&#xA0;10, 2009, the
Company&#x2019;s Board of Directors adopted for the first time
guidelines and rules, as detailed below, for classification of a
transaction of the Company or its subsidiary (hereinafter &#x2013;
&#x201C;the Group&#x201D;) with an interested party therein as a
negligible transaction.</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Determination of
the said benchmarks is made together with determination of
transaction that might constitute negligible transactions and,
therefore, that are approved in advance every year, as detailed
below.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">These updated rules
and guidelines, which are updated from time to time, also serve to
evaluate the scope of the disclosure in the periodic report and in
the prospectus (including in a shelf offering) related to a
transaction of the Company, a corporation it controls and its
related company, with a controlling shareholder, or the controlling
shareholder has a personal interest in its approval, as provided in
Regulation&#xA0;22 of the Securities Regulations (Periodic and
Immediate Reports), 1970 (hereinafter - &#x201C;the Periodic Reports
Regulations&#x201D;) and in Regulation 54 of the Securities
Regulations (Details of Prospectus and Draft Prospectus &#x2013;
Structure and Form), 1969 (hereinafter - &#x201C;the Prospectus
Details Regulations&#x201D;), and to evaluate the need to file an
immediate report for such a transaction of the Company, as provided
in Regulation 37A(6) of the Periodic Reports Regulations (Types of
Transactions Provided in the Financial Statement Regulations and in
the Prospectus Details Regulations mentioned previously,
(hereinafter &#x2013; &#x201C;Interested Party
Transactions&#x201D;).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">It is clarified
that pursuant to the Company&#x2019;s position, transactions
executed by the Company or its Group companies with companies
controlled by the government of China, which are not companies in
the China National Chemical Corporation (hereinafter &#x2013;
&#x201C;Chem China&#x201D; or &#x201C;CC&#x201D;) group, that are
executed in the ordinary and ongoing course of the Company&#x2019;s
business, do not constitute transactions in which the
Company&#x2019;s controlling shareholder has a personal
interest.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="text-decoration: underline; font-size: 13px; font-family: Times New Roman">
Types of transactions that might constitute negligible
transactions</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">During the ordinary
course of business, the Company and its subsidiaries, especially in
view of the multi-branched holding structure of the Group and its
diverse activities, execute or could execute interested party
transactions, mainly the purchase of services (such as logistical
services, shipping services, execution contractor services in the
area of parking and infrastructures, travel and aviation services,
operating leases of vehicles, communication services, tourism,
investment portfolio management,), the purchase or rental of goods,
movable property or real estate (such as, insurance products,
office equipment, packagings, fuels, and food products), marketing
transactions, sales, acquisition and distribution of crop
protection products, raw materials, active materials and
formulations used as part of the production process of the
Company&#x2019;s products in the area of its activities, signing
agreements with suppliers for development and production of
materials and products in the areas of the Company&#x2019;s
activities etc. For the most part, these are transactions that are
not significant for the Group from a quantitative standpoint or
from a qualitative perspective and they are generally executed on
terms similar to transactions executed with third
parties.</font></div>
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<div id="ftr">
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<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-340</font></div>
</div>
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<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
28 - Transactions and Balances with Related and Interested Parties
(cont&#x2019;d)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">A.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Transactions
with related and interested parties (cont&#x2019;d)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="text-decoration: underline; font-size: 13px; font-family: Times New Roman">
Quantitative and qualitative benchmarks for classification as a
negligible transaction</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">An interested party
transaction that is not an exceptional transaction (as the term is
defined in the Companies Law) shall be deemed a negligible
transaction if it meets the following two-stage test:
(1)&#xA0;qualitative test &#x2013; if from the standpoint of the
nature, substance and influence on the Company, is not material to
the Company and there are no special considerations arising from
the range of circumstances of the matter, testifying to the
materiality of the transaction; (2)&#xA0;quantitative test (which
was updated by the Company&#x2019;s Board of Directors on
March&#xA0;7, 2013) &#x2013; (a)&#xA0;for immediate report purposes
&#x2013; if the ratio between the total amount of the interested
party transaction to the relevant criteria is less than 0.5% and
its amount does not exceed $1.25 million (however, with respect to
acquisitions/sales of products, raw materials, active materials and
formulas in the area of the Company&#x2019;s activities, which are
executed in the ordinary course of business from/to companies
directly or indirectly controlled by Chem China, the Company will
publish an Immediate Report if the ratio of the aggregate
transaction to the relevant benchmark is less than&#xA0;0.5%, and
the scope thereof does not exceed $3 million), as provided below;
(b)&#xA0;for periodic report purposes &#x2013; if the ratio between
the total amount of transactions of that type (in annual terms)
(&#x201C;cumulative transaction&#x201D;) and the relevant criteria in
the annual report is less than 0.5%, and their total does not
exceed $1.25 million (in order to remove doubt &#x2013; the
aggregate transactions for acquisition/sale of products, raw
materials, active materials and formulations will be examined for
each supplier/customer separately) (however, with reference to
acquisitions/sales of products, raw materials, active materials and
formulas in the area of the Company&#x2019;s activities, which are
executed in the ordinary course of business from/to companies
directly or indirectly controlled by ChemChina, disclosure will be
included in the Periodic Report if the ratio of the aggregate
transaction to the relevant benchmark is less than&#xA0;0.5%, and
the scope thereof does not exceed $3 million) as provided
below:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In each type of
interested party transaction (including cumulative transactions of
a certain type) whose classification as a negligible transaction
was evaluated, the said ratio will be calculated against one or
more of the relevant criteria of the certain transaction, based on
the last reviewed or audited consolidated financial statements of
the Company: (a) in the purchase of a fixed asset (&#x201C;a
non-current asset&#x201D;) &#x2013; the amount of the transaction
against total assets (in other words, total balance sheet); (b) in
sale of a fixed asset (&#x201C;a non-current asset&#x201D;) &#x2013;
the gain/loss from the sale against the average annual income (i.e.
for four quarters) based on the last 12 quarters for which reviewed
or audited financial statements were issued. In this context, the
gain/loss from the transaction and the income/loss in each quarter
will be calculated at their absolute value: (c) receipt of monetary
liability &#x2013; amount of the transaction against total
liabilities in the balance sheet; (d) in the purchase/sale of
products, raw materials, active materials, mixtures and
formulations (except for fixed assets) or services &#x2013; amount
of the transaction against total revenues from sales or the cost of
sales, as applicable, in the last 4 quarters for which reviewed or
audited financial statements were issued.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-341</font></div>
</div>
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<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
28 - Transactions and Balances with Related and Interested Parties
(cont&#x2019;d)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">A.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Transactions
with related and interested parties (cont&#x2019;d)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In cases in which,
at the Company&#x2019;s discretion, none of the quantitative
criteria mentioned previously are relevant for evaluating the
negligibility of an interested party transaction, the transaction
will be considered negligible, in accordance with another relative
criterion, to be prescribed by the Company (provided that the
relevant criterion calculated for the transaction will less than
0.5% and will not exceed $1.25 million). With respect to multi-year
transactions, the amount of the transaction for purposes of
evaluating negligibility will be calculated on an annual
basis.</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">It is noted that
even if an interested party transaction meets the above
quantitative test, it will not be deemed negligible if the
qualitative considerations testify to its materiality, whether from
the standpoint of its impact on the Company or due to the
importance of its disclosure to the investing public.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">For purposes of
filing Immediate Reports, the negligibility of a transaction will
be examined on the basis of the specific individual transaction.
For purposes of reporting in a Periodic Report, annual financial
statements and a prospectus (including shelf offer reports),
negligibility will be examined of the aggregate transactions on an
annual basis (that is, after aggregating all the interested party
transactions of the same type) for the purchase/sale of products,
raw materials, active ingredients and and
formulations).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">If the Company does
not have available information that enables an examination of the
classification of interested party transactions as negligible
transactions, then the cumulative total of all the transactions of
that type as a negligible transaction will be deemed a negligible
transaction, unless one of the following two conditions are met:
(a) the transaction itself, as an individual transaction, is not
negligible; or (b) the cumulative total of the transactions is
material for the Company.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Separate
transactions which are interdependent, so that they are actually
part of the same undertaking (for example, negotiating a group of
transactions on a consolidated basis) will be examined as a single
transaction.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The total
transactions classified as negligible by the Company&#x2019;s
investees will be deemed negligible also at the Company level.
Transactions of the Company's investees, which have been classified
by them as not negligible, will be examined against the relevant
criteria at the Company level.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">It is clarified
that a transaction that is not in the Company&#x2019;s ordinary
course of business, or that is not on market terms, or that may
have a significant impact on the Company&#x2019;s profits, assets or
liabilities, will not be classified as a negligible
transaction.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-342</font></div>
</div>
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</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
28 - Transactions and Balances with Related and Interested Parties
(cont&#x2019;d)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">A.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Transactions
with related and interested parties (cont&#x2019;d)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Annually, the Audit
Committee will review the manner in which the instructions of this
procedure are carried out by the Company and will perform sample
testing of transactions that were classified as negligible by the
instructions of the procedure. Within the scope of the sample
testing of the said transactions, the Audit Committee will also
examine the ways prices and the remaining terms of the transactions
are determined, under the circumstances of the matter, and will
examine the effect of the transaction on the Company's financial
position and operating results. The activities of the Audit
Committee pursuant to this paragraph, including the said sample
testing, the manner in which it is performed, and a summary of its
results and conclusions, will be disclosed in the Company&#x2019;s
periodic report. The Company&#x2019;s Board of Directors will be
updated regarding the procedure as part of the approval process of
the financial statements.</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Company&#x2019;s
Audit Committee will examine the need for updating the instructions
of this procedure, noting the interested party transactions in
which the Company has undertaken and changes in the provisions of
the relevant laws.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Based on the
Company&#x2019;s consolidated financial statements for 2015, the
expenses involved with interested party transactions, as stated,
which were classified as negligible in accordance with the
provisions of this procedure, amounted to about $2,412
thousand.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="text-decoration: underline; font-size: 13px; font-family: Times New Roman">
Transactions included in Sections&#xA0;270(4) and 270(4A) of the
Companies Law, 1999 (&#x201C;the Companies Law&#x201D;) (see
Regulation&#xA0;21A and&#xA0;22 to Part&#xA0;D of the Periodic
Report)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(A)&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="text-decoration: underline; font-size: 13px; font-family: Times New Roman">
Transactions included in Section&#xA0;270(4A) to the Companies
Law</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(1)&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">On October 17,
2011, the Company completed the merger transaction with a
corporation from CC Group (the merger agreement). Upon the
completion of the merger agreement, the shareholders' agreement for
settling their relations came into force and effect.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(2)&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">The Company entered
into a number of undertakings with Clal Insurance Company Ltd.
(hereinafter &#x2013; &#x201C;Clal&#x201D;), a company controlled by
I.D.B. Development Company Ltd. at market terms and in
consideration of cumulative amounts that are not significant to the
Company. For details regarding a policy for insurance and
indemnification of interested parties &#x2013; see Note&#xA0;19A(1)
and&#xA0;(2).</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-343</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
28 - Transactions and Balances with Related and Interested Parties
(cont&#x2019;d)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">A.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Transactions
with related and interested parties (cont&#x2019;d)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Transactions included in
Sections&#xA0;270(4) and 270(4A) of the Companies Law, 1999
(&#x201C;the Companies Law&#x201D;) (see Regulation&#xA0;21A
and&#xA0;22 to Part&#xA0;D of the Periodic Report)</font>
(cont&#x2019;d)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(A)&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Transactions included in
Section&#xA0;270(4A) to the Companies Law</font>
(cont&#x2019;d)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(3)&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">On August&#xA0;4,
2013 and September&#xA0;8, 2014, the Company&#x2019;s Audit
Committee, Board of Directors and the General Meeting of the
Company&#x2019;s shareholders approved execution of a partial tender
offer for acquisition of Class&#xA0;B shares of Hubei Sanonda Co.
Ltd. (hereinafter &#x2013; &#x201C;Sanonda&#x201D;) from public
shareholders. Regarding this matter &#x2013; see
Note&#xA0;19(A)(7).</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">On February 4,
2016, the Company's audit committee, the board of directors and the
shareholders of the Company approved the Company's entry into
agreement for selling B shares of Sanonda that are held by the
Company under the conditions specified in Note 19(a)(8) and subject
to the completion of Sanonda transaction as described in Note
19(a)(8) above.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(4)&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">On
September&#xA0;30, 2014, the Company&#x2019;s Audit Committee and
Board of Directors and the General Meeting of the Company&#x2019;s
shareholders approved the Company&#x2019;s undertaking in a
transaction for acquisition of companies from CNAC, as detailed in
Note&#xA0;19A(8).</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(5)&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">On December 3,
2015, the Company's shareholders meeting (after obtaining the
approval of the board of directors from December 3, 2015, and the
approval of the audit committee from December 1, 2015) approved the
agreement of the subsidiary's (indirectly) in China (Adama) for
commercial collaboration with 5 agrochemical companies controlled
by CNAC including Sanonda Ltd. (CNAC companies) under which Adama
shall become gradually the exclusive distributor of formalized
agrochemical products of CNAC companies in China.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(6)&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">On December 30,
2015 the Company's general meeting of shareholders (after approval
by the board of directors dated December 30, 2015 and the audit
committee from December 29, 2015) approved the Company's joining as
a party to the Cash pooling agreement, the parties to which are:
(1) China National Chemical Corporation (the "CNAC"); (2) Companies
held directly and indirectly by CC (together with CC and Company.
"the Settlement Companies"); (3) a foreign bank (the "Bank"), the
audit committee, the board of directors and the shareholders
approved an additional agreement of the Company with CC, which
regulates other aspects relating to the Cash pooling agreement
("the intercompany agreement).</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-344</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
28 - Transactions and Balances with Related and Interested Parties
(cont&#x2019;d)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">A.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Transactions
with related and interested parties (cont&#x2019;d)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">To secure the
obligations of the settlement companies towards the bank, each of
the settlement companies will create a first ranking charge on the
rights in the designated account in favour of the bank. CC, will
extend simultaneously a guarantee to secure the obligations of the
settlement companies. In the event of a debt of any of the
settlement companies towards the bank and other than in the event
of insolvency event, the bank may be repaid according to the
repayment preference as follows: (1) by exercising the charge of
the settlement company; (2) by exercising CC guarantee; (3) by
exercising the charge of another settlement company. In the event
of an insolvency event, the provisions of the above repayment
preference are not applicable. Under the intercompany agreement, CC
committed that upon an insolvency event, it will do its utmost
efforts such that amounts are not offset from the Company's
accounts or the charge is not exercised on the Company's accounts
only after the bank or the settlement companies (as the case may
be) exhausted all other sources according to the Cash pooling
agreement including CC guarantee and the charges extended by all of
the settlement companies.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Simultaneously with
entering into the Cash pooling agreement, CC and the Company
entered into an intercompany agreement under which mechanisms were
set to assure that the Company's transactions in the account and
activities relating to the Company are approved in advance, the
Company was granted information rights regarding the settlement
companies and their financial position and CC commitment was
granted to fully indemnify the Company if any amounts are offset
from its account or if the charge is exercised on its account which
is subject to the settlement.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Company's audit
committee, board of directors and shareholders determined an
immaterial amount for the Company as the maximum amount to be
deposited in the Company's accounts that are subject to the
settlement (the maximum amount). The maximum amount may be changed
by a resolution of the Company's competent organs.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(B)&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="text-decoration: underline; font-size: 13px; font-family: Times New Roman">
Transactions not included in Sections 270(4A) of the Companies Law
and that are not negligible</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(1)&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">The Company has
entered into a number of undertakings with Clal, at market terms
and in exchange for cumulative amounts that are not significant to
the Company, including the undertakings detailed in
Section&#xA0;(A)(2) above.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-345</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
28 - Transactions and Balances with Related and Interested Parties
(cont&#x2019;d)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">A.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Transactions
with related and interested parties (cont&#x2019;d)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Negligible
transactions (cont&#x2019;d)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Transactions included in
Sections&#xA0;270(4) and 270(4A) of the Companies Law, 1999
(&#x201C;the Companies Law&#x201D;) (see Regulation&#xA0;21A
and&#xA0;22 to Part&#xA0;D of the Periodic Report)</font>
(cont&#x2019;d)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(B)&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Transactions not included in Sections
270(4A) of the Companies Law and that are not negligible</font>
(cont&#x2019;d)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(2)&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">In 2015 and in the
ordinary course of business, the Company acquired from Sanonda or a
company related to it (hereinafter &#x2013; &#x201C;Sanonda
Group&#x201D;) raw materials on market terms and in cumulative
amounts that are not significant to the Company. Sanonda Group is a
group with respect to which CC is an interested party.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(3)&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">During 2015, and in
the ordinary course of business, the Company sold its products to
Futuro&#xA0;Y Opciones.Com S.A.C.I.F.y.&#xA0;A., The company
operates in Argentina, which to the best of the Company&#x2019;s
knowledge is controlled by Mr.&#xA0;Eduardo Elstein (one of the
controlling shareholders of I.D.B. Development Company Ltd., which
is the indirect controlling shareholder of Koor).</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(4)&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">On February&#xA0;2,
2015, the Company signed a contracting agreement with China
Bluestar Lehigh Engineering Corp. (hereinafter &#x2013;
&#x201C;Bluestar&#x201D;), a company from the Chemchina Group,
whereby Bluestar will perform infrastructure work along with
construction of storage facilities and auxiliary buildings for a
formulation structure being constructed by the Company in China. In
exchange for performance of the work, the Company will pay Bluestar
$10 million, which is to be paid based on milestones in accordance
with rate of progress of the work. The agreement was classified by
the Company&#x2019;s Audit Committee as a transaction that is not
unusual.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-346</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
28 - Transactions and Balances with Related and Interested Parties
(cont&#x2019;d)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">A.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Transactions
with related and interested parties (cont&#x2019;d)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Provided below are
details of transactions with related and interested
parties:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr style="background-color:#ffffff;">
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:39%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" rowspan="1" style="vertical-align:bottom;width:46%;">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">For
the year ended December 31</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:39%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:16%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2013</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:39%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:16%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 54%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 156px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">Interested
Parties*</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 156px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">Revenues</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;2,449&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,858&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">196&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Expenses</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;32,060&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">20,942&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">34,405&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 156px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">Equity-Accounted
Investee Companies*</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 156px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">Revenues</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;23,419&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">27,675&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">23,036&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Expenses</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;999&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,212&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">384&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; display: table; margin-left: 108px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px; font-family: Times New Roman">*&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Transactions with
an equity-accounted investee company that is also part of the CC
Group are included as part of transactions with interested
parties.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">B.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Benefits
to interested parties</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr style="background-color:#ffffff;">
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:39%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" rowspan="1" style="vertical-align:bottom;width:46%;">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">For
the year ended December 31</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:39%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:16%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2013</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:39%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:16%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 55%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Salaries and
related benefits to interested party</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 55%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;employed by
the Group</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;2,008&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,078&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,504&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 55%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Number of
interested parties</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;1&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 55%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 55%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Share based
payments to interested party</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 55%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;employed by
the Group</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;1,250&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,251&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#x2013;&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 55%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Number of
interested parties</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;1&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#x2013;&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 55%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 55%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Fees to other
directors</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;261&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">363&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">252&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 55%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Number of
directors</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;7&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 55%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">C.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Balances
with related and interested parties</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr style="background-color:#ffffff;">
<td rowspan="1" style="vertical-align:top;width:69%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:16%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">December
31</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:16%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">December
31</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:69%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:16%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="vertical-align:top;width:16%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:69%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:16%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:16%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 69%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Interested
Parties*</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 69%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Trade
receivables</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;1,430&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,226&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 69%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Trade
payables</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;7,361&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7,175&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 69%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 69%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Equity-Accounted
Investee Companies*</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 69%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Trade
receivables</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;4,352&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6,465&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 69%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Loans
granted</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;7,338&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7,474&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 69%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Trade
payables</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;128&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">67&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 69%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px; font-family: Times New Roman">*&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Transactions with
an equity-accounted investee company that is also part of the CC
Group are included as part of transactions with interested
parties.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-347</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
28 - Transactions and Balances with Related and Interested Parties
(cont&#x2019;d)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">D.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Guarantees
for debts of equity-accounted investee company</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Company has
provided a guarantee for the debts of an equity-accounted investee
company, in the amount of up to $17,250 thousand.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">E.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Benefits
to a group of officers and senior management in Israel and
abroad</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In addition to
salary, senior executives in the Group are entitled to benefits
beyond regular salary. These benefits include: annual bonuses,
social and salary-related benefits and options
granted.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The benefits
attributed to the key management personnel are comprised as
follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr style="background-color:#ffffff;">
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:39%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:16%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2013</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:39%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:16%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Direct
salary</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;2,894&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,352</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,979&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Short-term
bonuses*</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;2,906&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,598</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6,041&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Post-employment
benefits and others</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;1,161&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,035</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2,375&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Share-based
payments**</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;3,364&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4,069</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#x2013;&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;10,325&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14,054</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">13,395&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">*&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">The bonuses are
based on the operating results of the Group.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">**&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">The cost of the
benefit to each officer from share-based payments is calculated
only once, according to the economic value of the options on the
grant date. The cost is amortized over the vesting period until the
vesting date and does not change and is not affected by changes in
the price of the share or the ability to exercise.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
29 - Financial Instruments</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">A.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">General</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Group has
extensive international operations, and, therefore, it is exposed
to credit risks, liquidity risks and market risks (including
currency risk, interest risk and other price risk). In order to
reduce the exposure to these risks, the Group uses financial
derivatives instruments, including forward transactions, swaps and
options (hereinafter &#x2013;
&#x201C;derivatives&#x201D;).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Transactions in
derivatives are undertaken with major financial institutions in and
outside of Israel and, therefore, in the opinion of Group
Management the credit risk in respect thereof is low.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">This note provides
information on the Group&#x2019;s exposure to each of the above
risks, the Group&#x2019;s objectives, policies and processes
regarding the measurement and management of the risk. Additional
quantitative disclosure is included throughout the consolidated
financial statements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Board of
Directors has overall responsibility for establishing and
monitoring the framework of the Group's risk management policy. The
Finance Committee is responsible for establishing and monitoring
the Group's actual risk management policy. The Chief Financial
Officer reports to the Finance Committee on a regular basis
regarding these risks.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-348</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
29 - Financial Instruments (cont'd)</font></div>
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<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">A.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">General
(cont&#x2019;d)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Group&#x2019;s
risk management policy are established to identify and analyze the
risks facing the Group, to set appropriate risk limits and controls
and monitoring of the risks and to monitor risks and adherence to
limits. The risks and methods for managing the risks are reviewed
regularly, in order to reflect changes in market conditions and the
Group's activities. The Group, through training, and management
standards and procedures, aims to develop a disciplined and
constructive control environment in which all the employees
understand their roles and obligations.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">B.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Credit
risk</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Credit risk is the
risk of financial loss to the Group if a customer or counterparty
to a financial instrument fails to meet its contractual
obligations, and derives mainly from trade receivables and other
receivables as well as from cash and deposits in financial
institutions.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Trade and other receivables</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Group&#x2019;s
revenues are derived from a large number of widely dispersed
customers in many countries. Customers include multi-national
companies and manufacturing companies, as well as distributors,
agriculturists, agents and agrochemical manufacturers who purchase
the products either as finished goods or as intermediate products
for their own requirements.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Company entered
into an agreement for the sale of trade receivables in a
securitization transaction. For details &#x2013; see Note
4.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In April 2014, a
two-year agreement with an international insurance company was
renewed. The amount of the insurance coverage was fixed at $150
million cumulative per year. The indemnification is limited to
about 90% of the debt.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Group&#x2019;s
exposure to credit risk is influenced mainly by the personal
characterization of each customer, and by the demographic
characterization of the customer&#x2019;s base, including the risk
of insolvency of the industry and geographic region in which the
customer operates. Approximately 1.8% (2014 and 2013 &#x2013; 1.7%)
of the Group&#x2019;s revenues derive from sales to an individual
customer.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Company management
has prescribed a credit policy, whereby the Company performs
current ongoing credit evaluations of existing and new customers,
and every new customer is examined thoroughly regarding the quality
of his credit, before offering him the Group&#x2019;s customary
shipping and payment terms. The examination made by the Group
includes an outside credit rating, if any, and in many cases,
receipt of documents from an insurance company. A credit limit is
prescribed for each customer, setting the maximum open amount of
the trade receivable balance. These limits are examined annually.
Customers that do not meet the Group&#x2019;s criteria for credit
quality may do business with the Group on the basis of a prepayment
or against furnishing of appropriate collateral.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Most of the
Group&#x2019;s customers have been doing business with it for many
years. In monitoring customer credit risk, the customers were
grouped according to a characterization of their credit, based on
geographical location, industry, aging of receivables, maturity,
and existence of past financial difficulties. Customers defined as
&#x201C;high risk&#x201D; are classified to the restricted customer
list and are supervised by management. In certain countries,
mainly, Brazil, customers are required to provide property
collaterals (such as agricultural lands and equipment) against
execution of the sales, the value of which is examined on a current
ongoing basis by the Company. In these countries, in a case of a
doubtful debt, the Company records a provision for the amount of
the debt less the value of the collaterals provided and acts to
realize the collaterals.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<div id="ftr">
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<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-349</font></div>
</div>
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</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
29 - Financial Instruments (cont'd)</font></div>
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<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">B.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Credit
risk (cont'd)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Group closely
monitors the economic situation in Eastern Europe and south America
where necessary it executes transactions to limit its exposure to
customers in countries having significantly unstable
economies.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Group
recognizes an impairment provision, which reflects its assessment
of losses sustained from trade receivables and other receivables
and investments. The key elements of this provision are specific
losses related to specific significant exposure, (the effect of the
additional examination on trade receivables for which no specific
impairment was identified is immaterial) and the component of a
general loss that is determined for groups of similar assets in
countries in which the customer diversification is high and the
balance is immaterial. The general loss provision is determined
based on historical information regarding payment statistics
relating to events that occurred in the past.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Cash and deposits in banks</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Company holds
cash and deposits in banks with a high credit rating. These banks
are also required to comply with capital adequacy or maintenance of
a level of security based on different situations.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Guarantees</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Company&#x2019;s
policy is to provide financial guarantees only to investee
companies.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Exposure
to credit risk</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The carrying amount
of financial assets represents the maximum credit exposure
notwithstanding the carrying amount of security.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The maximum
exposure to credit risk for trade receivables at the reporting
date, according to geographic regions was as follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr style="background-color:#ffffff;">
<td rowspan="1" style="vertical-align:top;width:40%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:16%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">December
31</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:16%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">December
31</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:40%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:16%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="vertical-align:top;width:16%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:40%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:16%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:16%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 68%">
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;3,032&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;35,361&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 68%">
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Latin
America</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;453,028&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;471,320&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 68%">
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Europe</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;123,104&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;253,601&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 68%">
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">North
America</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;68,602&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;140,826&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 68%">
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Asia
Pacific</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;62,323&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;84,330&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 68%">
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">India, Middle East
and Africa</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;108,185&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;100,789&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 68%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 68%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;818,274&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;1,086,227&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Group's most
significant customer is an agricultural corporation that
constitutes $22,178 thousand out of the total carrying value of
trade receivables as of December 31, 2015 (as of December 31, 2014
&#x2013; $21,221 thousand).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-350</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
29 - Financial Instruments (cont'd)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">B.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Credit
risk (cont&#x2019;d)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(2)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Aging
of receivables and allowance for doubtful accounts</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Presented below is
the aging of trade receivables:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr style="background-color:#ffffff;">
<td rowspan="1" style="vertical-align:top;width:49%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">December
31</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">December
31</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:49%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:49%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Not past
due</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;718,617&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;971,313&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Past due by less
than 90 days</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;67,000&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;93,068&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Past due by more
than 90 days</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;63,804&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;57,517&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;849,421&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;1,121,898&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The movement in the
provision for doubtful accounts during the year was as
follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr style="background-color:#ffffff;">
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:49%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td rowspan="1" style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:49%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:10%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 70%">
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Balance as of
January 1</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;35,671&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;46,871&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 70%">
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Additions during
the year</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;9,783&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;6,740&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 70%">
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Write-off of bad
debts</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(6,275)</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(14,772)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 70%">
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Exchange rate
differences</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(8,032)</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(3,168)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 70%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 70%">
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Balance as of
December 31</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;31,147&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;35,671&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">C.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Liquidity
risk</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Liquidity risk is
the risk that the Group will encounter difficulty in meeting its
financial obligation when they come due. The Group's approach to
managing its liquidity risk is to assure, to the extent possible,
an adequate degree of liquidity for meeting its obligations timely,
under ordinary conditions and under pressure conditions, without
sustaining unwanted losses or hurting its reputation.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The cash-flow
forecast is determined both at the level of the various entities as
well as of the consolidated level. The Company examines the current
forecasts of its liquidity requirements in order to ascertain that
there is sufficient cash for the operating needs, including the
amounts required in order to comply with the financial liabilities,
while taking strict care that at all times there will be unused
credit frameworks so that the Company will not exceed the credit
frameworks granted to it and the financial covenants with which it
is required to comply with. These forecasts take into consideration
matters such as the Company&#x2019;s plans to use debt for financing
its activities, compliance with required financial covenants,
compliance with certain liquidity ratios and compliance with
external requirements such as laws or regulation.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The surplus cash
held by the Group companies, which is not required for financing
the current ongoing operations, is invested in short-term
interest-bearing investment channels.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-351</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
29 - Financial Instruments (cont&#x2019;d)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">C.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Liquidity
risk (cont&#x2019;d)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Presented below are
the contractual maturities of the financial liabilities at
undiscounted amounts, including estimated interest
payments:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr style="background-color:#ffffff;">
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:27%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="7" rowspan="1" style="vertical-align:bottom;width:64%;">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">As
of December 31, 2015</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:27%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Carrying</font></div>
</td>
<td style="vertical-align:top;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Contractual</font></div>
</td>
<td style="vertical-align:top;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Fifth
year</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:27%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:9%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">amount</font></div>
</td>
<td style="vertical-align:top;width:9%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">cash
flow</font></div>
</td>
<td style="vertical-align:top;width:9%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">First
year</font></div>
</td>
<td style="vertical-align:top;width:9%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Second
year</font></div>
</td>
<td style="vertical-align:top;width:9%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Third
year</font></div>
</td>
<td style="vertical-align:top;width:9%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Fourth
year</font></div>
</td>
<td style="vertical-align:top;width:9%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">and
above</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:27%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:9%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:9%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:9%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:9%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:9%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:9%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:9%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 36%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Non-derivative
financial liabilities</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 36%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Credit from
banks</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;15,225&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;15,313&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;15,313&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 36%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Short-term loans
from banks</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;103,725&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;105,647&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;105,647&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 36%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Trade
payables</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;554,357&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;554,357&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;554,357&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 36%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other
payables</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;363,152&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;363,152&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;363,152&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 36%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Debentures
(1)</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;1,157,169&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;1,868,539&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;161,197&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;54,403&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;54,403&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;54,403&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;1,544,132&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 36%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Long-term loans
from banks (1)</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;277,449&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;304,578&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;116,087&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;64,760&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;86,878&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;18,455&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;18,398&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 36%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other long-term
liabilities (1)</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;13,668&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;17,181&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;109&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">277&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;12,703&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;133&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;3,959&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 36%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 36%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Derivative
financial liabilities</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 36%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Foreign currency
derivatives</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;127,777&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;127,777&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;123,670&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;4,107&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 36%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">CPI/shekel forward
transactions</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;1,970&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;1,970&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;1,970&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 36%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 36%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;2,614,492&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;3,358,514&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;1,441,502&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;123,547&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;153,984&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;72,991&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;1,566,489&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(1)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Including current
maturities</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-352</font></div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
29 - Financial Instruments (cont&#x2019;d)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">C.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Liquidity
risk (cont&#x2019;d)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Presented below are
the contractual maturities of the financial liabilities at
undiscounted amounts, including estimated interest
payments:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr style="background-color:#ffffff;">
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:27%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="7" rowspan="1" style="vertical-align:bottom;width:64%;">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">As
of December 31, 2014</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:27%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Carrying</font></div>
</td>
<td style="vertical-align:top;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Contractual</font></div>
</td>
<td style="vertical-align:top;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Fifth
year</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:27%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:9%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">amount</font></div>
</td>
<td style="vertical-align:top;width:9%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">cash
flow</font></div>
</td>
<td style="vertical-align:top;width:9%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">First
year</font></div>
</td>
<td style="vertical-align:top;width:9%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Second
year</font></div>
</td>
<td style="vertical-align:top;width:9%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Third
year</font></div>
</td>
<td style="vertical-align:top;width:9%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Fourth
year</font></div>
</td>
<td style="vertical-align:top;width:9%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">and
above</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:27%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:9%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:9%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:9%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:9%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:9%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:9%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:9%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 36%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Non-derivative
financial liabilities</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 36%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Credit from
banks</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;10,234&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;10,430&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;10,430&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 36%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Short-term loans
from banks</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;286,587&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;289,285&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;289,285&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 36%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Trade
payables</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;650,829&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;650,829&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;650,829&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 36%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other
payables</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;383,221&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;383,221&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;383,221&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 36%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Debentures
(1)</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;1,004,660&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;1,601,798&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;156,517&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;149,886&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;41,232&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;41,232&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;1,212,932&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 36%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Long-term loans
from banks (1)</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;338,415&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;377,611&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;88,145&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;101,009&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;65,311&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;86,664&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;36,483&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 36%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other long-term
liabilities (1)</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;21,721&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;28,628&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;328&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;487&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;20,428&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;459&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;6,926&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 36%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 36%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Derivative
financial liabilities</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 36%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Foreign currency
derivatives</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;272,585&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;272,585&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;266,720&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;5,865&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 36%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">CPI/dollar forward
transactions</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;26,783&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;26,783&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;26,783&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 36%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">CPI/shekel forward
transactions</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;2,051&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;2,051&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;2,051&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 36%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;2,997,086&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;3,643,221&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;1,874,309&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;257,247&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;126,971&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;128,355&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;1,256,341&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 36%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(1)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Including current
maturities</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As at December 31,
2015, the Group has bank loans totaling 52 million and securitized
trade receivables totaling $192 million, which contain financial
covenants. For information on the financial covenants, see Note 20C
to 20E. Interest payments on the variable-interest rate loans and
the future cash flows on contingent consideration and put options
to holders of non-controlling interests, may be different from the
amounts described in the table above.</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Except for these
financial liabilities, it is not expected that the cash flows
included in the analysis of maturity dates will occur significantly
earlier or in significantly different amounts.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-353</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
29 - Financial Instruments (cont&#x2019;d)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">D.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Market
risks</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Market risk is the
risk that changes in market prices, such as foreign exchange rates,
CPI, interest rates and prices of capital instruments, will affect
the Group&#x2019;s revenues or the value of its holdings in its
financial instruments. The objective of market risk management is
to manage and monitor the exposure to market risks within
acceptable parameters, while optimizing the return.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">During the ordinary
course of business, the Group purchases and sells derivatives and
assumes financial liabilities for the purpose of managing market
risks. All such transactions are carried out within the guidelines
set by the Finance Committee.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">CPI/Linkage
and foreign currency risks</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
Currency risk</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Group is
exposed to currency risk from its sales, purchases, expenses and
loans denominated in currencies that differ from the Group&#x2019;s
functional currency. The main exposure is in Euro, Brazilian real
and in NIS. In addition, there are smaller exposures to various
currencies such as the British pound, Polish zloty, Australian
dollar and Indian rupee, Argentine peso, Canadian dollar, South
African Rand and Ukraine Hryunia.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Group uses
foreign currency derivatives &#x2013; forward transactions, swaps
and currency options &#x2013; in order to hedge the risk that the
Dollar cash flows, which derive from existing assets and
liabilities and anticipated sales and costs and projected sales,
may be affected by exchange rate fluctuations.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Group hedged a
part of the estimated currency exposure for projected sales and
purchases during the subsequent year. Likewise, the Group hedges
most of its financial balances denominated in a non-Dollar
currency. The Group uses foreign currency derivatives to hedge its
currency risk, mostly with maturity dates of less than one year
from the reporting date.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Company has
debentures, some of which are linked to the CPI and, therefore, an
increase in the CPI, as well as changes in the NIS exchange rate,
could cause significant exposure with respect to the Group's
functional currency &#x2013; the U.S. dollar. As of the approval
date of the financial statements, the Group had hedged most of its
exposure deriving from issuance of the debentures, in options and
forward contracts.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-354</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
29 - Financial Instruments (cont&#x2019;d)</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 38px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">D.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Market
risks (cont&#x2019;d)</font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 38px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">CPI/linkage
and foreign currency risks</font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 38px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(A)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">The
Group&#x2019;s exposure to CPI/linkage and foreign currency risk,
except in respect of derivative financial instruments (see
hereunder) is as follows:</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr style="background-color:#ffffff;">
<td rowspan="1" style="vertical-align:top;width:28%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">December
31, 2015</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Denominated</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:28%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Denominated</font></div>
</td>
<td style="vertical-align:top;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">in
or linked to</font></div>
</td>
<td style="vertical-align:top;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:28%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">in
or linked to</font></div>
</td>
<td style="vertical-align:top;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">In
Brazilian</font></div>
</td>
<td style="vertical-align:top;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">CPI-linked</font></div>
</td>
<td style="vertical-align:top;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Unlinked</font></div>
</td>
<td style="vertical-align:top;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">other
foreign</font></div>
</td>
<td style="vertical-align:top;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Non-monetary</font></div>
</td>
<td style="vertical-align:top;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:28%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:9%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">the
Dollar</font></div>
</td>
<td style="vertical-align:top;width:9%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">In
Euro</font></div>
</td>
<td style="vertical-align:top;width:9%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">real</font></div>
</td>
<td style="vertical-align:top;width:9%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="vertical-align:top;width:9%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="vertical-align:top;width:9%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">currency</font></div>
</td>
<td style="vertical-align:top;width:9%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">items</font></div>
</td>
<td style="vertical-align:top;width:9%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:28%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:9%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:9%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:9%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:9%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:9%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:9%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:9%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:9%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Assets
&#x2013;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cash and cash
equivalents</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;161,732&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;64,476&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;24,955&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;21,810&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;122,379&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;395,352&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Short-term
investments</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;3,001&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;8&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;1,721&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;4,730&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Trade
receivables</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;198,594&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;89,037&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;259,831&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;6,208&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;244,515&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;798,185&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Subordinated note
in respect of sale of trade receivables</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;51,361&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;14,771&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;3,880&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;1,281&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;71,293&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financial and other
assets including derivatives*</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;82,093&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;15,137&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;19,175&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;16,667&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;24,257&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;39,010&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;196,339&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Current tax
assets</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;1,600&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;2,682&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;8,079&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;12,361&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Inventories</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;1,149,058&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;1,149,058&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Investments, loans
and other long-term debt balances</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;17,490&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;2,342&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;26,101&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;32&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;2,070&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;106,338&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;154,373&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Deferred tax
assets</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;75,196&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;75,196&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Fixed
assets</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;787,307&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;787,307&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Intangible
assets</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;687,449&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;687,449&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;515,871&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;188,453&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;330,062&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;48,597&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;404,302&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;2,844,358&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;4,331,643&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Liabilities
&#x2013;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Loans and credit
from banks (not including current</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;maturities)</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;51,731&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;5,879&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;61,340&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;118,950&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Trade
payables</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;295,174&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;91,884&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;10,510&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;119,848&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;36,941&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;554,357&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other
payables*</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;207,350&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;62,115&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;23,887&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;6,480&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;80,910&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;78,001&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">10,549&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;469,292&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Current tax
liabilities</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;11,646&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;1,920&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;2,849&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;724&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;8,488&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;25,627&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Put option to
holders of non-controlling interests</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;36,431&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;3,039&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;39,470&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Loans from banks
(including current maturities)</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;275,085&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;5&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;1,438&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">921&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;277,449&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Debentures
(including current maturities)</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;1,056,380&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">100,789&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;1,157,169&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other long-term
liabilities (including current</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;maturities)</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;10,821&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;653&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;14,429&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;180&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;3,259&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;29,342&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Deferred tax
liabilities</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;22,595&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;22,595&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Employee
benefits</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;760&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;3,805&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;59,423&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;6,564&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;70,552&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;888,998&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;169,300&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;53,113&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;1,062,860&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;361,874&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;195,514&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;33,144&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;2,764,803&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">* Regarding the
group&#x2019;s exposure to linkage and currency risks of financial
derivatives &#x2013; see Note 29D(1)(b) below.</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-355</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
29 - Financial Instruments (cont&#x2019;d)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 38px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">D.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Market
risks (cont&#x2019;d)</font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 38px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">CPI/linkage
and foreign currency risks (cont&#x2019;d)</font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 38px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(A)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">The
Group&#x2019;s exposure to CPI/linkage and foreign currency risk,
except in respect of derivative financial instruments (see
hereunder) is as follows: (cont&#x2019;d)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr style="background-color:#ffffff;">
<td rowspan="1" style="vertical-align:top;width:28%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">December
31, 2014</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Denominated</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:28%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Denominated</font></div>
</td>
<td style="vertical-align:top;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">in
or linked to</font></div>
</td>
<td style="vertical-align:top;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:28%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">in
or linked to</font></div>
</td>
<td style="vertical-align:top;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">In
Brazilian</font></div>
</td>
<td style="vertical-align:top;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">CPI-linked</font></div>
</td>
<td style="vertical-align:top;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Unlinked</font></div>
</td>
<td style="vertical-align:top;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">other
foreign</font></div>
</td>
<td style="vertical-align:top;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Non-monetary</font></div>
</td>
<td style="vertical-align:top;width:9%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:28%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:9%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">the
Dollar</font></div>
</td>
<td style="vertical-align:top;width:9%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">In
Euro</font></div>
</td>
<td style="vertical-align:top;width:9%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">real</font></div>
</td>
<td style="vertical-align:top;width:9%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="vertical-align:top;width:9%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">NIS</font></div>
</td>
<td style="vertical-align:top;width:9%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">currency</font></div>
</td>
<td style="vertical-align:top;width:9%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">items</font></div>
</td>
<td style="vertical-align:top;width:9%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Total</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:28%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:9%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:9%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:9%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:9%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:9%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:9%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:9%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:9%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Assets
&#x2013;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Cash and cash
equivalents</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;150,533&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;87,830&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;27,811&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;21,569&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;117,533&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;405,276&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Short-term
investments</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;9,048&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;10&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;22&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;1,928&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;11,008&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Trade
receivables</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;372,411&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;166,735&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;184,817&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;34,909&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;314,863&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;1,073,735&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financial and other
assets including derivatives*</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;226,434&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;12,580&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;12,933&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;17,132&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;25,462&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;22,024&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;316,565&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Current tax
assets</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;4,047&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;2,546&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;55&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;7,072&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;13,720&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Inventories</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;1,219,191&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;1,219,191&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Investments, loans
and other long-term debt balances</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;19,129&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;2,588&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;21,068&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;32&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;2,326&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;99,541&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;144,684&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Deferred tax
assets</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;82,623&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;82,623&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Fixed
assets</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;766,456&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;766,456&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Intangible
assets</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;703,891&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;703,891&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;781,602&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;272,289&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;246,629&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;73,719&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;469,184&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;2,893,726&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;4,737,149&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Liabilities
&#x2013;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Loans and credit
from banks (not including current</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;maturities)</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;128,215&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;48,921&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;16,719&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;17,029&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;85,937&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;296,821&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Trade
payables</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;319,516&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;114,700&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;27,386&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;139,722&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;49,505&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;650,829&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other
payables*</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;383,650&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;78,330&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;30,064&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;5,565&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;85,923&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;73,092&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;3,190&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;659,814&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Current tax
liabilities</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;13,854&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;3,112&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;6,389&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;4,609&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;6,357&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;34,321&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Put option to
holders of non-controlling interests</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;34,374&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;5,268&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;2,176&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;41,818&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Loans from banks
(including current maturities)</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;334,809&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;30&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;3,075&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;501&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;338,415&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Debentures
(including current maturities)</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;800,615&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;204,045&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;1,004,660&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Other long-term
liabilities (including current</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;maturities)</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;18,210&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;798&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;6,775&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;205&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;3,282&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;29,270&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Deferred tax
liabilities</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;19,695&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;19,695&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Employee
benefits</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;427&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;3,946&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;60,820&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;5,264&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;70,457&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;1,233,055&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;255,105&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;90,408&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;806,180&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;512,353&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;226,114&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;22,885&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;3,146,100&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 28%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">* Regarding the
group&#x2019;s exposure to linkage and currency risks of financial
derivatives &#x2013; see Note 29D(1)(b) below.</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-356</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
29 - Financial Instruments (cont'd)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">D.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Market
risks (cont&#x2019;d)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">CPI/linkage
and foreign currency risks (cont&#x2019;d)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(B)&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">The
exposure to CPI/linkage and foreign currency risk in respect of
derivatives is as follows:</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr style="background-color:#ffffff;">
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:25%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" rowspan="1" style="vertical-align:bottom;width:75%;">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">December
31, 2015</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:25%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Currency/</font></div>
</td>
<td style="vertical-align:top;width:16%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Currency/</font></div>
</td>
<td style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Average</font></div>
</td>
<td style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:25%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">linkage</font></div>
</td>
<td style="vertical-align:top;width:16%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">linkage</font></div>
</td>
<td style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">expiration</font></div>
</td>
<td style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:25%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">receivable</font></div>
</td>
<td style="vertical-align:top;width:16%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">payable</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">date</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Par
value</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Fair
value</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:25%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:16%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Forward foreign
currency</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;contracts and
call options</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">USD</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">EUR</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">06/15/2016</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;544,866&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(17,556)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">USD</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">PLN</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">02/15/2016</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;25,080&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;2,301&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">USD</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">BRL</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">03/27/2016</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;241,500&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;101&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">USD</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">GBP</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">03/26/2016</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;48,374&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;2,687&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">ILS</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">USD</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">01/22/2016</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;1,488,245&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(37,250)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">USD</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">OTHERS</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;306,639&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;7,590&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">CPI forward
contracts</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">CPI</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">ILS</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4/16/2016</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;571,502&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;(1,970)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr style="background-color:#ffffff;">
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:25%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="5" rowspan="1" style="vertical-align:bottom;width:75%;">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">December
31, 2014</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:25%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Currency/</font></div>
</td>
<td style="vertical-align:top;width:16%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Currency/</font></div>
</td>
<td style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Average</font></div>
</td>
<td style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:25%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">linkage</font></div>
</td>
<td style="vertical-align:top;width:16%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">linkage</font></div>
</td>
<td style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">expiration</font></div>
</td>
<td style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:25%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">receivable</font></div>
</td>
<td style="vertical-align:top;width:16%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">payable</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">date</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Par
value</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Fair
value</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:25%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:16%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Forward foreign
currency</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;contracts and
call options</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">USD</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">EUR</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">07/26/2015</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;622,906&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(10,564)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">USD</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">PLN</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">03/27/2015</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;90,326&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">10,190&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">USD</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">BRL</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">05/22/2015</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;153,000&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">34&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">USD</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">GBP</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">05/09/2015</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;75,104&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,447&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">ILS</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">USD</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">03/30/2015</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;1,205,873&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(110,790)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">USD</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">OTHERS</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;340,394&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;14,534&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">CPI forward
contracts</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">CPI</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">ILS</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">01/30/2015</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;321,419&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2,051)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">CPI and foreign
currency</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 26%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;forward
contracts</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">NIS
linked</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">USD</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">04/30/2015</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;216,027&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(26,783)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Presented below are
data on Consumer Price Index in Israel and significant exchange
rates:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td colspan="3" style="vertical-align: top; width: 50%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Average
1-12</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 50%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">December
31</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 23%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Change
in 2015</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="vertical-align: top; width: 23%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Change
in 2015</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">16.4%</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1.327</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1.11</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">10.4%</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1.215</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1.088</font></div>
</td>
<td style="vertical-align: top; width: 38%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">EUR/USD</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">41.5%</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2.354</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3.331</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">47.0%</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">2.656</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3.905</font></div>
</td>
<td style="vertical-align: top; width: 38%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">USD/BRL</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">19.5%</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3.155</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3.77</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11.2%</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3.507</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3.901</font></div>
</td>
<td style="vertical-align: top; width: 38%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">USD/PLN</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">17.6%</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">10.836</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">12.742</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">34.6%</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">11.557</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">15.558</font></div>
</td>
<td style="vertical-align: top; width: 38%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">USD/ZAR</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">16.6%</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.901</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">0.752</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">10.8%</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.819</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">0.731</font></div>
</td>
<td style="vertical-align: top; width: 38%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">AUD/USD</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">7.2%</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1.647</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1.529</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">4.9%</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1.559</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1.482</font></div>
</td>
<td style="vertical-align: top; width: 38%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">GBP/USD</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8.6%</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3.571</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3.878</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">0.3%</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3.889</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">3.902</font></div>
</td>
<td style="vertical-align: top; width: 38%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">USD/ILS</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">124.325</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">123.209</font></div>
</td>
<td style="vertical-align: top; width: 38%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Known Index in
Israel</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">124.325</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">123.085</font></div>
</td>
<td style="vertical-align: top; width: 38%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">In respect of Index
in Israel</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-357</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
29 - Financial Instruments (cont&#x2019;d)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">D.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Market
risks (cont&#x2019;d)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">CPI/linkage
and foreign currency risks (cont&#x2019;d)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(C)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Sensitivity
analysis</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The increase or
decrease of the Dollar against the following currencies as of
December 31 and the increase or decrease in the CPI would increase
(decrease) the equity and profit or loss by the amounts presented
below. This analysis assumes that all the remaining variables,
among others interest rates, remained constant. The analysis for
2014 was done on the same basis.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr style="background-color:#ffffff;">
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:40%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="4" rowspan="1" style="vertical-align:bottom;width:60%;">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">December
31, 2015</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:40%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align:bottom;width:30%;border-bottom:solid 2px #000000;">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Decrease
of 5%</font></div>
</td>
<td colspan="2" style="vertical-align:bottom;width:30%;border-bottom:solid 2px #000000;">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Increase
of 5%</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:40%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Equity</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Profit
(loss)</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Equity</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Profit
(loss)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:40%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousand</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousand</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousand</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousand</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">New Israeli
shekel</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;9,115&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;3,526&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(13,935)</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(8,351)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">British
pound</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1,552)</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;91&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;1,552&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(91)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Euro</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(20,531)</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;599&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;21,834&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(479)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Brazilian
real</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;2,642&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;2,642&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(2,801)</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(2,801)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Polish
zloty</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1,262)</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(286)</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;1,262&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;286&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Consumer Price
Index in Israel</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;25,702&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;25,702&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(25,702)</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(25,702)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr style="background-color:#ffffff;">
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:40%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="4" rowspan="1" style="vertical-align:bottom;width:60%;">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">December
31, 2014</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:40%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align:bottom;width:30%;border-bottom:solid 2px #000000;">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Decrease
of 5%</font></div>
</td>
<td colspan="2" style="vertical-align:bottom;width:30%;border-bottom:solid 2px #000000;">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Increase
of 5%</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:40%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Equity</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Profit
(loss)</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Equity</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Profit
(loss)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:40%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousand</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousand</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousand</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousand</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">New Israeli
shekel</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">6,481&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(4,357)</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(2,462)</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">8,331&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">British
pound</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;(1,370)</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">869&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;1,289&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(951)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Euro</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(24,185)</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;(3,649)</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;22,758&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(3,444)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Brazilian
real</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(159)</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(159)</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(690)</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(690)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Polish
zloty</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(3,495)</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,033)</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,495&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,033&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Consumer Price
Index in Israel</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">19,009&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">19,009&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(19,009)</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(19,009)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(2)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Interest
rate risks</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Group has
exposure to changes in the Libor interest rate on the dollar since
the Group has U.S. dollar obligations which bear variable Libor
interest. The Company prepares a quarterly summary of exposure to a
change in the Libor interest rate. As at the approval date of the
financial statements, the Company had not hedged this
exposure.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Group does not
enter into commodity contracts for the purpose of meeting the
estimated usage and sales needs; except for barter contracts with
customers, these contracts are not settled on a net
basis.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-358</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
29 - Financial Instruments (cont&#x2019;d)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">D.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Market
risks (cont&#x2019;d)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(2)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Interest
rate risk (cont&#x2019;d)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(A)&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Type
of interest</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The
interest<font style="font-weight: bold">&#xA0;</font>rate profile
of the Group&#x2019;s interest-bearing financial instruments was as
follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr style="background-color:#ffffff;">
<td colspan="2" rowspan="1" style="vertical-align:bottom;padding-bottom:2px;width:71%;">
<div><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" rowspan="1" style="vertical-align:bottom;width:29%;">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">December
31</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:58%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:58%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Carrying</font></div>
</td>
<td style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Carrying</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:58%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">amount</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">amount</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:58%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 58%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Fixed-rate
instruments &#x2013; unlinked to the CPI</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 58%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financial
assets</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;54,917&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;55,485&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 58%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financial
liabilities</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(173,306)</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(290,854)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 58%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(118,389)</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(235,369)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 58%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 58%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Fixed-rate
instruments &#x2013; linked to the CPI</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 58%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financial
liabilities</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1,056,380)</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(800,615)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 58%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 58%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Variable-rate
instruments</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 58%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financial
assets</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;75,569&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;60,653&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 58%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financial
liabilities</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(326,097)</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(548,427)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 58%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(250,528)</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(487,774)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 58%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The financial
assets include cash equivalents with relatively low interest due to
the current market conditions.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(B)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Fair
value sensitivity analysis for fixed rate instruments</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Group's
fixed-interest assets and liabilities are not measured at fair
value through profit and loss. Therefore, a change in the interest
rate as of the balance sheet date would not affect profit or loss,
in respect of changes in the value of the assets and liabilities
bearing fixed interest.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-359</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
29 - Financial Instruments (cont&#x2019;d)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">E.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Cash
flow hedge accounting</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The table below
presents the periods in which the cash flows associated with
derivatives that are cash flow hedges are expected to
occur:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr>
<td colspan="9" rowspan="1" style="vertical-align:bottom;width:100%;">
<div><font style="padding-bottom:2px;width:1%;vertical-align:bottom;display:inline-block;">
&#xA0;</font><font style="vertical-align:bottom;width:98%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">2015</font></div>
</font><font style="padding-bottom:2px;width:1%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:11%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 384px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Carrying</font></div>
</td>
<td style="vertical-align:bottom;width:11%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Expected</font></div>
</td>
<td style="vertical-align:bottom;width:11%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">6
months</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">6-12</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:11%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Second</font></div>
</td>
<td style="vertical-align:bottom;width:11%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Third</font></div>
</td>
<td style="vertical-align:bottom;width:11%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Fourth</font></div>
</td>
<td style="vertical-align:bottom;width:11%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Fifth</font></div>
</td>
<td style="vertical-align:bottom;width:11%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Sixth
year</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:11%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 384px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">amount</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; width: 100%; padding-bottom: 2px; margin-left: 384px;"><font>&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:11%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">cash
flows</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; width: 100%; padding-bottom: 2px; margin-left: 12px;"><font>&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:11%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">or
less</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; width: 100%; padding-bottom: 2px; margin-left: 12px;"><font>&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">
&#xA0;</font><font style="vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">months</font></div>
</font><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:11%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">year</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; width: 100%; padding-bottom: 2px; margin-left: 12px;"><font>&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:11%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">year</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; width: 100%; padding-bottom: 2px; margin-left: 12px;"><font>&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:11%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">year</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; width: 100%; padding-bottom: 2px; margin-left: 12px;"><font>&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:11%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">year</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; width: 100%; padding-bottom: 2px; margin-left: 12px;"><font>&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:11%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">and
above</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; width: 100%; padding-bottom: 2px; margin-left: 12px;"><font>&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:11%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 384px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; width: 100%; padding-bottom: 2px; margin-left: 384px;"><font>&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:11%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; width: 100%; padding-bottom: 2px; margin-left: 12px;"><font>&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:11%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; width: 100%; padding-bottom: 2px; margin-left: 12px;"><font>&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">
&#xA0;</font><font style="vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">$
thousands</font></div>
</font><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:11%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; width: 100%; padding-bottom: 2px; margin-left: 12px;"><font>&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:11%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; width: 100%; padding-bottom: 2px; margin-left: 12px;"><font>&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:11%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; width: 100%; padding-bottom: 2px; margin-left: 12px;"><font>&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:11%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; width: 100%; padding-bottom: 2px; margin-left: 12px;"><font>&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:11%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; width: 100%; padding-bottom: 2px; margin-left: 12px;"><font>&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Forward contracts
and options</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;on
exchange rates:</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;23,286&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;23,286&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;22,060&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;272&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;954&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The table below
presents the periods in which cash flows that are related to the
derivatives used to hedge cash flows are expected to impact income
or loss.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr>
<td colspan="9" rowspan="1" style="vertical-align:bottom;width:100%;">
<div><font style="padding-bottom:2px;width:1%;vertical-align:bottom;display:inline-block;">
&#xA0;</font><font style="vertical-align:bottom;width:98%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">2015</font></div>
</font><font style="padding-bottom:2px;width:1%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:11%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 384px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Carrying</font></div>
</td>
<td style="vertical-align:bottom;width:11%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Expected</font></div>
</td>
<td style="vertical-align:bottom;width:11%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">6
months</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">6-12</font><font style="text-align: left; font-family:Times New Roman;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:11%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Second</font></div>
</td>
<td style="vertical-align:bottom;width:11%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Third</font></div>
</td>
<td style="vertical-align:bottom;width:11%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Fourth</font></div>
</td>
<td style="vertical-align:bottom;width:11%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Fifth</font></div>
</td>
<td style="vertical-align:bottom;width:11%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Sixth
year</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:11%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 384px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">amount</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; width: 100%; padding-bottom: 2px; margin-left: 384px;"><font>&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:11%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">cash
flows</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; width: 100%; padding-bottom: 2px; margin-left: 12px;"><font>&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:11%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">or
less</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; width: 100%; padding-bottom: 2px; margin-left: 12px;"><font>&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">
&#xA0;</font><font style="vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">months</font></div>
</font><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:11%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">year</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; width: 100%; padding-bottom: 2px; margin-left: 12px;"><font>&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:11%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">year</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; width: 100%; padding-bottom: 2px; margin-left: 12px;"><font>&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:11%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">year</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; width: 100%; padding-bottom: 2px; margin-left: 12px;"><font>&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:11%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">year</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; width: 100%; padding-bottom: 2px; margin-left: 12px;"><font>&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:11%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">and
above</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; width: 100%; padding-bottom: 2px; margin-left: 12px;"><font>&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:11%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 384px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; width: 100%; padding-bottom: 2px; margin-left: 384px;"><font>&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:11%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; width: 100%; padding-bottom: 2px; margin-left: 12px;"><font>&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:11%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; width: 100%; padding-bottom: 2px; margin-left: 12px;"><font>&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">
&#xA0;</font><font style="vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">$
thousands</font></div>
</font><font style="padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:11%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; width: 100%; padding-bottom: 2px; margin-left: 12px;"><font>&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:11%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; width: 100%; padding-bottom: 2px; margin-left: 12px;"><font>&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:11%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; width: 100%; padding-bottom: 2px; margin-left: 12px;"><font>&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:11%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; width: 100%; padding-bottom: 2px; margin-left: 12px;"><font>&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:11%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 2px; margin-left: 12px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; width: 100%; padding-bottom: 2px; margin-left: 12px;"><font>&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Interest rate
swap:</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(962)</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(962)</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(240)</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(241)</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(481)</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
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<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
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</td>
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</td>
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</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Forward contracts
and options</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
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<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
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<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
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<td style="vertical-align: top; width: 29%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;on
exchange rates:</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;23,558&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;23,558&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;22,325&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;279&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;954&#xA0;</font></div>
</td>
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<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
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</td>
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</td>
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<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
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<td style="vertical-align: top; width: 2%">
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<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;22,596&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;22,596&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;22,085&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;38&#xA0;</font></div>
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</td>
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<td style="vertical-align: top; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-360</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
29 - Financial Instruments (cont&#x2019;d)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">E.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Cash
flow hedge accounting (cont&#x2019;d)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The table below
presents the periods in which the cash flows associated with
derivatives that are cash flow hedges are expected to
occur:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; margin-left: 0px; margin-right: 0px; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td colspan="9" rowspan="1" style="vertical-align: bottom; width: 100%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="width: 1%; vertical-align: bottom; display: inline-block; padding-bottom: 2px">
&#xA0;</font><font style="vertical-align: bottom; width: 98%; display: inline-block; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</font><font style="width: 1%; vertical-align: bottom; display: inline-block; padding-bottom: 2px">&#xA0;</font></div>
</td>
</tr><tr style="">
<td colspan="1" style="vertical-align: bottom; width: 11%;">
<div style="text-align: left; margin-left: 384px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Carrying</font></div>
</td>
<td style="vertical-align: bottom; width: 11%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Expected</font></div>
</td>
<td style="vertical-align: bottom; width: 11%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">6
months</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">6-12</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Second</font></div>
</td>
<td style="vertical-align: bottom; width: 11%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Third</font></div>
</td>
<td style="vertical-align: bottom; width: 11%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Fourth</font></div>
</td>
<td style="vertical-align: bottom; width: 11%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Fifth</font></div>
</td>
<td style="vertical-align: bottom; width: 11%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Sixth
year</font></div>
</td>
</tr><tr style="">
<td colspan="1" style="vertical-align: bottom; width: 11%;">
<div style="text-align: left; margin-left: 384px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">amount</font></div>
<div style="text-align: left; margin-left: 384px; margin-right: 0px; text-indent: 0px; width: 100%;"><font>&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">cash
flows</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px; width: 100%;"><font>&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">or
less</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px; width: 100%;"><font>&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="width: 10%; vertical-align: bottom; display: inline-block; padding-bottom: 2px">
&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">months</font></div>
</font><font style="width: 10%; vertical-align: bottom; display: inline-block; padding-bottom: 2px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">year</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px; width: 100%;"><font>&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">year</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px; width: 100%;"><font>&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">year</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px; width: 100%;"><font>&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">year</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px; width: 100%;"><font>&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">and
above</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px; width: 100%;"><font>&#xA0;</font></div>
</td>
</tr><tr style="">
<td colspan="1" style="vertical-align: bottom; width: 11%;">
<div style="text-align: left; margin-left: 384px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
<div style="text-align: left; margin-left: 384px; margin-right: 0px; text-indent: 0px; width: 100%;"><font>&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px; width: 100%;"><font>&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px; width: 100%;"><font>&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="width: 10%; vertical-align: bottom; display: inline-block; padding-bottom: 2px">
&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</font><font style="width: 10%; vertical-align: bottom; display: inline-block; padding-bottom: 2px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px; width: 100%;"><font>&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px; width: 100%;"><font>&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px; width: 100%;"><font>&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px; width: 100%;"><font>&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px; width: 100%;"><font>&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Forward contracts
and options</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;on
exchange rates:</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;36,187&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;36,187&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">33,642&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">653&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;1,892&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#x2013;&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The table below
presents the periods in which cash flows that are related to the
derivatives used to hedge cash flows are expected to impact income
or loss.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; margin-left: 0px; margin-right: 0px; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td colspan="9" rowspan="1" style="vertical-align: bottom; width: 100%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="width: 1%; vertical-align: bottom; display: inline-block; padding-bottom: 2px">
&#xA0;</font><font style="vertical-align: bottom; width: 98%; display: inline-block; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</font><font style="width: 1%; vertical-align: bottom; display: inline-block; padding-bottom: 2px">&#xA0;</font></div>
</td>
</tr><tr style="">
<td colspan="1" style="vertical-align: bottom; width: 11%;">
<div style="text-align: left; margin-left: 384px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Carrying</font></div>
</td>
<td style="vertical-align: bottom; width: 11%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Expected</font></div>
</td>
<td style="vertical-align: bottom; width: 11%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">6
months</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">
&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px; font-family: Times New Roman">&#xA0;</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px; font-family: Times New Roman">6-12</font><font style="font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Second</font></div>
</td>
<td style="vertical-align: bottom; width: 11%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Third</font></div>
</td>
<td style="vertical-align: bottom; width: 11%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Fourth</font></div>
</td>
<td style="vertical-align: bottom; width: 11%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Fifth</font></div>
</td>
<td style="vertical-align: bottom; width: 11%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Sixth
year</font></div>
</td>
</tr><tr style="">
<td colspan="1" style="vertical-align: bottom; width: 11%;">
<div style="text-align: left; margin-left: 384px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">amount</font></div>
<div style="text-align: left; margin-left: 384px; margin-right: 0px; text-indent: 0px; width: 100%;"><font>&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">cash
flows</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px; width: 100%;"><font>&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">or
less</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px; width: 100%;"><font>&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="width: 10%; vertical-align: bottom; display: inline-block; padding-bottom: 2px">
&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">months</font></div>
</font><font style="width: 10%; vertical-align: bottom; display: inline-block; padding-bottom: 2px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">year</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px; width: 100%;"><font>&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">year</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px; width: 100%;"><font>&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">year</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px; width: 100%;"><font>&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">year</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px; width: 100%;"><font>&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">and
above</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px; width: 100%;"><font>&#xA0;</font></div>
</td>
</tr><tr style="">
<td colspan="1" style="vertical-align: bottom; width: 11%;">
<div style="text-align: left; margin-left: 384px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
<div style="text-align: left; margin-left: 384px; margin-right: 0px; text-indent: 0px; width: 100%;"><font>&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px; width: 100%;"><font>&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px; width: 100%;"><font>&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="width: 10%; vertical-align: bottom; display: inline-block; padding-bottom: 2px">
&#xA0;</font><font style="vertical-align: bottom; width: 80%; display: inline-block; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</font><font style="width: 10%; vertical-align: bottom; display: inline-block; padding-bottom: 2px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px; width: 100%;"><font>&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px; width: 100%;"><font>&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px; width: 100%;"><font>&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px; width: 100%;"><font>&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px; width: 100%;"><font>&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Interest rate
swap:</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,443)</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,443)</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(240)</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(241)</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(481)</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(481)</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#x2013;&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Forward contracts
and options</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;on
exchange rates:</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">34,565&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">34,565&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">33,624&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">663&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">278&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#x2013;&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">33,122&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">33,122&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">33,384&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">422&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(203)</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(481)</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#x2013;&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-361</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
29 - Financial Instruments (cont&#x2019;d)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">F.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Fair
value</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The fair value of
forward contracts on foreign currency is based on their listed
market price, if available. In the absence of market prices, the
fair value is estimated based on the discounted difference between
the stated forward price in the contract and the current forward
price for the residual period until redemption, using an
appropriate interest rate.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The fair value of
foreign currency options is based on bank quotes. The
reasonableness of the quotes is evaluated through discounting
future cash flow estimates, based on the conditions and duration to
maturity of each contract, using the market interest rates of a
similar instrument at the measurement date and in accordance with
the Black &amp; Scholes model.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Financial
instruments measured at fair value for disclosure purposes
only</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The carrying amount
of certain financial assets and liabilities, including cash and
cash equivalents, trade receivables, other receivables, other
short-term investments, derivatives, bank overdrafts, short-term
loans and credit, trade payables and other payables, are the same
or proximate to their fair value.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The following table
details the carrying amount in the books and the fair value of
groups of non-current financial instruments presented in the
financial statements not in accordance with their fair
values:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr style="background-color:#ffffff;">
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:38%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" rowspan="1" style="vertical-align:bottom;padding-bottom:2px;width:31%;">
<div><font style="font-size: 13px; font-family: Times New Roman">December 31,
2015</font></div>
</td>
<td colspan="2" rowspan="1" style="vertical-align:bottom;width:31%;">
<div><font style="font-size: 13px; font-family: Times New Roman">December 31,
2014</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:38%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:16%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Carrying</font></div>
</td>
<td style="vertical-align:bottom;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:16%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Carrying</font></div>
</td>
<td style="vertical-align:bottom;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:38%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:16%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">amount</font></div>
</td>
<td style="vertical-align:bottom;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Fair
value</font></div>
</td>
<td style="vertical-align:bottom;width:16%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">amount</font></div>
</td>
<td style="vertical-align:bottom;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Fair
value</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:38%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:16%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:bottom;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:bottom;width:16%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:bottom;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Financial
assets</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Long-term loans and
other receivables (a)</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;14,611&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;10,810&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">17,281&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">14,254&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Financial
liabilities</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Long-term loans
(b)</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;281,482&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;274,598&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">337,403&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">345,978&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 38%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Debentures
(c)</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;1,157,169&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1,188,392&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,004,660&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,139,653&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(a)&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">The fair value of
the long-term loans granted is based on a calculation of the
present value of cash flows, using the acceptable interest rate for
similar loans having similar characteristics
(Level&#xA0;2).</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(b)&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">The fair value of
the long-term loans received is based on a calculation of the
present value of cash flows, using the acceptable interest rate for
similar loans having similar characteristics
(Level&#xA0;2).</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(c)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">The fair value of
the debentures is based on stock exchange quotes
(Level&#xA0;1).</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(2)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">The
interest rates used determining fair value</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The interest rates
used to discount the estimate of anticipated cash flows
are:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 83%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-weight: bold; font-size: 13px; font-family: Times New Roman">
December 31, 2015</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 83%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
In %</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 83%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 83%">
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Brazilian real
interest</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">15.98-20.85</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 83%">
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">U.S. dollar
interest</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">1.72-9.76</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 83%">
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Euro
interest</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">0.92-5.37</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-362</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
29 - Financial Instruments (cont&#x2019;d)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">F.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Fair
value (cont&#x2019;d)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(3)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Fair
value hierarchy of financial instruments measured at fair
value</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The table below
presents an analysis of financial instruments measured at fair
value, measured by valuation method. The various levels have been
defined as follows:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#x25CF;&#xA0;Level
1: quoted prices (unadjusted) in active market for identical
instrument.</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">&#x25CF;&#xA0;Level
2: inputs other than quoted prices included within Level 1 that are
observable, either directly or indirectly.</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: -48px;"><font style="font-size: 13px; font-family: Times New Roman">&#x25CF;&#xA0;Level
3: inputs that are not based on observable market data
(unobservable inputs).</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Company&#x2019;s
financial instruments carried at fair value, are evaluated by
observable inputs and therefore are concurrent with the definition
of level 2.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 67%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 33%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">December
31, 2015</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 67%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 33%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;$
thousands</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 67%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Derivatives used
for hedging the cash flow:</font></div>
</td>
<td style="vertical-align: top; width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 67%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Forward contracts
and options</font></div>
</td>
<td style="vertical-align: top; width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;23,286&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 67%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 67%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Derivatives used
for economic hedging:</font></div>
</td>
<td style="vertical-align: top; width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 67%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Forward contracts
and options</font></div>
</td>
<td style="vertical-align: top; width: 33%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(67,383)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 67%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 33%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(44,097)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 67%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 33%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 23%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 30px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Financial
Instrument</font></div>
</td>
<td style="vertical-align: top; width: 77%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 278px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Fair
value</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 23%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Forward
contracts</font></div>
</td>
<td style="vertical-align: top; width: 77%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Fair value measured
on the basis of discounting the difference between the forward
price in the contract and the current forward price for the
residual period until redemption using market interest rates
appropriate for similar instruments</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 23%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 77%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 23%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Foreign
currency options</font></div>
</td>
<td style="vertical-align: top; width: 77%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The fair value is
measured based on the Black&amp;Scholes model.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 23%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 77%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
30 - Operating Segments</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">A.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Products
and services:</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Company
presents its segment reporting based on a format that is based on a
breakdown by business segments:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px">&#x25CF;</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="text-decoration: underline; font-size: 13px; font-family: Times New Roman">Crop
Protection (Agro)</font></div>
<div style="text-align: left; margin-left: 96px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">This is the main
area of the Company&#x2019;s operations and includes the manufacture
and marketing of conventional agrochemical products and operations
in the seed sector.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px">&#x25CF;</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="text-decoration: underline; font-size: 13px; font-family: Times New Roman">Other
(Non Agro)</font></div>
<div style="text-align: left; margin-left: 96px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">This field of
activity includes a large number of sub-fields, including: Lycopan
(an oxidization retardant), aromatic products, and other chemicals.
It combines all the Company&#x2019;s activities not included in the
agro-products segment.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-363</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
30 - Operating Segments (cont&#x2019;d)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">A.&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Products
and services: (cont&#x2019;d)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Segment results
reported to the chief operating decision maker include items
directly attributable to a segment as well as items that can be
allocated on a reasonable basis. Unallocated items comprise mainly
financing expenses, net.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Information
regarding the results of each reportable segment is included
below:</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr style="background-color:#ffffff;">
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:40%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="4" rowspan="1" style="vertical-align:bottom;width:60%;">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">For
the year ended December 31, 2015</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:40%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Crop</font></div>
</td>
<td style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:40%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Protection</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Other</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Reconciliations</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Consolidated</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:40%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Revenues</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">External
revenues</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;2,883,490&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;180,380&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;3,063,870&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Inter-segment
revenues</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;1,048&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1,048)</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Total
revenues</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;2,883,490&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;181,428&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1,048)</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;3,063,870&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Results</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Segment's
results</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;300,835&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(728)</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;300,107&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financing expenses,
net</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(139,572)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Share of losses of
equity-</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;accounted
investee company</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(1,498)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Income
taxes</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">(49,262)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Non-controlling
interests</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;333&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="4" style="vertical-align: top; width: 85%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Net income for the
year attributable to the owners of the Company</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;110,108&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr style="background-color:#ffffff;">
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:40%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="4" rowspan="1" style="vertical-align:bottom;width:60%;">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">For
the year ended December 31, 2014</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:40%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Crop</font></div>
</td>
<td style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:40%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Protection</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Other</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Reconciliations</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Consolidated</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:40%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Revenues</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">External
revenues</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;3,028,790&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;192,508&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;3,221,298&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Inter-segment
revenues</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;1,320&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,320)</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Total
revenues</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;3,028,790&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;193,828&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,320)</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;3,221,298&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Results</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Segment's
results</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;304,108&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;7,106&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(213)</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;311,001&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financing expenses,
net</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(123,969)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Share of income of
equity-</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;accounted
investee company</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">5,885&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Income
taxes</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(46,902)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Non-controlling
interests</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">390&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="4" style="vertical-align: top; width: 85%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Net income for the
year attributable to the owners of the Company</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;146,405&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-364</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
30 - Segment Reporting (cont'd)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">A.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Products
and services: (cont'd)</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr style="background-color:#ffffff;">
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:40%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="4" rowspan="1" style="vertical-align:bottom;width:60%;">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">For
the year ended December 31, 2013</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:40%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Crop</font></div>
</td>
<td style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:40%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Protection</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Other</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Reconciliations</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Consolidated</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:40%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Revenues</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">External
revenues</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;2,876,198&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;200,157&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;3,076,355&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Inter-segment
revenues</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;1,165&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,165)</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x2013;&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Total
revenues</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;2,876,198&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;201,322&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(1,165)</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;3,076,355&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Results</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Segment's
results</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;292,884&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;15,905&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">200&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;308,989&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Financing expenses,
net</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(140,565)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Share of income of
equity-</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;accounted
investee company</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,197&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Income
taxes</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">(44,550)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Non-controlling
interests</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">177&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="4" style="vertical-align: top; width: 85%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 48px;"><font style="font-size: 13px; font-family: Times New Roman">Net income for the
year attributable to the owners of the Company</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;127,248&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">B.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Sales
distribution by geographic regions</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As a result of the
organizational change that was completed at the end of 2014, the
breakdown of the sales was conformed to geographical segments based
on the location of the customer. The Asia Pacific and Africa
segment was split into two segments: (1) Asia Pacific; and (2)
Africa, the Middle East and India.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The information for
prior periods was restated.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr style="background-color:#ffffff;">
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:40%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="3" rowspan="1" style="vertical-align:bottom;width:45%;">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">For
the year ended December 31</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:40%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2015</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2014</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">2013</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:40%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 56%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Europe</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;1,115,965&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,186,714&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,140,346&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 56%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">North
America</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;573,046&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">544,825&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">516,153&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 56%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Latin
America</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;735,923&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">822,537&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">757,518&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 56%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Asia
Pacific</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;273,229&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;294,048&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;301,412&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 56%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Africa, the Middle
East and India</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;271,370&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;269,969&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;251,745&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 56%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;94,337&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">103,205&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">109,181&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 56%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 56%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;3,063,870&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,221,298&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">3,076,355&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 56%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-365</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
31 - Investments in Investees</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Additional
details in respect of subsidiaries directly held by the
Company</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr style="background-color:#ffffff;">
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:44%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="4" rowspan="1" style="vertical-align:bottom;width:56%;">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">December
31, 2015</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:44%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Company</font></div>
</td>
<td style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:44%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Country
of</font></div>
</td>
<td style="vertical-align:top;width:13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">equity</font></div>
</td>
<td style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Loans
to</font></div>
</td>
<td style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Investments</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:44%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">association</font></div>
</td>
<td style="vertical-align:top;width:13%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">rights</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">investees</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">in
investees</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:44%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:13%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:13%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">%</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Makhteshim
Ltd.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;455,074&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;796,106&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agan
Ltd.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;390,745&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;664,564&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Lycored
Ltd.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;-&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;99,078&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;845,819&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">&#xA0;1,559,748&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The Company&#x2019;s
guaranty of the liabilities to banks of Subsidiaries is
unlimited.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">The balance of
subsidiaries&#x2019; liabilities to banks as of balance sheet date
for which the Company is guarantor is $313 million.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr style="background-color:#ffffff;">
<td rowspan="1" style="vertical-align:top;padding-bottom:2px;width:44%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="4" rowspan="1" style="vertical-align:bottom;width:56%;">
<div><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">December
31, 2014</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:44%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Company</font></div>
</td>
<td style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:44%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Country
of</font></div>
</td>
<td style="vertical-align:top;width:13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">equity</font></div>
</td>
<td style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Loans
to</font></div>
</td>
<td style="vertical-align:top;width:15%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Investments</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:44%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:13%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">association</font></div>
</td>
<td style="vertical-align:top;width:13%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">rights</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">investees</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">in
investees</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:top;width:44%;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:13%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align:top;width:13%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">%</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
<td style="vertical-align:top;width:15%;border-bottom:solid 2px #000000;">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">$
thousands</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Makhteshim
Ltd.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">322,880&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">944,057&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agan
Ltd.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">402,690&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">633,021&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Lycored
Ltd.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Israel</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#x2013;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">101,800&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">725,570&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">1,678,878&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Note
32 - Subsequent Events</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">A.</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">On February 4,
2016, the Company's audit committee, the board of directors and the
shareholders of the Company approved the Company's entry into
agreement for selling B shares of Sanonda that are held by the
Company under the conditions specified in Note 19(a)(8) and subject
to the completion of Sanonda transaction as described in Note
19(a)(8) above.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">B.</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">For details
regarding the rejection of the appeal that was submitted by two
residents of Moshav Nir Galim and one resident of Ashdod, on the
resolution of the district court regarding the request for approval
of the claim as a class action against Adama Agan, see Note
19E.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font>
&#xA0; <font style="font-size: 13px; font-family: Times New Roman"><br>
</font><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">C</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font>
<font style="font-size: 13px; font-family: Times New Roman">Discount
Investments Corporation Ltd., the parent company of Koor Industries
Ltd. (hereinafter - "Koor") informed the Company that on August 15,
2016, an agreement according to which China National Agrochemical
Corporation (hereinafter - "CNAC"), the controlling shareholder in
the Company, will acquire, on its own or with a third party, the
minority shares held by Koor<br></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-366</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman"><br>
</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">(hereinafter - the
"Share Purchase Transaction") was signed, while the closing of the
aforementioned transaction is subject to several conditions
precedent.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">D.</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">On September 13,
2016 the board of Sanonda approved the Sanonda Transaction, which
upon closing; the Company will become a wholly owned subsidiary of
Sanonda, with CNAC maintaining its control.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As part of the
Sanonda Transaction approval process, the board of Sanonda approved
the re-purchase of the Sanonda B shares held by the Company ("B
Shares"), subject to the completion of the Sanonda
Transaction.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;The Sanonda
Transaction is expected to be completed during the first half of
2017. The Sanonda Transaction is subject to the approval of
Sanonda's general meeting which, as the Company was informed,
notice regarding its convening should be done within six months
from the date of publication of the Transaction Report. In
addition, the Sanonda Transaction is subject to various regulatory
approvals in China and to a number of other conditions precedent,
including the approval of the Bank to whom the Company's shares are
pledged to and the completion of the Share Purchase
Transaction.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 60px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">E.</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">On September 15,
2016, after obtaining the approval of the Company's shareholders
meeting, the board of directors and the audit committee, a dividend
of $ 40,263,482 was declared by the Company.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-367</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: bottom; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Control rate and
ownership of holding company/ companies</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 43%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Holding
company/companies</font></div>
</td>
<td style="vertical-align: bottom; width: 44%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Investee
company</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">%</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">A.&#xA0;<font style="text-decoration: underline">Domestic
consolidated subsidiaries</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Makhteshim
Ltd. (hereinafter &#x2013; Makhteshim)</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agan Ltd.
(hereinafter &#x2013; Agan)</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Lycored
Ltd.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Makhteshim</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Makhteshim Chemical
Works Trade and</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Marketing
Ltd.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Targetgene
Biotechnologies Ltd.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">50.1</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Energin.R
Technologies 2009 Ltd.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">18.85</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Agan</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Agan Aroma and Fine
Chemicals Ltd.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama (Agan)
Chemical Marketing Ltd.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Lycored
Ltd.</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Lycored Bio
Ltd.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Dalidar Pharma
Israel (1995) Ltd.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Agan Aroma and Fine
Chemicals Ltd.</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Interconnect Aroma
Ltd.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">B.&#xA0;<font style="text-decoration: underline">Foreign
consolidated subsidiaries</font></font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Makhteshim (99.99%)
and Agan (0.01%)</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Celsius B.V.
(hereinafter &#x2013; Celsius)</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Agan (99.99%) and
Makhteshim (0.01%)</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Fahrenheit
B.V. (hereinafter &#x2013; Fahrenheit)</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Lycored
Ltd.</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Lycored
Sarl</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">ALB Holdings
UK</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Lycored Corp.
(USA)</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Lycored Asia
Limited</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">VN Biotech
Limited</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Lycored Asia
Limited</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Lycored Food
Additives (Changzhou) Co. Ltd.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">ALB Holdings
UK</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Lycored Ltd
(UK)</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Protein Dynamix
Limited</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">VN Biotech
Limited</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">LLC Scientific and
Production Enterprise &#x201C;VITAN&#x201D;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Lycored Corp
(USA)</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Nova Huelle
LLC.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Makhteshim (50%)
and Agan (50%)</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agriculture
B.V.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Celsius</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Irvita
N.V.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Korea
Inc.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">51</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Vietnam
Limited Company</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agriculture
Slovensko Spol s.r.o.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama (Jiangsu)
Agricultural Solutions Company Limited</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama (Nanjing)
Agricultural Science and Technology Company Limited</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-368</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: bottom; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Control rate and
ownership of holding company</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 43%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Holding
company</font></div>
</td>
<td style="vertical-align: bottom; width: 44%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Investee
company</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">%</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">B.&#xA0;<font style="text-decoration: underline">Foreign
consolidated subsidiaries</font> (cont&#x2019;d)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Fahrenheit</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Quena
N.V.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Fahrenheit (50%)
and Celsius (50%)</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Magan HB
B.V.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Argentina
S.A.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Kollant
s.r.l.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Makhteshim Agan
Central and East Europe Service and Group Finance Limited Liability
Company</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Andina
B.V.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Adama
(China) Investment Company Limited</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Fahrenheit (30%),
Celsius (30%), <font style="color: #000000">Adama Agriculture
B.V.</font> (39.99%), and Adama Registrations B.V.
(0.01%)</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agriculture
Espana S.A.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Magan HB B.V.
(99.99%) and Agricur Defensivos Agricolas Ltda.
(0.01%)</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Brasil
S.A.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Makhteshim Agan
Central and East Europe Service and Group Finance Limited Liability
Company</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Hungary
z.r.t.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama <font style="color: #000000">Andina B.V. (99.80%) and Fahrenheit
(0.10%)</font></font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Proficol
Venezuela S.A.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">99.9</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama <font style="color: #000000">Andina B.V. (99.99%) and Celsius
(0.01%)</font></font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Adama
Agriculture Peru S.A.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama <font style="color: #000000">Andina B.V. (99.8%) and Celsius
(0.2%)</font></font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Adama
Ecuador Adamecudor S.A.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Adama
Ecuador Adamecudor S.A.</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Adama
Colombia S.A.S</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Fahrenheit (2.50%)
and <font style="color: #000000">Adama Agriculture B.V.
(97.50%)</font></font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Mozambique
Lda</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agriculture
B.V. (99.90%) and Fahrenheit (0.10%)</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agriculture
East Africa Limited</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agriculture
B.V. (99%) and Fahrenheit (1%)</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Adama
Madagascar SARL</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Adama
Guatemala SA</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Adama
Agriculture B.V. (99.98%), Celsius (0.01%), and Fahrenheit
(0.01%)</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Agricur
Defensivos Agricolas Ltd.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Adama
Agriculture B.V. (99.93%) and Celsius (0.07%),</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Adama
Paraguay S.R.L.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-369</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: bottom; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Control rate and
ownership of holding company</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 43%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Holding
company</font></div>
</td>
<td style="vertical-align: bottom; width: 44%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Investee
company</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">%</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">B.&#xA0;<font style="text-decoration: underline">Foreign
consolidated subsidiaries</font> (cont&#x2019;d)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Adama
Agriculture B.V. (99.90%) and Celsius (0.10%),</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Adama
Dominican Republic, S.R.L.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Adama
Agriculture B.V. (99.99%) and Celsius (0.01%),</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Makhteshim
Agan de Mexico S.A. de C.V.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="color: #000000">Adama Agriculture B.V.</font> (99.99%), and Adama
Registrations B.V. (0.01%)</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Adama
India Private Ltd.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Adama
Polska SP Z.O.O</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Adama
Agricultural Solutions UK Ltd.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman"><font style="color: #000000">Adama Agriculture B.V.</font> (95%), and Adama
Registrations B.V. (5%)</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Adama
Italia SRL</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Adama
Portugal Lda</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Adama
Agriculture B.V.</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Adama
New Zealand Ltd.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Adama
CZ s.r.o.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Adama
Deutschland GmbH</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Magan
Korea Co Ltd.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Adama
SRB DOO Beograd</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Adama
RUS LLC</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Adama
Australia Holdings Pty Ltd.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Adama
Manufacturing Poland S.A.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Adama
Northern Europe B.V.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">55</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Adama
Crop Solution ACC S.A.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Adama
France S.A.S.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Adama
Registrations B.V.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Adama
Japan K.K.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Makhteshim
Agan of North America Inc.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Adama
Agricultural Solutions S.R.L.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Adama
(Shanghai) Trading Co Ltd.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Adama
South Africa PTY Ltd.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Adama
Agriculture Swiss AG</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Adama
Asia Pacific Pte Ltd.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Adama
(Thailand) Ltd.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Adama
Ukraine LLC</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Makhteshim
Agan Venezuela S.A.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Adama
West Africa Ltd.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Makhteshim
Agan Chile SPA</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Adama
Plant Protection Services Zambia Limited</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Adama
Zimbabwe (Private) Ltd.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">ADAMA
Turkey Tar&#x131;m Sanayi ve Ticaret Limited
&#x15E;irketi</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Makhteshim
Agan Chile SPA (99.90%) and Adama Agriculture B.V.
(0.10%)</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Chileagro
Bioscience S.A.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-370</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: bottom; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Control rate and
ownership of holding company</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 43%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Holding
company</font></div>
</td>
<td style="vertical-align: bottom; width: 44%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Investee
company</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">%</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: -48px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">B.&#xA0;<font style="text-decoration: underline">Foreign
consolidated subsidiaries</font> (cont&#x2019;d)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Chileagro
Bioscience S.A.</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Adama
Chile SA</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">60</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Adama
India Private Ltd.</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">PT.
Royal Agro Indonesia</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Makhteshim
Agan de Mexico S.A. de C.V. (98.6%) and Adama Agriculture B.V.
(1.4%)</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Adama
Servicios S.A. de C.V.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Makhteshim
Agan de Mexico S.A. de C.V. (99%) and Adama Agriculture B.V.
(1%)</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Plant
Protection, S.A. de C.V.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Makhteshim
Agan de Mexico S.A. de C.V. (99.93%) and Adama Agriculture B.V.
(0.07%)</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Servicios
Ingold S.A. de C.V.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Makhteshim
Agan de Mexico S.A. de C.V. (99.99%) and Adama Agriculture B.V.
(0.01%)</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Ingenieria
Industrial S.A. de C.V.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Servicios
Ingold S.A. de C.V. (99.99%) and Adama Servicios S.A. de C.V.
(0.01%)</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Nangaru
S.A. de C.V.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Makhteshim
Agan de Mexico S.A. de C.V. (96.64%), Servicios Ingold S.A. de C.V.
(1.12%), Plant Protection, S.A. de C.V. (1.12%), and Ingenieria
Industrial S.A. de C.V. (1.12%)</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Adama
AGS, S.A. de C.V.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Adama
Northern Europe B.V.</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">UAB
Adama Northern Europe</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Makhteshim
Agan of North America, Inc.</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Farmsaver.com,
LLC</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Control
Solutions Inc.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">67.1</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Alligare
LLC</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">80</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Adama
Agricultural Solutions CANADA Ltd.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Adama
Americas Inc.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Adama
Australia Holdings Pty Ltd. (50%) and Farmoz Pty Ltd.
(50%)</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Adama
Australia Pty Ltd.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Adama
Australia Holdings Pty Ltd</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Farmoz
Pty Limited</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Adama
West Africa Ltd.</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Makhteshim
Agan West Africa Limited (Nigeria)</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Adama
West Africa Cote D&#x2019;lvoire Ltd.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Makhteshim
Agan West Africa Limited Burkina Faso</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Adama
Cameroun SUARL</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Adama
(China) Investment Company Limited</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Adama
(Beijing) Agricultural Technology Company Limited</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-371</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Notes
to the Financial Statements as of December 31, 2015</font></div>
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: bottom; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Control rate and
ownership of holding company</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 43%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Holding
company</font></div>
</td>
<td style="vertical-align: bottom; width: 44%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Investee
company</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">%</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">C.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; text-decoration: underline; font-size: 13px; font-family: Times New Roman">
Jointly-controlled associated companies</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agricultural
Solutions Ltd.</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Biotech Plant
Genomic Fund L.L.P</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">50</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Biotech M.A.H
Limited Partnership</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Biotech Agro
Ltd.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Agan Aroma and Fine
Chemicals Ltd.</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Negev Aroma (Ramat
Hovav) Ltd.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">50</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Adama Agriculture
B.V.</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Alfa Agricultural
Supplies Commercial and Industrial S.A.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">49</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Alfa Agricultural
Supplies Commercial and Industrial S.A.</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Agribul
Ltd.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Fahrenheit</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">InnovAroma
S.A.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">50</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Adama
Colombia S.A.S.</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">Servicidas
de Colombia S.A.S</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="color: #000000; font-size: 13px; font-family: Times New Roman">50</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; display: table; margin-left: 12px;">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 38px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">D.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; text-decoration: underline; font-size: 13px; font-family: Times New Roman">
Associated company</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Celsius</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Hubei Sanonda Co.
Ltd.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">10.6</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Makhteshim</font></div>
</td>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Classeed
Ltd.</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">9.84</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-372</font></div>
</div>
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<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">#3751050</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Adama
Agricultural Solutions Ltd. - FS 12 2015</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Client
9102</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">Return to Ronit
Biton &lt;Ronit.Biton@adama.com&gt;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-size: 13px; font-family: Times New Roman">As requested -
Replaced by email sent in today from ronit 26/10/2016 13:49 PM in
track changes</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 11px">F-373</font></div>
</div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
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<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2.6
<SEQUENCE>2
<FILENAME>a18633675_72020notessuppl.htm
<DESCRIPTION>EXHIBIT 2.6
<TEXT>
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<div style="display: table-cell; width: 624px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Execution
Copy</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">FIRST
SUPPLEMENTAL INDENTURE</font></div>
<div style="text-align: left; padding-bottom: 16px; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">First
Supplemental Indenture (this &#x201C;<font style="text-decoration: underline">Supplemental Indenture</font>&#x201D;),
dated as of March&#xA0;28, 2016, between IRSA Inversiones y
Representaciones, Sociedad An&#xF3;nima, a <font style="font-style: italic">sociedad an&#xF3;nima</font> organized under
the laws of the Argentina (&#x201C;<font style="text-decoration: underline">IRSA</font>&#x201D;), and The Bank of
New York Mellon (formerly The Bank of New York), a corporation
organized under the laws of the State of New York authorized to
conduct a banking business, as Trustee (the &#x201C;<font style="text-decoration: underline">Trustee</font>&#x201D;), Co-Registrar,
Principal Paying Agent and Transfer Agent.</font></div>
<div style="text-align: center; padding-bottom: 16px; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">W
I T N E S S E T H</font></div>
<div style="text-align: left; padding-bottom: 16px; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">WHEREAS, IRSA has
heretofore executed and delivered to the Trustee and Banco
Santander R&#xED;o S.A., as Registrar, Paying Agent, Transfer Agent
and representative of the Trustee in Argentina (the
&#x201C;<font style="text-decoration: underline">Argentine
Representative</font>&#x201D;), an Indenture, dated as of July 20,
2010 (the &#x201C;<font style="text-decoration: underline">Indenture</font>&#x201D;), with respect
to IRSA&#x2019;s US$400,000,000 Global Note Program, pursuant to
which US$150,000,000 aggregate principal amount of IRSA&#x2019;s
11.500% Notes due 2020, Series No. 2 (the &#x201C;<font style="text-decoration: underline">Notes</font>&#x201D;) were
issued;</font></div>
<div style="text-align: left; padding-bottom: 16px; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">WHEREAS, Section
7.2 of the Indenture provides that, when authorized by a resolution
of the Board of Directors of IRSA, IRSA and the Trustee may enter
into an indenture supplemental to the Indenture for the purposes of
adding any provisions to or changing in any manner or eliminating
any of the provisions of the Indenture with the affirmative vote,
at a meeting of Holders of the Notes or at an adjourned meeting
duly convened at which a quorum is present as provided in Section
6.6 of the Indenture, of a majority in aggregate principal amount
of the Notes then Outstanding represented and voting at such
meeting;</font></div>
<div style="text-align: left; padding-bottom: 16px; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">WHEREAS, IRSA has
solicited consents upon the terms and subject to the conditions set
forth in the Tender Offer and Consent Solicitation Statement dated
March 3, 2016 (as the same may be amended or supplemented from time
to time, the &#x201C;<font style="text-decoration: underline">Statement</font>&#x201D;), and in the
related Consent and Letter of Transmittal (each, as defined in the
Statement), from each Holder of the Notes to the amendments to the
Indenture described in the Statement and set forth below in Article
Two, Article Three, Article Four, Article Five, Article Six,
Article Seven and Article Eight of this Supplemental Indenture (the
&#x201C;<font style="text-decoration: underline">Proposed
Amendments</font>&#x201D;);</font></div>
<div style="text-align: left; padding-bottom: 16px; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">WHEREAS, on March
23, 2016, a duly-convened meeting of Holders of the Notes (the
&#x201C;<font style="text-decoration: underline">Meeting</font>&#x201D;) was held in
accordance with the applicable provisions of Section 6.6 of the
Indenture, at which meeting a quorum was present as provided in
Section 6.6 of the Indenture, and the Holders holding US$85,189,000
in aggregate principal amount of Outstanding Notes, representing a
majority of the Notes then Outstanding represented and voting at
the Meeting, affirmatively voted to approve the Proposed
Amendments;</font></div>
<div style="text-align: left; padding-bottom: 16px; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">WHEREAS, the record
of the Meeting and the ballots voted at the Meeting evidencing such
consent of the Holders of the Notes to the Proposed Amendments have
been delivered to the Trustee in accordance with Section 6.6(f) of
the Indenture;</font></div>
<div style="text-align: left; padding-bottom: 16px; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">WHEREAS, IRSA was
authorized by its Board of Directors by resolution dated March 28,
2016 (the &#x201C;<font style="text-decoration: underline">Board
Resolution</font>&#x201D;) to enter into this Supplemental
Indenture;</font></div>
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<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">1</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; padding-bottom: 16px; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; padding-bottom: 16px; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">WHEREAS, IRSA has
delivered to the Trustee an Officers&#x2019; Certificate, an Opinion
of Counsel and a copy of the Board Resolution pursuant to Sections
7.5 and 12.6 of the Indenture;</font></div>
<div style="text-align: left; padding-bottom: 16px; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">WHEREAS, all
conditions necessary to authorize the execution and delivery of
this Supplemental Indenture by IRSA and to make this Supplemental
Indenture valid and binding on IRSA have been complied with or have
been done or performed; and</font></div>
<div style="text-align: left; padding-bottom: 16px; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">WHEREAS, pursuant
to Section 7.2 of the Indenture, the Trustee is authorized to
execute and deliver this Supplemental Indenture.</font></div>
<div style="text-align: left; padding-bottom: 16px; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">NOW
THEREFORE, in consideration of the foregoing and for other good and
valuable consideration, the receipt of which is hereby
acknowledged, the parties mutually covenant and agree for the equal
and ratable benefit of the Holders of the Notes as
follows:</font></div>
<div style="text-align: center; padding-bottom: 16px; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px;">ARTICLE
ONE.<br></font></div>
<div style="padding-bottom: 16px; ; margin-left: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">SECTION
1.01</font> <font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="font-variant: small-caps">Capitalized Terms</font>. Capitalized
terms used herein without definition shall have the meanings
assigned to them in the Indenture.</font></div>
<div style="text-align: center; padding-bottom: 16px; margin-left: 0px; margin-right: 0px; text-indent: 0px">
&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
<font style="font-family: Times New Roman; font-size: 13px">ARTICLE
TWO.</font></div>
<div style="padding-bottom: 16px; ; margin-left: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">SECTION
2.01</font> <font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="font-variant: small-caps">Amendment to the Table of
Contents</font>. The Table of Contents of the Indenture is amended
by deleting the titles to Sections 3.20 and 3.23 and inserting in
lieu thereof the phrase &#x201C;[intentionally
omitted]&#x201D;.</font></div>
<div style="text-align: center; padding-bottom: 16px; margin-left: 0px; margin-right: 0px; text-indent: 0px">
&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
<font style="font-family: Times New Roman; font-size: 13px">ARTICLE
THREE.</font></div>
<div style="padding-bottom: 16px; ; margin-left: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">SECTION
3.01</font> <font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="font-variant: small-caps">Amendment to the Recitals</font>. The
eighth recital is amended by adding the words &#x201C;or
International Financial Reporting Standards&#x201D; after the word
&#x201C;Argentina&#x201D;.</font></div>
<div style="text-align: center; padding-bottom: 16px; margin-left: 0px; margin-right: 0px; text-indent: 0px">
&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
&#xA0; &#xA0; &#xA0; &#xA0; <font style="font-family: Times New Roman; font-size: 13px">ARTICLE
FOUR.</font></div>
<div style="padding-bottom: 16px; ; margin-left: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">SECTION
4.01</font> <font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="font-variant: small-caps">Amendment to Certain Provisions in
Article I.</font> Section 1.1 (Definitions) of the Indenture is
amended as follows:</font></div>
<div style="padding-bottom: 16px; ; margin-left: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">(a)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">by deleting the
following text from the definition of &#x201C;Acquired
Indebtedness&#x201D;: &#x201C;or at the time it merges or
consolidates with IRSA or any of its Restricted Subsidiaries or is
assumed in connection with the acquisition of assets from such
Person&#x201D; and &#x201C;or at the time it merges or consolidates
with IRSA or a Restricted Subsidiary or at the time such
Indebtedness is assumed in connection with the acquisition of
assets from such Person&#x201D;.</font></div>
<div style="padding-bottom: 16px; ; margin-left: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">(b)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">by deleting the
following text from clause (5) of the definition of &#x201C;Asset
Sale&#x201D;: &#x201C;including a Permitted
Investment&#x201D;.</font></div>
<div style="padding-bottom: 16px; ; margin-left: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">(c)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">by adding the
following text to the definition of &#x201C;Consolidated
EBITDA&#x201D;: &#x201C;and its Subsidiaries (Restricted Subsidiaries
in the case of IRSA)&#x201D; after the word &#x201C;Person&#x201D; in
clause (1) and after the word &#x201C;Person&#x201D; in clause
(2).</font></div>
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<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">2</font></div>
</div>
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<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="padding-bottom: 16px; ; margin-left: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="padding-bottom: 16px; ; margin-left: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">(d)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">by adding the
following text to the definition of &#x201C;Consolidated Net
Income&#x201D;: &#x201C;(Restricted Subsidiaries in the case of
IRSA)&#x201D; after the word
&#x201C;Subsidiaries&#x201D;.</font></div>
<div style="padding-bottom: 16px; ; margin-left: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">(e)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">by adding the
following new definition: &#x201C;Effective Date&#x201D; means March
28, 2016.&#x201D; in alphabetical order.</font></div>
<div style="padding-bottom: 16px; ; margin-left: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">(f)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">by deleting in its
entirety the definition of &#x201C;Investment
Return&#x201D;.</font></div>
<div style="padding-bottom: 16px; ; margin-left: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">(g)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">by deleting the
definition of &#x201C;Permitted Business&#x201D; in its entirety and
inserting in lieu thereof the following text:</font></div>
<div style="text-align: left; padding-bottom: 16px; margin-left: 120px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;<font style="text-decoration: underline">Permitted
Business</font>&#x201D;<font style="font-style: italic">&#xA0;</font>means (i) any business <a name="_cp_text_1_138"><!--anchor--></a>or activity
in which the Issuer or any of its Subsidiaries or Banco Hipotecario
or any of their respective Affiliates is directly or indirectly
engaged (including though the ownership of Capital Stock) on the
Effective Date, (ii) any business involving real estate, retail
sales, telecommunications, data transmission, internet, information
technology or media content services or products and/or (iii) any
business or activity related, ancillary or complementary to any of
the foregoing including, without limitation, any such activities
outside of Argentina.</font></div>
<div style="padding-bottom: 16px; ; margin-left: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">(h)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">by deleting the
words &#x201C;Issue Date&#x201D; in the definition of
&#x201C;Permitted Holders&#x201D; and adding in lieu thereof the
words &#x201C;Effective Date&#x201D;.</font></div>
<div style="padding-bottom: 16px; ; margin-left: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">(i)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">by deleting in its
entirety the definition of &#x201C;Permitted
Investments&#x201D;.</font></div>
<div style="padding-bottom: 16px; ; margin-left: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">(j)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">by deleting the
words &#x201C;Issue Date&#x201D; in the definition of
&#x201C;Permitted Lien&#x201D; and adding in lieu thereof the words
&#x201C;Effective Date&#x201D;.</font></div>
<div style="padding-bottom: 16px; ; margin-left: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">(k)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">by deleting in its
entirety the definition of &#x201C;Receivables
Entity&#x201D;.</font></div>
<div style="padding-bottom: 16px; ; margin-left: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">(l)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">by deleting the
following text from the definition of &#x201C;Receivables
Transaction&#x201D;: &#x201C;(including a Receivables
Entity)&#x201D;.</font></div>
<div style="padding-bottom: 16px; ; margin-left: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">(m)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">&#xA0;by deleting
in its entirety the definition of &#x201C;Standard Securitization
Undertakings&#x201D;.</font></div>
<div style="padding-bottom: 16px; ; margin-left: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">(n)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">by adding the
following proviso at the end of the definition of
&#x201C;Subsidiary&#x201D;: &#x201C;; <font style="font-style: italic">provided</font> that for the avoidance of
doubt and notwithstanding any provision hereof to the contrary, in
no event shall IDB Development Corporation Ltd. or any of its
Subsidiaries be (i) considered a &#x201C;Subsidiary&#x201D; for any
purposes hereunder or (ii) taken into account for purposes of any
of the definitions (including those in Article I) or covenants in
this Indenture (whether or not the financial statements of any of
such companies are at any time consolidated with the financial
statements of IRSA).&#x201D;</font></div>
<div style="text-align: center; padding-bottom: 16px; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">ARTICLE
FIVE.</font></div>
<div style="padding-bottom: 16px; ; margin-left: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">SECTION
5.01</font> <font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-variant: small-caps; font-family: Times New Roman; font-size: 13px">Modification
and deletion of Certain Provisions in Article III.</font></div>
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<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">3</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="padding-bottom: 16px; ; margin-left: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="padding-bottom: 16px; ; margin-left: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">(a)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">Section 3.16
(Limitation on Incurrence of Additional Indebtedness) of the
Indenture is amended as follows:</font></div>
<div style="padding-bottom: 16px; ; margin-left: 144px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">(a)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">deleting from
clause (1) thereof the following text: (i) &#x201C;(a)&#x201D; where
it appears; and (ii) &#x201C;; and (b) with respect to the
Incurrence of Secured Debt of IRSA and Indebtedness of Restricted
Subsidiaries, immediately after giving pro forma effect to the
Incurrence thereof, the aggregate principal amount of all
outstanding Secured Debt of IRSA plus the aggregate principal
amount of all Indebtedness of its Restricted Subsidiaries on a
consolidated basis is less than 30% of Consolidated Tangible Assets
of IRSA, in each case calculated as of the end of the most recent
fiscal quarter ending prior to the date of such Incurrence;
provided that notwithstanding the foregoing, if IRSA or any
Restricted Subsidiary Incurs Purchase Money Indebtedness and,
immediately after giving pro forma effect to the Incurrence thereof
and the application of the proceeds therefrom, the Consolidated
Interest Coverage Ratio of IRSA is greater than 2.25 to 1.0,
calculated as of the end of the most recent fiscal quarter ending
prior to the date of such Incurrence, such Purchase Money
Indebtedness and the purchased assets securing such Purchase Money
Indebtedness shall not be included at any time in the calculation
of Secured Debt or Consolidated Tangible Assets for the purpose of
this clause (b).&#x201D;</font></div>
</div>
</div>
<div style="padding-bottom: 16px; ; margin-left: 144px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">(b)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">by deleting from
clause (2)(e) thereof the number &#x201C;5%&#x201D; where it appears
and adding in lieu thereof the number
&#x201C;15%&#x201D;.</font></div>
</div>
</div>
<div style="padding-bottom: 16px; ; margin-left: 144px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">(c)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">by deleting from
clause (2)(g) thereof the words &#x201C;Issue Date&#x201D; where it
appears and adding in lieu thereof the words &#x201C;Effective
Date&#x201D;.</font></div>
</div>
</div>
<div style="padding-bottom: 16px; ; margin-left: 144px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">(d)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">by deleting from
clause (2)(j)(1) thereof the words &#x201C;Issue Date&#x201D; where
it appears and adding in lieu thereof the words &#x201C;Effective
Date&#x201D;.</font></div>
</div>
</div>
<div style="padding-bottom: 16px; ; margin-left: 144px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">(e)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">by deleting from
clause (2)(m) thereof the text thereof in its entirety and
inserting in lieu thereof the following text:</font></div>
</div>
</div>
<div style="text-align: justify; padding-bottom: 16px; margin-left: 192px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;Indebtedness
represented by working capital Indebtedness in an aggregate
outstanding principal amount at any time not to exceed US$40.0
million; and&#x201D;</font></div>
<div style="padding-bottom: 16px; ; margin-left: 144px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">(f)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">by deleting from
clause (2)(n) thereof the text thereof in its entirety and
inserting in lieu thereof the following text:</font></div>
</div>
</div>
<div style="text-align: justify; padding-bottom: 16px; margin-left: 192px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;additional
Indebtedness in an aggregate outstanding principal amount not to
exceed 25.0% of the consolidated total assets of IRSA, calculated
as of the end of the most recent fiscal quarter ending prior to the
date of such Incurrence.&#x201D;</font></div>
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<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">4</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; padding-bottom: 16px; margin-left: 192px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="padding-bottom: 16px; ; margin-left: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">(b)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">Section 3.17
(Limitation on Restricted Payments) of the Indenture is amended by
deleting the text of that Section in its entirety and inserting in
lieu thereof the following text:</font></div>
<div style="text-align: left; padding-bottom: 16px; margin-left: 96px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;Section 3.17
<font style="text-decoration: underline">Limitation on Restricted
Payments</font>. IRSA will not, and will not cause or permit any of
its Restricted Subsidiaries to, directly or indirectly, take any of
the following actions (each, a &#x201C;Restricted
Payment&#x201D;):</font></div>
<div style="padding-bottom: 16px; ; margin-left: 96px; text-indent: 144px">
<font style="font-family: Times New Roman; font-size: 13px">(a)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">declare or pay any
dividend or make any distribution, whether in cash or in kind, on
or in respect of shares of Capital Stock of the Issuer to holders
of such Capital Stock (other than dividends or distributions
payable in Capital Stock of the Issuer); or</font></div>
<div style="padding-bottom: 16px; ; margin-left: 96px; text-indent: 144px">
<font style="font-family: Times New Roman; font-size: 13px">(b)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">purchase, redeem or
otherwise acquire or retire for value any shares of Capital Stock
of the Issuer (other than any such shares held by the Issuer or a
Subsidiary);</font></div>
<div style="text-align: left; padding-bottom: 16px; margin-left: 96px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">unless
at the time of the Restricted Payment and immediately after giving
effect thereto:</font></div>
<div style="padding-bottom: 16px; ; margin-left: 96px; text-indent: 144px">
<font style="font-family: Times New Roman; font-size: 13px">(1)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">no Event of Default
shall have occurred and be continuing; and</font></div>
<div style="padding-bottom: 16px; ; margin-left: 96px; text-indent: 144px">
<font style="font-family: Times New Roman; font-size: 13px">(2)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">IRSA is able to
Incur at least US$1.00 of additional Indebtedness pursuant to
clause (1) of <font style="text-decoration: underline">Section
3.16</font>.</font></div>
<div style="text-align: left; padding-bottom: 16px; margin-left: 96px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Notwithstanding the
preceding paragraph, this covenant does not prohibit:</font></div>
<div style="padding-bottom: 16px; ; margin-left: 96px; text-indent: 144px">
<font style="font-family: Times New Roman; font-size: 13px">(1)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">the payment of any
dividend or distribution or redemption within sixty (60) days after
the date of declaration of such dividend or distribution or notice
of redemption if such payment would have been permitted on the date
of such declaration or notice;</font></div>
<div style="padding-bottom: 16px; ; margin-left: 96px; text-indent: 144px">
<font style="font-family: Times New Roman; font-size: 13px">(2)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">the purchase,
redemption or other acquisition or retirement of any Capital Stock
of IRSA made in exchange for or out of the proceeds of the issuance
or sale of Capital Stock of IRSA;</font></div>
<div style="padding-bottom: 16px; ; margin-left: 96px; text-indent: 144px">
<font style="font-family: Times New Roman; font-size: 13px">(3)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">the purchase,
redemption or other acquisition or retirement of any Capital Stock
or other securities exercisable or convertible into Capital Stock
from any current or former employees, officers, directors or
consultants of IRSA or any of its Subsidiaries or their authorized
representatives upon the death, disability or termination of
employment or directorship of such employees, officers or
directors, or the termination of retention of any such
consultants;</font></div>
<div style="padding-bottom: 16px; ; margin-left: 96px; text-indent: 144px">
<font style="font-family: Times New Roman; font-size: 13px">(4)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">the purchase,
redemption or other acquisition or retirement of any Capital Stock
deemed to occur upon the exercise of stock options, warrants or
similar rights if such Capital Stock represents a portion of the
exercise price of those stock options, warrants or similar
rights;</font></div>
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<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">5</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="padding-bottom: 16px; ; margin-left: 96px; text-indent: 144px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="padding-bottom: 16px; ; margin-left: 96px; text-indent: 144px">
<font style="font-family: Times New Roman; font-size: 13px">(5)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">the purchase,
redemption or other acquisition or retirement of any fractional
shares arising out of stock dividends, splits or combinations or
business combinations;</font></div>
<div style="padding-bottom: 16px; ; margin-left: 96px; text-indent: 144px">
<font style="font-family: Times New Roman; font-size: 13px">(6)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">payments or
distributions to dissenting stockholders of Capital Stock of IRSA
or its Subsidiaries pursuant to applicable law in connection with a
consolidation, merger or similar transaction that complies with the
provisions of the Indenture;</font></div>
<div style="padding-bottom: 16px; ; margin-left: 96px; text-indent: 144px">
<font style="font-family: Times New Roman; font-size: 13px">(7)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">Restricted Payments
in an amount not to exceed the sum of the aggregate net proceeds
and the Fair Market Value of any property or other assets received
by the Issuer or any Subsidiary after the Issue Date from (i)
contributions of capital or the issuance or sale of Capital Stock
or (ii) the issuance of any Indebtedness of the Issuer or any of
its Subsidiaries that has been converted into or exchanged for
Capital Stock after the Issue Date; or</font></div>
<div style="padding-bottom: 16px; ; margin-left: 96px; text-indent: 144px">
<font style="font-family: Times New Roman; font-size: 13px">(8)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">Restricted Payments
in an aggregate amount taken together with all other Restricted
Payments made subsequent to the Effective Date pursuant to this
clause (8) not to exceed the greater of US$50.0 million (or the
equivalent in other currencies) and 10% of the consolidated total
assets of IRSA as of the last date of its most recent fiscal
quarter.&#x201D;</font></div>
<div style="padding-bottom: 16px; ; margin-left: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">(c)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">Section 3.19
(Limitation on Designation of Unrestricted Subsidiaries) of the
Indenture is amended by (i) deleting the word &#x201C;(a)&#x201D;
where it appears in Clause (2); (ii) deleting the words &#x201C;an
Investment&#x201D; where they appear in clause (3) and inserting in
lieu thereof the words &#x201C;a Restricted Payment&#x201D;; and
(iii) deleting the words &#x201C;as a Restricted Payment&#x201D; and
&#x201C;or as a Permitted Investment&#x201D; in clause
(3).</font></div>
<div style="padding-bottom: 16px; ; margin-left: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">(d)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">Section 3.20
(Limitation on Dividend and Other Payment Restrictions Affecting
Restricted Subsidiaries) of the Indenture is amended by deleting it
in its entirety and inserting in lieu thereof the phrase
&#x201C;[intentionally omitted]&#x201D;.</font></div>
<div style="padding-bottom: 16px; ; margin-left: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">(e)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">Section 3.23
(Limitation on Guarantees) of the Indenture is amended by deleting
it in its entirety and inserting in lieu thereof the phrase
&#x201C;[intentionally omitted]&#x201D;.</font></div>
<div style="padding-bottom: 16px; ; margin-left: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">(f)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">Section 3.24
(Limitation on Transactions with Affiliates) of the Indenture is
amended by (i) deleting the words &#x201C;Issue Date&#x201D; where
they appear in clause (2)(c) and inserting in lieu thereof the
words &#x201C;Effective Date&#x201D; and (ii) deleting the words
&#x201C;and Permitted Investments&#x201D; in clause
(2)(d).</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">6</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="padding-bottom: 16px; ; margin-left: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; padding-bottom: 16px; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">ARTICLE
SIX.</font></div>
<div style="padding-bottom: 16px; ; margin-left: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">SECTION
6.01</font> <font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="font-variant: small-caps">Amendment to and Elimination of Certain
Provisions in Article IV.</font> Section 4.1 (Events of Default) of
the Indenture is amended by:</font></div>
<div style="padding-bottom: 16px; ; margin-left: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">(a)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">deleting the text
of clauses (b), (c), (d), (e) and (g) of Section 4.1 in their
entirety and inserting in lieu thereof the following:</font></div>
<div style="text-align: left; padding-bottom: 16px; margin-left: 96px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;(b)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;IRSA
shall fail duly to perform or observe any other covenant or
obligation applicable to such Series under this Indenture or
contained in such Securities, and such failure shall continue for a
period of ninety (90) days after written notice to that effect is
received by IRSA or by IRSA and the Trustee from the Holders of at
least 25% in aggregate principal amount of the Outstanding
Securities of such Series specifying such failure and requiring it
to be remedied and stating that such notice constitutes a
&#x201C;notice of default&#x201D; under the Indenture;
or</font></div>
<div style="text-align: left; padding-bottom: 16px; margin-left: 96px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">(c)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;IRSA
shall fail to pay when due the final scheduled maturity thereof
principal of its Indebtedness in an aggregate past due principal
amount of at least US$50,000,000 (or the then equivalent thereof in
another currency at the time of determination) and such failure
shall continue after the grace period, if any, applicable thereto,
or any other event of default shall occur under any agreement or
instrument relating to any such Indebtedness in an aggregate
principal amount of at least US$50,000,000 (or the then equivalent
thereof in another currency at the time of determination), and in
each case such failure to pay or other event of default shall
result in the acceleration of the final scheduled maturity thereof
in an aggregate past due principal amount of at least US$50,000,000
(or the then equivalent thereof in another currency at the time of
determination); or</font></div>
<div style="text-align: left; padding-bottom: 16px; margin-left: 96px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">(d)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;a
court having jurisdiction enters a final decree or order for (1)
relief in respect of IRSA in an involuntary case under the
Argentine Law No. 24,522, as amended (the &#x201C;Bankruptcy
Law&#x201D;), or any other applicable bankruptcy, insolvency or
other similar law now or hereafter in effect or (2) appointment
under any applicable bankruptcy, insolvency or other similar law of
an administrator, receiver or trustee for IRSA for all or
substantially all of the property of IRSA and, in each case such
decree or order shall remain unstayed and in effect for a period of
ninety (90) consecutive days; or</font></div>
<div style="text-align: left; padding-bottom: 16px; margin-left: 96px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">(e)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;IRSA
(a) commences a voluntary case under the Bankruptcy Law or any
other applicable bankruptcy, insolvency or other similar law now or
hereafter in effect or (b) consents to the appointment under any
applicable bankruptcy, insolvency or other similar law of or taking
possession by an administrator, receiver or trustee for IRSA for
all or substantially all of the property of
IRSA;&#x201D;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="padding-bottom: 16px; ; margin-left: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">(b)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">deleting the words
&#x201C;and/or the relevant Subsidiary&#x201D; in the text following
clause (e).</font></div>
<div style="padding-bottom: 16px; display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 96px"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br>
</font></div>
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</div>
<div style="text-align: center; padding-bottom: 16px; ; margin-left: 0px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;ARTICLE
SEVEN.<br></font></div>
<div style="padding-bottom: 16px; ; margin-left: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">SECTION
7.01</font> <font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="font-variant: small-caps">Elimination of Certain Provisions in the
Notes.</font> Each Global Security representing the Notes shall be
deemed to be amended to reflect the provisions of Article Two,
Article Three, Article Four, Article Five and Article Six
hereof.</font></div>
<div style="text-align: center; padding-bottom: 16px; margin-left: 0px; margin-right: 0px; text-indent: 0px">
&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
<font style="font-family: Times New Roman; font-size: 13px">ARTICLE
EIGHT.</font></div>
<div style="padding-bottom: 16px; ; margin-left: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">SECTION
8.01</font> <font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="font-variant: small-caps">References to Deleted or Amended
Provisions</font>. All references in the Indenture and any Global
Security representing the Notes, as amended by Article Two, Article
Three, Article Four, Article Five, Article Six and Article Seven
hereof, to any of the provisions deleted and eliminated or modified
as provided herein, or to terms defined in such provisions, shall
also be deemed deleted and eliminated or modified, as the case may
be, in accordance with the terms of this Supplemental Indenture.
Effective as of the date hereof, none of IRSA, the Trustee, the
Argentine Representative, the Holders of the Notes or other parties
to or beneficiaries of the Indenture shall have any rights,
obligations or liabilities under such Sections, subsections or
clauses and such deleted or modified Sections, subsections or
clauses shall not be considered in determining whether an Event of
Default has occurred or whether IRSA has observed, performed or
complied with the provisions of the Indenture or any
Note.</font></div>
<div style="padding-bottom: 16px; ; margin-left: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">SECTION
8.02</font> <font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="font-variant: small-caps">Amendment</font> <font style="font-variant: small-caps">to Definitions</font>. The Indenture is
hereby amended by deleting any definitions from the Indenture and
any Global Security representing the Notes with respect to which
references would be eliminated as a result of amendments to the
Indenture pursuant to Article Two, Article Three, Article Four,
Article Five, Article Six and Article Seven hereof.</font></div>
<div style="text-align: center; padding-bottom: 16px; margin-left: 0px; margin-right: 0px; text-indent: 0px">
&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
<font style="font-family: Times New Roman; font-size: 13px">ARTICLE
NINE.</font></div>
<div style="padding-bottom: 16px; ; margin-left: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">SECTION
9.01</font> <font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="font-variant: small-caps">Effectiveness of Supplemental
Indenture</font>. This Supplemental Indenture shall be effective
upon its execution and delivery by the parties hereto. The Proposed
Amendments set forth in Article Two, Article Three, Article Four,
Article Five, Article Six, Article Seven and Article Eight hereof
shall become operative immediately upon IRSA&#x2019;s delivery of an
Officers&#x2019; Certificate to the Trustee confirming that (i) IRSA
has accepted for purchase the Notes tendered by consenting Holders
and that (ii) IRSA has paid all other amounts due and owing to the
Holders in accordance with the terms and conditions set forth in
the Statement.</font></div>
<div style="padding-bottom: 16px; ; margin-left: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">SECTION9 .02</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="font-variant: small-caps">GOVERNING LAW</font>. THIS SUPPLEMENTAL
INDENTURE WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK.</font></div>
<div style="padding-bottom: 16px; ; margin-left: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">SECTION
9.03</font> <font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="font-variant: small-caps">Full Force and Effect</font>. Except as
expressly amended hereby, the Indenture is in all respects ratified
and confirmed and all the terms, conditions and provisions thereof
shall remain in full force and effect. Subject to Section 9.01
hereof, upon the execution and delivery of this Supplemental
Indenture by IRSA and the Trustee, this Supplemental Indenture
shall form a part of the Indenture for all purposes, and IRSA, the
Trustee and every Holder of Notes heretofore or hereafter
authenticated and delivered shall be bound hereby. Any and all
references to the Indenture or the Global Securities representing
the Notes, whether within the Indenture, such Global Securities or
in any notice, certificate or other instrument or document, shall
be deemed to include a reference to the Indenture as amended by
this Supplemental Indenture (whether or not made), unless the
context shall otherwise require.</font></div>
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</div>
<div style="padding-bottom: 16px; ; margin-left: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="padding-bottom: 16px; ; margin-left: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">SECTION
9.04</font> <font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="font-variant: small-caps">Indenture and Supplemental Indenture
Construed Together</font>. This Supplemental Indenture is an
indenture supplemental to the Indenture, and the Indenture and this
Supplemental Indenture shall henceforth be read and construed
together.</font></div>
<div style="padding-bottom: 16px; ; margin-left: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">SECTION
9.05</font> <font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="font-variant: small-caps">Benefits of Supplemental
Indenture</font>. Nothing in this Supplemental Indenture, express
or implied, shall give to any Person other than the parties hereto
and thereto and their successors hereunder and thereunder and the
Holders of the Notes, any benefit of any legal or equitable right,
remedy or claim under the Indenture, this Supplemental Indenture or
the Notes.</font></div>
<div style="padding-bottom: 16px; ; margin-left: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">SECTION
9.06</font> <font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="font-variant: small-caps">Successors</font>. All agreements of the
Trustee in this Supplemental Indenture shall bind its
successors.</font></div>
<div style="padding-bottom: 16px; ; margin-left: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">SECTION
9.07</font> <font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="font-variant: small-caps">The Trustee</font>. The Trustee shall
not be responsible in any manner for or in respect of the validity
or sufficiency of this Supplemental Indenture or for or in respect
of the recitals contained herein, all of which are made by
IRSA.</font></div>
<div style="padding-bottom: 16px; ; margin-left: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">SECTION
9.08</font> <font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="font-variant: small-caps">Counterparts.</font> The parties may
sign any number of copies of this Supplemental Indenture. Each
signed copy shall be an original, but all of them together
represent the same agreement.</font></div>
<div style="padding-bottom: 16px; ; margin-left: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">SECTION
9.09</font> <font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="font-variant: small-caps">Effect of Headings</font>. The Section
headings herein are for convenience only and shall not affect the
construction hereof.</font></div>
<div style="padding-bottom: 16px; ; margin-left: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">SECTION
9.10</font> <font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px"><font style="font-variant: small-caps">Severability</font>. If any provision in
this Supplemental Indenture shall be invalid, illegal or
unenforceable, the validity, legality or enforceability of the
remaining provisions of this Supplemental Indenture or the
Indenture shall not in any way be affected or impaired
thereby.</font></div>
<div style="text-align: left; padding-bottom: 16px; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">IN
WITNESS WHEREOF, the parties hereto have caused this Supplemental
Indenture to be duly executed as of the date first above
written.</font></div>
<div style="text-align: left; padding-bottom: 16px; margin-left: 288px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">IRSA
INVERSIONES Y REPRESENTACIONES, SOCIEDAD AN&#xD3;NIMA</font></div>
<div style="text-align: left; margin-left: 288px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">By:
_______________________________</font></div>
<div style="text-align: left; margin-left: 288px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Name:</font></div>
<div style="text-align: left; padding-bottom: 16px; margin-left: 288px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Title:</font></div>
<div style="text-align: justify; padding-bottom: 16px; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; padding-bottom: 16px; margin-left: 288px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">THE BANK OF NEW YORK MELLON</font>, as
Trustee</font></div>
<div style="text-align: left; margin-left: 288px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">By:
_______________________________</font></div>
<div style="text-align: left; margin-left: 288px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Name:</font></div>
<div style="text-align: left; padding-bottom: 16px; margin-left: 288px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Title:</font></div>
<div style="text-align: justify; padding-bottom: 16px; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div id="ftr">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">002761-0008-16036-Active.18633675.7</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">9</font></div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2.7
<SEQUENCE>3
<FILENAME>exhibit25-indenture.htm
<DESCRIPTION>EXHIBIT 2.7
<TEXT>
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EXHIBIT 2.5</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">EXECUTION
VERSION</font></div>
</div>
</div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">IRSA
Propiedades Comerciales S.A.</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">as
Issuer,</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">The
Bank of New York Mellon</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">as
Trustee, Co-Registrar,</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Principal Paying
Agent and Transfer Agent,</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">and</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Banco
Santander R&#xED;o S.A.</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">as
Registrar, Paying Agent, Transfer Agent and</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Representative of
the Trustee in Argentina</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">INDENTURE</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Dated
as of March 23, 2016</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">US$500,000,000
Global Note Program</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">For
Notes Due No Less Than 30 Days</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">From
Date of Original Issue</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
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<font style="font-size: 13px; font-family: Times New Roman">TABLE
OF CONTENTS</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">Page</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445002">
<font style="color: #0000ff; text-decoration: underline">ARTICLE I
GENERAL</font></a>&#xA0;&#xA0;<a href="#_Toc446445002"><font style="font-size: 13px; font-family: Times New Roman">2</font></a></font></div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445003"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
1.1.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445003"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Definitions</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445003"><font style="font-size: 13px">2</font></a></font></div>
</div>
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<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445004"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
1.2.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445004"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Agents</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445004"><font style="font-size: 13px">21</font></a></font></div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 96px; margin-right: 0px; text-indent: -96px">
<font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445005">
<font style="color: #0000ff; text-decoration: underline">ARTICLE II
SECURITIES</font></a>&#xA0;&#xA0;<a href="#_Toc446445005"><font style="font-size: 13px; font-family: Times New Roman">22</font></a></font></div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445006"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
2.1.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445006"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Forms</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445006"><font style="font-size: 13px">22</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445007"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
2.2.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445007"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Form of Trustee&#x2019;s Certificate of
Authentication</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a><a href="#_Toc446445007"><font style="font-size: 13px">25</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445008"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
2.3.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445008"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Maximum Aggregate Principal Amount of Securities; Terms of
Securities</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a><a href="#_Toc446445008"><font style="font-size: 13px">25</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445009"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
2.4.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445009"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Authentication and Delivery of Securities</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445009"><font style="font-size: 13px">28</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445010"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
2.5.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445010"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Execution of Securities</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445010"><font style="font-size: 13px">29</font></a></font></div>
</div>
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<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445011"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
2.6.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445011"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Certificate of Authentication</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445011"><font style="font-size: 13px">29</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445012"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
2.7.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445012"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Global Securities</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445012"><font style="font-size: 13px">29</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445013"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
2.8.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445013"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Denomination and Date of Securities</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445013"><font style="font-size: 13px">30</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445014"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
2.9.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445014"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Payments of Principal and Interest</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445014"><font style="font-size: 13px">31</font></a></font></div>
</div>
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<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445015"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
2.10.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445015"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Registration, Transfer and Exchange of
Securities</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a><a href="#_Toc446445015"><font style="font-size: 13px">33</font></a></font></div>
</div>
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<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445016"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
2.11.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445016"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Mutilated, Defaced, Destroyed, Stolen and Lost Securities;
Cancellation and Destruction of Securities</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a><a href="#_Toc446445016"><font style="font-size: 13px">40</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445017"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
2.12.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445017"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Purchase and Cancellation</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445017"><font style="font-size: 13px">41</font></a></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 96px; margin-right: 0px; text-indent: -96px">
<font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445018">
<font style="color: #0000ff; text-decoration: underline">ARTICLE
III COVENANTS OF IRSA PC</font></a>&#xA0;&#xA0;<a href="#_Toc446445018"><font style="font-size: 13px; font-family: Times New Roman">41</font></a></font></div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445019"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
3.1.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445019"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Payment of Principal and Interest</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445019"><font style="font-size: 13px">41</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445020"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
3.2.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445020"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Offices for Payments, etc</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445020"><font style="font-size: 13px">42</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445021"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
3.3.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445021"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Appointment to Fill a Vacancy in Office of
Trustee</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a><a href="#_Toc446445021"><font style="font-size: 13px">42</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445022"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
3.4.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445022"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Payments and Paying Agent</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">s.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445022"><font style="font-size: 13px">42</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445023"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
3.5.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445023"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Taxation</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445023"><font style="font-size: 13px">44</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445024"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
3.6.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445024"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Maintenance of Books and Records</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445024"><font style="font-size: 13px">46</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445025"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
3.7.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445025"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Status and Ranking</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445025"><font style="font-size: 13px">46</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445026"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
3.8.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445026"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Listing</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445026"><font style="font-size: 13px">46</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445027"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
3.9.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445027"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Maintenance of Corporate Existence; Propertie</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">s.</font></a><a href="#_Toc446445027"><font style="font-size: 13px">47</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445028"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
3.10.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445028"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Compliance with Law</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445028"><font style="font-size: 13px">47</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445029"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
3.11.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445029"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Reports to Holders</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445029"><font style="font-size: 13px">47</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445030"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
3.12.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445030"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Other Information</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445030"><font style="font-size: 13px">48</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445031"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
3.13.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445031"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Notice of Default</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445031"><font style="font-size: 13px">49</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445032"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
3.14.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445032"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Further Actions</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445032"><font style="font-size: 13px">49</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445033"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
3.15.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445033"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Suspension of Covenants</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445033"><font style="font-size: 13px">49</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445034"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
3.16.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445034"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Limitation on Incurrence of Additional
Indebtedness</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a><a href="#_Toc446445034"><font style="font-size: 13px">50</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445035"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
3.17.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445035"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Limitation on Restricted Payments</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445035"><font style="font-size: 13px">52</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445036"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
3.18.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445036"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Limitation on Liens</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445036"><font style="font-size: 13px">54</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445037"><font style="color: #0000ff; text-decoration: underline">Section
3.19.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445037"><font style="font-style: italic; color: #0000ff; text-decoration: underline">Limitation
on Transactions with Affiliates</font><font style="color: #0000ff; text-decoration: underline">.</font></a><a href="#_Toc446445037"><font style="font-size: 13px; font-family: Times New Roman">54</font></a></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">i</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; text-align: center; page-break-after: always; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445038">
<font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
3.20.</font></a>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<a href="#_Toc446445038"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">Conduct
of Business</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<a href="#_Toc446445038"><font style="font-size: 13px">55</font></a></font></div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445039"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
3.21.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445039"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Change of Control</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445039"><font style="font-size: 13px">55</font></a></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 96px; margin-right: 0px; text-indent: -96px">
<font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445040">
<font style="color: #0000ff; text-decoration: underline">ARTICLE IV
DEFAULTS AND REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT
OF&#xA0;DEFAULT</font></a>&#xA0;&#xA0;<a href="#_Toc446445040"><font style="font-size: 13px; font-family: Times New Roman">57</font></a></font></div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445041"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
4.1.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445041"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Events of Default</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445041"><font style="font-size: 13px">57</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445042"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
4.2.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445042"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Collection of Indebtedness by Trustee</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445042"><font style="font-size: 13px">59</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445043"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
4.3.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445043"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Application of Proceeds</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445043"><font style="font-size: 13px">60</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445044"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
4.4.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445044"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Suits for Enforcement</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445044"><font style="font-size: 13px">61</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445045"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
4.5.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445045"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Restoration of Rights on Abandonment of
Proceedings</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a><a href="#_Toc446445045"><font style="font-size: 13px">61</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445046"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
4.6.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445046"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Limitations on Suits by Securityholders</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445046"><font style="font-size: 13px">61</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445047"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
4.7.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445047"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Unconditional Right of Securityholders to Institute Certain
Suits</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a><a href="#_Toc446445047"><font style="font-size: 13px">62</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445048"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
4.8.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445048"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Powers and Remedies Cumulative; Delay or Omission Not Waiver of
Default</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a><a href="#_Toc446445048"><font style="font-size: 13px">62</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445049"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
4.9.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445049"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Control by Securityholders</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445049"><font style="font-size: 13px">62</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445050"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
4.10.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445050"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Waiver of Past Defaults</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445050"><font style="font-size: 13px">63</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445051"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
4.11.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445051"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Payments after a Default</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445051"><font style="font-size: 13px">63</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445052"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
4.12.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445052"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Notice of Events of Default</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445052"><font style="font-size: 13px">63</font></a></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 96px; margin-right: 0px; text-indent: -96px">
<font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445053">
<font style="color: #0000ff; text-decoration: underline">ARTICLE V
CONCERNING THE TRUSTEE</font></a>&#xA0;&#xA0;<a href="#_Toc446445053"><font style="font-size: 13px; font-family: Times New Roman">64</font></a></font></div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445054"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
5.1.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445054"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Duties and Responsibilities of the Trustee</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445054"><font style="font-size: 13px">64</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445055"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
5.2.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445055"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Certain Rights of the Trustee</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445055"><font style="font-size: 13px">65</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445056"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
5.3.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445056"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Trustee Not Responsible for Recitals, Disposition of Securities or
Application of Proceeds Thereof</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a><a href="#_Toc446445056"><font style="font-size: 13px">67</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445057"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
5.4.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445057"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Trustee and Agents May Hold Securities; Collections,
etc</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a><a href="#_Toc446445057"><font style="font-size: 13px">67</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445058"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
5.5.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445058"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Moneys Held By Trustee</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445058"><font style="font-size: 13px">68</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445059"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
5.6.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445059"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Compensation and Indemnification of Trustee and Its Prior
Claim</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a><a href="#_Toc446445059"><font style="font-size: 13px">68</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445060"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
5.7.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445060"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Right of Trustee to Rely on Officer&#x2019;s Certificate,
etc</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a><a href="#_Toc446445060"><font style="font-size: 13px">68</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445061"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
5.8.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445061"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Persons Eligible for Appointment as Trustee</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445061"><font style="font-size: 13px">69</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445062"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
5.9.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445062"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Resignation and Removal; Appointment of Successor
Trustee</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a><a href="#_Toc446445062"><font style="font-size: 13px">69</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445063"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
5.10.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445063"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Acceptance of Appointment by Successor Trustee</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a><a href="#_Toc446445063"><font style="font-size: 13px">70</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445064"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
5.11.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445064"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Merger, Conversion, Consolidation or Succession to Business of
Trustee</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a><a href="#_Toc446445064"><font style="font-size: 13px">71</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445065"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
5.12.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445065"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Representative of the Trustee in Argentina</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a><a href="#_Toc446445065"><font style="font-size: 13px">71</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445066"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
5.13.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445066"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Application to Agents and to the Representative of the Trustee
in&#xA0;Argentina</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a><a href="#_Toc446445066"><font style="font-size: 13px">72</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445067"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
5.14.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445067"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Application to Agents</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445067"><font style="font-size: 13px">72</font></a></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 96px; margin-right: 0px; text-indent: -96px">
<font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445068">
<font style="color: #0000ff; text-decoration: underline">ARTICLE VI
CONCERNING THE SECURITYHOLDERS</font></a><a href="#_Toc446445068"><font style="font-size: 13px; font-family: Times New Roman">73</font></a></font></div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445069"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
6.1.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445069"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Evidence of Action Taken by Securityholders</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445069"><font style="font-size: 13px">73</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445070"><font style="color: #0000ff; text-decoration: underline">Section
6.2.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445070"><font style="font-style: italic; color: #0000ff; text-decoration: underline">Proof
of Execution of Instruments and of Holding of Securities; Record
Date</font><font style="color: #0000ff; text-decoration: underline">.</font></a><a href="#_Toc446445070"><font style="font-size: 13px; font-family: Times New Roman">73</font></a></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">ii</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; text-align: center; page-break-after: always; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445071">
<font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
6.3.</font></a>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<a href="#_Toc446445071"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">Holders
to Be Treated as Owners</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<a href="#_Toc446445071"><font style="font-size: 13px">73</font></a></font></div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445072"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
6.4.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445072"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Securities Owned by IRSA PC Deemed Not
Outstanding</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a><a href="#_Toc446445072"><font style="font-size: 13px">74</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445073"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
6.5.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445073"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Right of Revocation of Action Taken</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445073"><font style="font-size: 13px">74</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445074"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
6.6.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445074"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Securityholders&#x2019; Meetings</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445074"><font style="font-size: 13px">75</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445075"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
6.7.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445075"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Preservation of Information; Communications to
Holders</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a><a href="#_Toc446445075"><font style="font-size: 13px">78</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445076"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
6.8.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445076"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Rep</font></a><a name="_Hlt446445212">
<!--anchor--></a><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">orts
by IRSA PC</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445076"><font style="font-size: 13px">78</font></a></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 96px; margin-right: 0px; text-indent: -96px">
<font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445077">
<font style="color: #0000ff; text-decoration: underline">ARTICLE
VII SUPPLEMENTAL INDENTURES</font></a>&#xA0;&#xA0;<a href="#_Toc446445077"><font style="font-size: 13px; font-family: Times New Roman">78</font></a></font></div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445078"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
7.1.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445078"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Supplemental Indentures Without Consent of
Securityholders</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a><a href="#_Toc446445078"><font style="font-size: 13px">78</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445079"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
7.2.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445079"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Supplemental Indentures With Consent of
Securityholders</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a><a href="#_Toc446445079"><font style="font-size: 13px">80</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445080"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
7.3.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445080"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Effect of Supplemental Indenture</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445080"><font style="font-size: 13px">81</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445081"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
7.4.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445081"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Documents to Be Given to the Trustee</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445081"><font style="font-size: 13px">81</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445082"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
7.5.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445082"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Notation on Securities in Respect of Supplemental
Indentures</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a><a href="#_Toc446445082"><font style="font-size: 13px">81</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445083"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
7.6.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445083"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Conformity with Negotiable Obligations Law</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445083"><font style="font-size: 13px">81</font></a></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 96px; margin-right: 0px; text-indent: -96px">
<font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445084">
<font style="color: #0000ff; text-decoration: underline">ARTICLE
VIII MERGER, CONSOLIDATION, SALE OR
CONVEYANCE</font></a>&#xA0;&#xA0;<a href="#_Toc446445084"><font style="font-size: 13px; font-family: Times New Roman">81</font></a></font></div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445085"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
8.1.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445085"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
IRSA PC May Consolidate, etc., on Certain Term</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">s.</font></a><a href="#_Toc446445085"><font style="font-size: 13px">81</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445086"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
8.2.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445086"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Surviving Entity Substituted</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445086"><font style="font-size: 13px">82</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445087"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
8.3.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445087"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Documents to Trustee</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445087"><font style="font-size: 13px">83</font></a></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 96px; margin-right: 0px; text-indent: -96px">
<font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445088">
<font style="color: #0000ff; text-decoration: underline">ARTICLE IX
SATISFACTION AND DISCHARGE OF INDENTURE; UNCLAIMED
MONEYS</font></a>&#xA0;&#xA0;<a href="#_Toc446445088"><font style="font-size: 13px; font-family: Times New Roman">83</font></a></font></div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445089"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
9.1.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445089"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Satisfaction and Discharge of Indenture</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445089"><font style="font-size: 13px">83</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445090"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
9.2.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445090"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Application by Trustee of Funds Deposited for Payment of
Securities</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a><a href="#_Toc446445090"><font style="font-size: 13px">84</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445091"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
9.3.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445091"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Repayment of Moneys Held by Paying Agent</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445091"><font style="font-size: 13px">84</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445092"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
9.4.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445092"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Return of Moneys Held by Trustee and Paying Agent Unclaimed for Two
Years</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a><a href="#_Toc446445092"><font style="font-size: 13px">84</font></a></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 96px; margin-right: 0px; text-indent: -96px">
<font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445093">
<font style="color: #0000ff; text-decoration: underline">ARTICLE X
REDEMPTION AND REPURCHASE OF
SECURITIES</font></a>&#xA0;&#xA0;<a href="#_Toc446445093"><font style="font-size: 13px; font-family: Times New Roman">85</font></a></font></div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445094"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
10.1.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445094"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Notice of Redemption; Partial Redemptions</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a><a href="#_Toc446445094"><font style="font-size: 13px">85</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445095"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
10.2.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445095"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Payment of Securities Called for Redemption</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a><a href="#_Toc446445095"><font style="font-size: 13px">86</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445096"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
10.3.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445096"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Exclusion of Certain Securities from Eligibility for Selection for
Redemption</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a><a href="#_Toc446445096"><font style="font-size: 13px">87</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445097"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
10.4.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445097"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Redemption at the Option of IRSA PC for Taxation
Reasons</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a><a href="#_Toc446445097"><font style="font-size: 13px">87</font></a></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 96px; margin-right: 0px; text-indent: -96px">
<font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445098">
<font style="color: #0000ff; text-decoration: underline">ARTICLE XI
DEFEASANCE</font></a>&#xA0;&#xA0;<a href="#_Toc446445098"><font style="font-size: 13px; font-family: Times New Roman">88</font></a></font></div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445099"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
11.1.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445099"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
IRSA PC&#x2019;s Option to Effect Total Defeasance or Partial
Defeasance</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a><a href="#_Toc446445099"><font style="font-size: 13px">88</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445100"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
11.2.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445100"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Total Defeasance</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445100"><font style="font-size: 13px">88</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445101"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
11.3.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445101"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Partial Defeasance</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445101"><font style="font-size: 13px">89</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445102"><font style="color: #0000ff; text-decoration: underline">Section
11.4.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445102"><font style="font-style: italic; color: #0000ff; text-decoration: underline">Conditions
to Total Defeasance and Partial Defeasance</font><font style="color: #0000ff; text-decoration: underline">.</font></a><a href="#_Toc446445102"><font style="font-size: 13px; font-family: Times New Roman">89</font></a></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">iii</font></div>
</div>
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<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445103">
<font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
11.5.</font></a>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<a href="#_Toc446445103"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">Deposit
in Trust; Miscellaneous</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<a href="#_Toc446445103"><font style="font-size: 13px">92</font></a></font></div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445104"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
11.6.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445104"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Reinstatement</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445104"><font style="font-size: 13px">92</font></a></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 96px; margin-right: 0px; text-indent: -96px">
<font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445105">
<font style="color: #0000ff; text-decoration: underline">ARTICLE
XII MISCELLANEOUS</font></a>&#xA0;&#xA0;<a href="#_Toc446445105"><font style="font-size: 13px; font-family: Times New Roman">93</font></a></font></div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445106"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
12.1.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445106"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Shareholders, Officers and Directors of IRSA PC Not Subject to
Individual Liability</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a><a href="#_Toc446445106"><font style="font-size: 13px">93</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445107"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
12.2.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445107"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Provisions of Indenture for the Sole Benefit of Parties and
Securityholders</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a><a href="#_Toc446445107"><font style="font-size: 13px">93</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445108"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
12.3.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445108"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Successors and Assigns of IRSA PC Bound by
Indenture</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a><a href="#_Toc446445108"><font style="font-size: 13px">93</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445109"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
12.4.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445109"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Notices and Demands on IRSA PC, Trustee and
Securityholders</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a><a href="#_Toc446445109"><font style="font-size: 13px">93</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445110"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
12.5.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445110"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Officer&#x2019;s Certificates and Opinions of Counsel; Statements to
Be Contained Therein</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a><a href="#_Toc446445110"><font style="font-size: 13px">95</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445111"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
12.6.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445111"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Payments Due on Non-Business Days</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445111"><font style="font-size: 13px">96</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445112"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
12.7.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445112"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Governing Law; Consent to Jurisdiction; Waiver of Immunity;
Currency Indemnity</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a><a href="#_Toc446445112"><font style="font-size: 13px">97</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445113"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
12.8.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445113"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Waiver of Jury Trial</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445113"><font style="font-size: 13px">98</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445114"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
12.9.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445114"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Severability</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445114"><font style="font-size: 13px">98</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445115"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
12.10.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445115"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Counterparts</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445115"><font style="font-size: 13px">99</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445116"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
12.11.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445116"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
Effect of Headings</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445116"><font style="font-size: 13px">99</font></a></font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 24px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445117"><font style="color: #0000ff; text-decoration: underline; font-size: 13px">Section
12.12.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell; width: 96px"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445117"><font style="font-style: italic; color: #0000ff; text-decoration: underline; font-size: 13px">
USA PATRIOT Act</font><font style="color: #0000ff; text-decoration: underline; font-size: 13px">.</font></a>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman"><a href="#_Toc446445117"><font style="font-size: 13px">99</font></a></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">iv</font></div>
</div>
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<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-size: 13px; font-family: Times New Roman">
EXHIBITS</font></div>
<div style="text-align: left; margin-left: 120px; margin-right: 0px; text-indent: -120px">
<font style="font-size: 13px; font-family: Times New Roman">Exhibit
A&#xA0;--&#xA0;Form of Global Security</font></div>
<div style="text-align: left; margin-left: 120px; margin-right: 0px; text-indent: -120px">
<font style="font-size: 13px; font-family: Times New Roman">Exhibit
B&#xA0;--&#xA0;Form of Certificate Security</font></div>
<div style="text-align: left; margin-left: 120px; margin-right: 0px; text-indent: -120px">
<font style="font-size: 13px; font-family: Times New Roman">Exhibit
C&#xA0;--&#xA0;Form of Reverse of Securities &#x2014; Terms and
Conditions</font></div>
<div style="text-align: left; margin-left: 120px; margin-right: 0px; text-indent: -120px">
<font style="font-size: 13px; font-family: Times New Roman">Exhibit
D&#xA0;--&#xA0;Form of Certificate for Exchange or Transfer from
Rule 144A Global Security to Regulation S Global Security during
the Restricted Period</font></div>
<div style="text-align: left; margin-left: 120px; margin-right: 0px; text-indent: -120px">
<font style="font-size: 13px; font-family: Times New Roman">Exhibit
E&#xA0;--&#xA0;Form of Certificate for Exchange or Transfer from
Rule 144A Global Security to Regulation S Global Security after the
Restricted Period</font></div>
<div style="text-align: left; margin-left: 120px; margin-right: 0px; text-indent: -120px">
<font style="font-size: 13px; font-family: Times New Roman">Exhibit
F&#xA0;--&#xA0;Form of Certificate for Exchange or Transfer from
Regulation S Global Security to Rule 144A Global
Security</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">v</font></div>
</div>
</div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="pb" style="margin-left: 0px; margin-right: 0px; text-align: center; page-break-after: always; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
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<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">THIS
INDENTURE, dated as of March 23, 2016 (this &#x201C;<font style="text-decoration: underline">Indenture</font>&#x201D;), among IRSA
Propiedades Comerciales S.A., a sociedad an&#xF3;nima organized
under the laws of the Republic of Argentina (&#x201C;<font style="text-decoration: underline">Argentina</font>&#x201D;) and domiciled
at Moreno 877, 22nd Floor, (C1091AAQ) City of Buenos Aires,
Argentina (&#x201C;<font style="text-decoration: underline">IRSA
PC</font>&#x201D;), incorporated, organized and registered with the
Public Registry of Commerce of the City of Buenos Aires (IGJ) on
August 29, 1889, under Number 323, Page 6, Book 85 of the Stock
Corporations Volume, with a term of duration which expires on
August 28, 2087, The Bank of New York Mellon, a corporation
organized under the laws of the State of New York authorized to
conduct a banking business, as trustee (in such capacity, the
&#x201C;<font style="text-decoration: underline">Trustee</font>&#x201D;), co-registrar
(in such capacity, the &#x201C;<font style="text-decoration: underline">Co-Registrar</font>&#x201D;), principal
paying agent (in such capacity, the &#x201C;<font style="text-decoration: underline">Principal Paying Agent</font>&#x201D;,
and together with any other paying agents appointed by IRSA PC in
their respective capacities as such, the &#x201C;<font style="text-decoration: underline">Paying Agents</font>&#x201D;) and
transfer agent (in such capacity, a &#x201C;<font style="text-decoration: underline">Transfer Agent</font>&#x201D;, and
together with any other transfer agents appointed by IRSA PC in
their respective capacities as such, the &#x201C;<font style="text-decoration: underline">Transfer Agents</font>&#x201D;), and
Banco Santander R&#xED;o S.A., a bank duly incorporated and
existing under the laws of Argentina, as registrar (in such
capacity, the &#x201C;<font style="text-decoration: underline">Registrar</font>&#x201D;), Paying
Agent, Transfer Agent and representative of the Trustee in
Argentina (in such capacity, the &#x201C;<font style="text-decoration: underline">Representative of the Trustee in
Argentina</font>&#x201D;).</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">W I T N
E S S E T H :</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">WHEREAS, IRSA PC
has duly authorized, by resolution of its shareholders at meetings
held on October 31, 2011, October 31, 2013, March 26, 2015 and
October 30, 2015 and resolution of its Board of Directors at
meetings held on July 23, 2012, March 17, 2014, July 28, 2015 and
January 6, 2016, its Global Note Program (the &#x201C;<font style="text-decoration: underline">Program</font>&#x201D;) for the
issuance from time to time of up to an aggregate principal amount
outstanding at any one time of US$500,000,000 (or its equivalent in
other currencies) of debt securities (the &#x201C;<font style="text-decoration: underline">Securities</font>&#x201D;) in one or
more series as may be determined by IRSA PC from time to time;
<font style="text-decoration: underline">provided</font>,
<font style="text-decoration: underline">however</font>, that the
total amount of the Program and the maximum aggregate principal
amount of Securities of all Series that may be Outstanding at any
one time under this Indenture may be increased by a resolution of
the shareholders of IRSA PC and without the consent of the
Holders;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">WHEREAS, the
Program has been authorized by the Argentine <font style="font-style: italic">Comisi&#xF3;n Nacional de Valores</font> (the
&#x201C;<font style="text-decoration: underline">CNV</font>&#x201D;)
(National Securities Commission) by its Resolution No. 17,375 dated
June 18, 2014 and Resolution No. 17,775 dated August 21,
2015;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">WHEREAS, the
Securities will qualify as &#x201C;<font style="font-style: italic">obligaciones negociables simples no
convertibles</font>&#x201D; under Argentine Law No. 23,576, as
amended (the &#x201C;<font style="text-decoration: underline">Negotiable Obligations
Law</font>&#x201D;), Argentine Law No. 26,831 (the
&#x201C;<font style="text-decoration: underline">Capital Markets
Law</font>&#x201D;) and the rules of the CNV;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">WHEREAS, IRSA PC
has duly authorized the execution and delivery of this Indenture to
provide, among other things, for the authentication, delivery and
administration of Securities issued on and after the date
hereof;</font></div>
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<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">WHEREAS, the
Trustee has agreed to act as Trustee under this Indenture on the
following terms and conditions; and</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">WHEREAS, all things
necessary to make this Indenture a valid indenture and agreement
according to its terms have been done.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">NOW,
THEREFORE, in consideration of the premises and the purchases of
the Securities by the Holders (as defined below) thereof, IRSA PC
and the Trustee mutually covenant and agree for the equal and
proportionate benefit of the Holders from time to time of the
Securities as follows:</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">ARTICLE
I</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman"><a name="_Toc446445002">&#xA0;</a>GENERAL</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
1.1.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Toc446445003">&#xA0;</a><font style="font-style: italic">Definitions</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;The following
terms (except as otherwise expressly provided or unless the context
otherwise clearly requires) for all purposes of this Indenture and
of any indenture supplemental hereto shall have the respective
meanings specified in this <font style="text-decoration: underline">Section 1.1</font>. References to the
schedules and exhibits shall be construed to refer to the schedules
and exhibits to this Indenture. The words &#x201C;herein&#x201D;,
&#x201C;hereof&#x201D; and &#x201C;hereunder&#x201D; and other words of
similar import refer to this Indenture as a whole and not to any
particular Article, Section or other subdivision. The terms defined
in this <font style="text-decoration: underline">Article I</font>
have the meanings assigned to them in this <font style="text-decoration: underline">Article I</font> and include the
plural as well as the singular.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Acquired Indebtedness</font>&#x201D;
means Indebtedness of a Person existing at the time such Person
merges or consolidates with IRSA PC or is assumed by IRSA PC in
connection with the acquisition of assets from such Person. Such
Indebtedness will be deemed to have been Incurred at the time such
Person merges or consolidates with IRSA PC or at the time such
Indebtedness is assumed by IRSA PC in connection with the
acquisition of assets from such Person.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Additional Amounts</font>&#x201D; has
the meaning set forth in <a href="#_Ref441803434">&#x200E;<font style="text-decoration: underline">Section 3.5</font></a>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Additional Securities</font>&#x201D;
means, with respect to a Series of Securities, additional
Securities of such Series that IRSA PC may create and issue from
time to time without the consent of the Holders of the Securities
of such Series; provided that: (i) the creation and issuance of
such Additional Securities are permitted pursuant to the terms of
such Series of Securities established pursuant to <font style="text-decoration: underline">Section 2.3</font>; (ii) such
Additional Securities have the same terms and conditions as the
Securities of the relevant Series (except for the date of issue,
the issue price, the applicable legends, the date from which
interest accrues and, if applicable, the first payment of
interest); and provided further that: if the Additional Securities
are not fungible for U.S. federal income tax purposes with the
previously outstanding Securities of the relevant Series, such
Additional Securities shall have a separate CUSIP number. Such
Additional Securities shall be consolidated with and form a single
Series with the previously outstanding Securities of such
Series.</font></div>
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<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Affiliate</font>&#x201D; means, with
respect to any specified Person, any other Person who directly or
indirectly through one or more intermediaries controls, or is
controlled by, or is under common control with, such specified
Person. The term &#x201C;control&#x201D; means the possession,
directly or indirectly, of the power to direct or cause the
direction of the management and policies of a Person, whether
through the ownership of voting securities, by contract or
otherwise. For purposes of this definition, the terms
&#x201C;controlling,&#x201D; &#x201C;controlled by&#x201D; and
&#x201C;under common control with&#x201D; have correlative
meanings.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Agent</font>&#x201D; or
&#x201C;<font style="text-decoration: underline">Agents</font>&#x201D; means any
Registrar, Co-Registrar, Transfer Agent, Paying Agent, Calculation
Agent, Exchange Rate Agent or other agent appointed by IRSA PC
pursuant to this Indenture.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Amortized Face Amount</font>&#x201D;
means, with respect to the optional redemption of an Original Issue
Discount Security, an amount equal to the sum of (i) the issue
price of such Security (as set forth therein) and (ii) the product
of the accrual yield specified in the terms of such Security
established as set forth in <font style="text-decoration: underline">Section 2.3</font> hereto related to
the Securities of such Series (compounded annually) and the issue
price from (and including) the issue date to (but excluding) the
Redemption Date (or, in the case of an early redemption for
taxation reasons, the Redemption Date) and computed in accordance
with generally accepted United States bond yield computation
principles, but in no event will the Amortized Face Amount exceed
the principal amount of such Security due at Stated Maturity
thereof, together with any accrued but unpaid interest and any
Additional Amounts to the Redemption Date (which date may be
required to be an Interest Payment Date if so specified in the
terms of such Securities established as set forth in <font style="text-decoration: underline">Section 2.3</font>
hereto).</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Applicable Tax Law</font>&#x201D; has
the meaning set forth in <font style="text-decoration: underline">Section 3.1(b)</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Argentina</font>&#x201D; means the
Republic of Argentina.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Argentine Companies Law</font>&#x201D;
means the Argentine Law No. 19,550, as amended and supplemented
from time to time (<font style="font-style: italic">Ley de
Sociedades Comerciales</font>).</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Argentine Taxes</font>&#x201D; has the
meaning set forth in <a href="#_Ref441803434">&#x200E;<font style="text-decoration: underline">Section 3.5</font></a>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Argentine Discount Bonds</font>&#x201D;
means the Discount Bonds due December 2033 denominated in U.S.
dollars, euro and Pesos, issued by Argentina.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Argentine Par Bonds</font>&#x201D;
means the Par Bonds due December 2038 denominated in U.S. dollars,
euro and Pesos, issued by Argentina.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Asset Acquisition</font>&#x201D;
means:</font></div>
<div style="text-align: left; margin-left: 96px; margin-right: 0px; text-indent: -48px">
<font style="font-size: 13px; font-family: Times New Roman">(1)&#xA0;an
investment by IRSA PC or any Subsidiary in any other Person
pursuant to which such Person becomes a Subsidiary, or is merged
with or into IRSA PC or any Restricted Subsidiary; or</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">3</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(2)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;the
acquisition by IRSA PC or any Subsidiary of the assets of any
Person (other than a Subsidiary of IRSA PC) which constitute all or
substantially all of the assets of such Person or comprises any
division or line of business of such Person or any other properties
or assets of such Person other than in the ordinary course of
business.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Asset Sale</font>&#x201D; means any
direct or indirect sale, disposition, issuance, conveyance,
transfer, lease, assignment or other transfer, including a sale and
leaseback transaction (each, a &#x201C;<font style="text-decoration: underline">disposition</font>&#x201D;) by IRSA PC
or any Subsidiary of:</font></div>
<div style="text-align: left; margin-left: 96px; margin-right: 0px; text-indent: -48px">
<font style="font-size: 13px; font-family: Times New Roman">(a)&#xA0;any
Capital Stock of any Subsidiary (but not Capital Stock of IRSA PC);
or</font></div>
<div style="text-align: left; margin-left: 96px; margin-right: 0px; text-indent: -48px">
<font style="font-size: 13px; font-family: Times New Roman">(b)&#xA0;any
property or assets (other than cash or cash equivalents or Capital
Stock of IRSA PC) of IRSA PC or any Subsidiary;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Notwithstanding the
foregoing, the following items will not be deemed to be Asset
Sales:</font></div>
<div style="text-align: left; display: table; margin-left: 48px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">the disposition of
all or substantially all of the assets of IRSA PC and its
Subsidiaries as permitted under <font style="text-decoration: underline">Article VIII</font>;</font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 48px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(2)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">sales, leases,
conveyances or other dispositions, including, without limitation,
exchanges or swaps of real estate (including properties under
development for sale and completed properties for sale) in the
ordinary course of business;</font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 48px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(3)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">a disposition to
IRSA PC or a Subsidiary, including a Person that is or will become
a Subsidiary immediately after the disposition;</font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 48px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(4)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">any transaction
that involves assets or Capital Stock of a Subsidiary of IRSA PC
having a Fair Market Value of less than US$2,000,000 (or the
equivalent thereof in another currency at the time of
determination);</font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 48px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(5)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">an issuance or sale
of Capital Stock by a Subsidiary of IRSA PC that is offered on a
pro rata basis to IRSA PC and its Subsidiaries, on the one hand,
and minority holders of Capital Stock of a Subsidiary, on the other
hand (or on less than a pro rata basis to any minority
holder);</font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 48px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(6)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">any sale or other
disposition of damaged, worn-out, obsolete or no longer useful
assets or properties in the ordinary course of
business;</font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 48px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(7)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">any sale or other
disposition of assets received by IRSA PC or any of its
Subsidiaries upon the foreclosure on a Lien in the ordinary course
of business;</font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 48px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(8)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">any transfer,
assignment or other disposition deemed to occur in connection with
creating or granting any Permitted Lien;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">4</font></div>
</div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">a
disposition of accounts receivable in connection with a Receivables
Transaction; and</font></div>
<div style="text-align: left; display: table; margin-left: 48px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(9)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;the good
faith surrender or waiver of contract rights, tort claims or
statutory rights in connection with a settlement.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Asset Sale Transaction</font>&#x201D;
means any Asset Sale and, whether or not constituting an Asset
Sale, (1) any sale or other disposition of Capital Stock and (2)
any sale or other disposition of property or assets excluded from
the definition of Asset Sale.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Authorized Person</font>&#x201D; means
(i) in the case of the execution of any Security on behalf of IRSA
PC, a member of the Board of Directors and a member of the
Supervisory Committee of IRSA PC, and (ii) in the case of any other
action to be taken by or on behalf of IRSA PC pursuant hereto, any
Officer of IRSA PC duly authorized in writing to take actions under
this Indenture on behalf of IRSA PC and notified to the Trustee in
writing.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Board of Directors</font>&#x201D;
means, as to IRSA PC, the board of directors, management committee
or similar governing body of such Person or any duly authorized
committee thereof.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Business Day</font>&#x201D; means, with
respect to any Series of Securities, unless otherwise specified in
the terms of such Securities established as set forth in
<font style="text-decoration: underline">Section 2.3</font> hereto
related to the Securities of such Series, any day, other than a
Saturday or Sunday, that is neither a legal holiday nor a day on
which commercial banks are authorized or required by law,
regulation or executive order to close in New York City or the City
of Buenos Aires; <font style="text-decoration: underline">provided</font> that, with respect to
Securities denominated in a Specified Currency other than U.S.
dollars, &#x201C;<font style="text-decoration: underline">Business
Day</font>&#x201D; shall also not be a day on which commercial banks
are authorized or required by law, regulation or executive order to
close in the principal financial center of the country issuing the
Specified Currency (or, if the Specified Currency is the euro, such
day is also a day on which the Trans-European Automated Real Time
Gross Settlement Express Transfer (&#x201C;<font style="text-decoration: underline">TARGET</font>&#x201D;) System is open;
and provided further, that, with respect to a LIBOR Note (as
defined in <font style="text-decoration: underline">Exhibit
C</font> hereto), &#x201C;<font style="text-decoration: underline">Business Day</font>&#x201D; shall also
be a London Banking Day.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Calculation Agent</font>&#x201D; means,
with respect to any Securities of a Series, the Person specified in
the terms of such Securities established as set forth in
<font style="text-decoration: underline">Section 2.3</font> hereto,
and any successors and assigns thereto.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Capital Markets Law</font>&#x201D; has
the meaning set forth in the third recital to this
Indenture.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Capital Stock</font>&#x201D;
means:</font></div>
<div style="text-align: left; display: table; margin-left: 48px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">with respect to any
Person that is a corporation, any and all shares, interests,
participations or other equivalents (however designated and whether
or not voting) of corporate stock, including each class of Common
Stock and Preferred Stock of such Person;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">5</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">with
respect to any Person that is not a corporation, any and all
partnership or other equity or ownership interests of such Person;
and</font></div>
<div style="text-align: left; display: table; margin-left: 48px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(2)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">any warrants,
rights or options to purchase any of the instruments or interests
referred to in clause (1) or (2) above.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Capitalized Lease
Obligations</font>&#x201D; means, as to any Person, the obligations
of such Person under a lease that are required to be classified and
accounted for as capital lease obligations under IFRS. For purposes
of this definition, the amount of such obligations at any date will
be the capitalized amount of such obligations at such date,
determined in accordance with IFRS.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Certificated Security</font>&#x201D;
means a Security issued in certificated, non-global form,
substantially in the form of <font style="text-decoration: underline">Exhibit B</font> hereto, or such other
form as shall be established pursuant to <font style="text-decoration: underline">Section 2.1</font> with respect to a
particular Series of Securities.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Change in Tax Law</font>&#x201D; has
the meaning set forth in <font style="text-decoration: underline">Section 10.4</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Change of Control</font>&#x201D; shall
be deemed to occur if any Person (as defined below) or Group other
than one or more of the Permitted Holders is or becomes the
Beneficial Owner (as defined below), directly or indirectly, in the
aggregate of more than 50% of the total voting power of the Voting
Stock of IRSA PC and such other Person or Group is entitled to
elect a majority of the Board of Directors of IRSA PC (including a
Surviving Entity, if applicable).</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">For
purposes of this definition:</font></div>
<div style="text-align: left; margin-left: 96px; margin-right: 0px; text-indent: -48px">
<font style="font-size: 13px; font-family: Times New Roman">(a)&#xA0;&#x201C;<font style="text-decoration: underline">Beneficial
Owner</font>&#x201D; will have the meaning specified in Rules 13d-3
and 13d-5 under the Exchange Act;</font></div>
<div style="text-align: left; margin-left: 96px; margin-right: 0px; text-indent: -48px">
<font style="font-size: 13px; font-family: Times New Roman">(b)&#xA0;&#x201C;<font style="text-decoration: underline">Person</font>&#x201D;
will have the meaning for &#x201C;person&#x201D; as used in Sections
13(d) and 14(d) of the Exchange Act; and</font></div>
<div style="text-align: left; margin-left: 96px; margin-right: 0px; text-indent: -48px">
<font style="font-size: 13px; font-family: Times New Roman">(c)&#xA0;the
Permitted Holders or any other Person or Group will be deemed to be
Beneficial Owners of any Voting Stock of a corporation held by any
other corporation (the &#x201C;<font style="text-decoration: underline">parent corporation</font>&#x201D;) so
long as the Permitted Holders or such other Person or Group, as the
case may be, beneficially own, directly or indirectly, in the
aggregate at least 50% of the voting power of the Voting Stock of
the parent corporation.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Change of Control
Payment</font>&#x201D; has the meaning set forth under <font style="text-decoration: underline">Section 3.21</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Change of Control Payment
Date</font>&#x201D; has the meaning set forth under <font style="text-decoration: underline">Section 3.21</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Change of Control Triggering
Event</font>&#x201D; means the occurrence of both a Change of
Control and a Rating Decline.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Clearstream</font>&#x201D; means
Clearstream Banking, <font style="font-style: italic">soci&#xE9;t&#xE9; anonyme</font>.</font></div>
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<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">6</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">CNV</font>&#x201D; has the meaning set
forth in the second recital to this Indenture.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Code</font>&#x201D; means the United
States Internal Revenue Code of 1986, as amended as of the date
hereof.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Commodity or Raw Material
Agreement</font>&#x201D; means any commodity or raw material futures
contract, commodity or raw materials option, or any other agreement
designed to protect against or manage exposure to fluctuations in
commodity or raw materials prices.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Common Depositary</font>&#x201D; means
a bank or a bank branch outside of the United States as designated
by Euroclear and Clearstream to serve as common depositary for any
Euroclear/Clearstream Global Security.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Common Stock</font>&#x201D; of any
Person means any and all shares, interests or other participations
in, and other equivalents (however designated and whether voting or
non-voting) of such Person&#x2019;s common equity interests, whether
outstanding on the Issue Date or issued after the Issue Date, and
includes, without limitation, all series and classes of such common
equity interests.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Company Order</font>&#x201D; means a
written statement, request or order of IRSA PC signed in its name
by an Officer of IRSA PC, and delivered to the
Trustee.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Consolidated EBITDA</font>&#x201D; of
any Person means, on any date of determination, on a consolidated
basis, the sum of the following, without duplication:</font></div>
<div style="text-align: left; display: table; margin-left: 48px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Consolidated
operating income of such Person and its Subsidiaries for the twelve
(12)-month period ending on the fiscal quarter immediately
preceding such date of determination, plus</font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 48px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(2)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Depreciation and
amortization and any other Consolidated Non-cash Charges of such
Person and its Subsidiaries (to the extent deducted in determining
consolidated operating income) for such period,</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: -48px">
<font style="font-size: 13px; font-family: Times New Roman">in each
case, as determined in accordance with IFRS.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Consolidated Interest Coverage
Ratio</font>&#x201D; means, for any Person as of any date of
determination, the ratio of the aggregate amount of Consolidated
EBITDA of such Person and its Subsidiaries for the four most recent
full fiscal quarters for which financial statements are available
ending prior to the date of such determination (the &#x201C;Four
Quarter Period&#x201D;) to Consolidated Interest Expense for such
Person for such Four Quarter Period. For purposes of this
definition, &#x201C;Consolidated EBITDA&#x201D; and
&#x201C;Consolidated Interest Expense&#x201D; will be calculated
after giving effect on a pro forma basis in accordance with
Regulation S-X under the Securities Act for the period of such
calculation to:</font></div>
<div style="text-align: left; margin-left: 96px; margin-right: 0px; text-indent: -48px">
<font style="font-size: 13px; font-family: Times New Roman">(1)&#xA0;the
Incurrence or repayment or redemption of any Indebtedness
(including Acquired Indebtedness) of such Person or any of its
Subsidiaries, and the application of the proceeds thereof,
including the Incurrence of any Indebtedness (including Acquired
Indebtedness), and the application of</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">7</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">the
proceeds thereof, giving rise to the need to make such
determination, occurring during such Four Quarter Period or at any
time subsequent to the last day of such Four Quarter Period and on
or prior to such date of determination, to the extent, in the case
of an Incurrence, such Indebtedness is outstanding on the date of
determination, as if such Incurrence and the application of the
proceeds thereof, and any repayment or redemption of any
Indebtedness occurred on the first day of such Four Quarter Period;
and</font></div>
<div style="text-align: left; margin-left: 96px; margin-right: 0px; text-indent: -48px">
<font style="font-size: 13px; font-family: Times New Roman">(2)&#xA0;any Asset
Sale Transaction or Asset Acquisition by such Person or any of its
Subsidiaries, including any Asset Sale Transaction or Asset
Acquisition giving rise to the need to make such determination
occurring during the Four Quarter Period or at any time subsequent
to the last day of the Four Quarter Period and on or prior to such
date of determination, as if such Asset Sale Transaction or Asset
Acquisition occurred on the first day of the Four Quarter
Period.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Furthermore, in
calculating &#x201C;Consolidated Interest Expense&#x201D; for
purposes of determining the denominator (but not the numerator) of
this &#x201C;Consolidated Interest Coverage
Ratio,&#x201D;</font></div>
<div style="text-align: left; margin-left: 96px; margin-right: 0px; text-indent: -48px">
<font style="font-size: 13px; font-family: Times New Roman">(a)&#xA0;interest
on outstanding Indebtedness determined on a fluctuating basis as of
the date of determination and which will continue to be so
determined thereafter will be deemed to have accrued at a fixed
rate per annum equal to the rate of interest on such Indebtedness
in effect on such date of determination;</font></div>
<div style="text-align: left; margin-left: 96px; margin-right: 0px; text-indent: -48px">
<font style="font-size: 13px; font-family: Times New Roman">(b)&#xA0;if
interest on any Indebtedness actually Incurred on such date of
determination may optionally be determined at an interest rate
based upon a factor of a prime or similar rate, a eurocurrency
interbank offered rate, or other rates, then the interest rate in
effect on such date of determination will be deemed to have been in
effect during the Four Quarter Period;</font></div>
<div style="text-align: left; margin-left: 96px; margin-right: 0px; text-indent: -48px">
<font style="font-size: 13px; font-family: Times New Roman">(c)&#xA0;notwithstanding
clause (a) above, interest on Indebtedness determined on a
fluctuating basis, to the extent such interest is covered by
Hedging Transactions, will be deemed to accrue at the rate per
annum resulting after giving effect to the operation of such
agreements;</font></div>
<div style="text-align: left; margin-left: 96px; margin-right: 0px; text-indent: -48px">
<font style="font-size: 13px; font-family: Times New Roman">(d)&#xA0;interest
on a Capitalized Lease Obligation shall be deemed to accrue at an
interest rate reasonably determined by a responsible financial or
accounting officer of IRSA PC to be the rate of interest implicit
in such Capital Lease Obligation in accordance with IFRS;
and</font></div>
<div style="text-align: left; margin-left: 96px; margin-right: 0px; text-indent: -48px">
<font style="font-size: 13px; font-family: Times New Roman">(e)&#xA0;for
purposes of making the computation referred to above, interest on
any Indebtedness under a revolving credit facility computed on a
pro forma basis shall be computed based upon the average daily
balance of such Indebtedness during the applicable
period.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">8</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Consolidated Interest
Expense</font>&#x201D; means, for any Person for any period, the
cash and non-cash interest expense of such Person and its
Subsidiaries for such period, net of all interest income for such
period, determined on a consolidated basis in accordance with
IFRS.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Consolidated Non-cash
Charges</font>&#x201D; means, for any Person for any period, the
aggregate depreciation, amortization and other non-cash expenses or
losses of such Person and its Subsidiaries for such period,
determined on a consolidated basis in accordance with
IFRS.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Consolidated Tangible
Assets</font>&#x201D; means, for any Person at any time, the total
consolidated assets of such Person and its Subsidiaries as set
forth on the balance sheet as of the most recent fiscal quarter of
such Person, prepared in accordance with IFRS, less Intangible
Assets.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Control</font>&#x201D; of any Person
means the possession, directly or indirectly, of the power to
direct or cause the direction of the management or policies of such
Person, whether through the ability to exercise voting power, by
contract or otherwise.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Co-Registrar</font>&#x201D; has the
meaning set forth in the preamble to this Indenture and any
successors and assigns thereto.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Corporate Trust Office</font>&#x201D;
means in the case of the Trustee or the Registrar, the office of
the Trustee or the Registrar at which the corporate trust business
of the Trustee or Registrar, as the case may be, shall, at any
particular time, be principally administered, which office, in the
case of the Trustee, is located on the date hereof at 101 Barclay
Street, 7E, New York, New York 10286, Attention: Corporate Trust
Department, and means, in the case of the Registrar, the office or
agency of the Registrar at which at any particular time the
corporate trust business of the Registrar shall be principally
administered, which office, at the date of this Indenture is
located at Bartolom&#xE9; Mitre 480, 11th Floor, City of Buenos
Aires, Argentina, or such other location as the Trustee or the
Registrar may advise IRSA PC in writing.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Covenant Suspension
Event</font>&#x201D; has the meaning set forth in <a href="#_Ref441803454">&#x200E;Section 3.15</a>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Currency Agreement</font>&#x201D;
means, in respect of any Person, any foreign exchange contract,
currency swap agreement or other similar agreement as to which such
Person is a party designed to hedge foreign currency risk of such
Person.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Dealer</font>&#x201D; means any dealer,
underwriter, selling or placement agent or similar entity named in
any program, underwriting, subscription, distribution, syndicated
trade or similar agreement executed in connection with any issuance
and sale of Securities. Unless the context otherwise requires, the
term &#x201C;Dealer&#x201D; shall be deemed to include any purchaser
of a Security of any Series which is not otherwise a Dealer and
purchases such Security directly from IRSA PC.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Deeply Subordinated
Indebtedness</font>&#x201D; means all Indebtedness of IRSA PC (1)
which will not have the benefit of any negative pledge covenant,
collateral or security</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">9</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">interest, (2) the
terms of which provide that, in the event that (a) an installment
of interest with respect to such Indebtedness is not paid on the
applicable interest payment date or (b) the principal of, or
premium, if any, on any such Indebtedness is not paid on the stated
maturity or other date set for redemption, then the obligation to
make such payment on such interest payment date, maturity date or
other redemption date will not be a default under such Indebtedness
until after the maturity date of the Securities of any Series, and
(3) the terms of which provide that no amount will be payable in
bankruptcy, liquidation or any similar proceeding with respect to
IRSA PC until all claims of senior creditors of IRSA PC, including,
without limitation, the Holders of the Securities, admitted in such
proceeding have been satisfied.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Defeasance Trustee</font>&#x201D; has
the meaning set forth in <a href="#_Ref441803543">&#x200E;<font style="text-decoration: underline">Section 11.4</font></a>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Default</font>&#x201D; means an event
or condition the occurrence of which is, or with the lapse of time
or the giving of notice or both would be, an Event of
Default.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Depositary</font>&#x201D; means any of
DTC, Euroclear or Clearstream or any other depositary institution
hereinafter appointed by IRSA PC that is a clearing agency
registered under the Exchange Act or other applicable statute or
legislation.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Dollar Equivalent</font>&#x201D; with
respect to any currency other than U.S. dollars means the amount of
U.S. dollars obtained by converting such other currency into U.S.
dollars at the Exchange Rate for the applicable Payment Date or the
date for which such amount is otherwise required to be
determined.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">DTC</font>&#x201D; means The Depository
Trust Company (or its successors).</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">DTC Global Security</font>&#x201D;
means a Global Security deposited with a custodian for, and
registered in the name of a nominee of, DTC.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Euroclear</font>&#x201D; means
Euroclear Bank S.A./N.V., as operator of the Euroclear System, and
its successors.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Euroclear/Clearstream Global
Security</font>&#x201D; means a Global Security deposited with a
Common Depositary for, and registered in the name of a nominee of,
Euroclear and/or Clearstream.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Euro MTF</font>&#x201D; has the meaning
set forth in <a href="#_Ref441803431"><font style="text-decoration: underline">&#x200E;Section
3.2</font></a>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Event of Default</font>&#x201D; means
any event or condition specified as such in <a href="#_Ref441803465">&#x200E;<font style="text-decoration: underline">Section 4.1</font></a>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Exchange Act</font>&#x201D; means the
United States Securities Exchange Act of 1934 (or any successor
statute), as amended, and the rules and regulations of the SEC
promulgated thereunder.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Exchange Rate</font>&#x201D; has the
meaning set forth in <a href="#_Ref441803401">&#x200E;<font style="text-decoration: underline">Section 2.3</font></a><font style="text-decoration: underline">(i)</font>.</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">10</font></div>
</div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Exchange Rate Agent</font>&#x201D;
means, with respect to a Series of Securities denominated or
payable in a Specified Currency other than U.S. dollars, the Person
specified in the terms of such Securities established as set forth
in <font style="text-decoration: underline">Section 2.3</font>
hereto, and any successors and assigns thereto.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Fair Market Value</font>&#x201D; means,
with respect to any asset, the price (after deducting any
liabilities relating to such assets) which could be negotiated in
an arm&#x2019;s-length free market transaction, for cash, between an
informed and willing seller and an informed and willing buyer,
neither of which is under any compulsion to complete the
transaction; <font style="text-decoration: underline">provided</font> that the Fair Market
Value of any such asset or assets will be determined conclusively
by the Board of Directors of IRSA PC acting in good faith; and
provided further that with respect to any asset having a price less
than US$10,000,000 (or the equivalent thereof in another currency
at the time of determination), only the good faith determination of
IRSA PC&#x2019;s senior management shall be required.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">FATCA</font>&#x201D; means (a) Sections
1471 to 1474 of the Code (including regulations and official
guidance thereunder), (b) any successor version thereof that is
substantially comparable and not materially more onerous to comply
with, (c) any agreement entered into pursuant to Section 1471 (b)
of the Code or (d) any law, regulation, rule or practice
implementing an intergovernmental agreement entered into in
connection with the implementation of such Sections of the
Code.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Fitch</font>&#x201D; means Fitch
Ratings Ltd. and its successors and assigns.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Fourth Quarter Period</font>&#x201D;
has the meaning set forth in the definition of Consolidated
Interest Coverage Ratio.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Global Security</font>&#x201D; means a
Security issued in global form and registered in the name of a
Depositary or its nominee, substantially in the form of
<font style="text-decoration: underline">Exhibit A</font> hereto,
or such other form established pursuant to Section 2.1 with respect
to a particular Series of Securities. The term &#x201C;Global
Security&#x201D; includes any Rule 144A Global Security, Regulation
S Global Security or Unrestricted Global Security (whether such
Security is a DTC Global Security or an Euroclear/Clearstream
Global Security).</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Government Agency</font>&#x201D; means
any public legal entity or public agency, created by federal, state
or local government, or any other legal entity now existing or
hereafter created, or now or hereafter owned or controlled,
directly or indirectly, by any public legal entity or public
agency, including any central bank.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Group</font>&#x201D; means two or more
Persons that act together as a partnership, limited partnership,
syndicate or other group for the purpose of acquiring, holding,
voting or disposing of Capital Stock of another
Person.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Hedging Transactions</font>&#x201D;
means the obligations of any Person pursuant to any Interest Rate
Agreement, Currency Agreement or Commodity or Raw Material
Agreement.</font></div>
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<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">11</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Holder</font>&#x201D;,
&#x201C;<font style="text-decoration: underline">Holder of
Securities</font>&#x201D;, &#x201C;<font style="text-decoration: underline">Securityholder</font>&#x201D; or other
similar terms mean, with respect to any Security, the Person in
whose name at the time such Security is registered in the
Register.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">IFRS</font>&#x201D; means International
Financial Reporting Standards, as issued by the International
Accounting Standards Board, as in effect from time to
time.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Incur</font>&#x201D; means, with
respect to any Indebtedness or other obligation of any Person, to
create, issue, incur (including by conversion, exchange or
otherwise), assume, guarantee or otherwise become liable in respect
of such Indebtedness or other obligation on the balance sheet of
such Person (and &#x201C;<font style="text-decoration: underline">Incurrence</font>,&#x201D;
&#x201C;<font style="text-decoration: underline">Incurred</font>&#x201D; and
&#x201C;<font style="text-decoration: underline">Incurring</font>&#x201D; will have
meanings correlative to the preceding).</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Indebtedness</font>&#x201D; means, with
respect to any Person, without duplication: (a) all obligations of
such Person for borrowed money; (b) all obligations of such Person
evidenced by bonds, debentures, notes or other similar instruments;
(c) all obligations of such Person under any lease that are
required to be classified and accounted for as capital lease
obligations under IFRS; (d) all obligations of such Person issued
or assumed as the deferred purchase price of property or services,
all conditional sale obligations and all obligations under any
title retention agreement (but excluding accounts payable and other
accrued liabilities arising in the ordinary course of business);
(e) all obligations due and payable under letters of credit,
banker&#x2019;s acceptances or similar credit transactions,
including reimbursement obligations in respect thereof; (f)
guarantees of such Person in respect of Indebtedness referred to in
clauses (a) through (e) above and clause (g) below; and (g) all
Indebtedness of any other Person of the type referred to in clauses
(a) through (f) which is secured by any Lien on any property or
asset of such Person.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Indenture</font>&#x201D; means this
instrument as originally executed and delivered or, if amended or
supplemented as herein provided, as so amended or supplemented or
both, and such term shall include any such amendment or supplement
as well as the forms and terms of particular Securities established
as contemplated hereunder.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Independent Financial
Advisor</font>&#x201D; means an accounting firm, appraisal firm,
investment banking firm or consultant of recognized standing that
is, in the judgment of IRSA PC&#x2019;s Board of Directors,
qualified to perform the task for which it has been engaged and
which is independent in connection with the relevant
transaction.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Intangible Assets</font>&#x201D; means
with respect to any Person, all unamortized debt discount and
expense, unamortized deferred charges, goodwill, patents,
trademarks, service marks, trade names, copyrights and all other
items which would be treated as intangibles on the consolidated
balance sheet of such Person prepared in accordance with
IFRS.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Interest Payment Date</font>&#x201D;
means, with respect to each Series of Securities, any date
designated for the payment of interest on such
Securities.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Interest Rate Agreement</font>&#x201D;
of any Person means any interest rate hedging agreement (including,
without limitation, interest rate swaps, caps, floors,
collars,</font></div>
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<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">12</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">derivative
instruments and similar agreements) and/or other types of hedging
agreements designed to hedge interest rate risk of such
Person.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Investment Grade Rating</font>&#x201D;
means a rating equal to or higher than (i) Baa3 (or the equivalent)
by Moody&#x2019;s, and its successors and assigns or (ii) BBB&#x2013;
(or the equivalent) by S&amp;P or Fitch, and their successors and
assigns; in each case at international level.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">IRSA PC</font>&#x201D; has the meaning
set forth in the preamble to this Indenture.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Issue Date</font>&#x201D; means the
first date of issuance of Securities under this
Indenture.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x201C;<font style="text-decoration: underline">Lien</font>&#x201D;
means any lien, mortgage, pledge, security interest or similar
encumbrance.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">London Banking Day</font>&#x201D; means
any day on which dealings in deposits in U.S. dollars are
transacted in the London interbank market.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">MAE</font>&#x201D; means the Mercado
Abierto Electr&#xF3;nico S.A.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Merval</font>&#x201D; means the Mercado
de Valores de Buenos Aires S.A.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Moody&#x2019;s</font>&#x201D; means
Moody&#x2019;s Investors Service, Inc. and its successors and
assigns.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Negotiable Obligations
Law</font>&#x201D; has the meaning set forth in the third recital to
this Indenture.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Offering Memorandum</font>&#x201D;
means (i) the Offering Memorandum dated March 17, 2016 and (ii) the
Prospecto dated February 5, 2016 and prepared by IRSA PC in
connection with the Program, as the same may be amended or
supplemented from time to time by Pricing Supplements relating to
specific Series of Securities or otherwise.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Officer</font>&#x201D; means, when used
in connection with any action to be taken by IRSA PC, the Chairman
of the Board, the Chief Executive Officer, the Chief Financial
Officer, and any member of the Board of Directors of IRSA
PC.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Officer&#x2019;s
Certificate</font>&#x201D; means, when used in connection with any
action to be taken by IRSA PC, a certificate signed by an Officer
of IRSA PC and delivered to the Trustee.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Opinion of Counsel</font>&#x201D; means
an opinion in writing signed by legal counsel who, unless otherwise
indicated, may be an employee of or counsel to IRSA PC, and who
shall be reasonably acceptable to the Trustee.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Original Issue Date</font>&#x201D; of
any Security (or portion thereof) means the earlier of (a) the date
of such Security or (b) the date of any Security (or portion
thereof) for which such Security was issued (directly or
indirectly) on registration of transfer or exchange or in
substitution.</font></div>
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<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">13</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Original Issue Discount
Security</font>&#x201D; has the meaning set forth in <font style="text-decoration: underline">Exhibit C</font> hereto.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Outstanding</font>&#x201D; when used
with reference to Securities, subject to the provisions of <a href="#_Ref441803503">&#x200E;<font style="text-decoration: underline">Section 6.4</font></a>, shall mean, as
of any particular time, all Securities authenticated and delivered
by the Trustee under this Indenture, except:</font></div>
<div style="text-align: left; display: table; margin-left: 48px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Securities
theretofore cancelled by the Trustee or delivered to the Trustee
for cancellation;</font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 48px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(2)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Securities or
portions thereof that have been called for redemption in accordance
with their terms or which have become due and payable at maturity
or otherwise and with respect to which monies sufficient to pay the
principal thereof and any premium, interest, Additional Amounts or
other amount thereon shall have been therefor deposited with the
Trustee; <font style="text-decoration: underline">provided</font>
that if such Securities are to be redeemed, notice of such
redemption has been duly given pursuant to this Indenture or
provision therefor satisfactory to the Trustee has been made;
or</font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 48px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(3)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">Securities in lieu
of or in substitution for which other Securities shall have been
authenticated and delivered pursuant to <a href="#_Ref441803427"><font style="text-decoration: underline">&#x200E;Section
2.11</font></a>.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Paying Agents</font>&#x201D; has the
meaning set forth in the preamble to this Indenture and any
successors and assigns thereto.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Payment Date</font>&#x201D; means, with
respect to each Series of Securities, each Interest Payment Date,
the date on which payment of principal, interest or any other
amount is due or any date fixed for redemption or repurchase of the
Securities of such Series.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Permitted Business</font>&#x201D; means
any business or activity in which IRSA PC or any of its
Subsidiaries or Affiliates is directly or indirectly engaged
(including though the ownership of Capital Stock) on the Issue
Date, any real estate or retail business or activity and/or any
business or activity related, ancillary or complementary to any of
the foregoing including, without limitation, any such activities
outside of Argentina.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Permitted Holders</font>&#x201D; means
any one or more of (i) Eduardo S. Elsztain, Sa&#xFA;l Zang and
Alejandro G. Elsztain and their respective parents, brothers,
sisters, children and other family members and any of the
descendants, heirs, legatees and successors and any spouses or
former spouses of any of the foregoing, (ii) any estate, guardian,
custodian and other legal representative of any of the foregoing
and (iii) any Affiliates of any of the foregoing or any other
Persons (including any trust, partnership or other entity)
controlled by or for the benefit of any of the
foregoing.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Permitted Indebtedness</font>&#x201D;
has the meaning set forth under clause <a href="#_Ref441807888">&#x200E;(2)</a> of <a href="#_Ref441803455"><font style="text-decoration: underline">&#x200E;Section
3.16</font></a>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Permitted Lien</font>&#x201D;
means:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(a) any
Lien existing on the Issue Date;</font></div>
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<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">14</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(b) any
landlord&#x2019;s, workmen&#x2019;s, carriers&#x2019;,
warehousemen&#x2019;s, mechanics&#x2019;, materialmen&#x2019;s,
repairmen&#x2019;s or other Liens arising in the ordinary course of
business;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(c)
pledges or deposits under workers&#x2019; compensation laws,
unemployment insurance laws or similar legislation, or good faith
deposits in connection with bids, tenders, contracts or leases, or
deposits to secure public or statutory obligations or deposits of
cash or government bonds to secure surety or appeal bonds, or
deposits as security for contested taxes or import or customs
duties or for the payment of rent, in each case Incurred in the
ordinary course of business;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(d)
Liens in favor of issuers of surety or performance bonds or letters
of credit or bankers&#x2019; acceptances or similar obligations
issued in the ordinary course of business;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(e)
encumbrances, ground leases, easements or reservations of, or
rights of others for, licenses, rights of way, sewers, electric
lines, telegraph and telephone lines and other similar purposes, or
zoning, building codes or other restrictions (including, without
limitation, minor defects or irregularities in title and similar
encumbrances) as to the use of real properties or Liens incidental
to the conduct of the business of IRSA PC or to the ownership of
its properties that do not in the aggregate materially adversely
affect the value of said properties or materially impair their use
in the operation of the business of IRSA PC;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(f)
Liens securing Hedging Transactions otherwise permitted under this
Indenture;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(g)
leases, licenses, subleases and sublicenses of assets (including,
without limitation, real property and intellectual property rights)
that do not materially interfere with the ordinary conduct of the
business of IRSA PC;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(h) any
Lien securing Indebtedness incurred or assumed for the purpose of
financing all or any part of the cost of constructing, acquiring or
improving any asset, which Lien attaches to such asset or to other
assets of IRSA PC or any of its Subsidiaries concurrently with or
within 180 days after the acquisition or the completion of the
construction or improvement thereof;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(i) any
Lien in favor of IRSA PC or any of its Subsidiaries;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(j) any
Lien on any asset or property (including Capital Stock) (1)
existing thereon at the time of acquisition of such asset or
property or (2) of any Person, at the time such Person is acquired
by, or is merged or otherwise consolidated or combined with or
into, IRSA PC or any of its Subsidiaries;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(k) any
Lien securing an extension, renewal or refunding of Indebtedness
secured by a Lien permitted hereunder; <font style="text-decoration: underline">provided</font> that such new Lien is
limited to the property which was subject to the prior Lien
immediately before such extension, renewal or refunding; and
provided further that the principal amount of Indebtedness secured
by the prior Lien immediately before such extension, renewal or
refunding is not increased;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">15</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(l) (1)
any inchoate Lien for taxes, assessments or governmental charges or
levies not yet due (including any relevant extensions) or contested
in good faith, (2) any Lien arising or incurred in connection with
judgments or assessments under circumstances not constituting an
Event of Default or (3) any tax or statutory Lien or any Lien
arising by operation of law;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(m)
Liens arising in connection with Receivables Transactions;
and</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(n) any
additional Lien; <font style="text-decoration: underline">provided</font> that on the date of
the creation or assumption of such Lien, the Indebtedness secured
by such Lien, together with all of IRSA PC&#x2019;s Indebtedness
secured by any Lien under this clause (n), will have an aggregate
principal amount outstanding of no greater than 15% of IRSA
PC&#x2019;s total consolidated assets as set forth in the
consolidated financial statements for its most recent fiscal
quarter.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Person</font>&#x201D; means an
individual, partnership, limited partnership, corporation, company,
limited liability company, unincorporated organization, trust or
joint venture, or a governmental agency or political subdivision
thereof.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Ps.</font>&#x201D; and
&#x201C;<font style="text-decoration: underline">Pesos</font>&#x201D;
means the currency of Argentina.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Preferred Stock</font>&#x201D; of any
Person means any Capital Stock of such Person that has preferential
rights over any other Capital Stock of such Person with respect to
dividends, distributions or redemptions or upon
liquidation.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Pricing Supplement</font>&#x201D; means
a pricing supplement to the Offering Memorandum setting forth
details of the terms of the Securities of a Series to be issued,
which may be in (i) the form annexed to the Offering Memorandum or
(ii) such other form as may be agreed between IRSA PC and the
relevant Dealers (and, to the extent that their respective duties
or obligations are affected thereby, the Trustee and
Agents).</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">principal</font>&#x201D; whenever used
with reference to the Securities or any Security or any portion
thereof, shall be deemed to include premium, if any, and redemption
amount, if any, and in the case of Original Issue Discount
Securities, the Amortized Face Amount or other amount payable in
respect thereof.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Principal Paying Agent</font>&#x201D;
has the meaning set forth in the preamble to this Indenture and any
successors and assigns thereto.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Process Agent</font>&#x201D; has the
meaning set forth in <a href="#_Ref441803554">&#x200E;<font style="text-decoration: underline">Section 12.7</font></a>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Program</font>&#x201D; has the meaning
set forth in the first recital of this Indenture.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Purchase Money
Indebtedness</font>&#x201D; means Indebtedness Incurred for the
purpose of financing all or any part of the purchase price, or
other cost of construction or improvement of any property;
<font style="text-decoration: underline">provided</font> that the
aggregate principal amount of such Indebtedness does not exceed the
lesser of the Fair Market Value of such property or such purchase
price or cost, including any Refinancing of such Indebtedness that
does not</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">16</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">increase the
aggregate principal amount (or accreted amount, if less) thereof as
of the date of Refinancing.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Qualified Institutional
Buyer</font>&#x201D; means a qualified institutional buyer within
the meaning of Rule 144A.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Qualified Merger
Jurisdiction</font>&#x201D; means any of (i) Argentina; (ii) the
United States, any State thereof or the District of Columbia; (iii)
any member state of the European Union; or (iv)&#xA0;any other
nation that has an Investment Grade Rating on its sovereign debt
rating from two or more Rating Agencies.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Rating Agency</font>&#x201D; means any
one of Moody&#x2019;s, S&amp;P or Fitch, or their respective
successors.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Rating Decline</font>&#x201D; shall be
deemed to have occurred if within ninety (90) days after the date
of public notice of a Change of Control or, if earlier, of IRSA
PC&#x2019;s intention that any Person effect a Change of Control,
one of the Rating Agencies assigns a rating to the Securities of a
Series that is lower than the applicable rating of the Securities
of such Series (domestically or internationally) immediately
preceding the rating date; <font style="text-decoration: underline">provided</font> that such Rating
Decline results from a Change of Control.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Receivables Transaction</font>&#x201D;
means any securitization, factoring, discounting or similar
financing transaction or series of transactions that may be entered
into by IRSA PC or any of its Subsidiaries in the ordinary course
of business pursuant to which IRSA PC or any of its Subsidiaries
may sell, convey or otherwise transfer to any Person, or may grant
a security interest in, any receivables (whether existing as of the
Issue Date or arising in the future) of IRSA PC or any of its
Subsidiaries, and any assets related thereto, including all
collateral securing such receivables, all contracts and all
guarantees or other obligations in respect of such receivables, the
proceeds of such receivables and other assets which are customarily
transferred, or in respect of which security interests are
customarily granted, in connection with securitization, factoring
or discounting involving receivables.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Redemption Date</font>&#x201D; has the
meaning set forth in <a href="#_Ref441803534"><font style="text-decoration: underline">&#x200E;Section
10.1</font></a>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Refinance</font>&#x201D; means, in
respect of any Indebtedness, to issue any Indebtedness in exchange
for or to refinance, replace, defease or refund such Indebtedness
in whole or in part. &#x201C;<font style="text-decoration: underline">Refinanced</font>&#x201D; and
&#x201C;<font style="text-decoration: underline">Refinancing</font>&#x201D; will have
correlative meanings.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Refinancing Indebtedness</font>&#x201D;
means Indebtedness of IRSA PC or any Subsidiary issued to Refinance
any other Indebtedness of IRSA PC or a Subsidiary so long
as:</font></div>
<div style="text-align: left; margin-left: 96px; margin-right: 0px; text-indent: -48px">
<font style="font-size: 13px; font-family: Times New Roman">(1)&#xA0;the
aggregate principal amount (or initial accreted value, if
applicable) of such new Indebtedness as of the date of such
proposed Refinancing does not exceed the aggregate principal amount
(or initial accreted value, if applicable) of the Indebtedness
being Refinanced (plus the amount of any premium required to be
paid under the terms of the instrument governing such Indebtedness
and the reasonable fees, expenses, defeasance costs
and</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">17</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">accrued
but unpaid interest payable by IRSA PC in connection with such
Refinancing);</font></div>
<div style="text-align: left; margin-left: 96px; margin-right: 0px; text-indent: -48px">
<font style="font-size: 13px; font-family: Times New Roman">(2)&#xA0;such new
Indebtedness has:</font></div>
<div style="text-align: left; display: table; margin-left: 96px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(1)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">a Weighted Average
Life to Maturity that is equal to or greater than the Weighted
Average Life to Maturity of the Indebtedness being Refinanced,
and</font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 96px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(2)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">a final maturity
that is equal to or later than the final maturity of the
Indebtedness being Refinanced; and</font></div>
</div>
</div>
<div style="text-align: left; display: table; margin-left: 96px">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(3)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px; font-family: Times New Roman">if the Indebtedness
being Refinanced is Subordinated Indebtedness, then such
Refinancing Indebtedness shall be subordinate to the Securities, if
applicable, at least to the same extent and in the same manner as
the Indebtedness being Refinanced.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Register</font>&#x201D; has the meaning
set forth in <a href="#_Ref441803422">&#x200E;<font style="text-decoration: underline">Section 2.10</font></a>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Registrar</font>&#x201D; has the
meaning set forth in the preamble to this Indenture and any
successors and assigns thereto.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Regular Record Date</font>&#x201D;
means, with respect to each Series of Securities, each date
designated in the Securities for the determination of the Holders
to whom interest shall be payable on the subsequent Interest
Payment Date, and, if no such date is so designated, as defined in
<a href="#_Ref441803421"><font style="text-decoration: underline">&#x200E;Section
2.9</font></a>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Regulation S</font>&#x201D; means
Regulation S under the Securities Act.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Regulation S Global
Security</font>&#x201D; means a Global Security initially sold in
reliance on Regulation S, deposited (a) in the case of a DTC Global
Security, with the Trustee, as custodian for DTC, and registered in
the name of Cede &amp; Co., as nominee of DTC and (b) in the case
of an Euroclear/Clearstream Global Security, with the specified
Common Depositary of Euroclear and Clearstream, and registered in
the name of the Common Depositary (or its nominee), and in each
case bearing the applicable Restrictive Legend.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Representative of the Trustee in
Argentina</font>&#x201D; has the meaning set forth in the preamble
to this Indenture and any successors and assigns
thereto.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Responsible Officer</font>&#x201D; when
used with respect to the Trustee, means any vice president, any
assistant vice president, the secretary, any assistant secretary,
the treasurer, any assistant treasurer, any trust officer or
assistant trust officer, assigned to the Trustee&#x2019;s Corporate
Trust Office or any other officer of the Trustee customarily
performing functions similar to those performed by any of the above
designated officers and also means, with respect to a particular
corporate trust matter, any other officer to whom such matter is
referred because of his knowledge of and familiarity with the
particular subject.</font></div>
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<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">18</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Restricted Payment</font>&#x201D; has
the meaning set forth in <font style="text-decoration: underline">Section 3.17</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Restricted Period</font>&#x201D; means,
with respect to any Security, the period of forty (40) days after
the completion of the distribution of all Securities of the same
Series, as notified by IRSA PC to the Trustee in
writing.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Restrictive Legend</font>&#x201D; has
the meaning set forth in <a href="#_Ref441803422">&#x200E;<font style="text-decoration: underline">Section 2.10</font></a>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Reversion Date</font>&#x201D; has the
meaning set forth in <a href="#_Ref441803454">&#x200E;Section
3.15</a>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Rule 144</font>&#x201D; means Rule 144
under the Securities Act.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Rule 144A</font>&#x201D; means Rule
144A under the Securities Act.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Rule 144A Global
Security</font>&#x201D; means a Global Security initially sold in
the United States in reliance on Rule 144A, deposited with the
Trustee, as custodian for DTC, and registered in the name of Cede
&amp; Co., as nominee of DTC, and bearing the applicable
Restrictive Legend.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">S&amp;P</font>&#x201D; means Standard
&amp; Poor&#x2019;s Ratings Services and its successors and
assigns.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">SEC</font>&#x201D; means the United
States Securities and Exchange Commission.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Securities Act</font>&#x201D; means the
United States Securities Act of 1933 (or any successor statute), as
amended, and the rules and regulations of the SEC promulgated
thereunder.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Security</font>&#x201D; or
&#x201C;<font style="text-decoration: underline">Securities</font>&#x201D; has the
meaning stated in the first recital of this Indenture, or, as the
context may require, means Securities that have been authenticated
and delivered under this Indenture, including any Additional
Securities.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Series</font>&#x201D; has the meaning
set forth in <a href="#_Ref441803401"><font style="text-decoration: underline">&#x200E;Section
2.3</font></a>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Specified Currency</font>&#x201D; has
the meaning set forth in <a href="#_Ref441803401"><font style="text-decoration: underline">&#x200E;Section
2.3</font></a>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Stated Maturity</font>&#x201D; means
the date, shown on the face of a Security, on which the principal
of such Security and the other Securities of the same Series is
payable or, if the principal of such Security is payable in
installments, on which the last installment of principal of such
Security and the other Securities of the same Series is payable,
falling no less than thirty (30) days from the Original Issue Date
of such Security, as specified in the terms of such Series of
Securities, established as set forth in <font style="text-decoration: underline">Section 2.3</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Subordinated
Indebtedness</font>&#x201D; means, with respect to IRSA PC, any
Indebtedness of IRSA PC which is expressly subordinated in right of
payment to the Securities, as the case may be.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Subsidiary</font>&#x201D; means, with
respect to any Person, any other Person in which such Person owns,
directly or indirectly, more than 50% of the voting power of the
other Person&#x2019;s outstanding Voting Stock.</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">19</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Supervisory Committee</font>&#x201D;
means the Comisi&#xF3;n Fiscalizadora of IRSA PC.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Surviving Entity</font>&#x201D; has the
meaning set forth under <a href="#_Ref441803522"><font style="text-decoration: underline">&#x200E;Section
8.1</font></a>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Suspended Covenants&#x201D;</font> has
the meaning set forth under <a href="#_Ref441803454">&#x200E;Section
3.15</a>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Suspension Period</font>&#x201D; has
the meaning set forth under <a href="#_Ref441803454"><font style="text-decoration: underline">&#x200E;Section
3.15</font></a>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Taxes</font>&#x201D; has the meaning
set forth in <a href="#_Ref441803434">&#x200E;<font style="text-decoration: underline">Section 3.5</font></a>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Transfer Agents</font>&#x201D; has the
meaning set forth in the preamble to this Indenture and any
successors and assigns thereto.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Trustee</font>&#x201D; means the Person
identified as the &#x201C;Trustee&#x201D; in the preamble to this
Indenture and, subject to the provisions of <a href="#_Ref441803477">&#x200E;<font style="text-decoration: underline">Article V</font></a>, shall also
include any successor trustee.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Unrestricted Global
Security</font>&#x201D; means a Global Security representing
Securities that do not bear or are not required to bear the
Restrictive Legend.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">US$</font>&#x201D; and
&#x201C;<font style="text-decoration: underline">U.S.
dollars</font>&#x201D; means the currency of the United States of
America which at the relevant time is legal tender for the payment
of public or private debts.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">U.S. Government
Obligations</font>&#x201D; has the meaning set forth in <font style="text-decoration: underline">Section 11.4(a)</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Voting Stock</font>&#x201D; with
respect to any Person, means securities of any class of Capital
Stock of such Person entitling the holders thereof (whether at all
times or only so long as no senior class of stock has voting power
by reason of any contingency) to vote in the election of members of
the board of directors (or equivalent governing body) of such
Person.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Weighted Average Life to
Maturity</font>&#x201D; means, when applied to any Indebtedness at
any date, the number of years (calculated to the nearest
one-twelfth) obtained by dividing:</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">(1)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;the
then outstanding aggregate principal amount or liquidation
preference, as the case may be, of such Indebtedness
into</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">(2)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;the
sum of the products obtained by multiplying:</font></div>
<div style="text-align: left; margin-left: 144px; margin-right: 0px; text-indent: -48px">
<font style="font-size: 13px; font-family: Times New Roman">(a)&#xA0;the amount
of each then remaining installment, sinking fund, serial maturity
or other required payment of principal or liquidation preference,
as the case may be, including payment at final maturity, in respect
thereof, by</font></div>
<div style="text-align: left; margin-left: 144px; margin-right: 0px; text-indent: -48px">
<font style="font-size: 13px; font-family: Times New Roman">(b)&#xA0;the number
of years (calculated to the nearest one-twelfth) which will elapse
between such date and the making of such payment.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">20</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman"><a name="_Ref441803397">&#xA0;</a><a name="_Ref441808752">&#xA0;</a><a name="_Toc446445004">&#xA0;</a><font style="font-style: italic">Agents</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;IRSA PC
hereby appoints each of the Registrar, the Co-Registrar, the
Transfer Agents and the Paying Agents as its agent in relation to
the Securities for the purposes specified in this Indenture and in
the terms of the Securities applicable thereto and all matters
incidental thereto. Each of the Agents shall have the powers and
authority granted to and conferred upon it herein and in the
Securities, and such further powers and authority to act on behalf
of IRSA PC as IRSA PC and such Agent may hereafter agree in
writing. By execution of this Indenture, each of the Agents accepts
its appointment as agent of IRSA PC in relation to the Securities
and shall comply with the provisions of this Indenture and the
Securities applicable thereto.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Subject
to <a href="#_Ref441803431">&#x200E;<font style="text-decoration: underline">Section 3.2</font></a>, IRSA PC may
terminate the appointment of any Agent at any time and from time to
time upon giving at least thirty (30) days written notice to such
Agent and to the Trustee. Each Agent may at any time resign by
giving no less than thirty (30) days written notice to IRSA PC of
such intention on its part, specifying the date on which its
desired resignation shall become effective. In the event that IRSA
PC fails to appoint a new Agent to succeed the resigning Agent
within thirty (30) days after receiving notice of such resignation,
the resigning Agent shall have the power to appoint a successor
Agent.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">In
acting under this Indenture and in connection with the Securities,
the Agents are each acting solely as an agent of IRSA PC and do not
assume any responsibility for the correctness of the recitals in
the Securities or this Indenture, or the offering materials related
thereto or any obligation or relationship of agency for or with any
of the Holders of the Securities.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Each of
the Agents shall be protected and shall incur no liability for or
in respect of any action taken or thing suffered by it in reliance
upon any Security, notice, direction, consent, certificate,
affidavit, statement or other document to the extent that such
communication conforms to the provisions set forth herein, and is
believed by it, in good faith, to be genuine and to have been
passed or signed by the proper parties.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Each of
the Agents may become the owner of, or acquire any interest in, any
Securities, with the same rights that it would have if it were not
acting in such capacity, and may engage or be interested in any
financial or other transaction with IRSA PC.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">IRSA PC
agrees to indemnify, hold harmless and defend each of the Agents
against any loss, liability, cost, claim, action, demand or expense
(including reasonable fees and expenses of legal counsel) arising
out of or in connection with its appointment, or the exercise of
its powers and rights and performance of its duties hereunder, or
performance of any other duties pursuant to the terms and
conditions hereof, except such as may result from its negligence or
willful misconduct or that of its officers or employees, declared
as such by a final decision, order or award of a competent court.
The indemnity set forth in this paragraph shall survive the payment
of the Securities, the resignation or removal of any Agent and/or
the termination of this Indenture.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">None of
the Agents shall be liable for any action taken or omitted by it
without negligence or willful misconduct.</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">21</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Each
Agent may execute any of its powers or perform any of its duties
hereunder either directly or by or through agents or attorneys not
regularly in its employ and such Agent shall not be responsible for
any misconduct or negligence on the part of any such agent or
attorney appointed with due care by it hereunder.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">IRSA PC
covenants and agrees to pay to each Agent from time to time, and
each Agent shall be entitled to, such compensation as shall be
agreed upon in writing by IRSA PC and such Agent for all services
rendered by it hereunder. IRSA PC covenants and agrees promptly to
pay all such compensation and to reimburse each of the Agents for
reasonable and documented out-of-pocket expenses (including the
reasonable fees and expenses of its counsel) incurred by it in
connection with the services rendered by it hereunder, including,
without limitation, any payments made in connection with taxes or
other charges.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">None of
the provisions contained in this Indenture shall require any of the
Agents to expend, advance or risk its own funds or otherwise incur
any personal financial liability in the performance of any of its
duties hereunder, or in the exercise of any of its rights or
powers, if it shall have reasonable grounds for believing that
repayment of such funds or adequate indemnity against such risk or
liability is not reasonably assured to it.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">The
duties and obligations of each Agent with respect to the Securities
and this Indenture shall be determined solely by the express
provisions of this Indenture, and each Agent shall not be liable
except for the performance of such duties and obligations as are
specifically set forth in this Indenture, and no implied covenants
or obligations shall be read into this Indenture against each such
Agent. The duties and obligations of each Agent are several and not
joint.</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">ARTICLE
II</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman"><a name="_Toc446445005">&#xA0;</a>SECURITIES</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
2.1.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Ref441803399">&#xA0;</a><a name="_Ref441803712">&#xA0;</a><a name="_Ref441810170">&#xA0;</a><a name="_Toc446445006">&#xA0;</a><font style="font-style: italic">Forms</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;
Generally. The form of any Security to be authenticated hereunder
shall be designated in the resolutions of the Board of Directors
and an Officer&#x2019;s Certificate or supplemental indenture hereto
and the Trustee shall have no liability for IRSA PC&#x2019;s
designation so made notwithstanding the provisions of this <a href="#_Ref441803399"><font style="text-decoration: underline">&#x200E;Section 2.1</font></a>. The
Securities shall be issued as registered Securities without
interest coupons; <font style="text-decoration: underline">provided</font> that if permitted by
applicable law, the Securities may be issued as bearer Securities
if in connection with the issuance thereof IRSA PC and the Trustee
shall have entered into an indenture supplemental hereto providing
for the issuance of bearer Securities. IRSA PC shall ensure that
such supplemental indenture shall provide for compliance by IRSA PC
with United States, Argentine and any other laws applicable to
bearer Securities, and the Trustee shall have no duty whatsoever,
express or implied, to ensure compliance of such supplemental
indenture or bearer Securities with the laws of any
jurisdiction.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">The
Securities may be issued in the form of one or more Global
Securities in an aggregate principal amount equal to the principal
amount of the Securities of a Series to</font></div>
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<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">22</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">be
authenticated as specified in the relevant Company Order, which
shall be exchangeable for Certificated Securities only in the
limited circumstances set forth in <a href="#_Ref441803422"><font style="text-decoration: underline">&#x200E;Section 2.10</font></a>, or
Securities may be issued in the form of Certificated Securities,
which shall be exchangeable for beneficial interests in a Global
Security only in the limited circumstances set forth in
<font style="text-decoration: underline">Section 2.7</font>. The
Securities initially sold within the United States to U.S. Persons
that are Qualified Institutional Buyers will be issued in the form
of one or more Rule 144A Global Securities. The Securities
initially sold outside the United States in reliance on Regulation
S under the Securities Act will be issued in the form of one or
more Regulation S Global Securities. In each case, Securities may
be issued in such other form as shall be established by or pursuant
to resolutions of the Board of Directors, or one or more indentures
supplemental hereto, with such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by
this Indenture and may have imprinted or otherwise reproduced
thereon such legend or legends, not inconsistent with the
provisions of this Indenture, as may be required to comply with any
law or with any rules or regulations pursuant thereto, or with any
rules of any securities exchange or to conform to general usage,
all as may be determined by the Authorized Persons executing such
Securities, as evidenced by their execution of such Securities, and
all of which shall not affect the rights, duties or obligations of
the Trustee or the Agents under this Indenture. The Securities
shall be numbered, lettered, or otherwise distinguished in such
manner or in accordance with such plan as the Authorized Persons
executing the same may determine as evidenced by the execution
thereof.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">The
Certificated Securities shall be printed, lithographed or engraved
on steel engraved borders or may be produced in any other manner
permitted by the rules of any securities exchange on which the
Securities may be listed and subject to the prior approval of the
CNV where applicable, all as determined by the Authorized Persons
executing such Securities as evidenced by their execution of such
Securities.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">IRSA PC
agrees to cause the Securities to comply with Article 7 of the
Negotiable Obligations Law.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(a)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">DTC Global
Securities. The Trustee shall hold on deposit each DTC Global
Security executed and authenticated as provided herein as custodian
for DTC, acting as the Depositary for such DTC Global Security, for
credit on the date of settlement to the account of the Person(s)
entitled thereto. Each DTC Global Security to be deposited with DTC
or a custodian for DTC shall be registered in the name of Cede
&amp; Co, as DTC&#x2019;s nominee, and shall bear legends
substantially to the following effect:</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 36px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;UNLESS (1)
THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY (&#x201C;DTC&#x201D;) TO IRSA PROPIEDADES
COMERCIALES S.A. OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT, (2) ANY NOTE ISSUED IS REGISTERED IN THE NAME
OF CEDE &amp; CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC AND (3) ANY PAYMENT IS MADE TO
CEDE &amp; CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">23</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">BY OR
TO ANY PERSON IS WRONGFUL BECAUSE THE REGISTERED OWNER HEREOF, CEDE
&amp; CO., HAS AN INTEREST HEREIN.</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 36px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">TRANSFERS OF THIS
NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO
DTC, NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH
SUCCESSOR&#x2019;S NOMINEE, AND TRANSFERS OF INTERESTS IN THIS NOTE
SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE
RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO
HEREIN.&#x201D;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Upon
the issuance of any DTC Global Security, the Co-Registrar shall
record Cede &amp; Co., as DTC&#x2019;s nominee, as the registered
Holder of such DTC Global Security.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(b)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Euroclear/Clearstream
Global Securities. The Common Depositary shall hold on deposit each
Euroclear/Clearstream Global Security executed and authenticated as
provided herein as custodian for Euroclear and Clearstream for
credit on the date of settlement to the account of the Person(s)
entitled thereto. Any Euroclear/Clearstream Global Security shall
be a Regulation S Global Security. Each Euroclear/Clearstream
Global Security to be deposited with the specified Common
Depositary of Euroclear and Clearstream shall be registered in the
name of the Common Depositary or a nominee specified by Euroclear
and/or Clearstream and shall bear legends substantially to the
following effect:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 3px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman"><font style="color: #000000">&#x201C;UNLESS (1) THIS NOTE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF [NAME OF THE COMMON DEPOSITARY], OR
ANY SUCCESSOR THERETO, AS COMMON DEPOSITARY
(&#x201C;</font><font style="color: #000000; text-decoration: underline">COMMON
DEPOSITARY</font><font style="color: #000000">&#x201D;) FOR
EUROCLEAR BANK S.A./N.V. (&#x201C;</font><font style="color: #000000; text-decoration: underline">EUROCLEAR</font><font style="color: #000000">&#x201D;)
AND CLEARSTREAM BANKING, SOCI&#xC9;T&#xC9; ANONYME, LUXEMBOURG
(&#x201C;</font><font style="color: #000000; text-decoration: underline">CLEARSTREAM</font><font style="color: #000000">&#x201D;)
TO IRSA PROPIEDADES COMERCIALES S.A. OR ITS AGENT FOR REGISTRATION
OF TRANSFER, EXCHANGE OR PAYMENT, (2) ANY NOTE ISSUED IS REGISTERED
IN THE NAME OF THE COMMON DEPOSITARY OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE COMMON DEPOSITARY
AND (3) ANY PAYMENT IS MADE TO THE COMMON DEPOSITARY OR TO SUCH
OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
COMMON DEPOSITARY, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL BECAUSE THE
REGISTERED OWNER HEREOF, THE COMMON DEPOSITARY, HAS AN INTEREST
HEREIN.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 96px">
<font style="color: #000000; font-size: 13px; font-family: Times New Roman">TRANSFERS
OF THIS NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN
PART, TO THE COMMON DEPOSITARY FOR EUROCLEAR AND CLEARSTREAM TO
NOMINEES OF THE COMMON DEPOSITARY OR TO A SUCCESSOR THEREOF OR SUCH
SUCCESSOR&#x2019;S NOMINEE AND TRANSFERS OF INTERESTS IN THIS NOTE
SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH
THE</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">24</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">RESTRICTIONS SET
FORTH IN THE INDENTURE REFERRED TO HEREIN.&#x201D;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Upon
the issuance of any Euroclear/Clearstream Global Security, the
Co-Registrar shall record the Common Depositary or its nominee as
the registered Holder of such Euroclear/Clearstream Global
Security.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(c)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Certificated
Securities. The Trustee shall deliver or make available each
Certificated Security executed and authenticated as provided herein
in accordance with the relevant Company Order. On the Original
Issue Date, the relevant Dealer or Dealers, if any, will deliver
payment for Securities delivered to it or them, if any, in
immediately available funds to IRSA PC in an amount equal to the
issue price of the Securities less the applicable Dealer&#x2019;s or
Dealers&#x2019; commission. Under no circumstances shall the Trustee
be responsible for any failures by the purchaser either to remit
payment for the Securities or to return Securities to the Trustee
in the event the purchaser fails to remit payment for such
Securities. Upon the issuance of any Certificated Security, the
Co-Registrar shall record the Person who is designated by IRSA PC
in the Company Order as the registered Holder of such Certificated
Security.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
2.2.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Toc446445007">&#xA0;</a><font style="font-style: italic">Form of Trustee&#x2019;s Certificate of
Authentication</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;The
Trustee&#x2019;s certificate of authentication on all Securities
shall be in substantially the following form:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">This is
one of the Securities referred to in the within-mentioned
Indenture.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr><td colspan="2" style="vertical-align: top; width: 100%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">The
Bank of New York Mellon,as Trustee</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td></tr><tr><td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">By:</font></div>
</td><td style="vertical-align: top; width: 90%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td></tr><tr><td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td><td style="vertical-align: top; width: 90%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Name:</font></div>
</td></tr><tr><td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td><td style="vertical-align: top; width: 90%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Title:</font></div>
</td></tr></table></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
2.3.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Ref441803401">&#xA0;</a><a name="_Ref446267179">&#xA0;</a><a name="_Toc446445008">&#xA0;</a><font style="font-style: italic">Maximum Aggregate Principal Amount of
Securities; Terms of Securities</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;The
maximum aggregate principal amount of Securities of all Series that
may be Outstanding at any one time under this Indenture is
US$500,000,000 (which will include, in the case of Securities not
denominated in U.S. dollars, the Dollar Equivalent of such
Securities as determined by IRSA PC on the respective Original
Issue Date thereof). The total amount of the Program and the
maximum aggregate principal amount of Securities of all Series that
may be Outstanding at any one time under this Indenture may be
increased by a resolution of the shareholders of IRSA PC and
without the consent of the Holders. For purposes of the foregoing
limitation, the Dollar Equivalent of any Securities denominated in
a Specified Currency other than U.S. dollars will be determined (i)
on the basis of the Exchange Rate Agent&#x2019;s offer (U.S. dollar
bid) quotation for such Specified Currency at or prior to 11:00
a.m. (New York City time) on the second (2nd) Business Day next
preceding the applicable Payment Date or date for which the Dollar
Equivalent is required to be determined or (ii) if no such rate is
quoted for any reason, the rate determined by the Exchange Rate
Agent based on an average of</font></div>
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<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">25</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">quotations given to
the Exchange Rate Agent by commercial banks which conduct foreign
exchange operations or based on such other method as the Exchange
Rate Agent may reasonably determine to calculate a market exchange
rate on the second (2nd) Business Day next preceding the applicable
Payment Date or date for which the Dollar Equivalent is required to
be determined (the rate determined in accordance with clause (i) or
(ii) above, the &#x201C;<font style="text-decoration: underline">Exchange Rate</font>&#x201D;) (or, if
such Exchange Rate is not then available, the Exchange Rate most
recently available prior thereto). The Exchange Rate Agent shall
not be liable for any determination, bid or offer made or omitted
by it hereunder in the absence of manifest error on its part.
Neither the Trustee nor any Agent shall be liable or responsible
for determining if the aggregate principal amount of Securities
issued under this Indenture (together with any other notes issued
pursuant to the Program) exceed the maximum amount of notes
issuable pursuant to the Program. IRSA PC&#x2019;s delivery of
Securities to the Trustee for authentication from time to time
pursuant to <font style="text-decoration: underline">Section
2.4</font> shall constitute a representation and warranty by IRSA
PC that the issuance and authentication of such Securities shall
not cause the maximum aggregate principal amount of outstanding
notes allowed under the Program to be exceeded.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 144px">
<font style="font-size: 13px; font-family: Times New Roman">(i)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Securities may be
issued from time to time hereunder by IRSA PC. All Securities
having the same maturity, interest rate and other terms shall
constitute a single Series of Securities (each, a
&#x201C;<font style="text-decoration: underline">Series</font>&#x201D;). If specified in
the terms of a Series of Securities established pursuant to
<font style="text-decoration: underline">Section 2.3</font>, IRSA
PC may from time to time, without the consent of Holders of
Securities Outstanding, create and issue Additional Securities of
such Series; <font style="text-decoration: underline">provided</font> that such Additional
Securities have the same terms and conditions as the Securities of
such Series (except for the Original Issue Date, the issue price,
the applicable legends, the date from which interest accrues and,
if applicable, the first payment of interest); and provided further
that if the Additional Securities are not fungible for U.S. federal
income tax purposes with the previously outstanding Securities of
the relevant Series, such Additional Securities shall have a
separate CUSIP number. The Additional Securities shall be
consolidated with and form a single Series with the previously
outstanding Series of Securities.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 144px">
<font style="font-size: 13px; font-family: Times New Roman">(ii)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">There
shall be established (i) in or pursuant to resolutions of the Board
of Directors and set forth in an Officer&#x2019;s Certificate or
(ii) in one or more indentures supplemental hereto, prior to the
issuance of any Series of Securities, the following terms of the
Securities of such Series:</font></div>
<div style="text-align: left; margin-left: 96px; margin-right: 0px; text-indent: 192px">
<font style="font-size: 13px; font-family: Times New Roman">(1)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">the coin or
currency (including composite currencies) in which the Securities
of such Series shall be denominated (the &#x201C;<font style="text-decoration: underline">Specified Currency</font>&#x201D;),
and, if other than the Specified Currency of denomination, the
Specified Currency or Currencies in which the principal and any
interest in respect of the Securities of such Series is
payable;</font></div>
<div style="text-align: left; margin-left: 96px; margin-right: 0px; text-indent: 192px">
<font style="font-size: 13px; font-family: Times New Roman">(2)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">the Stated Maturity
of the Securities of such Series, which will be no less than thirty
(30) days from the Original Issue Date, and, if applicable, the
method by which such Stated Maturity shall be
determined;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">26</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">the
rate or rates, if any, at which the Securities of such Series shall
bear interest, or the method by which such rate shall be determined
(including, where applicable, the interest rate basis, the
Calculation Agent, the index maturity, the spread or spread
multiplier, the maximum rate, the minimum rate, calculation dates,
interest determination dates, the interest reset period and
interest reset dates), the date or dates from which such interest
shall accrue, the date or dates on which such interest shall be
payable, the Regular Record Dates for the determination of the
Holders to whom interest shall be payable (if other than as set
forth in <font style="text-decoration: underline">Section
2.9</font>) and the basis upon which interest shall be calculated
if other than a 360-day year of twelve (12) 30-day
months;</font></div>
<div style="text-align: left; margin-left: 96px; margin-right: 0px; text-indent: 192px">
<font style="font-size: 13px; font-family: Times New Roman">(3)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">if the amount of
payments of principal of and interest on the Securities of such
Series may be determined with reference to an index, formula or
otherwise, the manner in which such amounts shall be
determined;</font></div>
<div style="text-align: left; margin-left: 96px; margin-right: 0px; text-indent: 192px">
<font style="font-size: 13px; font-family: Times New Roman">(4)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">the place or places
where the principal of and any interest on the Securities of such
Series shall be payable (if other than as provided in <a href="#_Ref441803431"><font style="text-decoration: underline">&#x200E;Section
3.2</font></a>);</font></div>
<div style="text-align: left; margin-left: 96px; margin-right: 0px; text-indent: 192px">
<font style="font-size: 13px; font-family: Times New Roman">(5)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">the price or prices
at which, the period or periods within which and the terms and
conditions upon which the Securities of such Series may be
redeemed, in whole or in part, at the option of IRSA PC, pursuant
to any sinking fund or otherwise;</font></div>
<div style="text-align: left; margin-left: 96px; margin-right: 0px; text-indent: 192px">
<font style="font-size: 13px; font-family: Times New Roman">(6)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">the right or
obligation, if any, of IRSA PC to redeem, repurchase or repay the
Securities of such Series at the option of IRSA PC or at the option
of the Holder thereof and the price or prices at which, the period
or periods within which and the terms and conditions upon which the
Securities of such Series shall be redeemed, repurchased or repaid,
in whole or in part, pursuant to such right or
obligation;</font></div>
<div style="text-align: left; margin-left: 96px; margin-right: 0px; text-indent: 192px">
<font style="font-size: 13px; font-family: Times New Roman">(7)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">the denomination or
denominations in which the Securities of such Series shall be
issuable;</font></div>
<div style="text-align: left; margin-left: 96px; margin-right: 0px; text-indent: 192px">
<font style="font-size: 13px; font-family: Times New Roman">(8)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">the applicability,
non-applicability, or variation, of <a href="#_Ref441803539">&#x200E;<font style="text-decoration: underline">Article XI</font></a> with respect to
the Securities of such Series;</font></div>
<div style="text-align: left; margin-left: 96px; margin-right: 0px; text-indent: 192px">
<font style="font-size: 13px; font-family: Times New Roman">(9)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">any deletions from,
modifications of or additions to the Events of Default or
covenants, financial or otherwise, of IRSA PC with respect to the
Securities of such Series;</font></div>
<div style="text-align: left; margin-left: 96px; margin-right: 0px; text-indent: 192px">
<font style="font-size: 13px; font-family: Times New Roman">(10)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">any
trustees and any Agents with respect to the Securities of such
Series (if other than as provided in <a href="#_Ref441803431"><font style="text-decoration: underline">&#x200E;Section 3.2</font></a>) and the
identity of any Exchange Rate Agent, Calculation Agent or other
Agent, as applicable;</font></div>
<div style="text-align: left; margin-left: 96px; margin-right: 0px; text-indent: 192px">
<font style="font-size: 13px; font-family: Times New Roman">(11)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">the
form of the Securities of such Series and, if such Securities shall
be Global Securities, the Depositary for such
Securities;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">27</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">the
terms and conditions, if any, upon which such Securities may be
exchanged for or converted into other securities issued by IRSA PC
or any other Person; and</font></div>
<div style="text-align: left; margin-left: 96px; margin-right: 0px; text-indent: 192px">
<font style="font-size: 13px; font-family: Times New Roman">(12)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">any
other terms and conditions of the Securities of such
Series.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
2.4.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Ref441803416">&#xA0;</a><a name="_Toc446445009">&#xA0;</a><font style="font-style: italic">Authentication and Delivery of
Securities</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;At any time
and from time to time after the execution and delivery of this
Indenture, IRSA PC may deliver one or more Securities executed by
IRSA PC to the Trustee for authentication together with the
applicable documents referred to below in this <font style="text-decoration: underline">Section 2.4</font>, and the Trustee
shall thereafter authenticate and deliver such Securities to or
upon the order of IRSA PC (contained in the Company Order referred
to below in this <a href="#_Ref441803416">&#x200E;<font style="text-decoration: underline">Section 2.4</font></a>). Such Company
Order may provide written instructions or provide for further
instructions from IRSA PC as to the form and terms of such
Securities. In authenticating such Securities and accepting the
additional responsibilities under this Indenture in relation to
such Securities, the Trustee shall be entitled to receive and shall
be fully protected in relying upon:</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 144px">
<font style="font-size: 13px; font-family: Times New Roman">(1)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">a Company Order
requesting such authentication setting forth instructions as to
delivery;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 144px">
<font style="font-size: 13px; font-family: Times New Roman">(2)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">any resolutions of
the Board of Directors, or, if applicable, an executed supplemental
indenture referred to in <font style="text-decoration: underline">Sections</font> <a href="#_Ref441803712"><font style="text-decoration: underline">&#x200E;2.1</font></a> and <a href="#_Ref441803401">&#x200E;2.3</a> by or pursuant to which the forms
and terms of such Securities were established;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 144px">
<font style="font-size: 13px; font-family: Times New Roman">(3)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">to the extent the
forms and terms of such Securities are determined pursuant to (and
are not set forth in) any resolutions of the Board of Directors or
supplemental indentures pursuant to <font style="text-decoration: underline">Sections</font> <a href="#_Ref441803712"><font style="text-decoration: underline">&#x200E;2.1</font></a> and <a href="#_Ref441803401"><font style="text-decoration: underline">&#x200E;2.3</font></a>, an
Officer&#x2019;s Certificate, prepared in accordance with <a href="#_Ref441803552"><font style="text-decoration: underline">&#x200E;Section 12.5</font></a>,
setting forth the form or forms and terms of the Securities;
and</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 144px">
<font style="font-size: 13px; font-family: Times New Roman">(4)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">an Opinion or
Opinions of Counsel, in accordance with <a href="#_Ref441803552"><font style="text-decoration: underline">&#x200E;Section
12.5</font></a><font style="text-decoration: underline">,</font>
which shall also state (a) that the form or forms and terms of such
Securities have been or will, when established in compliance with
procedures therein described, be duly authorized in conformity with
the provisions of this Indenture; (b) that such Securities, when
authenticated and delivered by the Trustee and issued by IRSA PC in
the manner and subject to any conditions specified in such
Opinion(s) of Counsel, will have been duly executed and delivered
and will constitute valid and binding obligations of IRSA PC,
enforceable against IRSA PC in accordance with and subject to such
matters as counsel may therein specify; and (c) such other matters
as the Trustee may reasonably request.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">The
Trustee shall have the right to decline to authenticate and deliver
any Securities under this <font style="text-decoration: underline">Section 2.4</font> if the Trustee, (x)
being advised by counsel, and after having consulted with counsel
to IRSA PC, determines that such action may not lawfully be taken,
(y) acting in good faith through its board of directors or board of
trustees,</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">28</font></div>
</div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">executive
committee, or a trust committee of directors or trustees or a
Responsible Officer shall determine that such action would expose
the Trustee to personal liability to existing Holders or (z)
determines that such action will affect its rights, duties,
obligations or immunities hereunder in a manner not reasonably
acceptable to it.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
2.5.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Toc446445010">&#xA0;</a><font style="font-style: italic">Execution of Securities</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;The
Securities shall be executed on behalf of IRSA PC by each of a
member of its Board of Directors and a member of its Supervisory
Committee. Such signatures, in accordance with applicable laws and
regulations, shall be the manual or facsimile signatures of such
Authorized Persons. Typographical and other minor errors or defects
in any such signature shall not affect the validity or
enforceability of any Security that has been duly authenticated and
delivered by the Trustee.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">In case
any Authorized Person of IRSA PC who shall have executed any of the
Securities shall cease to be such Authorized Person before the
Security so executed shall be authenticated and delivered by the
Trustee or disposed of by or on behalf of IRSA PC, such Security
nevertheless may be authenticated and delivered or disposed of as
though the Person who executed such Security had not ceased to be
such Authorized Person of IRSA PC; and any Security may be executed
on behalf of IRSA PC by such Persons as, at the actual date of the
execution of such Security, shall be proper Authorized Persons of
IRSA PC, although at the date of the execution and delivery of this
Indenture any such Person was not such an Authorized
Person.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
2.6.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Toc446445011">&#xA0;</a><font style="font-style: italic">Certificate of
Authentication</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;Only such
Securities as shall bear thereon a certificate of authentication
substantially in the form herein before recited, executed by the
Trustee by the manual signature of one of its authorized
signatories, shall be entitled to the benefits of this Indenture or
be valid or obligatory for any purpose. Such certificate by the
Trustee upon any Security executed by or on behalf of IRSA PC shall
be conclusive evidence that the Security so authenticated has been
duly authenticated and delivered hereunder and that the Holder is
entitled to the benefits of this Indenture. Notwithstanding the
foregoing, if any Security shall have been authenticated and
delivered hereunder but never issued and sold by IRSA PC, and IRSA
PC shall deliver such Security to the Trustee for cancellation
together with a written statement executed by an Authorized Person
(which need not comply with <a href="#_Ref441803552"><font style="text-decoration: underline">&#x200E;Section 12.5</font></a> and
need not be accompanied by an Opinion of Counsel) stating that such
Security has never been issued and sold by IRSA PC, for all
purposes of this Indenture such Security shall be deemed never to
have been authenticated and delivered hereunder and shall never be
entitled to the benefits of this Indenture.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
2.7.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Ref441803419">&#xA0;</a><a name="_Toc446445012">&#xA0;</a><font style="font-style: italic">Global Securities</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;Global
Securities shall be subject to the following terms:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(a)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Interests in a
Global Security deposited with a Depositary pursuant to this
<a href="#_Ref441803419">&#x200E;<font style="text-decoration: underline">Section 2.7</font></a> shall be
exchanged for Certificated Securities only if such exchange
complies with <a href="#_Ref441803422">&#x200E;<font style="text-decoration: underline">Section 2.10</font></a> and in the
case of a DTC Global Security, DTC notifies IRSA PC and the Trustee
that it is unwilling or unable to continue as Depositary for such
Global Security or if at any time DTC ceases to be a
&#x201C;clearing agency&#x201D; registered under</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">29</font></div>
</div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">the
Exchange Act, and a successor depositary so registered is not
appointed by IRSA PC within ninety (90) days of such notice, in the
case of a Euroclear/Clearstream Global Security, if the Depositary
through which it is cleared and settled is closed for business for
a continuous period of fourteen (14) days (other than by reason of
holidays, statutory or otherwise) or announces an intention to
cease business permanently or does in fact do so, an Event of
Default has occurred and is continuing with respect to the Series
of Securities represented by such Global Security or IRSA PC in its
sole discretion notifies the Trustee in writing that Certificated
Securities shall be delivered in exchange for such Global Security
with respect to the Series of the Securities represented by such
Global Security.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(b)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">If interests in any
Global Security in whole or, from time to time, in part, are to be
exchanged for Securities in the form of Certificated Securities
pursuant to <a href="#_Ref441803422"><font style="text-decoration: underline">&#x200E;Section 2.10</font></a>, such
Global Security shall be surrendered by the relevant Depositary to
the Trustee to be so exchanged, without charge, and the Trustee
shall authenticate and deliver, upon such exchange of interests in
such Global Security, an equal aggregate principal amount of
Certificated Securities. The Certificated Securities exchanged
pursuant to this <a href="#_Ref441803419"><font style="text-decoration: underline">&#x200E;Section 2.7</font></a> shall be
registered by the Co-Registrar in such names as the relevant
Depositary shall direct in writing in accordance with its records.
Any Certificated Security delivered in exchange for any interest in
any Rule 144A Global Security or Regulation S Global Security
shall, except as provided by <a href="#_Ref441803422"><font style="text-decoration: underline">&#x200E;Section
2.10</font></a><font style="text-decoration: underline">,</font>
bear the applicable Restrictive Legend as set forth on the face of
the form of the Certificated Securities set forth in <font style="text-decoration: underline">Exhibit B</font> hereto.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(c)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Until exchanged in
full, a Global Security of a Series shall in all respects be
entitled to the same benefits under this Indenture as Certificated
Securities of such Series authenticated and delivered
hereunder.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(d)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="color: #000000">None of the Trustee or any Agent shall have any
responsibility or obligation to any beneficial owner of an interest
in a Global Security, a member of, or a participant in, any
Depositary or other Person with respect to the accuracy of the
records of any Depositary or its nominee or of any participant
member thereof, with respect to any ownership interest in the
Securities or with respect to the delivery to any participant,
member, beneficial owner or other person (other than the relevant
Depositary) of any notice (including any notice of redemption) or
the payment of any amount or delivery of any Securities (or other
security or property) under or with respect to such Securities. All
notices and communications to be given to the Holders and all
payments to be made to Holders in respect of the Securities shall
be given or made only to or upon the order of the registered
Holders (which shall be the relevant Depositary or its nominee in
the case of a Global Security). The rights of beneficial owners in
any Global Security shall be exercised only through the relevant
Depositary subject to the applicable rules and procedures of such
Depositary. The Trustee and each Agent may rely and shall be fully
protected in relying upon information furnished by the Depositary
with respect to its members, participants and any beneficial
owners</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
2.8.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Toc446445013">&#xA0;</a><font style="font-style: italic">Denomination and Date of
Securities</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;Subject to
applicable laws and regulations, Securities shall be issued in such
denominations as are set forth in the</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">terms
of such Securities established pursuant to &#x200E;<font style="text-decoration: underline">Section 2.3</font>. Each Security
shall be dated the date of its authentication.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
2.9.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Ref441803421">&#xA0;</a><a name="_Toc446445014">&#xA0;</a><font style="font-style: italic">Payments of Principal and
Interest</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;(a) Interest
(and principal, if any, payable other than at Stated Maturity or
upon acceleration, redemption or repurchase) shall be paid in
immediately available funds to the Person in whose name a Security
is registered at the close of business on the Regular Record Date
next preceding each Interest Payment Date notwithstanding the
cancellation of such Securities upon any transfer or exchange
thereof subsequent to such Regular Record Date and prior to such
Interest Payment Date; <font style="text-decoration: underline">provided</font> that interest payable
at Stated Maturity or upon acceleration, redemption or repurchase
shall be paid to the Person to whom principal will be payable;
<font style="text-decoration: underline">provided</font>
<font style="text-decoration: underline">further</font> that if and
to the extent IRSA PC defaults in the payment of the interest,
including any Additional Amounts, due on such Interest Payment
Date, such defaulted interest, including any Additional Amounts,
shall be paid to the Person in whose names such Securities are
registered at the end of a subsequent record date established by
IRSA PC by notice given by or on behalf of IRSA PC to the Holders
of the Securities in accordance with <font style="text-decoration: underline">Section 12.4</font> not less than
fifteen (15) days preceding such subsequent record date, such
record date to be not less than fifteen (15) days preceding the
date of payment in respect of such defaulted interest. Unless
otherwise specified in the terms of Securities of a Series
established as set forth in <font style="text-decoration: underline">Section 2.3</font>, the first payment
of interest on any Security originally issued between a Regular
Record Date and an Interest Payment Date shall be made on the
Interest Payment Date following the next succeeding Regular Record
Date to the registered owner at the close of business on such next
succeeding Regular Record Date. Unless otherwise specified in the
terms of Securities of a Series established as set forth in
<font style="text-decoration: underline">Section 2.3</font>, the
&#x201C;<font style="text-decoration: underline">Regular Record
Date</font>&#x201D; with respect to any Security will be the date
next preceding each Interest Payment Date, whether or not such date
is a Business Day.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(b)
Payments of the principal of and any premium, interest, Additional
Amounts and other amounts on or in respect of any Security at
Stated Maturity or upon acceleration, redemption or repurchase
shall be made to the registered Holder on such date in immediately
available funds upon surrender of such Security at the Corporate
Trust Office or at the specified office of any other Paying Agent;
<font style="text-decoration: underline">provided</font> that the
Security is presented to the Paying Agent in time for the Paying
Agent to make such payments in such funds in accordance with its
normal procedures. Payments of the principal of and any premium,
interest, Additional Amounts and other amounts on or in respect of
Securities to be made other than at Stated Maturity or upon
redemption shall be made by wire transfer or check mailed on or
before the due date for such payments to the address of the Person
entitled thereto as it appears in the Register; <font style="text-decoration: underline">provided</font> that the applicable
Depositary (or its nominee), as Holder of the Global Securities,
shall be entitled to receive payments of interest by wire transfer
of immediately available funds, a Holder of US$1,000,000 (or the
approximate equivalent thereof in a Specified Currency other than
U.S. dollars) in aggregate principal or face amount of Securities
of the same Series shall be entitled to receive payments of
interest by wire transfer of immediately available funds to an
account maintained by such Holder at a bank located in the United
States as may have been appropriately designated by such Holder to
the Trustee in writing no later than fifteen (15) days prior to the
date such payment is due and</font></div>
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<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">31</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;to the extent
that the Holder of a Security issued and denominated in a Specified
Currency other than U.S. dollars elects to receive payment of the
principal of and any premium, interest, Additional Amounts and
other amounts on or in respect of such Security at Stated Maturity
or upon redemption or repurchase in such Specified Currency, such
payment, except in circumstances described in terms of the
Securities of such Series established pursuant to <font style="text-decoration: underline">Section 2.3</font>, shall be made by
wire transfer of immediately available funds to an account
specified in writing not less than fifteen (15) days prior to the
relevant Payment Date by the Holder to the Trustee. Unless such
designation is revoked in writing, any such designation made by
such Holder with respect to such Securities shall remain in effect
with respect to any future payments with respect to such Securities
payable to such Holder.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(c) If
the principal of or any premium, interest, Additional Amounts or
other amounts on any Security is payable in a Specified Currency
other than U.S. dollars and such Specified Currency is not
available due to the imposition of exchange controls or other
circumstances beyond IRSA PC&#x2019;s control, or is no longer used
by the government of the country issuing such currency or for
settlement of transactions by public institutions of or within the
international banking community, then IRSA PC, until such currency
is again available or so used, will be entitled, to the extent
permitted by Argentine law, to satisfy its obligations to the
Holder of such Securities by making such payment in U.S. dollars at
the Exchange Rate for such Specified Currency on the Payment Date.
The making of any payment in respect of any Security in U.S.
dollars under the foregoing circumstances will not constitute an
Event of Default under such Security.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(d) If
so specified in the terms of a Series of Securities established
pursuant to <font style="text-decoration: underline">Section
2.3</font>, Securities denominated in a Specified Currency other
than U.S. dollars, payments of principal, interest, Additional
Amounts or other amounts on or in respect of any such Security
shall, to the extent permitted by applicable law, be made in U.S.
dollars, calculated at the Exchange Rate for the Payment Date, if
the Holder of such Security on the relevant Regular Record Date or
at Stated Maturity, as the case may be, has transmitted a written
request for such payment in U.S. dollars to the Trustee and the
applicable Paying Agent delivered in accordance with <font style="text-decoration: underline">Section 12.4</font> on or prior to
such Regular Record Date or the date that is fifteen (15) days
prior to the Stated Maturity, as the case may be. Any such request
made with respect to any Security by a Holder will remain in effect
with respect to any further payments of principal, interest,
Additional Amounts or other amounts on or in respect of such
Security payable to such Holder, unless such request is revoked on
or prior to the relevant Regular Record Date or the date that is
fifteen (15) days prior to the Stated Maturity, as the case may
be.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(e) The
U.S. dollar amount to be received by a Holder of a Security
denominated in a Specified Currency other than U.S. dollars who
elects to receive payment in U.S. dollars will be based on the
Exchange Rate, on the second (2nd) Business Day next preceding the
applicable Payment Date. If Exchange Rate quotations are not
available on the second (2nd) Business Day preceding the applicable
Payment Date, such payment will be made in the Specified Currency.
All currency exchange costs associated with any payment in U.S.
dollars on any Security denominated in a Specified Currency other
that</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">U.S.
dollars will be borne by the Holder thereof by deductions from
payment of the currency exchange being effected on behalf of the
Holder by the Exchange Rate Agent.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(f)
Unless otherwise specified in the terms of a Series of Securities,
Securities denominated in a Specified Currency other than U.S.
dollars will provide that, in the event of an official
redenomination of such currency, the obligations of IRSA PC with
respect to payments on such Securities shall, in all cases, be
deemed immediately following such redenomination to provide for
payment of that amount of the redenominated currency representing
the amount of such obligations immediately before such
redenomination.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
2.10.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Ref441803422">&#xA0;</a><a name="_Ref441808763">&#xA0;</a><a name="_Toc446445015">&#xA0;</a><font style="font-style: italic">Registration, Transfer and Exchange of
Securities</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;
The Co-Registrar will keep a register (the &#x201C;<font style="text-decoration: underline">Register</font>&#x201D;) in the English
language at its office in New York City for the registration of
ownership, exchange and transfer of Securities. In the case of the
replacement of any of the Securities, the Register will include
notations of the Security so replaced, and the Security issued in
replacement thereof. In the case of the cancellation of any of the
Securities, the Register will include notations of the Security so
cancelled and the date on which such Security was cancelled. The
Register will show the amount of the Securities, the date of issue,
all subsequent transfers and changes of ownership in respect
thereof and the names, tax identification numbers (if relevant to a
specific Holder) and addresses of the Holders of the Securities and
any payment instructions with respect thereto (if different from a
Holder&#x2019;s registered address). The Co-Registrar shall at all
reasonable times during office hours make the Register available to
IRSA PC or any Person authorized by IRSA PC in writing for
inspection and for taking copies thereof or extracts therefrom, and
at the expense and written direction of IRSA PC, the Co-Registrar
shall deliver to such Persons all lists of Holders of Securities,
their addresses and amounts of such holdings as IRSA PC may
request.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">The
Registrar shall maintain a duplicate register at its office in the
City of Buenos Aires, Argentina to the extent permitted by
applicable Argentine law in written or electronic form in the
Spanish language.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(i)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Subject to
<font style="text-decoration: underline">Section 2.10(b)(ii)</font>
and such reasonable and customary regulations as IRSA PC may from
time to time prescribe, transfers of any Certificated Security in
whole or in part pursuant to this <font style="text-decoration: underline">Section 2.10(a)</font> must be made at
the relevant office of the Co-Registrar or the relevant Transfer
Agent that may be appointed by IRSA PC, by delivery of such
Certificated Security with the form of transfer thereon duly
endorsed by, or accompanied by a written instrument of transfer in
form satisfactory to IRSA PC and the Co-Registrar or any other
Transfer Agent, as the case may be, duly executed by the registered
Holder thereof or such registered Holder&#x2019;s attorney-in-fact
duly authorized in writing. In exchange for any Certificated
Security properly presented for transfer, the Trustee shall
promptly authenticate and deliver or cause to be authenticated and
delivered at the Corporate Trust Office or at the office of the
Co-Registrar or at the office of any Transfer Agent, as the case
may be, to the transferee or send by mail (at the risk of the
transferee) to such address as the transferee may request, a
Certificated Security or Securities in the name of such transferee
and for the same</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">33</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">aggregate principal
amount as shall have been transferred. Subject to the minimum
denomination requirements, if any, set forth in the terms of a
particular Series of Securities established pursuant to
<font style="text-decoration: underline">Section 2.3</font>, in the
case of the transfer of any Certificated Security in part, the
Trustee shall also promptly authenticate and deliver or cause to be
authenticated and delivered at the Corporate Trust Office or at the
office of the Co-Registrar or at the office of any Transfer Agent,
as the case may be, to the transferor or send by mail (at the risk
of the transferor) to such address as the transferor may request, a
Certificated Security or Securities registered in the name of the
transferor and for the aggregate principal amount that was not
transferred. Certificated Securities may also be exchanged for
other Certificated Securities of the same Series in any authorized
denominations and of equal aggregate principal amount of Securities
of such Series, subject to, if any, the minimum denomination
requirements set forth in the applicable resolution of the Board of
Directors or an indenture supplemental hereto. Unless otherwise
specified in the applicable resolution of the Board of Directors or
an indenture supplemental hereto, Certificated Securities held by
Qualified Institutional Buyers may be exchanged for beneficial
interests in a Rule 144A Global Security representing Securities of
the same Series. In exchange for any such Certificated Security,
the Trustee will increase the amount of the relevant Rule 144A
Global Security by the amount of such Certificated Security and
will cause the Co-Registrar to make the appropriate entries in the
Register indicating a transfer of a beneficial interest to such
Qualified Institutional Buyer or to a participant in the relevant
Depositary specified by such Qualified Institutional Buyer. Except
as specified in this paragraph and in <font style="text-decoration: underline">Section 2.11</font>, Certificated
Securities will not be exchangeable for interests in Global
Securities.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(ii)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">If
IRSA PC notifies the Trustee in writing that Certificated
Securities are issued in reliance on the exemption from
registration afforded by Rule 144A, issued upon transfer or
exchange of any such Security (other than in accordance with clause
2 of this Section 2.10(a)(ii)) or issued upon exchange of a Rule
144A Global Security pursuant to <a href="#_Ref441803419">&#x200E;<font style="text-decoration: underline">Section 2.7</font></a>, prior to the
date which is one (1) year after the Original Issue Date of any
such Security (or of such Rule 144A Global Security, as the case
may be) (provided that IRSA PC or any affiliate thereof has not
acquired such Security during such one (1) year period) or in the
case of any other &#x201C;restricted security&#x201D; (as defined in
Rule 144), the Co-Registrar, as Transfer Agent, shall not register
the transfer or exchange of such Security (other than pursuant to
<font style="text-decoration: underline">Section 2.11</font>)
unless:</font></div>
<div style="text-align: left; margin-left: 96px; margin-right: 0px; text-indent: 192px">
<font style="font-size: 13px; font-family: Times New Roman">(1)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">either the
registered Holder presenting such Security for transfer, or its
attorney-in-fact, shall have advised the Co-Registrar in writing
that such registered Holder intends to rely or is relying on the
exemption from the registration requirements of the Securities Act
provided by Rule 144A thereunder in making such transfer or the
Person presenting such Security for transfer (if other than the
registered Holder or its attorney-in-fact), or its
attorney-in-fact, shall have advised the Co-Registrar in writing
that the Person in whose name the Security is to be registered in
the Register upon transfer (and each beneficial owner of such
Security) is a Qualified Institutional Buyer and that such Person
or Persons have been advised that the Security has been sold or
transferred to it in reliance upon Rule 144A; or</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">34</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">either
the registered Holder presenting such Security for transfer, or its
attorney-in-fact, shall have advised the Co-Registrar in writing
that the registered Holder intends to rely or is relying on the
exemption from the registration requirements of the Securities Act
provided by Regulation S or the Person presenting such Security for
transfer (if other than the registered Holder or its
attorney-in-fact), or its attorney-in-fact, shall have advised the
Co-Registrar in writing that the Security has been sold or
transferred to it in reliance upon the exemption from the
registration requirements of the Securities Act provided by
Regulation S; or</font></div>
<div style="text-align: left; margin-left: 96px; margin-right: 0px; text-indent: 192px">
<font style="font-size: 13px; font-family: Times New Roman">(2)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">such Security is to
be registered in the Register upon transfer in the name of a
Dealer, its nominee or IRSA PC; or</font></div>
<div style="text-align: left; margin-left: 96px; margin-right: 0px; text-indent: 192px">
<font style="font-size: 13px; font-family: Times New Roman">(3)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">the Person
presenting the Security for transfer, or its attorney-in-fact,
shall have advised the Trustee in writing that another exemption
from the registration requirements of the Securities Act is
available, including the exemption provided by Rule 144, which is
confirmed in an opinion of counsel, and the Co-Registrar has
received the written consent of IRSA PC to the registration of such
transfer, in which event the Co-Registrar shall register such
transfer only in accordance with the conditions of such
consent.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">For
purposes of this <font style="text-decoration: underline">Section
2.10(a)(ii</font>), any such advice to the Trustee in writing may
be in the form of a letter, notice or other written document,
including, with respect to clauses (1), (2) and (3) above, by
appropriate notation on the transfer notice set forth on such
Security.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">None of
the Trustee, the Co-Registrar or any Transfer Agent shall register
the transfer of or exchange of Certificated Securities for a period
of fifteen (15) days preceding the due date for any payment of
interest on the Security or during the period of thirty (30) days
ending on the due date for any payment of principal on the
Security. Neither the Co-Registrar or any Transfer Agent shall
register the transfer of or exchange any Securities previously
called for redemption or tendered for repurchase.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">


<font style="font-style: italic">DTC Global Securities &#x2014; DTC
Book Entry Provisions</font>. Interests in DTC Global Securities
will be transferable in accordance with the rules and procedures
from time to time of DTC. Members of, or participants in, DTC shall
have no rights under this Indenture with respect to any DTC Global
Security held on their behalf by DTC, and DTC or its nominee may be
treated by IRSA PC, the Trustee, any Agent or any other agent
hereunder as the absolute owner of such DTC Global Security for all
purposes whatsoever. Notwithstanding the foregoing, nothing herein
shall prevent IRSA PC, the Trustee, any Agent or any other agent
hereunder from giving effect to any written certification, proxy or
other authorization furnished by DTC or impair, as between DTC and
its agent members, the operation of customary practices governing
the exercise of the rights of a Holder of any DTC Global
Security.</font></div><div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>
</font></div><div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 156px">
<font style="font-size: 13px; font-family: Times New Roman">(iii)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-style: italic">Global
Securities &#x2014; Euroclear and Clearstream Book Entry
Provisions</font>. Insofar as interests in any
Euroclear/Clearstream Global Security are</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">35</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">held by
the agent members of Euroclear or Clearstream, the provisions of
the &#x201C;Operating Procedures of the Euroclear System&#x201D; and
the &#x201C;Terms and Conditions Governing Use of
Participants&#x201D; of Euroclear and Clearstream, respectively,
shall be applicable to such Euroclear/Clearstream Global Security.
Notwithstanding the foregoing, nothing herein shall prevent IRSA
PC, the Trustee, any Agent or any other agent hereunder from giving
effect to any written certification, proxy or other authorization
furnished by Euroclear or Clearstream or impair, as between
Euroclear or Clearstream and their respective agent members, the
operation of customary practices governing the exercise of the
rights of a Holder of any Euroclear/Clearstream Global
Security.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 156px">
<font style="font-size: 13px; font-family: Times New Roman">(iv)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-style: italic">Transfers
of Global Securities in Whole</font>. Subject to the provisions of
<font style="text-decoration: underline">Section 2.10(c)</font>,
transfers of a Global Security shall be limited to
(i)&#xA0;transfers of a DTC Global Security in whole, but not in
part, to DTC, nominees of DTC or to a successor of DTC or such
successor&#x2019;s nominee (including, without limitation, pursuant
to <font style="text-decoration: underline">Section
2.10(b)(iv)</font>, or (ii) transfers of a Euroclear/Clearstream
Global Security in whole, but not in part, to the Common Depositary
for Euroclear and Clearstream, nominees of the Common Depositary or
to a successor to the Common Depositary or such successor&#x2019;s
nominee (including, without limitation, pursuant to <font style="text-decoration: underline">Section&#xA0;2.10(b)(v))</font>.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 156px">
<font style="font-size: 13px; font-family: Times New Roman">(v)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-style: italic">Transfer of DTC Global Security to Euroclear
and/or Clearstream</font>. If the Securities of any Series are at
any time represented by both a DTC Global Security and an
Euroclear/Clearstream Global Security and an authorized
representative of DTC presents the DTC Global Security to the
Trustee or any Transfer Agent, accompanied by a written instrument
of transfer in form satisfactory to the Trustee or such Transfer
Agent, as applicable, executed by DTC or by DTC&#x2019;s attorney
thereunto duly authorized in writing, for the purpose of
registration of transfer of all or any portion of such DTC&#x2019;s
interest in such DTC Global Security to Euroclear and/or
Clearstream, such DTC Global Security or the relevant interest
therein shall be transferred upon the Register, and the Trustee
shall endorse the DTC Global Security to reflect the reduction of
its principal amount by the aggregate principal amount so
transferred, and the appropriate Euroclear/Clearstream Global
Security shall be endorsed by the Trustee to reflect the increase
of its principal amount by the aggregate principal amount so
transferred. The Trustee is hereby authorized on behalf of IRSA PC
(1) to endorse or to arrange for the endorsement of the relevant
DTC Global Security to reflect the reduction in the principal
amount represented thereby by the amount so transferred and to
endorse the appropriate Euroclear/Clearstream Global Security to
reflect the increase in the principal amount represented thereby by
the amount so transferred and, in either case, to sign in the
relevant space on the relevant Security recording such reduction or
increase and (2) in the case of a total exchange, to cancel or
arrange for the cancellation of the DTC Global
Security.</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 156px">
<font style="font-size: 13px; font-family: Times New Roman">(vi)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-style: italic">Transfer
of Euroclear/Clearstream Global Security to DTC</font>. If the
Securities of any Series are for the time being represented by both
a DTC Global Security and a Euroclear/Clearstream Global Security
and an authorized representative of the Common Depositary for
Euroclear or Clearstream presents the</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">36</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Euroclear/Clearstream
Global Security to the Trustee or the relevant Transfer Agent, as
applicable, accompanied by a written instrument of transfer in form
satisfactory to the Trustee or such Transfer Agent, executed by the
Common Depositary for Euroclear and Clearstream, as the case may
be, or by the Common Depositary&#x2019;s attorney thereunto duly
authorized in writing, for the purpose of registration of transfer
of all or any portion of Euroclear&#x2019;s or Clearstream&#x2019;s
interest in such Euroclear/Clearstream Global Security to DTC, such
Euroclear/Clearstream Global Security or the relevant interest
therein shall be transferred upon the Register, and the Trustee
shall endorse the Euroclear/Clearstream Global Security to reflect
the reduction of its principal amount by the aggregate principal
amount so transferred, and the appropriate DTC Global Security
shall be endorsed by the Trustee to reflect the increase of its
principal amount by the aggregate principal amount so transferred.
The Trustee is hereby authorized on behalf of IRSA PC (i) to
endorse or to arrange for the endorsement of the relevant
Euroclear/Clearstream Global Security to reflect the reduction in
the principal amount represented thereby by the amount so
transferred and to endorse the appropriate DTC Global Security to
reflect the increase in the principal amount represented thereby by
the amount so transferred, and in either case, to sign in the
relevant space on the relevant Security recording such reduction or
increase and (ii) in the case of a total exchange, to cancel or
arrange for the cancellation of the Euroclear/Clearstream Global
Security.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(e)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Notwithstanding any
provision to the contrary herein, so long as Global Securities of a
Series remain Outstanding and are held by or on behalf of a
Depositary, transfers or exchanges of interests between Global
Securities of a Series, in whole or in part, shall only be made in
accordance with this <font style="text-decoration: underline">Section 2.10(c)</font> or <font style="text-decoration: underline">Section 2.11</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 144px">
<font style="font-size: 13px; font-family: Times New Roman">(i)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-style: italic">Transfers From Rule 144A Global Security to
Regulation S Global Security</font>. If Securities of a Series are
issued in the form of a Regulation S Global Security and a Rule
144A Global Security, and if a holder of a beneficial interest in
the Rule 144A Global Security deposited with the relevant
Depositary or its custodian wishes at any time to exchange its
interest in such Rule 144A Global Security for an interest in the
Regulation S Global Security of the same Series, or to transfer its
interest in such Rule 144A Global Security to a Person who wishes
to take delivery thereof in the form of an interest in the
Regulation S Global Security, such holder may, subject to the rules
and procedures of DTC and, to the extent applicable, Euroclear and
Clearstream, exchange or cause the exchange or transfer or cause
the transfer of such interest for an equivalent beneficial interest
in the Regulation S Global Security of the same Series. Upon
receipt by the Trustee, of (1) written instructions given in
accordance with procedures of DTC and/or, to the extent applicable,
Euroclear and Clearstream from a participant, directing the Trustee
to credit or cause to be credited a beneficial interest in the
Regulation S Global Security in an amount equal to the beneficial
interest in the Rule 144A Global Security of the same Series to be
exchanged or transferred, such instructions to contain information
regarding the participant account of DTC or, to the extent
applicable, Euroclear or Clearstream, to be credited with such
increase and information regarding the participant account with DTC
to be debited with such decrease and (2) a certificate
which:</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">37</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(I)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;for
transfers or exchanges made during the Restricted Period, is in the
form of <font style="text-decoration: underline">Exhibit D</font>
hereto given by the holder of such beneficial interest stating that
the exchange or transfer of such interest has been made in
compliance with the transfer restrictions applicable to the
Securities and pursuant to, and in accordance with, Regulation S;
or</font></div>
<div style="text-align: left; margin-left: 144px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(II)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;for
transfers or exchanges made after the expiration of the Restricted
Period, is in the form of <font style="text-decoration: underline">Exhibit E</font> hereto given by the
holder of such beneficial interest stating that the exchange or
transfer of such interest has been made in compliance with the
transfer restrictions applicable to the Securities and (A) that
such transfer or exchange has been made pursuant to, and in
accordance with, Regulation S or (B) that such transfer or exchange
has been made in a transaction permitted by Rule 144,</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">then
the Trustee or Transfer Agents shall instruct DTC to reduce the
Rule 144A Global Security by the aggregate principal amount of the
beneficial interest to be so exchanged or transferred, and the
Trustee shall instruct DTC or, to the extent applicable, Euroclear
or Clearstream, concurrently with such reduction, to increase the
principal amount of the Regulation S Global Security of the same
Series by the aggregate principal amount of the beneficial interest
in the Rule 144A Global Security to be so exchanged or transferred,
and to credit or cause to be credited to the account of the Person
specified in such instructions a beneficial interest in the
Regulation S Global Security equal to the reduction in the
principal amount of the Rule 144A Global Security of the same
Series.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 144px">
<font style="font-size: 13px; font-family: Times New Roman">(ii)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Transfers
From Regulation S Global Security to Rule 144A Global Security. If
Securities of any Series are issued in the form of a Regulation S
Global Security and a Rule 144A Global Security, and if a holder of
a beneficial interest in the Regulation S Global Security deposited
with the relevant Depositary or its custodian wishes at any time to
exchange its interest in such Security for an interest in the Rule
144A Global Security of the same Series, or to transfer its
interest in such Regulation S Global Security to a Person who
wishes to take delivery thereof in the form of an interest in the
Rule 144A Global Security of the same Series, such holder may,
subject to the rules and procedures of DTC or, to the extent
applicable, Euroclear and Clearstream, exchange or transfer such
interest for an equivalent beneficial interest in the Rule 144A
Global Security of the same Series. Upon receipt by the Trustee of
(1) written instructions given in accordance with the procedures of
DTC and/or, to the extent applicable, Euroclear and Clearstream
from a participant, directing the Trustee to credit or cause to be
credited a beneficial interest in the Rule 144A Global Security in
an amount equal to the beneficial interest in the Regulation S
Global Security of the same Series to be exchanged or transferred,
such instructions to contain information regarding the
participant&#x2019;s account with DTC to be credited with such
increase, and information regarding the participant&#x2019;s account
with DTC or, to the extent applicable, Euroclear or Clearstream, to
be debited with such decrease, and (2) with respect to an exchange
or transfer of an interest in the Regulation S Global Security
during the Restricted Period for an interest in the Rule 144A
Global Security of the same Series, a certificate in the form of
<font style="text-decoration: underline">Exhibit F</font> hereto
given by the holder of such beneficial interest and stating that
the</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">38</font></div>
</div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Person
transferring such interest in the Regulation S Global Security
reasonably believes that the Person acquiring such interest in the
Rule 144A Global Security of the same Series is a Qualified
Institutional Buyer and is obtaining such beneficial interest in a
transaction meeting the requirements of Rule 144A, the Trustee or
applicable Transfer Agent shall instruct DTC or, to the extent
applicable, Euroclear or Clearstream, to reduce the Regulation S
Global Security by the aggregate principal amount of the beneficial
interest to be so exchanged or transferred, and the Trustee shall
instruct DTC, concurrently with such reduction, to increase the
principal amount of the Rule 144A Global Security of the same
Series by the aggregate principal amount of the beneficial interest
in the Regulation S Global Security to be so exchanged or
transferred, and to credit the account of the Person specified in
such instructions a beneficial interest in the Rule 144A Global
Security equal to the reduction in the principal amount of the
Regulation S Global Security of the same Series.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(f)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">If Securities are
issued upon the transfer, exchange or replacement of Securities not
bearing the restrictive legends set forth in the respective
applicable form of Security attached hereto (collectively, a
&#x201C;<font style="text-decoration: underline">Restrictive
Legend</font>&#x201D;), the Securities so issued shall not bear a
Restrictive Legend. If Securities are issued upon the transfer,
exchange or replacement of Securities bearing a Restrictive Legend,
or if a request is made to remove a Restrictive Legend of a
Security, the Securities so issued shall bear a Restrictive Legend
as set forth on the applicable form of Security attached hereto, or
the Restrictive Legend shall not be removed, as the case may be,
unless:</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 144px">
<font style="font-size: 13px; font-family: Times New Roman">(i)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">in the case of
Certificated Securities issued pursuant to <font style="text-decoration: underline">Section 2.10(a)(ii)</font>, the
provisions of clause (2) thereof shall have been satisfied;
or</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 144px">
<font style="font-size: 13px; font-family: Times New Roman">(ii)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">in
any other case there is delivered to IRSA PC and the Trustee such
evidence as shall be satisfactory to IRSA PC, which may include an
opinion of New York counsel, as may be reasonably required by IRSA
PC (at the Holder&#x2019;s expense) that neither the Restrictive
Legend nor the restrictions on transfer set forth therein are
required to ensure that transfers thereof comply, as the case may
be, with the provisions of Rule 144A, Rule 144 or Regulation S or
that such Securities are not &#x201C;restricted securities&#x201D;
within the meaning of Rule 144.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">In the
case of either clause (i) or (ii) above, the Trustee, at the
written direction of IRSA PC, shall authenticate and deliver a
Security that does not bear the Restrictive Legend. If the
Restrictive Legend is removed from the face of a Security and such
Security is subsequently held by IRSA PC or an Affiliate of IRSA PC
and a Responsible Officer of the Trustee subsequently receives
written notice from IRSA PC that such Security is a
&#x201C;restricted security&#x201D; within the meaning of Rule 144,
the Restrictive Legend shall be reinstated.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(g)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Prior to
satisfaction of the applicable requirements in this <a href="#_Ref441803422"><font style="text-decoration: underline">&#x200E;Section 2.10</font></a> for
registration of transfer, IRSA PC, the Trustee and each Agent may
deem and treat the registered Holder as appears in the Register of
any Security as the absolute</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">39</font></div>
</div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">owner
of such Security, in each case for the purpose of receiving payment
of the principal and any interest in respect of such Security and
for all other purposes whatsoever.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(h)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Transfer,
registration and exchange of any Security or Securities shall be
permitted and executed as provided in this <a href="#_Ref441803422"><font style="text-decoration: underline">&#x200E;Section 2.10</font></a> without
any charge to the Holder of any such Security or Securities, other
than any taxes or governmental charges payable on transfers or
exchanges.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(i)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Neither the Trustee
nor any Agent shall have any obligation or duty to monitor,
determine or inquire as to compliance with any tax or securities
laws with respect to any restrictions on transfer imposed under
this Indenture or under applicable law (including any transfers
between or among any Depositaries or any Depositary&#x2019;s
participant, members or beneficial owners in any Global Security)
other than to require delivery of such certificates and other
documentation or evidence as are expressly required by, and to do
so if and when expressly required by, the terms of this Indenture,
and to examine the same to determine substantial compliance as to
form with the express requirements hereof.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(j)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">All the provisions
and undertakings set forth above concerning registration of
ownership, exchange and transfer of Securities shall be exclusively
performed by The Bank of New York Mellon, acting as
Co-Registrar.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">If the
Registrar is required to perform any of the provisions and
undertakings set forth above concerning registration of ownership,
exchange and transfer of Securities, with the agreement of IRSA PC,
the Registrar may delegate such duties to another entity acting in
Argentina with legal capacity to carry out such activities in
accordance with the provisions of this Indenture and applicable
Argentine law. The Registrar shall promptly notify IRSA PC if it is
required to undertake any such activities so that IRSA PC shall
designate the entity to whom the Registrar shall delegate such
duties. All costs related to the delegation of such activities
shall be borne by the Registrar.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">Once
any such delegation is made, and is accepted by the delegated
entity, the Registrar shall not be liable for the breach of any of
the obligations assumed by such delegated entity pursuant to this
Indenture and shall be indemnified by IRSA PC for and held harmless
against, any and all losses, damages, liabilities, judgments,
claims, causes of action, costs and expenses (including reasonable
and documented fees and disbursements of legal counsel) incurred
directly or indirectly, without negligence or bad faith on the part
of the Registrar, arising out of or in connection with the
performance of the duties assumed by the delegate Registrar under
this Indenture.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">For the
avoidance of doubt, the obligations of the Registrar and
Co-Registrar hereunder are several and not joint.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
2.11.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Ref441803427">&#xA0;</a><a name="_Ref441808769">&#xA0;</a><a name="_Toc446445016">&#xA0;</a><font style="font-style: italic">Mutilated, Defaced, Destroyed, Stolen and Lost
Securities; Cancellation and Destruction of
Securities</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;IRSA PC
shall execute and deliver to the</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">40</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Trustee
Certificated Securities in such amounts and at such times as to
enable the Trustee to fulfill its responsibilities under this
Indenture and the Securities.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(a)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">The Trustee shall,
in accordance with any terms and conditions set forth in the
Securities, and upon provision of evidence satisfactory to the
Trustee and to IRSA PC that any Security was mutilated, defaced,
destroyed, stolen or lost, together with such indemnity as the
Trustee and IRSA PC may require to hold each of them harmless,
authenticate and deliver from time to time such Securities in
exchange for or in lieu of such Securities that become mutilated,
defaced, destroyed, stolen or lost. Each Security delivered in
exchange for or in lieu of any other Security shall carry all the
rights to interest (including rights to accrued and unpaid interest
and Additional Amounts) that were carried by such other
Security.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(b)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">All Securities
surrendered for payment, transfer or exchange shall be delivered to
the Trustee. The Trustee shall cancel and destroy all such
Securities surrendered for payment, transfer or exchange, in
accordance with its security destruction policy, and shall, upon
written request, deliver a certificate of destruction to IRSA
PC.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(c)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Upon the issuance
of any substitute Security, the Holder of such Security, if so
requested by IRSA PC, will pay a sum sufficient to cover any stamp
duty, tax or other governmental charge that may be imposed in
relation thereto and any other expense (including the fees and
expenses of the Trustee, its counsel and its agents) in connection
with the preparation and issuance of the substitute
Security.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(d)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">All Securities
issued upon any transfer or exchange of Securities shall be valid
obligations of IRSA PC, evidencing the same debt, and entitled to
the same benefits under this Indenture, as the Securities
surrendered upon such transfer or exchange.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
2.12.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Toc446445017">&#xA0;</a><font style="font-style: italic">Purchase and Cancellation</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;IRSA PC, its
Affiliates and its Subsidiaries may at any time purchase or
otherwise acquire any Security in the open market or otherwise at
any price and may resell or otherwise dispose of such Security at
any time.</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">ARTICLE
III</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman"><a name="_Toc446445018">&#xA0;</a>COVENANTS OF IRSA
PC</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">Section
3.1.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Toc446445019">&#xA0;</a><font style="font-style: italic">Payment of Principal and
Interest</font>.</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;IRSA PC
covenants and agrees for the benefit of the Holders of the
Securities that it will duly and punctually pay or cause to be paid
the principal of and interest on each of the Securities (including
Additional Amounts), and any other payments to be made by IRSA PC
under the Securities and this Indenture, at the place or places, at
the respective times and in the manner provided in such Securities
and this Indenture.</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">(a)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">In order to comply
with applicable tax laws (inclusive of rules, regulations and
interpretations promulgated by competent authorities) related to
the Securities and this Indenture in effect from time to time
(&#x201C;<font style="text-decoration: underline">Applicable Tax
Law</font>&#x201D;) that a</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">foreign
financial institution, IRSA PC, the Trustee or any Paying Agent is
or has agreed to be subject, IRSA PC hereby covenants with the
Trustee and each Paying Agent that it will use commercially
reasonable efforts to provide each of the Trustee and the Paying
Agents with sufficient information so as to enable the Trustee and
the Paying Agents to determine whether or not the Trustee or such
Paying Agent, as applicable, has tax related obligations under
Applicable Tax Law. The Trustee and each Paying Agent shall be
entitled to make any withholding or deduction from payments to the
extent necessary to comply with Applicable Tax Law for which the
Trustee and each Paying Agent shall not have any
liability.</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">Section
3.2.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Ref441803431">&#xA0;</a><a name="_Ref441808776">&#xA0;</a><a name="_Toc446445020">&#xA0;</a><font style="font-style: italic">Offices for Payments, etc</font>.</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;So long as
any of the Securities remain Outstanding, IRSA PC will maintain in
New York City the following: an office or agency where the
Securities may be presented for payment, where the Securities may
be presented for exchange, transfer or registration of transfer as
in this Indenture provided and where notices and demands to or upon
IRSA PC (other than the type contemplated by <font style="text-decoration: underline">Section 12.7</font>) in respect of the
Securities or of this Indenture may be served. Unless otherwise
specified in accordance with <a href="#_Ref441803401"><font style="text-decoration: underline">&#x200E;Section 2.3</font></a>, IRSA PC
hereby initially appoints the Trustee at its office or agency for
each such purpose and designates the Corporate Trust Office as the
office to be maintained by it for each such purpose. In case IRSA
PC shall fail to so designate or maintain any such office or agency
or shall fail to give such notice of the location or of any change
in the location thereof, presentations and demands may be made and
notices may be served at all times at the Corporate Trust Office
and IRSA PC hereby appoints the Trustee as its agent to receive all
such presentations, demands and notices. If and for so long as any
Series of Securities are listed on the Luxembourg Stock Exchange
for trading on the Euro MTF, the alternative market of the
Luxembourg Stock Exchange (the &#x201C;<font style="text-decoration: underline">Euro MTF</font>&#x201D;), and the
Luxembourg Stock Exchange so requires, IRSA PC will maintain a
Paying Agent and a Transfer Agent in Luxembourg. As required by
Argentine law and by the CNV, IRSA PC will maintain a Registrar, a
Paying Agent and a Transfer Agent in Argentina. Banco Santander
R&#xED;o S.A. at its office at Bartolom&#xE9; Mitre 480, 11th
Floor, City of Buenos Aires, Argentina, will initially act as such
Registrar, Paying Agent and Transfer Agent in Argentina, as well as
the Representative of the Trustee in Argentina. The Registrar, the
Co-Registrar, each of the Paying Agents and each of the Transfer
Agents may change their respective specified offices set forth
herein to some other specified offices in the same city. IRSA PC
will promptly give to the Trustee and the Holders (and, if so
required, the CNV, the Luxembourg Stock Exchange, the Merval or
such other securities exchange on which a Series of Securities may
be listed) written notice of any change of location of specified
offices, or of any resignation, termination or appointment of any
Agent.</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">Section
3.3.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Ref441808781">&#xA0;</a><a name="_Toc446445021">&#xA0;</a><font style="font-style: italic">Appointment to Fill a Vacancy in Office of
Trustee</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;IRSA PC,
whenever necessary to avoid or fill a vacancy in the office of the
Trustee, will appoint, in the manner provided in <a href="#_Ref441803494">&#x200E;<font style="text-decoration: underline">Section 5.9</font></a>, a Trustee, so
that there shall, at all times, be a Trustee with respect to the
Securities.</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">Section
3.4.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Toc446445022">&#xA0;</a><font style="font-style: italic">Payments and Paying
Agent</font>s.</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;
IRSA PC will, on or before 10:00 AM (New York City time) at least
one (1) Business Day prior to each Payment</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">Date
deposit with the Trustee a sum sufficient to pay such principal,
premium or interest (including Additional Amounts) so becoming due.
IRSA PC shall request that the bank through which any such payment
is to be made agrees to supply to the Trustee two (2) Business Days
prior to the due date for any such payment an irrevocable
confirmation (by tested telex or authenticated SWIFT) of its
intention to make such payment.</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">(a)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Ref441806879">&#xA0;</a>At least five
(5) Business Days prior to the first Payment Date of interest or
principal and, if there has been any change with respect to the
matters set forth in the below-mentioned Officer&#x2019;s
Certificate, at least five (5) Business Days prior to each Payment
Date of interest or principal thereafter, IRSA PC shall furnish the
Trustee with an Officer&#x2019;s Certificate instructing the Trustee
as to any circumstances in which payments of principal of or
interest on any Securities (including Additional Amounts) due on
such Payment Date shall be subject to deduction or withholding for
or on account of any taxes and the rate of any such deduction or
withholding. If any such deduction or withholding shall be required
and if IRSA PC therefore becomes liable to pay Additional Amounts
pursuant to the terms of such Securities, then such Officer&#x2019;s
Certificate shall specify the amount required to be withheld on
such Payment Date to Holders of such Securities and the Additional
Amounts due to Holders of such Securities and that IRSA PC shall
pay in a timely manner such amount to be withheld to the
appropriate governmental authority, and IRSA PC will pay to the
Trustee such Additional Amounts as shall be required to be paid to
such Holders. IRSA PC agrees to indemnify the Trustee and each
Paying Agent for, and to hold each harmless against, any loss,
claim, damage, cost liability or expense reasonably incurred by
them without negligence or willful misconduct on their respective
parts, arising out of or in connection with actions taken or
omitted by them in reliance on any Officer&#x2019;s Certificate
furnished pursuant to this <a href="#_Ref441806879"><font style="text-decoration: underline">&#x200E;Section 3.4(b)</font></a> or
the failure to furnish any such certificate. The obligations of
IRSA PC under the preceding sentence shall survive the payment of
the Securities, the resignation or removal of the Trustee or any
Paying Agent and/or the termination of this Indenture.</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">(b)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Each of the Paying
Agents hereby agrees (and whenever IRSA PC shall appoint a Paying
Agent with respect to the Securities other than those specified in
<a href="#_Ref441803431">&#x200E;<font style="text-decoration: underline">Section 3.2</font></a>, it will cause
such Paying Agent to execute and deliver to the Trustee an
instrument in which such Agent shall agree), subject to the
provisions of this <font style="text-decoration: underline">Section
3.4</font>:</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">(i)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">that it will hold
all sums received by it as such agent for the payment of the
principal of or interest due on any Securities (whether such sums
have been paid to it by or on behalf of IRSA PC or by any other
obligor on the Securities) in trust for the benefit of the Holders
of such Securities or of the Trustee,</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">(ii)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Ref441806781">&#xA0;</a>that it will give the Trustee
written notice of any failure by IRSA PC (or by any other obligor
on the Securities) to make any payment of the principal of or
interest on any Securities (including Additional Amounts) and any
other payments to be made by or on behalf of IRSA PC under this
Indenture or such Securities when the same shall be due and
payable, and</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">that it
will transfer any such sums so held in trust by it to the Trustee
upon the Trustee&#x2019;s written request at any time during the
continuance of the failure referred to in clause <a href="#_Ref441806781">&#x200E;(ii)</a> above.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">IRSA PC
shall give, at its expense, notice of the appointment of any Paying
Agents (other than those specified in <a href="#_Ref441803431">&#x200E;<font style="text-decoration: underline">Section 3.2</font></a>) to the Holders
as specified in <a href="#_Ref441803551"><font style="text-decoration: underline">&#x200E;Section 12.4</font></a>, and to
the CNV if required under Argentine law.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">The
Trustee, in its capacity as the Principal Paying Agent, shall
arrange with all such Paying Agents for the payment, from funds
furnished by IRSA PC to the Trustee pursuant to this Indenture, of
the principal of and interest on the Securities (including
Additional Amounts).</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">If IRSA
PC shall act as its own paying agent with respect to any
Securities, it will, on or before each Payment Date on such
Securities, set aside, segregate and hold in trust for the benefit
of the Holders of such Securities a sum sufficient to pay such
principal or interest (including Additional Amounts) so becoming
due. IRSA PC will promptly notify the Trustee in writing of any
failure to take such action.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Anything in this
<font style="text-decoration: underline">Section 3.4</font> to the
contrary notwithstanding, IRSA PC may at any time, for the purpose
of obtaining a satisfaction and discharge with respect to any
Securities hereunder, or for any other reason, pay or cause to be
paid to the Trustee all sums held in trust for such Securities by
IRSA PC or any Paying Agent hereunder, as required by this
<font style="text-decoration: underline">Section 3.4</font>, such
sums to be held by the Trustee upon the trusts herein
contained.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Anything in this
<font style="text-decoration: underline">Section 3.4</font> to the
contrary notwithstanding, the agreements to hold sums in trust as
provided in this Section are subject to the provisions of
<font style="text-decoration: underline">Sections</font> <a href="#_Ref441806806"><font style="text-decoration: underline">&#x200E;9.3</font></a> and <a href="#_Ref441806810">&#x200E;9.4</a>.</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">Section
3.5.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Ref441803434">&#xA0;</a><a name="_Ref441808793">&#xA0;</a><a name="_Toc446445023">&#xA0;</a><font style="font-style: italic">Taxation</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;
All payments of principal, premium or interest by IRSA PC in
respect of each Security shall be made without deduction or
withholding for or on account of any present or future taxes,
duties, assessments or other governmental charges of whatever
nature (including penalties and interest related thereto)
(&#x201C;<font style="text-decoration: underline">Taxes</font>&#x201D;), unless IRSA PC
is compelled by law to deduct or withhold such Taxes. If any
withholding or deduction from payments made with respect to the
Securities is required for or on account of Taxes imposed or levied
by or on behalf of Argentina, or any political subdivision thereof
or any authority therein having power to tax (&#x201C;<font style="text-decoration: underline">Argentine Taxes</font>&#x201D;), IRSA
PC shall pay such additional amounts (&#x201C;<font style="text-decoration: underline">Additional Amounts</font>&#x201D;) in
respect of such Argentine Taxes as may be necessary to ensure that
the net amounts received by the Holders of such Securities after
such withholding or deduction shall equal the respective amounts
that would have been receivable in respect of such Securities in
the absence of such withholding or deduction, except that no such
Additional Amounts shall be payable:</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">(i)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Ref441803435">&#xA0;</a>to or on behalf
of a Holder or beneficial owner of a Security that is liable for
Argentine Taxes in respect of such Security by reason
of</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">having
a present or former connection with Argentina other than merely
holding or beneficially owning such Security or enforcing rights
with respect to such Security or the receipt of income or any
payments in respect thereof;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 144px">
<font style="font-size: 13px; font-family: Times New Roman">(ii)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">to
or on behalf of a Holder or beneficial owner of a Security in
respect of Argentine Taxes that would not have been imposed but for
the failure of the Holder or beneficial owner of a Security to
comply with any certification, identification, information,
documentation or other reporting requirement (within thirty (30)
calendar days following a written request from IRSA PC to the
Holder for compliance) if such compliance is required by applicable
law, regulation, administrative practice or an applicable treaty as
a precondition to exemption from, or reduction in the rate of
deduction or withholding of, Argentine Taxes;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 144px">
<font style="font-size: 13px; font-family: Times New Roman">(iii)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">to
or on behalf of a Holder or beneficial owner of a Security in
respect of any estate, inheritance, gift, sales, transfer, personal
assets or similar tax, assessment or other governmental
charge;</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">(iv)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">to
or on behalf of a Holder or beneficial owner of a Security in
respect of Argentine Taxes payable otherwise than by withholding
from payment of principal of, premium, if any, or interest on the
Securities;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 144px">
<font style="font-size: 13px; font-family: Times New Roman">(v)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">to or on behalf of
a Holder or beneficial owner of a Security in respect of Argentine
Taxes that would not have been imposed but for the fact that the
Holder presented such Security for payment (where presentation is
required) more than thirty (30) days after the later of (x) the
date on which such payment became due and (y) if the full amount
payable has not been received by the Trustee on or prior to such
due date, the date on which, the full amount having been so
received, notice to that effect shall have been given to the
Securityholders by the Trustee;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 144px">
<font style="font-size: 13px; font-family: Times New Roman">(vi)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">with
respect to any Security presented for payment (where presentation
is required) at an office of a Paying Agent in Argentina (provided
the Securities can also be presented at an office of a Paying Agent
outside of Argentina without any such withholding or
deduction);</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 144px">
<font style="font-size: 13px; font-family: Times New Roman">(vii)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">where
such withholding or deduction is imposed on a payment and is
required to be made pursuant to European Council Directive
2003/48/EC or any other directive implementing the conclusions of
the ECOFIN Council meeting of November 26-27, 2000 or any law
implementing or complying with, or introduced in order to conform
to, any such directive;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 144px">
<font style="font-size: 13px; font-family: Times New Roman">(viii)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">any
taxes imposed under FATCA; or</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 144px">
<font style="font-size: 13px; font-family: Times New Roman">(ix)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">for
any combination of items <a href="#_Ref441803435">&#x200E;(i)</a>
through (viii) above;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">nor
shall Additional Amounts be paid with respect to any payment of the
principal of, or any premium or interest on, any Securities to any
Holder or beneficial owner of a</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">45</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Security who is a
fiduciary or partnership (including an entity treated as a
partnership for United States federal income tax purposes) or
limited liability company or any person other than the sole
beneficial owner of such payment to the extent that a beneficiary
or settlor with respect to such fiduciary or a member of such
partnership or limited liability company or beneficial owner of
such payment would not have been entitled to such Additional
Amounts had it been the Holder of such Securities.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">All
references in this Indenture to principal, premium or interest
payable hereunder shall be deemed to include references to any
Additional Amounts payable under this <font style="text-decoration: underline">Section 3.5</font> with respect to
such principal, premium or interest. IRSA PC will provide the
Trustee with documentation reasonably satisfactory to the Trustee
evidencing the payment of any amounts deducted or withheld in
accordance with this <font style="text-decoration: underline">Section 3.5</font> promptly upon IRSA
PC&#x2019;s payment thereof, and copies of such documentation will
be made available by the Trustee to Holders upon written request to
the Trustee.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(c)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">IRSA PC will pay
promptly when due any present or future stamp, court or documentary
taxes or any excise or property taxes, charges or similar levies
that arise in any jurisdiction from the execution, delivery or
registration of each Security or any other document or instrument
referred to herein or therein, excluding any such taxes, charges or
similar levies imposed by any jurisdiction outside Argentina except
those resulting from, or required to be paid in connection with,
the enforcement of such Security after the occurrence and during
the continuance of any Event of Default with respect to the
Security in default.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
3.6.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Toc446445024">&#xA0;</a><font style="font-style: italic">Maintenance of Books and
Records</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;IRSA PC will
maintain books, accounts and records in accordance with
IFRS.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
3.7.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Toc446445025">&#xA0;</a><font style="font-style: italic">Status and Ranking</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;
IRSA PC will ensure that its obligations under each Security will
rank at least <font style="font-style: italic">pari passu</font> in
right of payment with all other existing and future unsecured and
unsubordinated indebtedness of IRSA PC (other than obligations
preferred by statute or by operation of law, including, without
limitation, tax and labor related claims).</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(a)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">IRSA PC will ensure
that each Security will at all times qualify as &#x201C;<font style="font-style: italic">obligaciones negociables simples no
convertibles</font>&#x201D; under the Negotiable Obligations Law and
will be entitled to the benefits set forth therein and subject to
the procedural requirements thereof.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
3.8.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Toc446445026">&#xA0;</a><font style="font-style: italic">Listing</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;IRSA PC will
use all reasonable efforts to assist the relevant Dealers in
arranging to cause the Securities to be eligible for settlement
through the facilities of DTC, Euroclear and Clearstream, as
applicable, and, if so specified in the terms of a Series of
Securities established pursuant to <a href="#_Ref446267179"><font style="text-decoration: underline">&#x200E;Section 2.3</font></a>, to be
accepted for trading on the Merval and the MAE, as applicable. In
connection with any Series of Securities to be listed on the
Luxembourg Stock Exchange for trading on the Euro MTF, the Merval
or on another securities exchange or securities exchanges, IRSA PC
will use all reasonable efforts to have such Series of Securities
accepted for listing and/or trading on such securities exchange or
securities exchanges no later than the date on which
the</font></div>
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<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">46</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Securities of such
Series are to be issued and sold (or as soon thereafter as possible
in accordance with the requirements of such securities exchange or
securities exchanges); and IRSA PC will use all reasonable efforts
to cause such listing to be maintained for so long as any of the
Securities of such Series are Outstanding and to furnish to each
specified securities exchange all documents, information and
undertakings that may be reasonably necessary in order to effect or
continue such listing; <font style="text-decoration: underline">provided</font> that if, as a result
of the European Union regulated market amended Directive 2001/34/EC
(the &#x201C;Transparency Directive&#x201D;) or any legislation
implementing the Transparency Directive or other directives or
legislation, IRSA PC could be required to publish financial
information either more regularly than it otherwise would be
required to or according to accounting principles which are
materially different from the accounting principles which IRSA PC
would otherwise use to prepare its published financial information,
IRSA PC may delist the Securities from trading on the Euro MTF in
accordance with the rules of the Luxembourg Stock Exchange and seek
an alternative admission to listing, trading and/or quotation for
the Securities on a different market of the Luxembourg Stock
Exchange or by such other listing authority, securities exchange
and/or quotation system inside or outside the European Union as the
Board of Directors of IRSA PC may decide.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
3.9.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Toc446445027">&#xA0;</a><font style="font-style: italic">Maintenance of Corporate Existence;
Propertie</font>s.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;IRSA PC will,
and will cause each of its Subsidiaries to, maintain in effect its
corporate existence and all registrations necessary therefore
(except for transactions not otherwise prohibited by <a href="#_Ref441803521"><font style="text-decoration: underline">&#x200E;Article VIII</font></a>), take
all actions to maintain all rights, privileges, titles to property
or franchises necessary in the normal conduct of its business and
keep all its property used or useful in the conduct of its business
in good working order and condition; <font style="text-decoration: underline">provided</font> that this covenant
shall not require IRSA PC to do so if in each case the Board of
Directors of IRSA PC shall determine in good faith that the
maintenance or preservation thereof is no longer necessary or
desirable in the conduct of business of IRSA PC or the failure to
so comply would not have a material adverse effect on the business,
assets, operations or financial condition of IRSA PC and its
Subsidiaries taken as a whole.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
3.10.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Toc446445028">&#xA0;</a><font style="font-style: italic">Compliance with Law</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;IRSA PC will,
and will cause each of its Subsidiaries to, comply with all
applicable laws, rules, regulations, orders and resolutions of each
Government Agency having jurisdiction over it or its business
except where the failure to so comply would not have a material
adverse effect on the business, assets, operations or financial
condition of IRSA PC and its Subsidiaries taken as a
whole.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
3.11.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Ref441803447">&#xA0;</a><a name="_Toc446445029">&#xA0;</a><font style="font-style: italic">Reports to Holders</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;For so long
as any Securities remain Outstanding, IRSA PC will:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(a)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Provide the Trustee
with copies of its (i) annual financial statements audited by an
internationally recognized firm of independent public accountants
within 135 days after the end of IRSA PC&#x2019;s fiscal year
(which, as of the date of this Indenture, is June 30 of each year)
and (ii) quarterly financial statements (including a balance sheet,
income statement and statement of cash flow for the fiscal quarter
or quarters then ended and the corresponding fiscal quarter or
quarters from the</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">47</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">prior
year) within 60 days of the end of each of the first three (3)
fiscal quarters of each fiscal year. Such annual and quarterly
financial statements will be accompanied by a
&#x201C;management&#x2019;s discussion and analysis&#x201D; or other
report of management providing an overview in reasonable detail of
the results of operations and financial condition of IRSA PC and
its Subsidiaries for the periods presented. English translations of
the foregoing documents will be provided for any documents prepared
in a language other than English; <font style="text-decoration: underline">provided</font> that IRSA PC will not
be required to provide such copies of public filings which may be
obtained from the SEC via EDGAR System or the CNV or their
respective successors; and</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(b)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Provide the Trustee
with copies (including English translations of documents prepared
in a language other than English) of certain material public
filings made with any securities exchange or securities regulatory
agency or authority promptly after such filing; <font style="text-decoration: underline">provided</font> that IRSA PC will not
be required to provide such copies of public filings which may be
obtained from the SEC via the EDGAR System or its successor or
through the CNV via its Financial Information System (<font style="font-style: italic">Autopista de Informaci&#xF3;n
Financiera</font>), or its successor.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">In
addition, at any time when IRSA PC is not subject to Section 13 or
15(d) of the Exchange Act or is exempt from the reporting
requirements thereunder pursuant to Rule 12g3-2(b) of the Exchange
Act, IRSA PC will make available, upon request, to the Trustee the
information required pursuant to Rule 144A(d)(4) under the
Securities Act.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">If the
Securities of any Series are listed on the Luxembourg Stock
Exchange and the rules of such exchange so require, IRSA PC will
make available the information specified in clause (b) above at the
specified office of the Paying Agent in Luxembourg for the
Securities of such Series.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Delivery of the
above reports and the information described in this <a href="#_Ref441803447"><font style="text-decoration: underline">&#x200E;Section
3.11</font></a><font style="text-decoration: underline">&#xA0;</font>to the Trustee is for
informational purposes only and the Trustee&#x2019;s receipt of such
reports shall not constitute actual or constructive notice of any
information contained therein or determinable from information
contained therein, including IRSA PC&#x2019;s or any
Subsidiary&#x2019;s compliance with any of the covenants in this
Indenture (as to which the Trustee is entitled to rely exclusively
on an Officer&#x2019;s Certificate). The Trustee shall have no
obligation to monitor IRSA PC&#x2019;s compliance with its
obligations under this <a href="#_Ref441803447">&#x200E;Section
3.11</a>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
3.12.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Toc446445030">&#xA0;</a><font style="font-style: italic">Other Information</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;For so long
as any of the Securities remain Outstanding and are
&#x201C;restricted securities&#x201D; within the meaning of Rule
144(a)(3) under the Securities Act, IRSA PC will, during any period
in which it is neither subject to Section 13 or 15(d) under the
Exchange Act nor exempt from reporting under the Exchange Act
pursuant to Rule 12g3-2(b) thereunder, make available to any Holder
or any owner of a beneficial interest in a Global Security, to a
prospective purchaser of a Security or beneficial interest therein
who is a Qualified Institutional Buyer, or to the Trustee for
delivery, at IRSA PC&#x2019;s expense, to such Holder or beneficial
owner or prospective purchaser, as the case may be, in connection
with any sale thereof, in each</font></div>
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<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">case at
the Holder&#x2019;s written request to IRSA PC, the information
specified in, and meeting the requirements of, Rule 144A(d)(4)
under the Securities Act.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
3.13.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Ref441808801">&#xA0;</a><a name="_Toc446445031">&#xA0;</a><font style="font-style: italic">Notice of Default</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;IRSA PC will
notify the Trustee in writing promptly after IRSA PC becomes aware
of the occurrence and continuance of any Event of Default. Each
notice pursuant to this <font style="text-decoration: underline">Section 3.13</font> shall state that
it constitutes a &#x201C;notice of default&#x201D; hereunder and
shall be accompanied by an Officer&#x2019;s Certificate signed by
the Chief Executive Officer or the Chief Financial Officer of IRSA
PC setting forth the details of such Event of Default and stating
what action IRSA PC proposes to take with respect
thereto.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
3.14.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Ref441808933">&#xA0;</a><a name="_Toc446445032">&#xA0;</a><font style="font-style: italic">Further Actions</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;IRSA PC will
use its reasonable efforts to take any action, satisfy any
condition or do anything (including the obtaining or effecting of
any necessary consent, approval, authorization, exemption, filing,
license, order, recording or registration) at any time required in
accordance with the applicable laws and regulations to be taken,
fulfilled or done in order to enable it lawfully to enter into,
exercise its rights and perform and comply with its payment
obligations under the Securities and this Indenture, as the case
may be, to ensure that those obligations are legally binding and
enforceable and to make the Securities and this Indenture
admissible in evidence in the courts of Argentina.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
3.15.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Ref441803454">&#xA0;</a><a name="_Ref441808939">&#xA0;</a><a name="_Toc446445033">&#xA0;</a><font style="font-style: italic">Suspension of Covenants</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;During any
period of time that <a name="_Ref441807089">
<!--anchor--></a> the Securities of any Series achieve Investment
Grade Ratings from at least two of the three Rating Agencies and
<a name="_Ref441807094">&#xA0;</a> no
Default or Event of Default has occurred and is continuing (the
occurrence of the events described in the foregoing clauses
<a href="#_Ref441807089">&#x200E;(i)</a> and <a href="#_Ref441807094">&#x200E;(ii)</a> being collectively referred to as
a &#x201C;<font style="text-decoration: underline">Covenant
Suspension Event</font>&#x201D;), with respect to the Securities of
such Series, IRSA PC will not be subject to the provisions
described under Sections <a href="#_Ref441807109">&#x200E;3.16</a>,
3.17; and <a href="#_Ref441807117">&#x200E;3.19</a> (collectively,
the &#x201C;<font style="text-decoration: underline">Suspended
Covenants</font>&#x201D;).</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">In the
event that IRSA PC and its Subsidiaries are not subject to the
Suspended Covenants for any period of time as a result of the
foregoing, and on any subsequent date (the &#x201C;Reversion
Date&#x201D;) one of the Rating Agencies withdraws its Investment
Grade Rating or downgrades its rating assigned to the Securities of
the affected Series below an Investment Grade Rating, and as a
result of such withdrawal or downgrade, the Securities of such
Series no longer have Investment Grade Ratings from at least two
(2) of the three (3) Rating Agencies, then with respect to such
Series of Securities IRSA PC will thereafter again be subject to
the Suspended Covenants. The period of time between the Suspension
Date and the Reversion Date is referred to as the
&#x201C;<font style="text-decoration: underline">Suspension
Period</font>.&#x201D; Notwithstanding that the Suspended Covenants
may be reinstated, no Default or Event of Default under any Series
of Securities will be deemed to have occurred as a result of a
failure to comply with the Suspended Covenants during the
Suspension Period (or upon termination of the Suspension Period or
after that time based solely on events that occurred during the
Suspension Period).</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">On the
Reversion Date, all Indebtedness incurred during the Suspension
Period will be classified to have been Incurred pursuant to the
first paragraph of <a href="#_Ref441803455"><font style="text-decoration: underline">&#x200E;Section
3.16</font></a><font style="text-decoration: underline">&#xA0;</font>(to the extent such
Indebtedness would be permitted to be incurred thereunder as of
the</font></div>
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</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Reversion Date and
after giving effect to Indebtedness incurred prior to the
Suspension Period and outstanding on the Reversion Date). To the
extent such Indebtedness would not be so permitted to be Incurred
pursuant to the first paragraph of <a href="#_Ref441803455"><font style="text-decoration: underline">&#x200E;Section 3.16</font></a> such
Indebtedness will be deemed to have been outstanding on the Issue
Date, so that it is classified as permitted under clause <a href="#_Ref441807907">&#x200E;(f)</a> of the second paragraph of <a href="#_Ref441803455"><font style="text-decoration: underline">&#x200E;Section
3.16</font></a>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">IRSA PC
shall promptly notify the Trustee in writing of the occurrence of
any Covenant Suspension Event pursuant to this <a href="#_Ref441803454"><font style="text-decoration: underline">&#x200E;Section 3.15</font></a>. In the
absence of such notice, the Trustee shall assume that the Suspended
Covenants are in full force and effect. IRSA PC shall promptly
notify the Trustee in writing upon the reinstatement of the
Suspended Covenants after a Reversion Date. In the absence of such
notice, the Trustee shall assume that the Suspension Period
continues to remain in effect. The Trustee will have no obligation
to (i) independently determine or verify if any of the events
described in this <a href="#_Ref441803454"><font style="text-decoration: underline">&#x200E;Section 3.15</font></a> have
occurred, (ii) make any determination regarding the impact of
actions taken during the Suspension Period on IRSA PC&#x2019; s or
any of its Subsidiary&#x2019;s future compliance with their
covenants or (iii) notify the Holders of the commencement of the
Suspension Period or the Reversion Date.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
3.16.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Ref441803455">&#xA0;</a><a name="_Ref441807109">&#xA0;</a><a name="_Toc446445034">&#xA0;</a><font style="font-style: italic">Limitation on Incurrence of Additional
Indebtedness</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;<a name="_Ref441807828">&#xA0;</a> IRSA PC will
not Incur any Indebtedness, including Acquired Indebtedness, except
that IRSA PC may Incur Indebtedness, including Acquired
Indebtedness, if, at the time of and immediately after giving pro
forma effect to the Incurrence thereof and the application of the
proceeds therefrom, the Consolidated Interest Coverage Ratio of
IRSA PC is greater than 2.00 to 1, calculated as of the end of the
most recent fiscal quarter ending prior to the date of such
Incurrence.</font></div>
<div style="text-align: left; margin-left: 96px; margin-right: 0px; text-indent: 192px">
<font style="font-size: 13px; font-family: Times New Roman">(1)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Ref441807888">&#xA0;</a>Notwithstanding
clause <a href="#_Ref441807828">&#x200E;(1)</a> above, IRSA PC may
Incur the following Indebtedness (&#x201C;<font style="text-decoration: underline">Permitted
Indebtedness</font>&#x201D;):</font></div>
<div style="text-align: left; margin-left: 144px; margin-right: 0px; text-indent: 240px">
<font style="font-size: 13px; font-family: Times New Roman">(a)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Ref441807857">&#xA0;</a>Indebtedness in
respect of the Securities, including Additional
Securities;</font></div>
<div style="text-align: left; margin-left: 144px; margin-right: 0px; text-indent: 240px">
<font style="font-size: 13px; font-family: Times New Roman">(b)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Guarantees of
obligations permitted to be Incurred in accordance with this
covenant;</font></div>
<div style="text-align: left; margin-left: 144px; margin-right: 0px; text-indent: 240px">
<font style="font-size: 13px; font-family: Times New Roman">(c)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Hedging
Transactions entered into in the ordinary course of business and
not for speculative purposes, including, without limitation,
Hedging Transactions in respect of the Securities;</font></div>
<div style="text-align: left; margin-left: 144px; margin-right: 0px; text-indent: 240px">
<font style="font-size: 13px; font-family: Times New Roman">(d)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Indebtedness
Incurred for the purpose of financing all or any part of the cost
of constructing, acquiring or improving any asset used or useful in
a Permitted Business of IRSA PC or a Subsidiary in an aggregate
outstanding principal amount not to exceed 10% of total
Consolidated Tangible Assets</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">of IRSA
PC, calculated as of the end of the most recent fiscal quarter
ending prior to the date of such Incurrence;</font></div>
<div style="text-align: left; margin-left: 144px; margin-right: 0px; text-indent: 240px">
<font style="font-size: 13px; font-family: Times New Roman">(e)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Indebtedness
between or among IRSA PC, on the one hand, and any of its
Subsidiaries, on the other hand;</font></div>
<div style="text-align: left; margin-left: 144px; margin-right: 0px; text-indent: 240px">
<font style="font-size: 13px; font-family: Times New Roman">(f)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Ref441807907">&#xA0;</a>Indebtedness
outstanding on the Issue Date;</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">(g)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Indebtedness in
respect of any obligations under workers&#x2019; compensation
claims, severance payment obligations, payment obligations in
connection with health or other types of social security benefits,
unemployment or other insurance or self-insurance obligations,
reclamation, statutory obligations, bankers&#x2019; acceptances,
performance, surety or similar bonds, letters of credit or
completion or performance guarantees and factoring and other
financing of payables or receivables or other similar obligations
in the ordinary course of business;</font></div>
<div style="text-align: left; margin-left: 144px; margin-right: 0px; text-indent: 240px">
<font style="font-size: 13px; font-family: Times New Roman">(h)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Indebtedness
arising from the honoring by a bank or other financial institution
of a check, draft or similar instrument drawn against insufficient
funds in the ordinary course of business; <font style="text-decoration: underline">provided</font> that such Indebtedness
is extinguished within five Business Days of its
Incurrence;</font></div>
<div style="text-align: left; margin-left: 144px; margin-right: 0px; text-indent: 240px">
<font style="font-size: 13px; font-family: Times New Roman">(i)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Refinancing
Indebtedness in respect of:</font></div>
<div style="text-align: left; margin-left: 120px; margin-right: 0px; text-indent: 240px">
<font style="font-size: 13px; font-family: Times New Roman">(1)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Indebtedness (other
than Indebtedness owed to any Subsidiary of IRSA PC) Incurred
pursuant to clause <a href="#_Ref441807828">&#x200E;(1)</a> of this
<font style="text-decoration: underline">Section 3.16</font> (it
being understood that no Indebtedness outstanding on the Issue Date
is Incurred pursuant to such clause <a href="#_Ref441807828">&#x200E;(1)</a>), or</font></div>
<div style="text-align: left; margin-left: 120px; margin-right: 0px; text-indent: 240px">
<font style="font-size: 13px; font-family: Times New Roman">(2)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Indebtedness
Incurred pursuant to clauses <a href="#_Ref441807888">&#x200E;(2)</a><a href="#_Ref441807857">&#x200E;(a)</a>, (d), <a href="#_Ref441807907">&#x200E;(f)</a>, (i) or (j) of this <font style="text-decoration: underline">Section 3.16</font>;</font></div>
<div style="text-align: left; margin-left: 144px; margin-right: 0px; text-indent: 240px">
<font style="font-size: 13px; font-family: Times New Roman">(j)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Acquired
Indebtedness if the Consolidated Interest Coverage Ratio for IRSA
PC&#x2019;s most recently completed four fiscal quarters determined
immediately after giving effect to such Incurrence and the related
acquisition (including through a merger, consolidation or
otherwise) is equal to or greater than the Consolidated Interest
Coverage Ratio of IRSA PC determined immediately before giving
effect to such Incurrence and the related acquisition;</font></div>
<div style="text-align: left; margin-left: 144px; margin-right: 0px; text-indent: 240px">
<font style="font-size: 13px; font-family: Times New Roman">(k)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Indebtedness
arising from agreements providing for indemnification, adjustment
of purchase price or similar obligations, in each case, Incurred in
connection with the disposition of any business, assets or
Subsidiary, other than guarantees of Indebtedness incurred by any
Person acquiring all or</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">any
portion of such business, assets or Subsidiary for the purpose of
financing such acquisition; <font style="text-decoration: underline">provided</font> that the maximum
aggregate liability in respect of all such Indebtedness will at no
time exceed the gross proceeds actually received by IRSA PC in
connection with such disposition;</font></div>
<div style="text-align: left; margin-left: 144px; margin-right: 0px; text-indent: 240px">
<font style="font-size: 13px; font-family: Times New Roman">(l)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Indebtedness to the
extent the net proceeds thereof are promptly used to redeem the
Securities in full or deposited to defease or discharge the
Securities, in each case in accordance with this
Indenture;</font></div>
<div style="text-align: left; margin-left: 144px; margin-right: 0px; text-indent: 240px">
<font style="font-size: 13px; font-family: Times New Roman">(m)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Deeply Subordinated
Indebtedness;</font></div>
<div style="text-align: left; margin-left: 144px; margin-right: 0px; text-indent: 240px">
<font style="font-size: 13px; font-family: Times New Roman">(n)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Indebtedness
represented by working capital Indebtedness in an aggregate
outstanding principal amount not to exceed US$40,000,000 (or the
equivalent thereof in another currency at the time of
determination); and</font></div>
<div style="text-align: left; margin-left: 144px; margin-right: 0px; text-indent: 240px">
<font style="font-size: 13px; font-family: Times New Roman">(o)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Additional
Indebtedness in an aggregate outstanding principal amount not to
exceed 15.0% of consolidated total assets of IRSA PC, calculated as
of the end of the most recent fiscal quarter ending prior to the
date of such Incurrence.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(3)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;For
purposes of determining compliance with, and the outstanding
principal amount of, any particular Indebtedness Incurred pursuant
to and in compliance with this covenant, the amount of Indebtedness
issued at a price that is less than the principal amount thereof
will be equal to the amount of the liability in respect thereof
determined in accordance with IFRS. Accrual of interest, the
accretion or amortization of original issue discount, the payment
of regularly scheduled interest in the form of additional
Indebtedness of the same instrument with the same terms will not be
deemed to be an Incurrence of Indebtedness for purposes of this
<font style="text-decoration: underline">Section 3.16</font>;
<font style="text-decoration: underline">provided</font> that any
such outstanding additional Indebtedness paid in respect of
Indebtedness Incurred pursuant to any provision of clause <a href="#_Ref441807888">&#x200E;(2)</a> of this <font style="text-decoration: underline">Section 3.16</font> will be counted as
Indebtedness outstanding thereunder for purposes of any future
Incurrence under such provision. For purposes of determining
compliance with this <a href="#_Ref441803455">&#x200E;<font style="text-decoration: underline">Section 3.16</font></a>, in the event
that an item of proposed Indebtedness meets the criteria of more
than one of the categories of Permitted Indebtedness described in
clauses (2)<a href="#_Ref441807857">&#x200E;(a)</a> through (2)(o)
of this <font style="text-decoration: underline">Section
3.16</font>, or is entitled to be incurred pursuant to paragraph
<a href="#_Ref441807828">&#x200E;(1)</a> of this <font style="text-decoration: underline">Section 3.16</font>, IRSA PC will be
permitted to classify such item of Indebtedness on the date of its
incurrence and may, in its sole discretion, divide and classify an
item of Indebtedness in one or more of the types of Indebtedness
and may later re-divide or reclassify all or a portion of such item
of Indebtedness in any manner that complies with this covenant.
Notwithstanding any other provision of this <font style="text-decoration: underline">Section 3.16</font>, the maximum
amount of Indebtedness that IRSA PC may incur pursuant to this
<a href="#_Ref441803455">&#x200E;<font style="text-decoration: underline">Section 3.16</font></a> shall not be
deemed to be exceeded as a result solely of fluctuations in
exchange rates or currency values.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
3.17.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Ref446268389">&#xA0;</a><a name="_Toc446445035">&#xA0;</a><font style="font-style: italic">Limitation on Restricted
Payments</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;IRSA PC shall
not take any of the following actions (each, a &#x201C;<font style="text-decoration: underline">Restricted
Payment</font>&#x201D;):</font></div>
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<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">declare
or pay any dividend or make any distribution, whether in cash or in
kind, on or in respect of shares of Capital Stock of IRSA PC to
holders of such Capital Stock (other than dividends or
distributions payable in Capital Stock of IRSA PC); or</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(a)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">purchase, redeem or
otherwise acquire or retire for value any shares of Capital Stock
of IRSA PC (other than any such shares held by IRSA PC or a
Subsidiary);</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">unless,
at the time of the Restricted Payment and immediately after giving
effect thereto:</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 144px">
<font style="font-size: 13px; font-family: Times New Roman">(i)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">no Event of Default
shall have occurred and be continuing;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 144px">
<font style="font-size: 13px; font-family: Times New Roman">(ii)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">IRSA
PC is able to Incur at least US$1.00 of additional Indebtedness
pursuant to clause (1) of <font style="text-decoration: underline">Section</font> <a href="#_Ref441807109"><font style="text-decoration: underline">&#x200E;3.16</font></a>;
and</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 144px">
<font style="font-size: 13px; font-family: Times New Roman">(iii)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">The
aggregate amount of such Restricted Payment and all other
Restricted Payments made subsequent to the Issue Date (excluding
those permitted to be made pursuant to the further provisions
below) exceeds the sum of:</font></div>
<div style="text-align: left; margin-left: 144px; margin-right: 0px; text-indent: 240px">
<font style="font-size: 13px; font-family: Times New Roman">(A)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">100% of cumulative
EBITDA for the period (treated as one accounting period) from July
1, 2015 through the last day of the last fiscal quarter ended prior
to the date of such Restricted Payment minus an amount equal to
150% of cumulative Consolidated Interest Expense for such period;
and</font></div>
<div style="text-align: left; margin-left: 144px; margin-right: 0px; text-indent: 240px">
<font style="font-size: 13px; font-family: Times New Roman">(B)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">any reductions of
Indebtedness of IRSA PC or its Subsidiaries after the Issue Date
(other than Indebtedness of Subsidiaries owed to IRSA PC) by
conversion or exchange to Capital Stock of IRSA PC or its
Subsidiaries.</font></div>
<div style="text-align: left; margin-left: 144px; margin-right: 0px; text-indent: -96px">
<font style="font-size: 13px; font-family: Times New Roman">Notwithstanding the
preceding paragraph, this <a href="#_Ref446268389">&#x200E;Section
3.17</a> will not prohibit:</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 144px">
<font style="font-size: 13px; font-family: Times New Roman">(1)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">the payment of any
dividend or distribution or redemption within sixty (60) days after
the date of declaration of such dividend or distribution or notice
of redemption if such payment would have been permitted on the date
of such declaration or notice;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 144px">
<font style="font-size: 13px; font-family: Times New Roman">(2)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">the purchase,
redemption or other acquisition or retirement of any Capital Stock
of IRSA PC made in exchange for or out of the proceeds of the
issuance or sale of Capital Stock of IRSA PC;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 144px">
<font style="font-size: 13px; font-family: Times New Roman">(3)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">the purchase,
redemption or other acquisition or retirement of any Capital Stock
or other securities exercisable or convertible into Capital Stock
from any current or former employees, officers, directors or
consultants of IRSA PC or any of its Subsidiaries or their
authorized representatives upon the death, disability or
termination of employment or directorship of such employees,
officers or directors, or the termination of retention of any such
consultants;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">53</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">the
purchase, redemption or other acquisition or retirement of any
Capital Stock deemed to occur upon the exercise of stock options,
warrants or similar rights if such Capital Stock represents a
portion of the exercise price of those stock options, warrants or
similar rights;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 144px">
<font style="font-size: 13px; font-family: Times New Roman">(4)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">the purchase,
redemption or other acquisition or retirement of any fractional
shares arising out of stock dividends, splits or combinations or
business combinations;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 144px">
<font style="font-size: 13px; font-family: Times New Roman">(5)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">payments or
distributions to dissenting stockholders of Capital Stock of IRSA
PC or its Subsidiaries pursuant to applicable law in connection
with a consolidation, merger or similar transaction that complies
with the provisions of this Indenture;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 144px">
<font style="font-size: 13px; font-family: Times New Roman">(6)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Restricted Payments
in an amount not to exceed the sum of the aggregate net proceeds
and the Fair Market Value of any property or other assets received
by IRSA PC or any Subsidiary after the Issue Date from (i)
contributions of capital or the issuance or sale of Capital Stock
or (ii) the issuance of any Indebtedness of IRSA PC or any of its
Subsidiaries that has been converted into or exchanged for Capital
Stock after the Issue Date; or</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 144px">
<font style="font-size: 13px; font-family: Times New Roman">(7)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Restricted Payments
in an aggregate amount taken together with all other Restricted
Payments made subsequent to the Issue Date pursuant to this clause
(8) not to exceed the greater of US$50.0 million (or the equivalent
in other currencies) and 10% of the consolidated total assets of
IRSA PC as of the last date of the most recent fiscal quarter of
IRSA PC.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
3.18.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Toc446445036">&#xA0;</a><font style="font-style: italic">Limitation on Liens</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;IRSA PC will
not Incur any Liens (except for Permitted Liens) against or upon
any of its properties or assets, whether owned on the Issue Date or
acquired after the Issue Date, or any proceeds therefrom, to secure
any Indebtedness, without expressly providing that the Securities
are secured equally and ratably with the obligations so secured for
so long as such obligations are so secured.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
3.19.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Ref441807117">&#xA0;</a><a name="_Toc446445037">&#xA0;</a><font style="font-style: italic">Limitation on Transactions with
Affiliates</font>. IRSA PC will not enter into any transaction or
series of related transactions (including, without limitation, the
purchase, sale, lease or exchange of any property or the rendering
of any service) with, or for the benefit of, any of its Affiliates
(each an &#x201C;Affiliate Transaction&#x201D;), unless the terms of
such Affiliate Transaction are not materially less favorable than
those that could reasonably be expected to be obtained in a
comparable transaction at such time on an arm&#x2019;s-length basis
from a Person that is not an Affiliate of IRSA PC; <font style="text-decoration: underline">provided</font> that the foregoing
limitation will not apply to:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(a)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Affiliate
Transactions with or among IRSA PC and any of its
Subsidiaries;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(b)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">fees and
compensation paid to, and any indemnity provided on behalf of,
officers, directors, employees, consultants or agents of IRSA PC or
any Subsidiary as determined in good faith by IRSA PC&#x2019;s Board
of Directors;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">54</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Affiliate
Transactions undertaken pursuant to any contractual obligations or
rights in existence on the Issue Date and any amendment,
modification or replacement of such agreement (so long as such
amendment, modification or replacement is not materially more
disadvantageous to the Holders of the Securities, taken as a whole,
than the original agreement as in effect on the Issue
Date);</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(c)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">loans and advances
to officers, directors and employees of IRSA PC or any Subsidiary
in the ordinary course of business in an aggregate outstanding
principal amount not exceeding US$1,000,000 (or the equivalent in
other currencies); and</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(d)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">transactions in
which IRSA PC delivers to the Trustee a written opinion from an
Independent Financial Advisor stating that such transaction or
series of transactions is fair to IRSA PC from a financial point of
view or stating that that the terms thereof are not materially less
favorable to IRSA PC than those that could reasonably be expected
to have been obtained by IRSA PC in a comparable transaction at the
time of the Affiliate Transaction in arm&#x2019;s length dealings
with a Person who is not an Affiliate.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
3.20.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Toc446445038">&#xA0;</a><font style="font-style: italic">Conduct of Business</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;IRSA PC and
its Subsidiaries, taken as a whole, will remain primarily engaged
in Permitted Businesses.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
3.21.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Toc446445039">&#xA0;</a><font style="font-style: italic">Change of Control</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;Upon
the occurrence of a Change of Control Triggering Event, each Holder
will have the right to require that IRSA PC purchase all or a
portion (in integral multiples of US$1,000 or in the minimum
denominations of any Specified Currency) of the Holder&#x2019;s
Securities at a purchase price equal to 101% of the principal
amount thereof, plus accrued and unpaid interest thereon to (and
excluding) the date of purchase (the &#x201C;<font style="text-decoration: underline">Change of Control
Payment</font>&#x201D;).</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(b)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Within
thirty (30) days following the date upon which the Change of
Control Triggering Event occurred, IRSA PC must deliver a notice to
each Holder, with a copy to the Trustee, offering to purchase the
Securities of each Series as described above (a &#x201C;<font style="text-decoration: underline">Change of Control
Offer</font>&#x201D;). The Change of Control Offer shall state,
among other things, the purchase date, which must be no earlier
than thirty (30) days nor later than sixty (60) days from the date
the notice is given, other than as may be required by law (the
&#x201C;<font style="text-decoration: underline">Change of Control
Payment Date</font>&#x201D;).</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(c)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;On
the Change of Control Payment Date, IRSA PC will, to the extent
lawful:</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 144px">
<font style="font-size: 13px; font-family: Times New Roman">(1)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">accept for payment
all Securities or portions thereof properly tendered and not
withdrawn pursuant to the Change of Control Offer;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 144px">
<font style="font-size: 13px; font-family: Times New Roman">(2)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">deposit with the
Paying Agent funds in an amount equal to the Change of Control
Payment in respect of all Securities or portions thereof so
tendered and not withdrawn; and</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">55</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">deliver
or cause to be delivered to the Trustee the Securities so accepted
together with an Officer&#x2019;s Certificate stating the aggregate
principal amount of Securities or portions thereof being purchased
by IRSA PC.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(d)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;If
only a portion of a Security is purchased pursuant to a Change of
Control Offer, a new Security in a principal amount equal to the
portion thereof not purchased will be issued in the name of the
Holder thereof upon cancellation of the original Security (or
appropriate adjustments to the amount and beneficial interests in a
Global Note will be made, as appropriate). In all cases Holders of
the Securities shall be treated on an equal basis.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(e)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;IRSA
PC will not be required to make a Change of Control Offer upon a
Change of Control Triggering Event if (1) a third party makes the
Change of Control Offer in the manner, at the times and otherwise
in compliance with the requirements set forth in this Indenture
applicable to a Change of Control Offer made by IRSA PC and
purchases all Securities properly tendered and not withdrawn under
the Change of Control Offer, or (2) notice of redemption has been
given pursuant to this Indenture as described under <a href="#_Ref441803534"><font style="text-decoration: underline">&#x200E;Section 10.1</font></a> unless
and until there is a default in payment of the applicable
redemption price.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(f)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;In
the event that Holders of not less than 95% of the aggregate
principal amount of the Outstanding Securities of a Series accept a
Change of Control Offer and IRSA PC or a third party purchases all
of the Securities held by such Holders, IRSA PC will have the
right, on not less than thirty (30) nor more than sixty (60)
days&#x2019; prior notice, given not more than thirty (30) days
following the Change of Control Payment Date described above, to
redeem all of the Securities of that Series that remain Outstanding
following such purchase at a purchase price equal to the Change of
Control Payment plus, to the extent not included in the Change of
Control Payment, accrued and unpaid interest, if any, on the
Securities that remain Outstanding, to the date of repurchase
(subject to the right of Holders on the relevant Regular Record
Date to receive interest due on the relevant Interest Payment
Date).</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(g)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Holders,
by acceptance of the Securities, are deemed to acknowledge that
other existing and future Indebtedness of IRSA PC may contain
prohibitions on the occurrence of events that would constitute a
Change of Control or require that Indebtedness to be repurchased
upon a Change of Control. Moreover, the exercise by the Holders of
their right to require IRSA PC to repurchase the Securities upon a
Change of Control Triggering Event may cause a default under such
Indebtedness even if the Change of Control itself does
not.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Holders, by
acceptance of the Securities, are deemed to acknowledge that if a
Change of Control Triggering Event occurs, there can be no
assurance that IRSA PC will have available funds sufficient to make
the Change of Control Payment for all the Securities that might be
delivered by Holders seeking to accept the Change of Control
Offer.</font></div>
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<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">56</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(h)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Holders
will not be entitled to require IRSA PC to purchase their
Securities in the event of a takeover, recapitalization, leveraged
buyout or similar transaction which does not result in a Change of
Control Triggering Event.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(i)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;IRSA
PC will comply with the requirements of Rule 14e-l under the
Exchange Act and any other applicable securities laws and
regulations to the extent such laws and regulations are applicable
in connection with a Change of Control Offer. To the extent that
the provisions of any securities laws or regulations conflict with
this <font style="text-decoration: underline">Section 3.21</font>,
IRSA PC will comply with the applicable securities laws and
regulations and will not be deemed to have breached its obligations
under this Indenture by doing so.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(j)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Holders
by acceptance of the Securities, are deemed to acknowledge that the
definition of Change of Control includes a phrase relating to the
direct or indirect sale, lease, transfer, conveyance or other
disposition of &#x201C;all or substantially all&#x201D; of the
properties or assets of IRSA PC and its Subsidiaries taken as a
whole. Although there is a limited body of case law interpreting
the phrase &#x201C;substantially all,&#x201D; there is no precise
established definition of the phrase under applicable law.
Accordingly, the ability of a Holder to require IRSA PC to
repurchase its Securities as a result of a sale, lease, transfer,
conveyance or other disposition of less than all of the assets of
IRSA PC and its Subsidiaries taken as a whole to another Person or
group may be uncertain.</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">ARTICLE
IV</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman"><a name="_Toc446445040">&#xA0;</a>DEFAULTS AND REMEDIES OF THE
TRUSTEE AND SECURITYHOLDERS ON EVENT OF&#xA0;DEFAULT</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
4.1.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Ref441803465">&#xA0;</a><a name="_Toc446445041">&#xA0;</a><font style="font-style: italic">Events of Default</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;Unless
otherwise specified in the terms of a Series of Securities
established pursuant to <a href="#_Ref446267179"><font style="text-decoration: underline">&#x200E;Section 2.3</font></a>, as long
as any of the Securities of a Series are Outstanding, if any of the
following events (each an &#x201C;<font style="text-decoration: underline">Event of Default</font>&#x201D;) shall
have occurred and be continuing with respect to the Securities of
such Series:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(a)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">IRSA PC shall fail
to pay any principal or interest (or Additional Amounts, if any) on
the Securities of such Series on the date when it becomes due and
payable in accordance with the terms thereof, and such failure
shall continue for a period of seven days (in the case of
principal) or fourteen (14) days (in the case of interest or
Additional Amounts, if any);</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(b)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Ref441808979">&#xA0;</a>IRSA PC shall
fail duly to perform or observe any other covenant or obligation
applicable to such Series under this Indenture or such Securities,
and such failure shall continue for a period of ninety (90) days
after written notice to that effect is received by IRSA PC or by
IRSA PC and the Trustee from the Holders of at least 25% in
aggregate principal amount of the Outstanding Securities of such
Series specifying such failure and requiring it to be remedied and
stating that such notice constitutes a &#x201C;notice of
default&#x201D; under this Indenture;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(c)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Ref441809562">&#xA0;</a>IRSA PC shall
fail to pay when due at the final scheduled maturity thereof
principal of any of its Indebtedness in an aggregate past due
principal amount of</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">57</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">at
least US$40,000,000 (or the equivalent thereof in another currency
at the time of determination) and such failure shall continue after
the grace period, if any, applicable thereto, or any other event of
default shall occur under any agreement or instrument relating to
any such Indebtedness in an aggregate principal amount of at least
US$40,000,000 (or the equivalent thereof in another currency at the
time of determination), and in each case such other event of
default shall result in the acceleration of the final scheduled
maturity thereof in an aggregate past due principal amount of at
least US$40,000,000 (or the equivalent thereof at the time of
determination);</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(d)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Ref441809564">&#xA0;</a>a court having
jurisdiction enters a final decree or order for (1) relief in
respect of IRSA PC in an involuntary case under the Argentine Law
No. 24,522, as amended (the &#x201C;<font style="text-decoration: underline">Bankruptcy Law</font>&#x201D;), or any
other applicable bankruptcy, insolvency or other similar law now or
hereafter in effect or (2) the appointment under any applicable
bankruptcy, insolvency or other similar law of an administrator,
receiver or trustee for IRSA PC for all or substantially all of the
property of IRSA PC and, in each case, such decree or order shall
remain unstayed and in effect for a period of 90 consecutive days;
or</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(e)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Ref446272152">&#xA0;</a>IRSA PC (1)
commences a voluntary case under the Bankruptcy Law or any other
applicable bankruptcy, insolvency or other similar law now or
hereafter in effect, or (2) consents to the appointment under any
applicable bankruptcy, insolvency or other similar law of or taking
possession by an administrator, receiver, trustee or intervenor for
IRSA PC for all or substantially all of the properties of IRSA
PC;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">then
the Trustee shall, upon the request of the Holders of not less than
25% in aggregate principal amount of the Outstanding Securities of
such Series, by written notice to IRSA PC, declare all the
Securities of such Series then Outstanding to be immediately due
and payable. If an Event of Default set forth in <a href="#_Ref441809562"><font style="text-decoration: underline">&#x200E;Section 4.1(c)</font></a> has
occurred and is continuing with respect to the Securities of any
Series, such Event of Default shall be automatically rescinded and
annulled once the event of default or payment default triggering
such Event of Default pursuant to <a href="#_Ref441809562"><font style="text-decoration: underline">&#x200E;Section 4.1(c)</font></a> shall
be remedied or cured by IRSA PC or waived by the holders of the
relevant Indebtedness. No such rescission and annulment shall
affect any subsequent Event of Default or impair any right
consequent thereto. Upon any such declaration of acceleration, the
principal of the Securities so accelerated and the interest accrued
thereon and all other amounts payable with respect to such
Securities shall become and be immediately due and payable. If the
Event of Default or Events of Default giving rise to any such
declaration of acceleration are cured following such declaration,
such declaration may be rescinded by the Holders of such Securities
in the manner set forth in this Indenture.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">At any
time after a declaration of acceleration has been made with respect
to the Securities of any Series, the Holders of a majority in
aggregate principal amount of the Outstanding Securities of such
Series, by written notice to IRSA PC and the Trustee, may rescind
and annul such declaration and its consequences if the rescission
would not conflict with any judgment or decree; IRSA PC has paid or
deposited with the Trustee a sum sufficient to pay all overdue
installments of interest on the Securities of such Series, the
principal of (and premium, if any, on) any Securities of
such</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">58</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Series
which has become due otherwise than by such declaration of
acceleration, and interest thereon at the rate or rates prescribed
therefore by the terms of the Securities of such Series, to the
extent that payment of such interest is lawful, interest upon
overdue installments of interest at the rate or rates prescribed
therefore by the terms of the Securities of such Series, to the
extent that payment of such interest is lawful and all sums paid or
advanced by the Trustee and the Agents hereunder and the reasonable
compensation, expenses, disbursements and advances of the Trustee,
the Agents and their respective agents and counsel; and all Events
of Default with respect to such Series of Securities, other than
the nonpayment of the principal, premium or interest on the
Securities of such Series that has become due solely because of
such acceleration, have been cured or waived. No such rescission
shall affect any subsequent Event of Default or impair any right
consequent thereto.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
4.2.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Toc446445042">&#xA0;</a><font style="font-style: italic">Collection of Indebtedness by
Trustee</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;IRSA PC
covenants that in case there shall be a default in the payment of
any installment of interest (including Additional Amounts) on any
of the Securities of any Series when such interest (including
Additional Amounts) shall have become due and payable, and such
default shall have continued for a period of fourteen (14) days or
in case there shall be a default in the payment of all or any part
of the principal of any of the Securities of any Series when the
same shall have become due and payable, whether upon maturity or by
declaration or otherwise, and such default continues for a period
of seven (7) days; then upon demand by the Trustee, IRSA PC will
pay to the Trustee for the benefit of the Holders of any such
Security the whole amount that then shall have become due and
payable on any such Security for principal or interest (including
Additional Amounts), as the case may be (with interest to the date
of such payment upon the overdue principal and, to the extent that
payment of such interest is enforceable under applicable law, on
overdue installments of interest at the rate or rates of interest
specified in any such Security); and in addition thereto, IRSA PC
will pay such further amount as shall be sufficient to cover the
reasonable costs and expenses of collection, including reasonable
compensation to, and reimbursement of the expenses of, the Trustee
and each predecessor Trustee, their respective agents, attorneys
and counsel, and any expenses and liabilities incurred, and all
advances made, by the Trustee and each predecessor Trustee, as
provided in <a href="#_Ref441803490">&#x200E;<font style="text-decoration: underline">Section 5.6</font></a>, except as a
result of its negligence or willful misconduct.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">In case
IRSA PC shall fail forthwith to pay such amounts upon such demand,
the Trustee, in its own name and as trustee of an express trust,
shall be entitled and empowered to institute any action or
proceedings at law or in equity for the collection of the sums so
due and unpaid, and may prosecute any such action or proceedings to
judgment or final decree, and may enforce any such judgment or
final decree against IRSA PC or other obligor upon the Securities
of such Series and collect in the manner provided by law out of the
property of IRSA PC or other obligor upon such Securities, wherever
situated, the moneys adjudged or decreed to be
payable.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">All
rights of action and of asserting claims under this Indenture or
under the Securities of any Series may be enforced by the Trustee
without the possession of any of the Securities of such Series or
the production thereof on any trial or other proceedings relative
thereto, and any such action or proceedings instituted by the
Trustee shall be</font></div>
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<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">59</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">brought
in its own name as trustee of an express trust, and any recovery of
judgment, subject to the payment of the expenses, disbursements and
compensation of the Trustee, each predecessor Trustee and their
respective agents and attorneys, shall be for the ratable benefit
of the Holders of the Securities of the Series in respect of which
such action was taken.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">In any
proceedings brought by the Trustee (and also any proceedings
involving the interpretation of any provision of this Indenture to
which the Trustee shall be a party), the Trustee shall be held to
represent all the Holders of the Securities of the Series in
respect to which such action was taken, and it shall not be
necessary to make any Holders of such Securities parties to any
such proceedings.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Nothing
herein contained shall be deemed to authorize the Trustee to
authorize or consent to or accept or adopt on behalf of any Holder
any plan of reorganization, arrangement, adjustment or composition
affecting the Securities of any Series or the rights of any Holder
thereof or to authorize the Trustee to vote in respect of the claim
of any Holder in any such proceeding.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
4.3.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Toc446445043">&#xA0;</a><font style="font-style: italic">Application of Proceeds</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;Any moneys
collected by the Trustee pursuant to this <font style="text-decoration: underline">Article IV</font> in respect of a
Series of Securities shall be applied in the following order at the
date or dates fixed by the Trustee and, in case of the distribution
of such moneys on account of principal (including Additional
Amounts), upon presentation of the Securities of such Series in
respect of which moneys have been collected and stamping (or
otherwise noting) thereon the payment, or issuing Securities in
reduced principal amounts in exchange for the presented Securities
if only partially paid, or upon surrender thereof if fully
paid:</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">FIRST:
To the payment of all amounts due to the Trustee and/or any
predecessor Trustee under <a href="#_Ref441803490"><font style="text-decoration: underline">&#x200E;Section
5.6</font></a><font style="text-decoration: underline">,</font>
except for any such amounts that result from its own negligence or
willful misconduct;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">SECOND:
To the payment of all amounts due to the Agents under <a href="#_Ref441803397">&#x200E;<font style="text-decoration: underline">Section 1.2</font></a>;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">THIRD:
In case the principal of the Securities in respect of which moneys
have been collected shall not have become and be then due and
payable, to the payment of overdue interest (including Additional
Amounts) on such Securities in default in the order of the maturity
of the installments of such interest (including Additional
Amounts), with interest upon the overdue installments of interest
(including Additional Amounts) at the rate or rates of interest
specified in such Securities, such payments to be made ratably to
the Persons entitled thereto, without discrimination or
preference;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">FOURTH:
In case the principal of the Securities of such Series in respect
of which moneys have been collected shall have become and shall be
then due and payable, to the payment of the whole amount then owing
and unpaid upon all such Securities for principal and interest
(including Additional Amounts), with interest upon the overdue
principal, and upon overdue installments of interest</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">60</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(including
Additional Amounts), at the rate or rates of interest specified in
such Securities; and in case such moneys shall be insufficient to
pay in full the whole amount so due and unpaid upon such Securities
of such Series, then to the payment of such principal and interest
(including Additional Amounts), without preference or priority of
principal over interest (including Additional Amounts), or of
interest over principal, or of any installment of interest over any
other installment of interest, or of such Security over any other
such Security, ratably to the aggregate of such principal and
accrued and unpaid interest (including Additional Amounts);
and</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">FIFTH:
To the payment of the remainder, if any, to IRSA PC or any other
Person lawfully entitled thereto of which the Trustee has received
written notice.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
4.4.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Toc446445044">&#xA0;</a><font style="font-style: italic">Suits for Enforcement</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;In case an
Event of Default has occurred, has not been waived and is
continuing, the Trustee may in its discretion (but is not required
to) proceed to protect and enforce the rights vested in it by this
Indenture by such appropriate judicial proceedings as the Trustee
shall deem most effectual to protect and enforce any of such
rights, either at law or in equity or in bankruptcy or otherwise,
whether for the specific enforcement of any covenant or agreement
contained in this Indenture or in aid of the exercise of any power
granted in this Indenture or to enforce any other legal or
equitable right vested in the Trustee by this Indenture or by
law.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
4.5.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Toc446445045">&#xA0;</a><font style="font-style: italic">Restoration of Rights on Abandonment of
Proceedings</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;In case the
Trustee shall have proceeded to enforce any right under this
Indenture and such proceedings shall have been discontinued or
abandoned for any reason, or shall have been determined adversely
to the Trustee, then and in every such case IRSA PC, the Holders
and the Trustee shall, subject to any determination in such
proceeding and to applicable law, be restored respectively to their
former positions and rights hereunder, and all rights, remedies and
powers of IRSA PC, the Trustee and the Securityholders shall
continue as though no such proceedings had been taken.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
4.6.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Ref441803470">&#xA0;</a><a name="_Toc446445046">&#xA0;</a><font style="font-style: italic">Limitations on Suits by
Securityholders</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;Except as
provided in <a href="#_Ref441803471">&#x200E;<font style="text-decoration: underline">Section 4.7</font></a>, no Holder of
any Security of any Series shall have any right by virtue or by
availing itself of any provision of this Indenture or of the
Securities of such Series, to institute any action or proceeding at
law or in equity or in bankruptcy or otherwise upon or under or
with respect to this Indenture, or for the appointment of a
trustee, receiver, liquidator, custodian or other similar official
or for any other remedy hereunder, unless (i) such Holder
previously shall have given to the Trustee written notice of
default and of the continuance thereof with respect to the
Securities of such Series, (ii) Holders of not less than 25% in
aggregate principal amount of the Securities of such Series then
Outstanding shall have made written request upon the Trustee to
institute such action or proceedings in its own name as trustee
hereunder and shall have offered to the Trustee such indemnity
and/or security satisfactory to the Trustee as it may require
against the costs, expenses and liabilities to be incurred therein
or thereby, (iii) the Trustee for ninety (90) days after its
receipt of such notice, request and offer of indemnity shall have
failed to institute any such action or proceeding and (iv) no
direction inconsistent with such written request shall have been
given to the Trustee pursuant to <a href="#_Ref441803473">&#x200E;<font style="text-decoration: underline">Section 4.9</font></a>; it being
understood and intended that no Holder of Securities of such Series
shall have any right in any manner</font></div>
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<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">61</font></div>
</div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">whatever by virtue
of any provision of this Indenture to affect, disturb or prejudice
the rights of any other Holder of Securities of such Series, or to
obtain or seek to obtain priority over or preference to any other
such Holder or to enforce any right under this Indenture, except in
the manner herein provided and for the equal, ratable and common
benefit of all Holders of Securities of such Series.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
4.7.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Ref441803471">&#xA0;</a><a name="_Toc446445047">&#xA0;</a><font style="font-style: italic">Unconditional Right of Securityholders to
Institute Certain Suits</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;Notwithstanding
any other provision in this Indenture and any provision of any
Security, the right of any Holder of any Security to receive
payment of the principal of and interest on such Security
(including Additional Amounts) on or after the respective due dates
expressed in such Security, or to institute suit, including a
summary judicial proceeding (<font style="font-style: italic">acci&#xF3;n ejecutiva individual</font>) in
Argentina pursuant to Article 29 of the Negotiable Obligations Law,
for the enforcement of any such payment on or after such respective
due dates, shall not be impaired or adversely affected without the
consent of such Holder.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
4.8.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Toc446445048">&#xA0;</a><font style="font-style: italic">Powers and Remedies Cumulative; Delay or
Omission Not Waiver of Default</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;Except as
provided in <a href="#_Ref441803470"><font style="text-decoration: underline">&#x200E;Section 4.6</font></a>, no
right or remedy herein conferred upon or reserved to the Trustee or
to the Securityholders is intended to be exclusive of any other
right or remedy, and every right and remedy shall, to the extent
permitted by law, be cumulative and in addition to every other
right and remedy given hereunder or now or hereafter existing at
law or in equity or otherwise. The assertion or employment of any
right or remedy hereunder, or otherwise, shall not prevent the
concurrent assertion or employment of any other appropriate right
or remedy.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">No
delay or omission of the Trustee or of any Securityholder to
exercise any right or power accruing upon any Event of Default
occurring and continuing as aforesaid shall impair any such right
or power or shall be construed to be a waiver of any such Event of
Default or an acquiescence therein; and, subject to <a href="#_Ref441803470">&#x200E;<font style="text-decoration: underline">Section 4.6</font></a>, every power
and remedy given by this Indenture or by law to the Trustee or to
the Securityholders may be exercised from time to time, and as
often as shall be deemed expedient, by the Trustee or by the
Securityholders.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
4.9.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Ref441803473">&#xA0;</a><a name="_Toc446445049">&#xA0;</a><font style="font-style: italic">Control by
Securityholders</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;Subject to
<font style="text-decoration: underline">Section 5.1(e)</font>, the
Holders of a majority in aggregate principal amount of the
Securities of any Series at the time Outstanding shall have the
right to direct the time, method, and place of conducting any
proceeding for any remedy available to the Trustee, or exercising
any trust or power conferred on the Trustee with respect to the
Securities of such Series by this Indenture; <font style="text-decoration: underline">provided</font> that such direction
shall not be otherwise than in accordance with law and the
provisions of this Indenture and shall not expose the Trustee to
personal liability and shall not be unduly prejudicial to the
interests of Holders of the Securities of such Series not joining
in the giving of said direction, it being understood that (subject
to <a href="#_Ref441803478"><font style="text-decoration: underline">&#x200E;Section 5.1</font></a>) the
Trustee shall have no duty to ascertain whether or not such actions
or forbearance are unduly prejudicial to such Holders.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Nothing
in this Indenture shall impair the right of the Trustee in its
discretion to take any action deemed proper by the Trustee and
which is not inconsistent with such direction or directions by
Securityholders.</font></div>
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<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">62</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman"><a name="_Ref441803474">&#xA0;</a><a name="_Toc446445050">&#xA0;</a><font style="font-style: italic">Waiver of Past Defaults</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;At a meeting
duly convened at which a quorum is present as provided in <a href="#_Ref441803505"><font style="text-decoration: underline">&#x200E;Section 6.6</font></a>, the
Holders of a majority in aggregate principal amount of the
Outstanding Securities of a Series represented and voting at such
meeting may, on behalf of the Holders of all the Securities of such
Series, waive any past or present default or Event of Default with
respect to such Series and its consequences, except a default in
respect of a covenant or provision hereof that cannot be modified
or amended without the consent of each Holder of Securities of such
Series affected as provided in <a href="#_Ref441803515">&#x200E;<font style="text-decoration: underline">Section 7.2</font></a>. In the case of
any such waiver, IRSA PC, the Trustee and the Holders of the
Securities of such Series shall be restored to their former
positions and rights hereunder, respectively.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Upon
any such waiver, such default shall cease to exist and be deemed to
have been cured and not to have occurred with respect to such
Series, and any Event of Default arising therefrom shall be deemed
to have been cured, and not to have occurred with respect to such
Series for every purpose of this Indenture, but no such waiver
shall extend to any subsequent or other default or Event of Default
or impair any right consequent thereon or affect any other Series
of Securities.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
4.10.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Toc446445051">&#xA0;</a><font style="font-style: italic">Payments after a Default</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;Upon the
occurrence of an Event of Default with respect to the Securities of
a Series and the subsequent declaration by the Trustee or the
relevant Holders that the principal amount of all the Securities of
such Series is due and payable immediately, the Trustee may by
notice in writing: to IRSA PC and any Paying Agent, require each
Paying Agent to deliver all Securities of such Series and all
moneys, documents and records held by it with respect to the
Securities of such Series to the Trustee or as the Trustee
otherwise directs in such notice; and require any Paying Agent to
act as agent of the Trustee under this Indenture and the Securities
of such Series, and thereafter to hold all Securities of such
Series and all moneys, documents and records held by it in respect
to such Securities of such Series to the order of the Trustee;
<font style="text-decoration: underline">provided</font> that the
Trustee shall not thereby become obligated, or have any obligation,
to compensate or indemnify such Paying Agent or to reimburse such
Paying Agent for any expense.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
4.11.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Toc446445052">&#xA0;</a><font style="font-style: italic">Notice of Events of
Default</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;If an Event
of Default occurs and is continuing with respect to the Securities
of any Series of which the Trustee is deemed to have knowledge in
accordance with <a href="#_Ref441803479">&#x200E;Section 5.2</a>,
the Trustee shall give to Holders of such Series of Securities a
notice of the Event of Default in accordance with <font style="text-decoration: underline">Section 12.4</font> within ninety (90)
days after the Trustee is deemed to have knowledge unless such
Event of Default shall have been cured or waived. Except in the
case of a default in payment on any Security, the Trustee may
withhold the notice if and so long as the board of directors, the
executive committee or a trust committee of directors and/or a
committee of its Responsible Officers in good faith determines that
withholding the notice is in the interests of Holders.</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">63</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman"><a name="_Ref441803477">&#xA0;</a><a name="_Toc446445053">&#xA0;</a>CONCERNING THE
TRUSTEE</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
4.12.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Ref441803478">&#xA0;</a><a name="_Toc446445054">&#xA0;</a><font style="font-style: italic">Duties and Responsibilities of the
Trustee</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;
Except during the continuance of an Event of Default,</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 144px">
<font style="font-size: 13px; font-family: Times New Roman">(1)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">the Trustee
undertakes to perform such duties and only such duties as are
specifically set forth in this Indenture, and no implied covenants
or obligations shall be read into this Indenture against the
Trustee; and</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 144px">
<font style="font-size: 13px; font-family: Times New Roman">(2)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">in the absence of
bad faith on the part of the Trustee, the Trustee may conclusively
rely, as to the truth of the statements and the correctness of the
opinions expressed therein, upon any statements, certificates or
opinions furnished to the Trustee and conforming to the
requirements of this Indenture; but in the case of any such
statements, certificates or opinions that by any provision hereof
are specifically required to be furnished to the Trustee, the
Trustee shall be under a duty to examine the same to determine
whether or not they conform to the requirements of this
Indenture;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(f)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">If an Event of
Default has occurred and is continuing, the Trustee shall exercise
such of the rights and powers vested in it by this Indenture, and
use the same degree of care and skill in its exercise, as a prudent
man would exercise under the circumstances in the conduct of his
own affairs.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(g)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">No provision of
this Indenture shall be construed to relieve the Trustee from
liability for its own negligence or willful misconduct, except
that</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 144px">
<font style="font-size: 13px; font-family: Times New Roman">(1)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">this Subsection
shall not be construed to limit the effect of <font style="text-decoration: underline">Section 5.1(a)</font>;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 144px">
<font style="font-size: 13px; font-family: Times New Roman">(2)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">the Trustee shall
not be liable for any error of judgment made in good faith by a
Responsible Officer or Responsible Officers of the Trustee, unless
it shall be proved that the Trustee was negligent in ascertaining
the pertinent facts;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 144px">
<font style="font-size: 13px; font-family: Times New Roman">(3)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">the Trustee shall
not be liable with respect to any action taken or omitted to be
taken by it in good faith in accordance with the direction of the
Holders of a majority in aggregate principal amount of the
Outstanding Securities of any Series relating to the time, method
and place of conducting any proceeding for any remedy available to
the Trustee, or exercising any trust or power conferred upon the
Trustee, under this Indenture; and</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 144px">
<font style="font-size: 13px; font-family: Times New Roman">(4)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">none of the
provisions contained in this Indenture shall require the Trustee to
expend, advance or risk its own funds or otherwise incur personal
financial liability in the performance of any of its duties
hereunder or in the exercise of any of its rights or powers, if it
shall have reasonable grounds for</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">64</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">believing that the
repayment of such funds or adequate indemnity against such risk or
liability is not reasonably assured to it.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(h)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Whether or not
herein expressly so provided, every provision of this Indenture
relating to the conduct or affecting the liability of or affording
protection to the Trustee is subject to this<a href="#_Ref441803477"><font style="text-decoration: underline">&#x200E;Article
V</font></a>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(i)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">The Trustee shall
be under no obligation to exercise any of the trusts or powers
vested in it by this Indenture at the request, order or direction
of any of the Securityholders pursuant to the provisions of this
Indenture unless such Securityholders shall have offered to the
Trustee security and/or indemnity satisfactory to the Trustee
against the costs, expenses and liabilities that might be incurred
thereby.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
4.13.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Ref441803479">&#xA0;</a><a name="_Toc446445055">&#xA0;</a><font style="font-style: italic">Certain Rights of the
Trustee</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 144px">
<font style="font-size: 13px; font-family: Times New Roman">(a)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">The Trustee may
rely and shall be protected in acting or refraining from acting
upon any resolution of the Board of Directors, Officer&#x2019;s
Certificate or any other certificate, statement, instrument,
opinion, report, notice, request, consent, order, bond, debenture,
note, coupon, security or other paper or document believed by it to
be genuine and to have been signed or presented by the proper party
or parties.</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 144px">
<font style="font-size: 13px; font-family: Times New Roman">(b)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Any request,
direction, order or demand of IRSA PC mentioned herein shall be
sufficiently evidenced by a Company Order (unless other evidence in
respect thereof is herein specifically prescribed); and any
resolution of the Board of Directors may be evidenced to the
Trustee by a copy thereof certified by the secretary of the Board
of Directors of IRSA PC.</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 144px">
<font style="font-size: 13px; font-family: Times New Roman">(c)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">The Trustee shall
not be liable for any action taken or omitted by it in good faith
and believed by it to be authorized or within the discretion,
rights or powers conferred upon it by this Indenture.</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 144px">
<font style="font-size: 13px; font-family: Times New Roman">(d)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">The Trustee shall
not be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, consent, order, approval,
appraisal, bond, debenture, guarantee, note, coupon, security, or
other paper or document unless requested in writing so to do by the
Holders of not less than a majority in aggregate principal amount
of the Securities of a Series then Outstanding; <font style="text-decoration: underline">provided</font> that if the payment
within a reasonable time to the Trustee of the costs, expenses or
liabilities likely to be incurred by it in the making of such
investigation is, in the opinion of the Trustee, not satisfactorily
assured to the Trustee, the Trustee may require from the
Securityholders indemnity satisfactory to the Trustee against such
costs, expenses or liabilities as a condition to proceeding; the
reasonable costs, expenses and liabilities of every such
investigation shall be paid by IRSA PC or, if paid by the Trustee
or any predecessor trustee, shall be repaid by IRSA PC promptly
upon demand.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">65</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">The
Trustee may consult with counsel at IRSA PC&#x2019;s expense and the
advice of such counsel or any Opinion of Counsel shall be full and
complete authorization and protection in respect of any action
taken, suffered or omitted by it hereunder in good faith and in
reliance thereon.</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 144px">
<font style="font-size: 13px; font-family: Times New Roman">(e)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">The Trustee may
execute any of its powers or perform any of its duties hereunder
either directly or by or through agents or attorneys not regularly
in its employ and the Trustee shall not be responsible for any
negligence or willful misconduct on the part of any such agent or
attorney appointed with due care by it hereunder.</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 144px">
<font style="font-size: 13px; font-family: Times New Roman">(f)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">The rights,
privileges, protections, immunities and benefits given to the
Trustee, including, without limitation, its rights to be
indemnified, are extended to, and shall be enforceable by the
Trustee in each of its capacities hereunder.</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 144px">
<font style="font-size: 13px; font-family: Times New Roman">(g)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Anything in this
Indenture to the contrary notwithstanding, in no event shall the
Trustee or any Agent be liable under or in connection with this
Indenture and the Securities for indirect, special, incidental,
punitive or consequential losses or damages of any kind whatsoever,
including but not limited to lost profits, whether or not
foreseeable, even if the Trustee or such Agent has been advised of
the possibility thereof and regardless of the form of action in
which such damages are sought.</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 144px">
<font style="font-size: 13px; font-family: Times New Roman">(h)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">The Trustee shall
not be deemed to have notice of any Event of Default with respect
to the Securities unless a Responsible Officer of the Trustee has
actual knowledge thereof or unless written notice of any event
which is in fact such a default is received by the Trustee at the
Corporate Trust Office of the Trustee, and such notice references
the Securities and this Indenture.</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 144px">
<font style="font-size: 13px; font-family: Times New Roman">(i)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">The Trustee may at
any time request, and IRSA PC shall, deliver an Officer's
Certificate setting forth the specimen signatures and the names of
individuals and/or titles of Officers and Authorized Persons
authorized at such time to take specified actions pursuant to this
Indenture, which Officer&#x2019;s Certificate may be signed by any
Person authorized to sign an Officer's Certificate, including any
Person specified as so authorized in any such certificate
previously delivered and not superseded.</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 144px">
<font style="font-size: 13px; font-family: Times New Roman">(j)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Notwithstanding any
provision herein to the contrary, in no event shall the Trustee be
liable for any failure or delay in the performance of its
obligations under this Indenture because of circumstances beyond
its control, including, but not limited to, acts of God, flood, war
(whether declared or undeclared), terrorism, fire, riot, strikes or
work stoppages for any reason, embargo, government action,
including any laws, ordinances, regulations or the like which
restrict or prohibit the providing of the services contemplated by
this Indenture, inability to obtain material, equipment, or
communications or computer facilities, or the failure of equipment
or interruption of communications or</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">66</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">computer
facilities, and other causes beyond its control whether or not of
the same class or kind as specifically named above.</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 144px">
<font style="font-size: 13px; font-family: Times New Roman">(k)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Neither the Trustee
nor any Agent shall have any liability or responsibility with
respect to, or obligation or duty to monitor, determine or inquire
as to IRSA PC&#x2019;s compliance with any covenant under this
Indenture (other than the covenant to make payment on the
Securities).</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 144px">
<font style="font-size: 13px; font-family: Times New Roman">(l)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Any resolutions of
the Board of Directors of IRSA PC required to be delivered to the
Trustee pursuant to this Indenture or any Series of Securities may
be in Spanish and need not be accompanied by an English translation
and the Trustee shall have not duty or obligation to review such
resolutions or otherwise inquire as to or confirm the content
thereof, and the Trustee may conclusively rely upon the receipt of
any such Board Resolutions as to the requisite authority for the
action relating to purpose for which they were
delivered.</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 144px">
<font style="font-size: 13px; font-family: Times New Roman">(m)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">To the extent that
the consent or authorization of the CNV or any other Argentine
governmental or regulatory authority or compliance with the
Negotiable Obligations Law is required for IRSA PC's, the Trustee's
or any Agent's performance under the Securities or this Indenture,
none of the Trustee or any Agent shall have any duty or obligation
to determine whether such approval, consent or authorization or
compliance is required or any duty or obligation to obtain any
consent, approval or authorization or ensure such compliance. IRSA
PC shall notify the Trustee and the Agents, as applicable, in
writing if the approval, consent or authorization of the CNV or
such other Argentine governmental or regulatory authority or
compliance with the Negotiable Obligations Law, as applicable, is
required for IRSA PC's or the Trustee's performance under the
Securities or this Indenture and, if applicable, whether or not
such consent has been obtained by IRSA PC.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
4.14.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Toc446445056">&#xA0;</a><font style="font-style: italic">Trustee Not Responsible for Recitals,
Disposition of Securities or Application of Proceeds
Thereof</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;The recitals
contained herein and in the Securities, except the Trustee&#x2019;s
certificates of authentication, shall be taken as the statements of
IRSA PC, and the Trustee assumes no responsibility for the
correctness of the same. The Trustee makes no representation as to
the validity or sufficiency of this Indenture, or any offering
materials (including the Offering Memorandum and any Pricing
Supplement) or of the Securities. The Trustee shall not be
accountable for the use or application by IRSA PC of any of the
Securities or of the proceeds thereof.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
4.15.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Toc446445057">&#xA0;</a><font style="font-style: italic">Trustee and Agents May Hold Securities;
Collections, etc</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;The Trustee
or any agent of IRSA PC or the Trustee, in its individual or any
other capacity, may become the owner or pledgee of the Securities
with the same rights it would have if it were not the Trustee or
such agent and may otherwise deal with IRSA PC and receive,
collect, hold and retain collections from IRSA PC with the same
rights it would have if it were not the Trustee or such agent. If
the Trustee has or shall acquire a conflicting interest, the
Trustee shall either eliminate such interest or resign, to the
extent and in the</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">67</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">manner
provided by this Indenture. The Trustee shall not be deemed to have
a conflicting interest by virtue of being a trustee under this
Indenture with respect to Securities of more than one
Series.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
4.16.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Toc446445058">&#xA0;</a><font style="font-style: italic">Moneys Held By Trustee</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;Subject to
the provisions of <a href="#_Ref441803532"><font style="text-decoration: underline">&#x200E;Section 9.4</font></a>, all
moneys received by the Trustee shall, until used or applied as
herein provided, be held in trust for the purposes for which they
were received, but need not be segregated from other funds except
to the extent required by law. None of the Trustee, any Agent or
any other agent of IRSA PC or the Trustee shall be under any
liability for interest on or investment of any moneys received by
it hereunder.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
4.17.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Ref441803490">&#xA0;</a><a name="_Ref441808657">&#xA0;</a><a name="_Ref441808809">&#xA0;</a><a name="_Toc446445059">&#xA0;</a><font style="font-style: italic">Compensation and Indemnification of Trustee
and Its Prior Claim</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;IRSA PC
covenants and agrees to pay to the Trustee from time to time, and
the Trustee shall be entitled to, such amount as shall have been
agreed in writing by IRSA PC and the Trustee (such compensation not
to be limited by any provision of law in regards to the
compensation of a trustee of an express trust) and reimbursement of
its reasonable, documented and invoiced out-of-pocket expenses,
disbursements and advances (including the reasonable fees and
expenses, disbursements and advances of its agents and counsel)
incurred by it in connection with the services rendered by it
hereunder.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">IRSA PC
also covenants to indemnify and defend the Trustee for, and to hold
it harmless against, any loss, damage, claim, cost liability or
expense (including, without limitation, the reasonable compensation
and the expenses and disbursements of its counsel) arising out of
or in connection with the acceptance or administration of this
Indenture or the trusts hereunder and the performance of its duties
and the exercise of its rights hereunder, including the reasonable
costs and expenses of defending itself against or investigating any
claim of liability in the premises, except to the extent such loss,
liability or expense is due to its own negligence or willful
misconduct. The obligations of IRSA PC under this <font style="text-decoration: underline">Section 5.6</font> to compensate and
indemnify the Trustee and each predecessor Trustee and to pay or
reimburse the Trustee and each predecessor Trustee for expenses,
disbursements and advances shall constitute additional indebtedness
hereunder and shall survive payment of the Securities, the
resignation or removal of such Trustee and/or the satisfaction and
discharge of this Indenture. As security for the performance of
IRSA PC&#x2019;s obligations under this Indenture, the Trustee shall
have a lien prior to the Securities on all property and funds held
or collected by the Trustee as such, except funds held in trust for
the payment of principal of (and premium, if any) or interest on
particular Securities.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">When
the Trustee incurs expenses or renders services after an Event of
Default specified in <a href="#_Ref441809564">&#x200E;Section
4.1(d)</a> or <a href="#_Ref446272152">&#x200E;(e)</a> occurs, the
expenses and the compensation for the services (including the fees
and expenses of its agents and counsel) are intended to constitute
expenses of administration under any bankruptcy law.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
4.18.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Toc446445060">&#xA0;</a><font style="font-style: italic">Right of Trustee to Rely on Officer&#x2019;s
Certificate, etc</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;Whenever in
the administration of the trusts of this Indenture the Trustee
shall deem it necessary or desirable that a matter be proved or
established prior to taking or suffering or omitting any action
hereunder, such matter (unless other evidence in respect thereof
shall be herein</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">68</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">specifically
prescribed) may, in the absence of bad faith on the part of the
Trustee, be deemed to be conclusively proved and established by an
Officer&#x2019;s Certificate delivered to the Trustee, and such
certificate, in the absence of bad faith on the part of the
Trustee, shall be full warranty to the Trustee for any action
taken, suffered or omitted by it under the provisions of this
Indenture upon the faith thereof.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
4.19.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Ref441803493">&#xA0;</a><a name="_Toc446445061">&#xA0;</a><font style="font-style: italic">Persons Eligible for Appointment as
Trustee</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;The Trustee
for each Series of the Securities issued hereunder shall at all
times be a Person that has a combined capital and surplus of at
least US$50,000,000, is authorized under the laws of the
jurisdiction in which it is doing business to exercise corporate
trust powers, and is subject to supervision or examination by
federal, state, territorial or other governmental authority. If
such Person publishes reports of condition at least annually,
pursuant to the law or to the requirements of such federal, state,
territorial or other governmental authority, then for the purposes
of this <font style="text-decoration: underline">Section
5.8</font>, the combined capital and surplus of such Person shall
be deemed to be its combined capital and surplus as set forth in
its most recent report of condition so published.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
4.20.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Ref441803494">&#xA0;</a><a name="_Ref441808816">&#xA0;</a><a name="_Toc446445062">&#xA0;</a><font style="font-style: italic">Resignation and Removal; Appointment of
Successor Trustee</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;
Subject to <a href="#_Ref441811053"><font style="background-color: #ffff00; text-decoration: underline">&#x200E;Section
5.9(d)</font></a>, the Trustee, or any trustee or trustees
hereafter appointed, may at any time resign with respect to the
Securities of any Series by giving thirty (30) days&#x2019; written
notice of resignation to IRSA PC. If at any time the Trustee shall
cease to be eligible in accordance with the provisions of <a href="#_Ref441803493"><font style="text-decoration: underline">&#x200E;Section 5.8</font></a>, it
shall resign immediately in the manner and with the effect
hereinafter specified in this <a href="#_Ref441803494">&#x200E;<font style="text-decoration: underline">Section 5.9</font></a>. Upon receiving
such notice of resignation, IRSA PC shall promptly appoint a
successor trustee or trustees with respect to the Securities of
such Series by written instrument in duplicate, one copy of which
instrument shall be delivered to the resigning Trustee and one copy
to the successor trustee or trustees. If no successor trustee shall
have been so appointed with respect to the Securities of such
Series and have accepted appointment within thirty (30) days after
the giving of such notice of resignation, the resigning Trustee may
petition any court of competent jurisdiction for the appointment of
a successor trustee, or the Holders of at least 10% in aggregate
principal amount of the Outstanding Securities of such Series may
petition any such court for the appointment of a successor trustee.
Such court may thereupon, after such notice, if any, as it may deem
proper and as it may prescribe, appoint a successor
trustee.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(a)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">In case at any time
any of the following shall occur:</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 144px">
<font style="font-size: 13px; font-family: Times New Roman">(i)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">the Trustee shall
cease to be eligible in accordance with the provisions of <a href="#_Ref441803493">&#x200E;<font style="text-decoration: underline">Section 5.8</font></a> and shall fail
to resign after written request therefor by or on behalf of IRSA PC
or by any Securityholder; or</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 144px">
<font style="font-size: 13px; font-family: Times New Roman">(ii)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">the
Trustee shall become incapable of acting with respect to the
Securities of any Series, or shall be adjudged a bankrupt or
insolvent, or a receiver or liquidator of the Trustee or of its
property shall be appointed, or any public officer shall take
charge or control of the Trustee or of its property or affairs for
the purpose of rehabilitation, conservation or
liquidation;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">69</font></div>
</div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">then,
in any such case, (i) IRSA PC may, by a resolution of the Board of
Directors and written notice to the Trustee, remove the Trustee
with respect to the Securities of such Series and appoint a
successor trustee by written instrument, in duplicate, one copy of
which instrument shall be delivered to the Trustee so removed and
one copy to the successor trustee, or (ii) the Holders of at least
10% in aggregate principal amount of the Outstanding Securities of
such Series may petition any court of competent jurisdiction for
the removal of the Trustee and the appointment of a successor
trustee with respect to such Securities. Such court may thereupon,
after such notice, if any, as it may deem proper and as it may
prescribe, remove the Trustee and appoint a successor
trustee.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(b)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">The Holders of a
majority in aggregate principal amount of the Securities of any
Series at the time Outstanding may at any time remove the Trustee
with respect to such Securities and appoint a successor trustee by
delivering to the Trustee so removed, to the successor trustee so
appointed and to IRSA PC the evidence provided for in <a href="#_Ref441803500">&#x200E;<font style="text-decoration: underline">Section 6.1</font></a> of the action
in that regard taken by such Securityholders.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(c)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Ref441811053">&#xA0;</a>Any resignation
or removal of the Trustee with respect to any Securities and any
appointment of a successor trustee pursuant to any of the
provisions of this <a href="#_Ref441803494"><font style="text-decoration: underline">&#x200E;Section 5.9</font></a> shall
not become effective prior to acceptance of appointment by the
successor trustee as provided in <a href="#_Ref441803495">&#x200E;<font style="text-decoration: underline">Section 5.10</font></a>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
4.21.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Ref441803495">&#xA0;</a><a name="_Ref441808820">&#xA0;</a><a name="_Toc446445063">&#xA0;</a><font style="font-style: italic">Acceptance of Appointment by Successor
Trustee</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;Any successor
trustee appointed as provided in <a href="#_Ref441803494">&#x200E;<font style="text-decoration: underline">Section 5.9</font></a> shall execute
and deliver to IRSA PC and to its predecessor trustee an instrument
accepting such appointment hereunder, and thereupon the resignation
or removal of the predecessor trustee with respect to the
Securities of such Series shall become effective and such successor
trustee, without any further act, deed or conveyance, shall become
vested with all rights, powers, duties and obligations with respect
to the Securities of such Series of its predecessor hereunder, with
like effect as if originally named as trustee for the Securities of
such Series hereunder; but, nevertheless, on the written request of
IRSA PC or of the successor trustee, upon payment of its charges
then unpaid, the trustee ceasing to act shall, subject to <a href="#_Ref441803532">&#x200E;<font style="text-decoration: underline">Section 9.4</font></a>, pay over to
the successor trustee all moneys at the time held by it hereunder
and shall execute and deliver an instrument transferring to such
successor trustee all such rights, powers, duties and obligations.
Upon request of any such successor trustee, IRSA PC shall execute
any and all instruments in writing for more fully and certainly
vesting in and confirming to such successor trustee all such rights
and powers. Any trustee ceasing to act shall, nevertheless, retain
a prior lien upon all property or funds held or collected by such
trustee to secure any amounts then due it pursuant to the
provisions of <a href="#_Ref441803490"><font style="text-decoration: underline">&#x200E;Section
5.6</font></a>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">If a
successor trustee is appointed with respect to the Securities of
one or more (but not all) Series, IRSA PC, the predecessor Trustee
and each successor trustee with respect to the Securities of any
applicable Series shall execute and deliver an indenture
supplemental hereto which shall contain such provisions as shall be
deemed necessary or desirable to confirm that all the rights,
powers, trusts and duties of the predecessor Trustee with respect
to the Securities of any Series as to which the predecessor Trustee
is not withdrawing shall continue to be vested in the predecessor
Trustee, and shall add to</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">70</font></div>
</div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">or
change any of the provisions of this Indenture as shall be
necessary to provide for or facilitate the administration of the
trusts hereunder by more than one trustee, it being understood that
nothing herein or in such supplemental indenture shall constitute
such trustees co-trustees of the same trust and that each such
trustee shall be trustee of a trust or trusts under separate
indentures.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Upon
acceptance of appointment by any successor trustee as provided in
this <a href="#_Ref441803495">&#x200E;<font style="text-decoration: underline">Section 5.10</font></a>, IRSA PC shall
give, at its expense, notice thereof to the Securityholders as
specified in <a href="#_Ref441803551"><font style="text-decoration: underline">&#x200E;Section 12.4</font></a> and the
CNV, which notice shall include the name of the successor trustee
and the address of its Corporate Trust Office. If IRSA PC fails to
give such notice within ten (10) days after acceptance of
appointment by the successor trustee, the successor trustee shall
cause such notice to be given at the expense of IRSA
PC.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">No
successor trustee shall accept its appointment unless at the time
of such acceptance such successor trustee shall be qualified and
eligible under this <font style="text-decoration: underline">Article V</font>, to the extent
operative.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
4.22.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Toc446445064">&#xA0;</a><font style="font-style: italic">Merger, Conversion, Consolidation or
Succession to Business of Trustee</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;Any Person
into which the Trustee may be merged or converted or with which it
may be consolidated, or any Person resulting from any merger,
conversion or consolidation to which the Trustee shall be a party,
or any Person succeeding to substantially all the corporate trust
business of the Trustee, including this transaction, shall be the
successor of the Trustee hereunder without the execution or filing
of any paper or any further act on the part of any of the parties
hereto, anything herein to the contrary notwithstanding;
<font style="text-decoration: underline">provided</font> that such
Person shall be eligible under the provisions of <a href="#_Ref441803493"><font style="text-decoration: underline">&#x200E;Section
5.8</font></a>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">In case
at the time such successor to the Trustee shall succeed to the
trusts created by this Indenture any of the Securities shall have
been authenticated but not delivered, any such successor to the
Trustee may adopt the certificate of authentication of any
predecessor Trustee and deliver such Securities so authenticated as
if such successor to the Trustee had itself authenticated such
Securities; and, in case at that time any of the Securities shall
not have been authenticated, any successor to the Trustee may
authenticate such Securities either in the name of any predecessor
hereunder or in the name of the successor Trustee; and in all such
cases such certificate shall have the full force as provided in the
Securities or in this Indenture as the certificate of the Trustee
shall have; <font style="text-decoration: underline">provided</font> that the right to
adopt the certificate of authentication of any predecessor Trustee
or to authenticate Securities in the name of any predecessor
Trustee shall apply only to its successor or successors by merger,
conversion or consolidation.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
4.23.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Toc446445065">&#xA0;</a><font style="font-style: italic">Representative of the Trustee in
Argentina</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;As long as it
is required by Argentine law or by the CNV, the Trustee will have a
representative in Argentina for the sole purpose of receiving
notices from the CNV and/or Holders. Banco Santander R&#xED;o S.A.
will initially act as the Representative of the Trustee in
Argentina for such purposes. The Representative of the Trustee in
Argentina accepts its appointment in relation to the Securities and
shall perform all matters expressed to be performed by it in, and
otherwise comply with, the provisions of <a href="#_Ref441803498">&#x200E;<font style="text-decoration: underline">Section 5.13</font></a>.</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">71</font></div>
</div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman"><a name="_Ref441803498">&#xA0;</a><a name="_Toc446445066">&#xA0;</a><font style="font-style: italic">Application to Agents and to the
Representative of the Trustee
in&#xA0;Argentina</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;The
Representative of the Trustee in Argentina need perform only those
duties that are specifically set forth in this <a href="#_Ref441803498"><font style="text-decoration: underline">&#x200E;Section 5.13</font></a>, and
such duties shall be determined solely by the express provisions of
this <a href="#_Ref441803498">&#x200E;<font style="text-decoration: underline">Section 5.13</font></a>, or as
Representative of the Trustee in Argentina may agree in writing
from time to time with the Trustee and IRSA PC. No implied
covenants or obligations shall be read into this <a href="#_Ref441803498">&#x200E;<font style="text-decoration: underline">Section 5.13</font></a>, against the
Representative of the Trustee in Argentina. The Representative of
the Trustee in Argentina shall have only the rights and powers
stated below. It is further acknowledged that the Representative of
the Trustee in Argentina is not and shall not be considered as if
it were the Trustee&#x2019;s general attorney.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">The
duties of the Representative of the Trustee in Argentina up to the
date hereof are solely to: receive from Holders, IRSA PC, the
Agents and any governmental or regulatory authority or entity, all
letters, claims, requests, memoranda or any other document required
by Argentine law or by the CNV Rules to be sent to, and received
by, the Trustee, within three (3) Business Days of receipt, notify
and/or deliver to the Trustee by facsimile all such letters,
claims, requests, memoranda or documents, and following the express
instructions of the Trustee, respond to or answer such letters,
claims, requests, memoranda or documents.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">The
Representative of the Trustee in Argentina shall not be liable for
any action it takes or omits to take in good faith, which it
believes to be authorized or within its discretion, rights or
powers.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">IRSA PC
shall pay to the Representative of the Trustee in Argentina from
time to time, and the Representative of the Trustee in Argentina
shall be entitled to, such compensation for its acceptance of this
<a href="#_Ref441803498">&#x200E;<font style="text-decoration: underline">Section 5.13</font></a> and its
services hereunder. The fees of the Representative of the Trustee
in Argentina shall be in an amount agreed between IRSA PC and the
Representative of the Trustee in Argentina. IRSA PC shall reimburse
the Representative of the Trustee in Argentina promptly upon
request for all reasonable disbursements, advances and expenses
incurred or made by or on behalf of it in addition to the
compensation for its services. Such expenses may include the
reasonable compensation, disbursements and expenses of the
Representative of the Trustee in Argentina&#x2019;s agents, counsel
and other persons not regularly in its employ.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">IRSA PC
agrees to indemnify the Representative of the Trustee in Argentina
for, and to hold it harmless against, any loss, liability or
expense, including, without limitation, the fees and expenses of
legal counsel, reasonably incurred without negligence, bad faith or
willful misconduct on its part, arising out of or in connection
with the acceptance of its commitments hereunder, the performance
of its duties hereunder and/or the exercise of its rights
hereunder, including, without limitation, the costs and expenses of
defending itself against any claim or liability in connection with
the exercise or performance of any of its powers or duties
hereunder.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
4.24.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Toc446445067">&#xA0;</a><font style="font-style: italic">Application to Agents</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;IRSA PC
hereby agrees that the provisions of <font style="text-decoration: underline">Sections 5.1</font>, <font style="text-decoration: underline">5.2</font>, <font style="text-decoration: underline">5.3</font>, <font style="text-decoration: underline">5.4</font>, <font style="text-decoration: underline">5.5</font>, <font style="text-decoration: underline">5.6</font>, <font style="text-decoration: underline">5.7</font> and <font style="text-decoration: underline">5.12</font> shall apply to the
Agents</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">72</font></div>
</div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">and to
the Representative of the Trustee in Argentina as if each of the
Agents and the Representative of the Trustee in Argentina were
expressly named therein.</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">ARTICLE
V</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman"><a name="_Toc446445068">&#xA0;</a>CONCERNING THE
SECURITYHOLDERS</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
5.1.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Ref441803500">&#xA0;</a><a name="_Toc446445069">&#xA0;</a><font style="font-style: italic">Evidence of Action Taken by
Securityholders</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;Any request,
demand, authorization, direction, notice, consent, waiver or other
action provided by this Indenture to be given or taken by a
specified percentage in principal amount of the Securityholders of
any Series may be embodied in and evidenced by one or more
instruments of substantially similar tenor signed by such specified
percentage of such Securityholders in person or by an agent duly
appointed in writing; and, except as herein otherwise expressly
provided, such action shall become effective when such instrument
or instruments is or are delivered to the Trustee. Proof of
execution of any instrument or of a writing appointing any such
agent shall be sufficient for any purpose of this Indenture and
conclusive in favor of the Trustee and IRSA PC, if made in the
manner provided in this <font style="text-decoration: underline">Article VI</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
5.2.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Ref441803501">&#xA0;</a><a name="_Toc446445070">&#xA0;</a><font style="font-style: italic">Proof of Execution of Instruments and of
Holding of Securities; Record Date</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;The execution
of any instrument by a Securityholder or his agent or proxy may be
proved in accordance with <a href="#_Ref441803505"><font style="text-decoration: underline">&#x200E;Section 6.6</font></a> and such
reasonable applicable rules and regulations or in such manner as
shall be satisfactory to the Trustee. The holding of Securities
shall be proved by the Register maintained pursuant to <a href="#_Ref441803422"><font style="text-decoration: underline">&#x200E;Section 2.10</font></a>. IRSA
PC, by or pursuant to a resolution of its Board of Directors, may
set a record date for purposes of determining the identity of
Holders of Securities entitled to vote or consent to any action
referred to in <a href="#_Ref441803500"><font style="text-decoration: underline">&#x200E;Section 6.1</font></a>, which
record date may be set by IRSA PC at any time or from time to time.
Any such record date shall be notified to the Trustee in writing
not more than sixty (60) days nor less than five (5) days prior to
the proposed date of such vote or consent. Notwithstanding any
other provisions hereof, only Holders of Securities of record on
such record date shall be entitled to so vote or give such consent
or revoke such vote or consent. The Trustee shall provide to IRSA
PC at its request a written notice with the details of the Holders
of record of each relevant record date.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
5.3.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Toc446445071">&#xA0;</a><font style="font-style: italic">Holders to Be Treated as
Owners</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;Subject to
the rights of the relevant Holders as of a Regular Record Date to
receive payments to which they are entitled on the relevant
Interest Payment Date and <a href="#_Ref441803421">&#x200E;<font style="text-decoration: underline">Section 2.9</font></a>, IRSA PC, the
Trustee, the Agents and any agent of IRSA PC, the Trustee or the
Agents may deem and treat any Person in whose name any Security
shall be registered upon the Register as the absolute owner of such
Security (whether or not such Security shall be overdue and
notwithstanding any notation of ownership or other writing thereon)
for the purpose of receiving payment of or on account of the
principal of and, subject to the provisions of this Indenture,
interest on such Security (including Additional Amounts) and for
all other purposes; and none of IRSA PC, the Trustee, any Agent and
any agent of IRSA PC, the Trustee or any Agent shall be affected by
any notice to the contrary. All such payments so made to any such
Person, or upon its order, shall be valid, and, to the extent of
the sum or sums so paid, effectual to satisfy and discharge the
liability for moneys payable upon</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">73</font></div>
</div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">any
such Security. Notwithstanding the foregoing, with respect to any
Global Security, nothing herein shall prevent IRSA PC, the Trustee,
the Agents or any agent of IRSA PC, the Trustee or any Agent, from
giving effect to any written certification, proxy or other
authorization furnished by any Depositary, as Holder of such Global
Security, or impair, as between such Depositary and owners of
beneficial interests in such Global Security, the operation of
customary practices governing the exercise of the rights of such
Depositary (or its nominee), as Holder of such Global
Security.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
5.4.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Ref441803503">&#xA0;</a><a name="_Toc446445072">&#xA0;</a><font style="font-style: italic">Securities Owned by IRSA PC Deemed Not
Outstanding</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;In
determining whether quorum has been established in accordance with
<a href="#_Ref441803505">&#x200E;<font style="text-decoration: underline">Section 6.6</font></a> or whether the
Holders of the requisite aggregate principal amount of Outstanding
Securities of a Series have concurred in any request, consent or
waiver under this Indenture, Securities of such Series that are
owned by IRSA PC or any of its Subsidiaries or any other obligor on
the Securities of such Series with respect to which such
determination is being made shall be disregarded and deemed not to
be Outstanding for the purpose of any such determination, except
that for the purpose of determining whether the Trustee shall be
protected in relying on any such request, consent or waiver, only
Securities of such Series with respect to which a Responsible
Officer of the Trustee has received written notice that such
Securities are so owned shall be so disregarded. Securities of a
Series so owned that have been pledged in good faith may be
regarded as Outstanding if the pledgee establishes to the
satisfaction of the Trustee the pledgee&#x2019;s right so to act
with respect to such Securities and that the pledgee is not IRSA PC
or any of its Subsidiaries or any other obligor upon such
Securities. In case of a dispute as to such right, the advice of
counsel shall be full protection in respect of any decision made by
the Trustee in accordance with such advice. Upon request of the
Trustee, IRSA PC shall furnish to the Trustee promptly an
Officer&#x2019;s Certificate listing and identifying all Securities,
if any, known by IRSA PC to be owned or held by or for the account
of any of the above-described Persons, and the Trustee shall be
entitled to accept such Officer&#x2019;s Certificate as conclusive
evidence of the facts therein set forth and of the fact that all
Securities not listed therein are Outstanding for the purpose of
any such determination.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
5.5.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Toc446445073">&#xA0;</a><font style="font-style: italic">Right of Revocation of Action
Taken</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;At any time
prior to (but not after) the evidencing to the Trustee, as provided
in <a href="#_Ref441803500"><font style="text-decoration: underline">&#x200E;Section 6.1</font></a>, of the
taking of any action by the Holders of the percentage in aggregate
principal amount of the Securities of any Series or of the
percentage of votes cast, as the case may be, specified in this
Indenture in connection with such action, any Holder of a Security
the serial number of which is shown by the evidence to be included
among the serial numbers of the Securities the Holders of which
have consented to such action may, by filing written notice at the
Corporate Trust Office and upon proof of holding as provided in
this <font style="text-decoration: underline">Article VI</font>,
revoke such action so far as concerns such Security. Except as
aforesaid any such action taken by the Holder of any Security shall
be conclusive and binding upon such Holder and upon all future
Holders and owners of such Security and of any Securities issued in
exchange or substitution therefor, irrespective of whether or not
any notation in regard thereto is made upon any such Security. Any
action taken by the Holders of the percentage in aggregate
principal amount of the Securities or of the percentage of votes
cast, as the case may be, specified in this Indenture in connection
with such action shall</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">74</font></div>
</div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">be
conclusively binding upon IRSA PC, the Trustee and the Holders of
all the Securities affected by such action.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
5.6.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Ref441803505">&#xA0;</a><a name="_Toc446445074">&#xA0;</a><font style="font-style: italic">Securityholders&#x2019;
Meetings</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;
Each of IRSA PC (through the Board of Directors or the Supervisory
Committee of IRSA PC) and the Trustee may at any time call a
meeting of the Holders of the Securities of any Series for the
purpose of entering into a supplemental indenture as provided in
<a href="#_Ref441803515">&#x200E;<font style="text-decoration: underline">Section 7.2</font></a> or waiving a
past default as provided in <a href="#_Ref441803474">&#x200E;<font style="text-decoration: underline">Section 4.10</font></a>. In addition,
a meeting of the Holders of Securities of a Series may be called by
the Trustee or IRSA PC (through the Board of Directors or the
Supervisory Committee of IRSA PC) at its discretion or upon the
request of the Holders of at least 5% in aggregate principal amount
of the Outstanding Securities of such Series, to make, give or take
any request, demand, authorization, direction, notice, consent,
waiver or other action provided by the Securities of such Series to
be made, given or taken by the Holders of the Securities of such
Series, including the modification of any of the terms and
conditions of such Securities of such Series. In the case of a
request to call a meeting by Holders, IRSA PC shall notify the
Trustee in writing of such request. In the event the Board of
Directors or the Supervisory Committee of IRSA PC shall fail to
call a meeting requested by the Trustee or the Holders as provided
in the immediately preceding sentence, the meeting may be called by
the CNV or by a competent court at the request of the Holders of
the Securities. In any case, meetings shall be held at such time
and at such place as IRSA PC shall determine; <font style="text-decoration: underline">provided</font> that the meetings will
be held in the City of Buenos Aires in accordance with the
Negotiable Obligations Law. Any resolution duly passed at a meeting
held in accordance with this <font style="text-decoration: underline">Section 6.6</font> of the Holders of
Securities of a Series will be binding on all Holders of the
Securities of such Series (whether or not they were present at the
meeting at which such resolution was passed). If a meeting is being
held pursuant to the written request of Holders, the agenda for the
meeting shall be that set forth in the request made by such Holders
and such meeting shall be convened within forty (40) days from the
date such written request is received by the Trustee or IRSA PC, as
the case may be. Any such meeting held pursuant to written request
of the Holders will be held simultaneously in the City of Buenos
Aires and New York City by means of telecommunications which permit
the participants to hear and speak to each other. Notice of any
meeting of Holders of Securities of a Series (which shall include
the date, place and time of the meeting, the agenda therefor and
the requirements to attend) shall be given by IRSA PC not less than
ten (10) days nor more than thirty (30) days prior to the date
fixed for the meeting in accordance with <a href="#_Ref441803551">&#x200E;<font style="text-decoration: underline">Section 12.4</font></a> and in the
Official Gazette of Argentina (<font style="font-style: italic">Bolet&#xED;n Oficial</font>), in one other
newspaper of wide circulation in Argentina, and also in the manner
provided under <a href="#_Ref441803551">&#x200E;<font style="text-decoration: underline">Section 12.4</font></a> and any
publication thereof shall be for five (5) consecutive Business Days
in each place of publication. Meetings of Holders of the Securities
of a Series may be simultaneously convened for two (2) dates, in
case the initial meeting were to be adjourned for lack of quorum.
However, for meetings that include in the agenda items requiring
unanimous approval by the Holders, notice of a new meeting
resulting from adjournment of the initial meeting for lack of
quorum shall be given not less than eight (8) days prior to the
date fixed for such new meeting and shall be published for three
(3) Business Days in the Official Gazette of Argentina, a newspaper
of wide circulation in Argentina and the Merval&#x2019;s Informative
Bulleting (as long as the Securities are listed and traded on the
Merval). To be entitled to vote at any meeting of Securityholders a
Person shall be a</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">75</font></div>
</div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Holder
of one or more Securities as of the relevant record date determined
pursuant to <a href="#_Ref441803501">&#x200E;<font style="text-decoration: underline">Section 6.2</font></a> or a Person
appointed by an instrument in writing as proxy by such Holder. The
only Persons who shall be entitled to be present or to speak at any
meeting of Securityholders shall be the Persons entitled to vote at
such meeting and their counsel, any representatives of IRSA PC and
its counsel and the Trustee and its counsel. With respect to all
matters not contemplated in this Indenture, meetings of
Securityholders will be held in accordance with Argentine Companies
Law.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(a)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">The quorum at any
meeting of Holders of the Securities of a Series called to adopt a
resolution will be Persons holding or representing a majority in
aggregate principal amount of the Outstanding Securities of such
Series and at any reconvened adjourned meetings will be the Persons
present at such reconvened adjourned meeting. At a meeting or a
reconvened adjourned meeting duly convened and at which a quorum is
present, any resolution to modify or amend, or to waive compliance
with, any provision of the Securities of a Series (other than items
requiring consent of each Holder of a Security of such Series) will
be validly passed and decided if approved by the Persons entitled
to vote a majority in aggregate principal amount of the Securities
of such Series then Outstanding represented and voting at the
meeting. Any instrument given by or on behalf of any Holder of a
Security in connection with any consent to any such modification,
amendment or waiver will be irrevocable once given and will be
conclusive and binding on all subsequent Holders of such Security.
Any modifications, amendments or waivers to this Indenture or to
the Securities of a Series will be conclusive and binding upon all
Holders of Securities of such Series whether or not they have given
such consent or were present at any meeting, and on all Securities
of such Series; <font style="text-decoration: underline">provided</font> that no such
modifications, amendments or waivers, without consent of each
Holder of a Security of such Series at the time Outstanding
directly and adversely affected thereby, shall modify, amend or
waive any of the items included in clauses (a) through (g) of
<a href="#_Ref441803515"><font style="text-decoration: underline">&#x200E;Section
7.2</font></a>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(b)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Any Securityholder
who has executed an instrument in writing appointing a Person as
proxy shall be deemed to be present for the purposes of determining
a quorum and be deemed to have voted; <font style="text-decoration: underline">provided</font> that such
Securityholder shall be considered as present or voting only with
respect to the matters covered by such instrument in writing. Any
resolution passed or decision taken at any meeting of
Securityholders of a Series duly held in accordance with this
<font style="text-decoration: underline">Section 6.6</font> shall
be binding on all the Securityholders of such Series whether or not
present or represented at the meeting.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(c)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">The appointment of
any proxy shall be proved by having the signature of the Person
executing the proxy guaranteed or certified by any notary public,
bank or trust company or judicially certified in the manner
provided under Argentine law. The following persons may not act as
proxies: members of the Board of Directors or of the Supervisory
Committee of IRSA PC and managers and other employees of IRSA PC.
The holding of Securities shall be proved by the Register
maintained in accordance with <a href="#_Ref441803422">&#x200E;<font style="text-decoration: underline">Section 2.10</font></a>; <font style="text-decoration: underline">provided</font> that the holding of a
beneficial interest in a DTC Global Security shall be proved by a
certificate or certificates of DTC and the holding of a beneficial
interest in an Euroclear/Clearstream Global Security shall be
proved by a certificate or</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">76</font></div>
</div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">certificates of
Euroclear or Clearstream, as the case may be, or the Common
Depositary therefor.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(d)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">The Trustee, acting
as a representative of the Holders, may appoint a representative to
act as the chairman of each meeting of the Holders of the
Securities of a Series. If the Trustee elects not to designate a
representative to act as chairman of a meeting, the chairman of the
meeting shall be: (i) a member of the Supervisory Committee
designated by IRSA PC; (ii) should IRSA PC fail to designate a
member of the Supervisory Committee, a representative designated by
the controlling government agency; or (iii) should the controlling
government agency fail to designate a representative, a Person
appointed by a competent court. Notwithstanding the foregoing, if
the meeting is called by the CNV or by a competent court at the
request of the Holders of the Securities of a Series, the CNV or
the competent court shall designate a Person to act as chairman.
The secretary of the meeting shall be elected by vote of the
Holders of a majority in aggregate principal amount of the
Securities of the relevant Series represented at the meeting. At
any meeting of Securityholders of a Series, each Securityholder of
such Series or proxy shall be entitled to cast one vote for each
U.S. dollar or, if the Securities are denominated in a Specified
Currency other than U.S. dollars, one vote for each unit of such
Specified Currency, of the Securities held by such Holder or
represented by such proxy. Notwithstanding the foregoing, at any
meeting of Holders of more than one Series of Securities, a Holder
of a Security which does not specify regular payments of interest,
including without limitation, Original Issue Discount Securities,
shall be entitled to one vote at any such meeting for each U.S.
dollar or, if the Securities are denominated in a Specified
Currency other than U.S. dollars, one vote for each unit of such
Specified Currency of the redemption value of such Security
calculated by the Exchange Rate Agent as of the date of such
meeting or, in the case of written consents or notices, on such
dates as IRSA PC shall designate for such purpose. No vote shall be
cast or counted at any meeting in respect of any Security
challenged as not Outstanding and ruled by the chairman of the
meeting to be not Outstanding. The chairman of the meeting shall
have no right to vote except as a Holder or proxy. Any meeting of
Holders duly called at which a quorum is present may be adjourned
from time to time, and the meeting may be held as so adjourned
without further notice.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(e)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">The vote upon any
resolution submitted to any meeting of Securityholders shall be by
written ballot on which shall be subscribed the signatures of the
Securityholders or proxies and on which shall be inscribed the
serial number or numbers of the Securities held or represented by
them. A record in duplicate of the proceedings of each meeting of
Securityholders shall be prepared by the secretary of the meeting
and there shall be attached to said record the ballots of the
votes. The record shall be signed and verified by the chairman and
secretary of the meeting and one of the duplicates shall be
delivered to IRSA PC and the other to the Trustee to be preserved
by the Trustee, the latter to have attached thereto the ballots
voted at the meeting. Any record so signed and verified shall be
conclusive evidence of the matters therein stated.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(f)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">If and for so long
as the Securities of any Series are listed on the Luxembourg Stock
Exchange for trading on the Euro MTF, the Merval or any other
securities exchange, and for negotiation in the MAE, meetings of
Holders of such</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">77</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Securities and
notices thereof shall comply with the applicable rules of the
Luxembourg Stock Exchange, the Merval, the MAE or such other
securities exchange, as applicable.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(g)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">For avoidance of
doubt, the Trustee shall not be required or otherwise obligated to
attend any meeting of the Holders of the Securities of any Series;
<font style="text-decoration: underline">provided</font>
<font style="text-decoration: underline">however</font> that in the
event IRSA PC or the Holders notify the Trustee that a meeting of
the Holders of the Securities will be held, upon request of IRSA
PC, the Trustee shall deliver written notice to the requesting
party indicating whether or not the Trustee shall attend such
meeting.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
5.7.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Toc446445075">&#xA0;</a><font style="font-style: italic">Preservation of Information; Communications to
Holders</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;
The Trustee shall preserve, in as current a form as is reasonably
practicable, the names and addresses of Holders contained in the
most recent list furnished to the Trustee and the names and
addresses of Holders received by the Trustee in its capacity as Co-
Registrar. The Trustee may destroy any list furnished to it upon
receipt of a new list so furnished.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(a)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Every Holder of
Securities, by receiving and holding the same, agrees with IRSA PC
and the Trustee that neither IRSA PC nor the Trustee nor any agent
of either of them shall be held accountable by reason of any
disclosure of information as to names and addresses of Holders made
pursuant to the provisions of this Indenture.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
5.8.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Toc446445076">&#xA0;</a><font style="font-style: italic">Reports by IRSA PC</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;IRSA PC shall
file with the Trustee, and transmit to Holders, such information,
documents and other reports, and such summaries thereof, if any, as
may be required pursuant to this Indenture.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Delivery of such
reports, information and documents to the Trustee is for
informational purposes only and the Trustee&#x2019;s receipt thereof
shall not constitute constructive notice of any information
contained therein or determinable from information contained
therein, including compliance by IRSA PC or its Subsidiaries with
any of their respective covenants hereunder.</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">ARTICLE
VI</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman"><a name="_Ref441803513">&#xA0;</a><a name="_Toc446445077">&#xA0;</a>SUPPLEMENTAL
INDENTURES</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
6.1.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Ref441803514">&#xA0;</a><a name="_Toc446445078">&#xA0;</a><font style="font-style: italic">Supplemental Indentures Without Consent of
Securityholders</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;IRSA PC, when
authorized by a resolution of the Board of Directors of IRSA PC,
and the Trustee may from time to time and at any time enter into an
indenture or indentures supplemental hereto, in form reasonably
satisfactory to the Trustee, for one or more of the following
purposes:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(a)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">adding to the
covenants of IRSA PC such further covenants, restrictions,
conditions or provisions as are for the benefit of the Holders of
the Securities of any Series;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(b)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">surrendering any
right or power conferred upon IRSA PC hereunder;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">78</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">securing the
Securities of any Series pursuant to the requirements thereof or
otherwise;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(c)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">evidencing the
succession of another Person to IRSA PC and the assumption by any
such successor of the covenants and obligations of IRSA PC in the
Securities and in this Indenture pursuant to <font style="text-decoration: underline">Article VIII</font>;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(d)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">establishing the
form or terms of Securities of any new Series as permitted by
<font style="text-decoration: underline">Sections</font> <a href="#_Ref441810170"><font style="text-decoration: underline">&#x200E;2.1</font></a> and <a href="#_Ref441803401">&#x200E;2.3</a>;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(e)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">complying with any
requirement of the CNV, the Merval and/or the MAE in order to
effect and maintain the qualification of this Indenture under
Argentine law with such institution;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(f)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">making any
modification to conform this Indenture to the &#x201C;Description of
the Notes&#x201D; in the Offering Memorandum and/or the applicable
Pricing Supplement, as the case may be;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(g)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">making any
modification which is of a minor or technical nature or correcting
or supplementing any ambiguous, inconsistent or defective provision
contained in this Indenture or in the Securities of any Series;
or</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(h)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">making any other
modification or granting any waiver or authorization of any breach
or proposed breach hereunder of any of the terms and conditions of
the Securities of any Series or any other provisions of this
Indenture applicable to such Series in any manner which does not
adversely affect the interests of the Holders of Securities of such
Series in any material respect.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">The
Trustee is hereby authorized to join with IRSA PC in the execution
of any such supplemental indenture, to make any further appropriate
agreements and stipulations that may be therein contained and to
accept the conveyance, transfer, assignment, mortgage or pledge of
any property thereunder, but neither the Trustee nor any Agent
shall be obligated to enter into any such supplemental indenture
that adversely affects the Trustee&#x2019;s own or such
Agent&#x2019;s own rights, duties or immunities under this Indenture
or otherwise; <font style="font-style: italic">provided</font>,
<font style="font-style: italic">however</font>, that no
supplemental indenture shall amend, modify or supplement the
rights, duties or immunities of any Agent unless executed by such
Agent.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Any
supplemental indenture authorized by the provisions of this
<font style="text-decoration: underline">Section 7.1</font> may be
executed without the consent of the Holders of any of the
Securities at the time Outstanding, notwithstanding any of the
provisions of <a href="#_Ref441803515"><font style="text-decoration: underline">&#x200E;Section
7.2</font></a>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Promptly after the
execution by IRSA PC and the Trustee of any supplemental indenture
pursuant to the provisions of this <font style="text-decoration: underline">Section 7.1</font>, IRSA PC, at its
expense, shall give notice thereof to the Holders of the relevant
Series as specified in <a href="#_Ref441803551"><font style="text-decoration: underline">&#x200E;Section 12.4</font></a>, and
shall give notice to the CNV, the Merval and the MAE, as
applicable, setting forth in general terms the substance of such
supplemental indenture. Any failure of IRSA PC to give notice, or
any defect therein, shall not, however, in any way impair or affect
the validity of any such supplemental indenture.</font></div>
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<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">79</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman"><a name="_Ref441803515">&#xA0;</a><a name="_Toc446445079">&#xA0;</a><font style="font-style: italic">Supplemental Indentures With Consent of
Securityholders</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;Without
limiting the provisions of <a href="#_Ref441803514">&#x200E;<font style="text-decoration: underline">Section 7.1</font></a>, IRSA PC, when
authorized by a resolution of the Board of Directors of IRSA PC,
and the Trustee may, from time to time and at any time, enter into
an indenture or indentures supplemental hereto for the purpose of
adding any provisions to or changing in any manner or eliminating
any of the provisions of this Indenture, the Securities of any
Series or of modifying in any manner the rights of the Holders of
the Securities of any Series, with the affirmative vote, at a
meeting of Holders of such Series or an adjourned meeting duly
convened at which a quorum is present as provided in <a href="#_Ref441803505">&#x200E;<font style="text-decoration: underline">Section 6.6</font></a>, of a majority
in aggregate principal amount of the Securities of such Series then
Outstanding represented and voting at such meeting; <font style="text-decoration: underline">provided</font> that no such
supplemental indenture shall, without the consent of the Holders of
all of the Outstanding Securities of a Series directly and
adversely affected thereby, extend the scheduled due date for the
payment of principal of, premium, if any, or any installment of
interest on any such Security, reduce the principal amount of, the
stated rate of interest on or the premium payable upon redemption
of any such Security, reduce the obligation of IRSA PC to pay
Additional Amounts on any such Security, shorten the period during
which IRSA PC is not permitted to redeem any such Security, change
the Specified Currency in which or the required places at which any
such Security or the premium or interest thereon is payable, reduce
the percentage of the aggregate principal amount of such Securities
necessary to modify, amend or supplement this Indenture or such
Securities, or for waiver of compliance with certain provisions
thereof or for waiver of certain defaults or reduce the percentage
of the aggregate principal amount of Outstanding Securities of a
Series required for the adoption of a resolution or the quorum
required at any meeting of Holders of such Securities at which a
resolution is adopted.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Upon
the request of IRSA PC and upon the filing with the Trustee of
evidence of the consent of Securityholders as aforesaid and other
documents, if any, required by <a href="#_Ref441803500"><font style="text-decoration: underline">&#x200E;Section
6.1</font></a> and upon the Trustee&#x2019;s receipt of the
documents required by <font style="text-decoration: underline">Section 7.4</font>, the Trustee shall
join with IRSA PC in the execution of such supplemental indenture
unless such supplemental indenture affects the Trustee&#x2019;s own
rights, duties or immunities under this Indenture or otherwise, in
which case the Trustee may in its discretion, but shall not be
obligated to, enter into such supplemental indenture; <font style="font-style: italic">provided</font>, <font style="font-style: italic">however</font>, that no supplemental indenture
shall amend, modify or supplement the rights, duties or immunities
of any Agent unless executed by such Agent.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">It
shall not be necessary for the consent of the Securityholders under
this <font style="text-decoration: underline">Section 7.2</font> to
approve the particular form of any proposed supplemental indenture,
but it shall be sufficient if such consent shall approve the
substance thereof.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Promptly after the
execution by IRSA PC and the Trustee of any supplemental indenture
pursuant to the provisions of this <font style="text-decoration: underline">Section 7.2</font>, IRSA PC, at its
expense, shall give notice thereof to the Holders of the relevant
Series as provided in <a href="#_Ref441803551">&#x200E;<font style="text-decoration: underline">Section 12.4</font></a>, and to the
CNV, setting forth in general terms the substance of such
supplemental indenture. If IRSA PC shall fail to give such notice
to the Holders within fifteen (15) days after the execution of such
supplemental indenture and a Responsible Officer of the Trustee
shall have notice of such failure, the Trustee shall give notice to
the Holders as provided in <a href="#_Ref441803551"><font style="text-decoration: underline">&#x200E;Section 12.4</font></a> at the
expense of IRSA PC. Any failure of IRSA PC or the Trustee to
give</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">80</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">such
notice, or defect therein, shall not, however, in any way impair or
affect the validity of any such supplemental
indenture.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
6.2.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Toc446445080">&#xA0;</a><font style="font-style: italic">Effect of Supplemental
Indenture</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;Upon the
execution of any supplemental indenture pursuant to the provisions
hereof and upon receipt of any necessary approval of the CNV, if
applicable, this Indenture and the Securities of the applicable
Series shall be and shall be deemed to be modified and amended in
accordance therewith and the respective rights, limitations of
rights, obligations, duties and immunities under this Indenture
with respect to the applicable Series of Securities of the Trustee,
IRSA PC and the Holders of Securities of such Series shall
thereafter be determined, exercised and enforced hereunder subject
in all respects to such modifications and amendments, and all the
terms and conditions of any such supplemental indenture shall be
and shall be deemed to be part of the terms and conditions of this
Indenture for any and all purposes.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
6.3.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Toc446445081">&#xA0;</a><font style="font-style: italic">Documents to Be Given to the
Trustee</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;In connection
with any amendment or supplemental indenture, the Trustee shall be
entitled to receive, and shall be fully protected in conclusively
relying upon, an Officer&#x2019;s Certificate and an Opinion of
Counsel and receipt of resolutions of the Board of Directors as
conclusive evidence that any supplemental indenture executed
pursuant to this <a href="#_Ref441803513"><font style="text-decoration: underline">&#x200E;Article VII</font></a> has been
duly authorized by IRSA PC, complies with the applicable provisions
of this Indenture and is authorized or permitted by the terms of
this Indenture.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
6.4.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Toc446445082">&#xA0;</a><font style="font-style: italic">Notation on Securities in Respect of
Supplemental Indentures</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;Securities
authenticated and delivered after the execution of any supplemental
indenture pursuant to the provisions of this <a href="#_Ref441803513"><font style="text-decoration: underline">&#x200E;Article VII</font></a> may and
shall if required by IRSA PC, bear a notation in form and manner
approved by IRSA PC as to any matter provided for by such
supplemental indenture or as to any action taken at any such
meeting. If IRSA PC shall so determine, new Securities modified so
as to conform to any modification of this Indenture contained in
any such supplemental indenture may be prepared by IRSA PC at its
expense, authenticated by the Trustee and delivered in exchange for
the Securities then Outstanding.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
6.5.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Toc446445083">&#xA0;</a><font style="font-style: italic">Conformity with Negotiable Obligations
Law</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;Every
supplemental indenture executed pursuant to this <a href="#_Ref441803513"><font style="text-decoration: underline">&#x200E;Article VII</font></a> shall
conform to the requirements of the Negotiable Obligations Law, the
Capital Markets Law and the rules of the CNV, as then in
effect.</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">ARTICLE
VII</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman"><a name="_Ref441803521">&#xA0;</a><a name="_Toc446445084">&#xA0;</a>MERGER, CONSOLIDATION, SALE OR
CONVEYANCE</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
7.1.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Ref441803522">&#xA0;</a><a name="_Toc446445085">&#xA0;</a><font style="font-style: italic">IRSA PC May Consolidate, etc., on Certain
Term</font>s.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;IRSA PC
covenants that it will not, in a single transaction or series of
related transactions, consolidate with or merge into, any Person
(whether or not IRSA PC is the surviving or continuing Person), or
sell, assign, transfer, lease, convey or otherwise dispose of all
or</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">81</font></div>
</div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">substantially all
of IRSA PC&#x2019;s properties and assets (determined on a
consolidated basis for IRSA PC and its Subsidiaries), to any Person
unless either:</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(1)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">IRSA PC shall be
the surviving or continuing corporation; or</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(2)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">the Person (if
other than IRSA PC) formed by such consolidation or into which IRSA
PC is merged or the Person which acquires by sale, assignment,
transfer, lease, conveyance or other disposition of all or
substantially all of the properties and assets of IRSA PC and of
IRSA PC&#x2019;s Subsidiaries (the &#x201C;<font style="text-decoration: underline">Surviving
Entity</font>&#x201D;):</font></div>
<div style="text-align: left; margin-left: 96px; margin-right: 0px; text-indent: 144px">
<font style="font-size: 13px; font-family: Times New Roman">(A)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">shall be a
corporation, organized and validly existing under the laws of a
Qualified Merger Jurisdiction or any political subdivision thereof,
and</font></div>
<div style="text-align: left; margin-left: 96px; margin-right: 0px; text-indent: 144px">
<font style="font-size: 13px; font-family: Times New Roman">(B)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">shall expressly
assume, by a supplemental indenture, executed and delivered to the
Trustee, the due and punctual payment of the principal of, and
premium, if any, and interest on all of the Securities and the
performance and observance of every covenant of the Securities and
this Indenture on the part of IRSA PC to be performed or
observed.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">For
purposes of this <font style="text-decoration: underline">Section
8.1</font>, the transfer (by lease, assignment, sale or otherwise,
in a single transaction or series of related transactions) of all
or substantially all of the properties or assets of one or more
Subsidiaries of IRSA PC, the Capital Stock of which constitutes all
or substantially all of the properties and assets of IRSA PC
(determined on a consolidated basis for IRSA PC and its
Subsidiaries), will be deemed to be the transfer of all or
substantially all of the properties and assets of IRSA
PC.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
7.2.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Toc446445086">&#xA0;</a><font style="font-style: italic">Surviving Entity
Substituted</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;Upon any such
consolidation, merger, sale, transfer, lease or other conveyance or
disposal in which IRSA PC is not the continuing entity, such
Surviving Entity formed by such consolidation or into which IRSA PC
is merged or to which such conveyance, lease or transfer is made,
shall succeed to and be substituted for, and may exercise every
right and power of IRSA PC under this Indenture and the Securities
with the same effect as if such Surviving Entity had been named as
such.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">In case
of any such consolidation, merger, sale, transfer, lease or
conveyance, such changes in phraseology and form (but not in
substance) may be made in this Indenture and/or the Securities
thereafter to be issued as may be appropriate.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">In the
event of any such sale or conveyance (other than a conveyance by
way of lease) and assumption by the Surviving Entity, IRSA PC shall
be discharged from all obligations and covenants under this
Indenture and the Securities to be performed by IRSA PC and may be
liquidated and dissolved.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">No
Surviving Entity shall have the right to redeem any Securities
Outstanding unless IRSA PC would have been entitled to redeem such
Securities pursuant to this</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">82</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Indenture in the
absence of any such merger, consolidation, sale, transfer, lease or
conveyance permitted under <a href="#_Ref441803522"><font style="text-decoration: underline">&#x200E;Section
8.1</font></a>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">By
purchasing Securities, Holders expressly waive their right to
objection contemplated in Section 83, 88 and related provisions of
Argentine Law No. 19,550 and Section 4 of Argentine Law No. 11,867,
in the event that the merger or consolidation or the sale,
assignment, transfer, lease, conveyance or other disposition of all
or substantially all the properties and assets of IRSA PC
(determined on a consolidated basis) is made under the terms and
conditions permitted by this <font style="text-decoration: underline">Article VIII</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
7.3.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Toc446445087">&#xA0;</a><font style="font-style: italic">Documents to Trustee</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;The Trustee
may request, and IRSA PC shall provide, an Opinion of Counsel
stating that any such consolidation, merger, sale, transfer, lease
or other conveyance or disposition, and any such liquidation or
dissolution, complies with the applicable provisions of this
Indenture, the Securities and applicable law and an Opinion of
Counsel and an Officer&#x2019;s Certificate stating that all
conditions precedent relating to such transaction and the execution
of such supplemental indenture, if any, have been met in all
material respects, and the Trustee may conclusively rely on such
Opinion of Counsel and Officer&#x2019;s Certificate as conclusive
evidence of the matters described therein.</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">ARTICLE
VIII</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman"><a name="_Toc446445088">&#xA0;</a>SATISFACTION AND DISCHARGE OF
INDENTURE; UNCLAIMED MONEYS</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
8.1.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Ref441803529">&#xA0;</a><a name="_Toc446445089">&#xA0;</a><font style="font-style: italic">Satisfaction and Discharge of
Indenture</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;If at any
time IRSA PC shall have paid or caused to be paid the principal of
and interest (including Additional Amounts) on all the Securities
Outstanding hereunder (other than Securities that have been
destroyed, lost or stolen and that have been replaced or paid as
provided in <a href="#_Ref441803427"><font style="text-decoration: underline">&#x200E;Section 2.11</font></a>) as and
when the same shall have become due and payable, or IRSA PC shall
have delivered to the Trustee for cancellation all Securities
theretofore authenticated (other than any Securities that shall
have been destroyed, lost or stolen and that shall have been
replaced or paid as provided in <a href="#_Ref441803427">&#x200E;<font style="text-decoration: underline">Section 2.11</font></a> or all the
Securities not theretofore delivered to the Trustee for
cancellation shall have become due and payable, or are by their
terms to become due and payable within one (1) year or are to be
called for redemption within one (1) year under arrangements
satisfactory to the Trustee for the giving of notice of redemption,
and IRSA PC shall have irrevocably deposited or caused to be
deposited with the Trustee as trust funds the entire amount in cash
(other than moneys repaid by the Trustee or any Paying Agent to
IRSA PC in accordance with <font style="text-decoration: underline">Section</font> <a href="#_Ref441808598"><font style="text-decoration: underline">&#x200E;9.3</font></a> or <a href="#_Ref441808602">&#x200E;9.4</a>) sufficient to pay at maturity or
upon redemption all Securities (other than any Securities that
shall have been destroyed, lost or stolen and that shall have been
replaced or paid as provided in <a href="#_Ref441803427"><font style="text-decoration: underline">&#x200E;Section 2.11</font></a>) not
theretofore delivered to the Trustee for cancellation, including
principal and interest (including Additional Amounts) due or to
become due on or prior to such date of maturity or redemption, as
the case may be, and if, in any such case, IRSA PC shall also pay
or cause to be paid all other sums payable hereunder by IRSA PC
with respect to the Securities, then this Indenture shall cease to
be of further effect (except as to (i) rights of registration of
transfer, exchange and replacement of Securities, and IRSA
PC&#x2019;s right of optional redemption, if any, (ii)</font></div>
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<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">83</font></div>
</div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">substitution of
mutilated, defaced, destroyed, lost or stolen Securities, (iii)
rights of Holders to receive payments of principal thereof and
interest thereon (including Additional Amounts), and remaining
rights of the Holders to receive mandatory sinking fund payments,
if any, (iv) the rights, protections, indemnities, obligations and
immunities of the Trustee, each of the Agents and the
Representative of the Trustee in Argentina hereunder and the
obligations of IRSA PC with respect thereto (v) the rights of the
Securityholders as beneficiaries hereof with respect to the
property so deposited with the Trustee payable to all or any of
them), and the Trustee, on written demand of IRSA PC accompanied by
an Officer&#x2019;s Certificate and an Opinion of Counsel and at the
cost and expense of IRSA PC, shall execute instruments
acknowledging such satisfaction of and discharging this Indenture;
<font style="text-decoration: underline">provided</font> that the
rights of Holders of the Securities to receive amounts in respect
of principal of and interest on the Securities held by them shall
not be delayed longer than required by then-applicable mandatory
rules or policies of any securities exchange upon which the
Securities are listed. IRSA PC agrees to reimburse the Trustee for
any costs or expenses thereafter reasonably incurred (including
reasonable fees and expenses of counsel) and to compensate the
Trustee for any services thereafter rendered by the Trustee in
accordance with the terms of this Indenture or the Securities.
Notwithstanding the satisfaction and discharge of this Indenture,
the obligations of IRSA PC to the Trustee, the Agents and the
Representative of the Trustee in Argentina under <font style="text-decoration: underline">Sections 1.2</font>, <a href="#_Ref441806879"><font style="text-decoration: underline">&#x200E;3.4(b)</font></a>, <a href="#_Ref441808657"><font style="text-decoration: underline">&#x200E;5.6</font></a>, <font style="text-decoration: underline">5.13</font>, <font style="text-decoration: underline">5.14</font> and <font style="text-decoration: underline">11.5</font> shall
survive.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
8.2.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Toc446445090">&#xA0;</a><font style="font-style: italic">Application by Trustee of Funds Deposited for
Payment of Securities</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;Subject to
<a href="#_Ref441803532"><font style="text-decoration: underline">&#x200E;Section 9.4</font></a>, all
moneys deposited with the Trustee pursuant to <a href="#_Ref441803529">&#x200E;<font style="text-decoration: underline">Section 9.1</font></a> shall be held
in trust and applied by it to the payment, either directly or
through any Paying Agent (including IRSA PC acting as its own
paying agent), to the Holders of the particular Securities for the
payment or redemption of which such moneys have been deposited with
the Trustee, of all sums due and to become due thereon as principal
and interest (including Additional Amounts); but such money need
not be segregated from other funds except to the extent required by
law and the Trustee shall have no liability for interest thereon or
the investment thereof.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
8.3.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Ref441806806">&#xA0;</a><a name="_Ref441808598">&#xA0;</a><a name="_Toc446445091">&#xA0;</a><font style="font-style: italic">Repayment of Moneys Held by Paying
Agent</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;In connection
with the satisfaction and discharge of this Indenture with respect
to the Securities, all moneys then held by any Paying Agent under
the provisions of this Indenture with respect to the Securities
shall, upon written demand of IRSA PC, be repaid to it or paid to
the Trustee and thereupon such Paying Agent shall be released from
all further liability with respect to such moneys.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
8.4.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Ref441803532">&#xA0;</a><a name="_Ref441806810">&#xA0;</a><a name="_Ref441808602">&#xA0;</a><a name="_Ref441810285">&#xA0;</a><a name="_Toc446445092">&#xA0;</a><font style="font-style: italic">Return of Moneys Held by Trustee and Paying
Agent Unclaimed for Two Years</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;Any moneys
deposited with or paid to the Trustee or any Paying Agent for the
payment of the principal of or interest on any Security (including
Additional Amounts) and not applied but remaining unclaimed for two
(2) years after the date upon which such principal or interest
(including Additional Amounts) or other amounts shall have become
due and payable, shall, unless otherwise required by mandatory
provisions of applicable escheat or abandoned or unclaimed property
law, be repaid to IRSA PC, upon written request, by the Trustee or
such Paying Agent, and the Holder of such Security shall, unless
otherwise required by mandatory provisions of applicable
escheat</font></div>
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<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">84</font></div>
</div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">or
abandoned or unclaimed property laws, thereafter look only to IRSA
PC for any payment that such Holder may be entitled to collect, and
all liability of the Trustee or any Paying Agent with respect to
such moneys shall thereupon cease.</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">ARTICLE
IX</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman"><a name="_Toc446445093">&#xA0;</a>REDEMPTION AND REPURCHASE OF
SECURITIES</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
9.1.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Ref441803534">&#xA0;</a><a name="_Toc446445094">&#xA0;</a><font style="font-style: italic">Notice of Redemption; Partial
Redemptions</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;Notice
of redemption to the Holders of Securities to be redeemed as a
whole or in part at the option of IRSA PC pursuant to <a href="#_Ref446276542">&#x200E;Section 10.4</a> or otherwise pursuant to
the terms of such Securities established as contemplated by
<a href="#_Ref441803401">&#x200E;<font style="text-decoration: underline">Section 2.3</font></a> shall be given
to Holders as specified in <a href="#_Ref441803551">&#x200E;<font style="text-decoration: underline">Section 12.4</font></a> and to the
CNV. Each notice of redemption at the option of IRSA PC shall
specify the provision pursuant to which the redemption is being
made, the aggregate principal amount of each Security held by such
Holders to be redeemed, the date fixed for redemption (the
&#x201C;<font style="text-decoration: underline">Redemption
Date</font>&#x201D;), the redemption price, the place or places of
payment, the CUSIP, ISIN, Common Code or other identifying codes,
if any, that no representation is made as to the correctness or
accuracy of the CUSIP, ISIN, Common Code or other identifying codes
listed on such notice or printed on such Securities, that payment
will be made upon presentation and surrender of such Securities,
that interest accrued to the Redemption Date and any Additional
Amounts will be paid as specified in such notice, that on and after
said date interest thereon or on the portions thereof to be
redeemed will cease to accrue (unless IRSA PC defaults in the
payment of any amounts due and owing under such Securities) and any
other matter required to be specified therein by Argentine law or
regulation. In case any Security is to be redeemed in part only,
the notice of redemption shall state the portion of the principal
amount thereof to be redeemed and shall state that on and after the
Redemption Date, upon surrender of such Security, a new Security or
Securities in principal amount equal to the unredeemed portion
thereof will be issued.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(a)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">IRSA PC shall
deliver to the Trustee any notice of redemption specifying the
information set forth above at least five (5) days prior to the
date on which such notice of redemption will be given to the
Holders or such later date as the Trustee shall agree. The notice
of redemption of Securities to be redeemed at the option of IRSA PC
shall be given to Holders by IRSA PC or, at IRSA PC&#x2019;s written
request at least two (2) Business Days prior to the date notice of
redemption is deliverable to the Holders of the relevant
Securities, which such request shall include all of the information
required to be set forth in the notice of redemption, by the
Trustee in the name and at the expense of IRSA PC at least five (5)
days but not more than sixty (60) days before the Redemption Date
(unless otherwise specified pursuant to the terms of such
Securities established as contemplated by <a href="#_Ref441803401">&#x200E;<font style="text-decoration: underline">Section 2.3</font></a>). Such notice
shall be irrevocable.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(b)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">If less than all
the Securities of a Series are to be redeemed at the option of IRSA
PC, the particular Securities of such Series to be redeemed shall
be selected by the Trustee from the Outstanding Securities of such
Series not previously called for redemption individually pro rata,
by lot or in such other manner as the Trustee deems appropriate
(and in the case of Securities represented by a Global Security,
in</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">85</font></div>
</div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">accordance with the
provisions of the relevant Depositary) not more than sixty (60)
days prior to the Redemption Date and a list of the Securities
called for redemption will be notified to IRSA PC and the Holders
in accordance with <a href="#_Ref441803551">&#x200E;<font style="text-decoration: underline">Section 12.4</font></a> not less than
three (3) days prior to the Redemption Date. Upon any partial
redemption of Securities of such Series, the Trustee shall (i) in
the case of Securities represented by a DTC Global Security, cancel
the existing DTC Global Security or Securities and authenticate and
hold as custodian for DTC a new DTC Global Security or Securities,
as applicable, to reflect the aggregate principal amount of
Securities of such Series Outstanding after such redemption and
(ii) in the case of Certificated Securities, to the extent
required, authenticate and deliver in exchange therefor one or more
Securities of such Series, of any authorized denomination as
requested by the Holder thereof, in an aggregate principal amount
equal to the unredeemed portion of the principal of such partially
redeemed Security. In the case of Securities represented by an
Euroclear/Clearstream Global Security, the Common Depositary shall
cancel the existing Euroclear/Clearstream Global Security or
Securities, and the Trustee shall authenticate and the Common
Depositary shall hold as custodian for Euroclear and Clearstream a
new Euroclear/Clearstream Global Security or Securities, as
applicable, to reflect the aggregate principal amount of Securities
of such Series Outstanding after such redemption. Securities may be
redeemed in part in multiples equal to the minimum authorized
denomination for Securities or any multiple thereof. The Trustee
shall promptly notify IRSA PC in writing of the Securities selected
for redemption and, in the case of any Securities selected for
partial redemption, the principal amount thereof to be redeemed.
For all purposes of this Indenture, unless the context otherwise
requires, all provisions relating to the redemption of Securities
shall relate, in the case of any Security redeemed or to be
redeemed only in part, to the portion of the principal amount of
such Security that has been or is to be redeemed.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
9.2.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Ref441803535">&#xA0;</a><a name="_Toc446445095">&#xA0;</a><font style="font-style: italic">Payment of Securities Called for
Redemption</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;On or before
10:00 AM (New York City time) one (1) Business Day prior to the
redemption date specified in the notice of redemption given as
provided in this <font style="text-decoration: underline">Section
10.2</font>, IRSA PC will deposit with the Trustee (or, if IRSA PC
is acting as its own paying agent, set aside, segregate and hold in
trust as provided in &#x200E;<font style="text-decoration: underline">Section 3.4</font>) an amount of money
sufficient to redeem on the redemption date all the Securities so
called for redemption at the appropriate redemption price, together
with accrued and unpaid interest, if any, to, but excluding the
Redemption Date and any Additional Amounts. If notice of redemption
has been given to the Holders as provided in <a href="#_Ref441803534"><font style="text-decoration: underline">&#x200E;Section 10.1</font></a>, the
Securities or portions of Securities specified in such notice shall
become due and payable on the date and at the place stated in such
notice at the applicable redemption price, together with interest
accrued to the Redemption Date and any Additional Amounts, and on
and after said Redemption Date (unless IRSA PC shall default in the
payment of such Securities at the redemption price, together with
interest accrued to said date and any Additional Amounts) interest
on the Securities or portions of Securities so called for
redemption shall cease to accrue and, except as provided in
<font style="text-decoration: underline">Section</font> <a href="#_Ref441810285"><font style="text-decoration: underline">&#x200E;9.4</font></a>, such Securities
shall cease from and after the date fixed for redemption to be
entitled to any benefit or security under this Indenture, and the
Holders thereof shall have no right in respect of such Securities
except the right to receive the redemption price thereof and unpaid
interest accrued to the Redemption Date and any Additional Amounts.
On presentation and surrender, pursuant to the terms
of</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">86</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">such
Securities, of such Securities at a place of payment specified in
said notice, said Securities or the specified portions thereof
shall be paid and redeemed by IRSA PC at the applicable redemption
price, together with interest accrued thereon to the Redemption
Date and any Additional Amounts; <font style="text-decoration: underline">provided</font> that any payment of
interest becoming due on the Redemption Date and any Additional
Amounts shall be payable to the Holders of such Securities
registered as such on the relevant Regular Record Date subject to
the terms and provisions of <a href="#_Ref441803416"><font style="text-decoration: underline">&#x200E;Section
2.4</font></a>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">From
and after the redemption date, if moneys for the redemption of the
Securities called for redemption shall have been made available as
provided herein for redemption on the redemption date, such
Securities shall cease to bear interest, and the only right of the
Holders of such Securities shall be to receive payment of the
redemption price and all unpaid interest accrued to the Redemption
Date and any Additional Amounts.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Notwithstanding any
provision to the contrary in this <a href="#_Ref441803535">&#x200E;<font style="text-decoration: underline">Section 10.2</font></a>, if any
Security called for redemption shall not be so paid upon surrender
thereof for redemption, the principal shall, until paid or duly
provided for, bear interest from the Redemption Date at the rate
specified in the Security.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Upon
presentation of any Security redeemed in part only, IRSA PC shall
execute and the Trustee shall authenticate and deliver to or on the
order of the Holder thereof, at the expense of IRSA PC, a new
Security or Securities, of authorized denominations, in principal
amount equal to the unredeemed portion of the Security so
presented.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
9.3.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Toc446445096">&#xA0;</a><font style="font-style: italic">Exclusion of Certain Securities from
Eligibility for Selection for Redemption</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;Securities
shall be excluded from eligibility for selection for redemption if
they are identified by registration and certificate number in an
Officer&#x2019;s Certificate delivered to the Trustee at least ten
(10) days prior to the date on which notice of redemption will be
given as being owned of record and beneficially by, and not pledged
or hypothecated by either IRSA PC or a Person specifically
identified in such written statement as directly or indirectly
controlled by IRSA PC.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
9.4.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Ref446276542">&#xA0;</a><a name="_Ref446277511">&#xA0;</a><a name="_Toc446445097">&#xA0;</a><font style="font-style: italic">Redemption at the Option of IRSA PC for
Taxation Reasons</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;The
Securities of any Series may be redeemed at the option of IRSA PC
in whole, but not in part, at any time, on giving not less than
five (5) nor more than sixty (60) days&#x2019; written notice (which
shall be irrevocable) to the Holders, the Trustee and, if
applicable, the CNV as required by <font style="text-decoration: underline">Section 10.1</font>, at the principal
amount thereof (or, in the case of Original Issue Discount
Securities, at the Amortized Face Amount thereof), together with
any accrued but unpaid interest and any Additional Amounts to the
Redemption Date, if, as a result of any change in, or amendment to,
the laws (or any regulations or rulings issued thereunder) of
Argentina or any political subdivision of or any taxing authority
in Argentina or any change in the application, administration or
official interpretation of such laws, regulations or rulings,
including without limitation the holding of a court of competent
jurisdiction, IRSA PC has or will become obligated to pay
Additional Amounts (a &#x201C;<font style="text-decoration: underline">Change in Tax Law</font>&#x201D;) on or
in respect of such Securities, which change or amendment becomes
effective on or after the date of issuance of the Securities of
such</font></div>
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<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">87</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Series,
and IRSA PC determines in good faith that such obligation cannot be
avoided by IRSA PC taking reasonable measures available to it;
<font style="text-decoration: underline">provided</font> that
reasonable measures shall not include changing IRSA PC&#x2019;s
jurisdiction of organization or the location of its principal
executive office or incurring any cost or expense that IRSA PC
deems in good faith to be material; and <font style="text-decoration: underline">provided</font> <font style="text-decoration: underline">further</font> that no such notice of
redemption shall be given earlier than ninety (90) days prior to
the earliest date on which IRSA PC would be obliged to pay such
Additional Amounts were a payment in respect of the Securities then
due.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(a)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">Prior to the
distribution of any notice of redemption pursuant to this <a href="#_Ref446277511">&#x200E;Section 10.4</a>, IRSA PC shall deliver to
the Trustee (i) an Officer&#x2019;s Certificate stating that IRSA PC
has or will become obligated to pay Additional Amounts as a result
of a Change in Tax Law and that such obligation cannot be avoided
by IRSA PC taking reasonable measures available to it and (ii) an
opinion of independent legal counsel qualified under the laws of
Argentina to the effect that IRSA PC would become obligated to pay
Additional Amounts as a result of a Change in Tax Law. The Trustee
shall be entitled to accept such certificate and Opinion of Counsel
as sufficient evidence of the satisfaction of the conditions to
redemption by IRSA PC pursuant to this Section 10.4, in which event
it will be conclusive and binding on the Holders of such Series of
Securities.</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">ARTICLE
X</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman"><a name="_Ref441803539">&#xA0;</a><a name="_Toc446445098">&#xA0;</a>DEFEASANCE</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
10.1.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Ref441803540">&#xA0;</a><a name="_Toc446445099">&#xA0;</a><font style="font-style: italic">IRSA PC&#x2019;s Option to Effect Total
Defeasance or Partial Defeasance</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;IRSA PC may
at its option, by written notice executed by an Authorized Person
of IRSA PC delivered to the Trustee, elect to have either <a href="#_Ref441803541">&#x200E;<font style="text-decoration: underline">Section 11.2</font></a> or <a href="#_Ref441803542"><font style="text-decoration: underline">&#x200E;Section 11.3</font></a> applied
to any Series of Securities, unless otherwise designated pursuant
to the terms of such Securities established as set forth in
<a href="#_Ref441803401"><font style="text-decoration: underline">&#x200E;Section 2.3</font></a>, in each
case upon compliance with the conditions set forth below in this
<a href="#_Ref441803539">&#x200E;<font style="text-decoration: underline">Article XI</font></a>; <font style="text-decoration: underline">provided</font> that the provisions of
this <a href="#_Ref441803539"><font style="text-decoration: underline">&#x200E;Article XI</font></a> shall
apply only to Securities of a Series that are denominated and
payable in U.S. dollars and have a fixed rate of
interest.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
10.2.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Ref441803541">&#xA0;</a><a name="_Toc446445100">&#xA0;</a><font style="font-style: italic">Total Defeasance</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;If IRSA PC
shall exercise the option provided in <a href="#_Ref441803540"><font style="text-decoration: underline">&#x200E;Section 11.1</font></a> to have
this <a href="#_Ref441803541">&#x200E;<font style="text-decoration: underline">Section 11.2</font></a> apply with
respect to all Outstanding Securities of any Series of Securities
denominated and payable in U.S. dollars and having a fixed rate of
interest, IRSA PC shall be deemed to have been discharged from its
obligations with respect to such Series of Securities on the date
the conditions set forth in <a href="#_Ref441803543">&#x200E;Section
11.4</a> with respect to total defeasance are satisfied with
respect to such Securities (hereinafter, &#x201C;<font style="text-decoration: underline">total defeasance</font>&#x201D;). For
this purpose, total defeasance means (except as otherwise may be
provided pursuant to the terms of the Securities of such Series
established pursuant to <a href="#_Ref441803401">&#x200E;<font style="text-decoration: underline">Section
2.3</font></a>) that IRSA PC shall be deemed to have paid and
discharged the entire indebtedness represented by such Series of
Securities and to have satisfied all its other obligations under
such Securities and this Indenture insofar as such Series of
Securities are concerned (and IRSA PC and the Trustee, upon the
written request of IRSA PC, shall execute instruments acknowledging
the same), except for the following, which shall survive until
otherwise terminated or discharged hereunder:</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">88</font></div>
</div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">the
right of Holders of such Securities to receive, solely from the
trust fund described in <a href="#_Ref441803543">&#x200E;<font style="text-decoration: underline">Section
11.4</font></a> and as more fully set forth in such <font style="text-decoration: underline">Section</font>, payments in respect of
the principal of and interest on such Securities when such payments
are due, IRSA PC&#x2019;s obligations under <font style="text-decoration: underline">Sections</font> <a href="#_Ref441808752"><font style="text-decoration: underline">&#x200E;1.2</font></a><font style="text-decoration: underline">,</font> <a href="#_Ref441808763"><font style="text-decoration: underline">&#x200E;2.10</font></a><font style="text-decoration: underline">,</font> <a href="#_Ref441808769"><font style="text-decoration: underline">&#x200E;2.11</font></a><font style="text-decoration: underline">,</font> <a href="#_Ref441808776"><font style="text-decoration: underline">&#x200E;3.2</font></a><font style="text-decoration: underline">,</font> <a href="#_Ref441808781"><font style="text-decoration: underline">&#x200E;3.3</font></a><font style="text-decoration: underline">,</font> <a href="#_Ref441806879"><font style="text-decoration: underline">&#x200E;3.4(b)</font></a><font style="text-decoration: underline">,</font> <a href="#_Ref441808793"><font style="text-decoration: underline">&#x200E;3.5</font></a><font style="text-decoration: underline">,</font> <a href="#_Ref441808801"><font style="text-decoration: underline">&#x200E;3.13</font></a><font style="text-decoration: underline">,</font> <a href="#_Ref441808809"><font style="text-decoration: underline">&#x200E;5.6</font></a><font style="text-decoration: underline">,</font> <a href="#_Ref441808816"><font style="text-decoration: underline">&#x200E;5.9</font></a><font style="text-decoration: underline">,</font> <a href="#_Ref441808820"><font style="text-decoration: underline">&#x200E;5.10</font></a><font style="text-decoration: underline">, 5.14</font> and <a href="#_Ref441808830"><font style="text-decoration: underline">&#x200E;12.7</font></a>; any other
provisions specified pursuant to the terms of the Securities of
such Series established pursuant to <a href="#_Ref441803401">&#x200E;<font style="text-decoration: underline">Section 2.3</font></a>; and the
provisions of <a href="#_Ref441803397"><font style="text-decoration: underline">&#x200E;Section 1.2</font></a>,
<a href="#_Ref441803477">&#x200E;<font style="text-decoration: underline">Article V</font></a> and this <a href="#_Ref441803539">&#x200E;<font style="text-decoration: underline">Article XI</font></a>. Subject to
compliance with this <a href="#_Ref441803539"><font style="text-decoration: underline">&#x200E;Article XI</font></a>, IRSA PC
may exercise its option under <a href="#_Ref441803540"><font style="text-decoration: underline">&#x200E;Section 11.1</font></a> to have
this <a href="#_Ref441803541"><font style="text-decoration: underline">&#x200E;Section 11.2</font></a> apply
to any Series of Securities notwithstanding the prior exercise of
its option under <a href="#_Ref441803540">&#x200E;<font style="text-decoration: underline">Section 11.1</font></a> to have
<a href="#_Ref441803542">&#x200E;<font style="text-decoration: underline">Section 11.3</font></a> apply to such
Series of Securities.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
10.3.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Ref441803542">&#xA0;</a><a name="_Ref441810446">&#xA0;</a><a name="_Toc446445101">&#xA0;</a><font style="font-style: italic">Partial Defeasance</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;Upon IRSA
PC&#x2019;s exercise of the option provided in <a href="#_Ref441803540">&#x200E;<font style="text-decoration: underline">Section 11.1</font></a> to have this
<a href="#_Ref441803542">&#x200E;<font style="text-decoration: underline">Section 11.3</font></a> applied to all
the Outstanding Securities of any Series denominated in U.S.
dollars and having a fixed rate of interest, except as otherwise
may be provided pursuant to the terms of the Securities established
pursuant to <a href="#_Ref441803401"><font style="text-decoration: underline">&#x200E;Section 2.3</font></a>:
<a name="_Ref441808955">&#xA0;</a> IRSA
PC shall be released from its obligations under <font style="text-decoration: underline">Sections</font> <a href="#_Ref441808933"><font style="text-decoration: underline">&#x200E;3.14</font></a> and <a href="#_Ref441808939"><font style="text-decoration: underline">&#x200E;3.15</font></a> and the
occurrence of any event with respect to such Series of Securities
specified in <a href="#_Ref441808979"><font style="text-decoration: underline">&#x200E;Section 4.1(b)</font></a> shall
not be deemed an Event of Default (but only insofar as such event
relates to the obligations under <font style="text-decoration: underline">Sections</font> <a href="#_Ref441808933"><font style="text-decoration: underline">&#x200E;3.14</font></a> and <a href="#_Ref441808939">&#x200E;3.15</a> from which IRSA PC has been
expressly released pursuant to <a href="#_Ref441808955"><font style="text-decoration: underline">&#x200E;Section
11.3(i)</font></a>), in each case, on and after the date the
conditions set forth in <a href="#_Ref441803543"><font style="text-decoration: underline">&#x200E;Section 11.4</font></a> are
satisfied with respect to such Series of Securities (hereinafter,
&#x201C;<font style="text-decoration: underline">partial
defeasance</font>&#x201D;). For this purpose, partial defeasance
means that IRSA PC may omit to comply with and shall have no
liability in respect of any term, condition or limitation set forth
in any such paragraph to the extent specified above, whether
directly or indirectly by reason of any reference elsewhere herein
or in the Securities to any such paragraph or by reason of any
reference in any such paragraph to any other provision herein or in
the Securities of such Series or in any other document, but the
remainder of IRSA PC&#x2019;s obligations shall be unaffected
thereby.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
10.4.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Ref441803543">&#xA0;</a><a name="_Toc446445102">&#xA0;</a><font style="font-style: italic">Conditions to Total Defeasance and Partial
Defeasance</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;The following
shall be the conditions to application of either <a href="#_Ref441803541"><font style="text-decoration: underline">&#x200E;Section 11.2</font></a> or
<a href="#_Ref441803542"><font style="text-decoration: underline">&#x200E;Section 11.3</font></a> to any
Securities:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(a)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Ref441809699">&#xA0;</a>IRSA PC shall
irrevocably have deposited or caused to be deposited with a
trustee, who may be the Trustee and who shall agree to comply with
the provisions of this <a href="#_Ref441803539">&#x200E;<font style="text-decoration: underline">Article XI</font></a> applicable to it
(the &#x201C;<font style="text-decoration: underline">Defeasance
Trustee</font>&#x201D;), as trust funds in trust for the purpose of
making the following payments, specifically pledged as security
for, and dedicated solely to, the benefit of the Holders of such
Securities, freely transferable U.S. dollars, or U.S. Government
Obligations which through the scheduled payment of principal and
interest in respect thereof in accordance with their terms shall
provide, not later than one day before the due date of any payment,
money, or a combination thereof, in each case in an amount
sufficient, to pay and discharge, and which shall be applied by the
Defeasance Trustee to pay and discharge, the principal of and each
installment of interest on such Securities on the maturity of such
principal or installment of interest (whether at the stated
maturity or by acceleration, redemption or otherwise) in accordance
with the terms of this Indenture and of such Securities. For this
purpose, &#x201C;<font style="text-decoration: underline">U.S.
Government Obligations</font>&#x201D; means securities that are (x)
direct obligations</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">89</font></div>
</div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">of the
United States of America for the payment of which its full faith
and credit are pledged or (y) obligations of a Person controlled or
supervised by and acting as an agency or instrumentality of the
United States of America the payment of which is unconditionally
guaranteed as a full faith and credit obligation by the United
States of America, which, in either case, are not callable or
redeemable at the option of the issuer thereof or any other obligor
thereon, and shall also include a depositary receipt issued by a
bank (as defined in Section 3(a)(2) of the Securities Act) as
custodian with respect to any such U.S. Government Obligation, or
any specific payment of principal of or interest on any such U.S.
Government Obligation, held by such custodian for the account of
the holder of such depositary receipt; <font style="text-decoration: underline">provided</font> that (except as
required by law) such custodian is not authorized to make any
deduction from the amount payable to the holder of such depositary
receipt from any amount received by the custodian in respect of the
U.S. Government Obligation, or the specific payment of principal of
and premium or interest on the U.S. Government Obligation,
evidenced by such depositary receipt.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(b)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">IRSA PC shall have
delivered to the Trustee a certificate from a firm of independent
certified public accountants of internationally recognized standing
expressing their opinion that the payments of principal and
interest when due and without reinvestment of the deposited U.S.
Government Obligations plus any deposited money without investment
will provide cash at such times and in such amounts as will be
sufficient to pay principal and interest when due on all the
Securities to maturity or redemption, as the case may
be.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(c)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">in the case of an
election to have <a href="#_Ref441803541">&#x200E;<font style="text-decoration: underline">Section 11.2</font></a> apply to such
Securities, IRSA PC shall have delivered to the Defeasance Trustee
and the Trustee opinions of independent U.S. counsel of nationally
recognized standing experienced in such tax matters stating that
(x) IRSA PC has received from, or there has been published by, the
U.S. Internal Revenue Service a ruling or (y) since the date of the
Offering Memorandum, there has been a change in the applicable U.S.
federal income tax law, in either case to the effect that, and
based thereon such opinion shall confirm that, the beneficial
owners of such Securities will not recognize income, gain or loss
for U.S. federal income tax purposes as a result of such deposit,
total defeasance and discharge and will be subject to U.S. federal
income tax on the same amount, in the same manner and at the same
times as would have been the case if such deposit, total defeasance
and discharge had not occurred and if so specified in the terms of
the Securities of such series established pursuant to <a href="#_Ref446267179"><font style="text-decoration: underline">&#x200E;Section 2.3</font></a>,
independent Argentine counsel of nationally recognized standing
experienced in such tax matters to the effect that the beneficial
owners of such Securities will not recognize income, gain or loss
for Argentine federal income tax purposes as a result of such
deposit, total defeasance and discharge and will be subject to
Argentine federal income tax on the same amount, in the same manner
and at the same times as would have been the case if such deposit,
total defeasance and discharge had not occurred.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(d)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">in the case of an
election to have <a href="#_Ref441803542"><font style="text-decoration: underline">&#x200E;Section 11.3</font></a> apply
to such Securities, IRSA PC shall have delivered to the Defeasance
Trustee and the Trustee opinions of independent U.S. and if so
specified in the terms of the Securities of such Series established
pursuant to <a href="#_Ref446267179">&#x200E;Section 2.3</a>,
Argentine counsel of nationally recognized</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">90</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">standing
experienced in such tax matters to the effect that the beneficial
owners of such Securities will not recognize income, gain or loss
for U.S. or Argentine, as the case may be, federal income tax
purposes as a result of such deposit and partial defeasance and
will be subject to U.S. or Argentine, as the case may be, federal
income tax on the same amount, in the same manner and at the same
times as would have been the case if such deposit and partial
defeasance had not occurred.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(e)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">IRSA PC shall have
delivered to the Defeasance Trustee and the Trustee an Opinion of
Counsel to the effect that payment of amounts deposited in trust
with the Defeasance Trustee as provided in clause <a href="#_Ref441809699">&#x200E;(a)</a> will not be subject to Argentine
Taxes except to the extent that Additional Amounts in respect
thereof shall have been deposited in trust with the Defeasance
Trustee as provided in clause <a href="#_Ref441809699">&#x200E;(a)</a>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(f)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">no Event of Default
under such Securities or event which with notice or lapse of time
or both would become such an Event of Default shall have occurred
and be continuing on the date of such deposit or at any time on or
prior to the 123rd day after the date of such deposit (it being
understood that this condition shall not be deemed satisfied until
such 123rd day).</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(g)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">such total
defeasance or partial defeasance shall not result in a breach or
violation of, or constitute a default under, any other agreement or
instrument to which IRSA PC is a party or by which it is bound, and
IRSA PC shall have delivered to the Trustee and the Defeasance
Trustee an Opinion of Counsel to that effect.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(h)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">IRSA PC shall have
delivered to the Trustee and the Defeasance Trustee an
Officer&#x2019;s Certificate stating that all conditions precedent
relating to either the total defeasance under <a href="#_Ref441803541"><font style="text-decoration: underline">&#x200E;Section 11.2</font></a> or the
partial defeasance under <a href="#_Ref441803542">&#x200E;<font style="text-decoration: underline">Section 11.3</font></a>, as the case
may be, have been complied with.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(i)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">IRSA PC shall have
delivered to the Trustee and the Defeasance Trustee an Opinion of
Counsel to the effect that the trust resulting from the deposit
does not constitute, or is qualified as, a regulated investment
company under the United States Investment Company Act of 1940, as
amended, the Holders have a valid first priority perfected security
interest in the trust funds, and after passage of 123 days
following the deposit (except, with respect to any trust funds for
the account of any Holder who may be deemed to be an
&#x201C;insider&#x201D; for purposes of the U.S. Bankruptcy Code,
after one year following the deposit), the trust funds will not be
subject to the effect of Section 547 of the U.S. Bankruptcy Law or
Section 15 of the New York Debtor and Creditor Law in a case
commenced by or against IRSA PC under either such statute, and
either the trust funds will no longer remain the property of IRSA
PC (and therefore, will not be subject to the effect of any
applicable bankruptcy, insolvency, reorganization or similar laws
affecting creditors&#x2019; rights generally) or if a court were to
rule under any such law in any case or proceeding that the trust
funds remained property of IRSA PC, assuming such trust funds
remained in the possession of the Defeasance Trustee prior to such
court ruling to the extent not paid to Holders, the Defeasance
Trustee will hold, for the benefit of the Holders, a valid first
priority perfected security interest in such trust funds that is
not avoidable in bankruptcy or otherwise except for the effect of
Section</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">91</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">552(b)
of the U.S. Bankruptcy Law on interest on the trust funds accruing
after the commencement of a case under such statute.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(j)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">IRSA PC shall have
delivered to the Trustee a certificate signed by an Authorized
Person to the effect that such Securities, if then listed on any
securities exchange, will not be delisted by such exchange as a
result of such deposit.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(k)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">IRSA PC shall have
paid the Trustee, the Agents and the Representative of the Trustee
in Argentina all amounts outstanding to the Trustee, the Agents and
the Representative of the Trustee in Argentina (which may include
the reasonable fees and expenses of counsel) in connection with
defeasance or otherwise.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
10.5.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Toc446445103">&#xA0;</a><font style="font-style: italic">Deposit in Trust;
Miscellaneous</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;All money and
U.S. Government Obligations (including the proceeds thereof)
deposited with the Defeasance Trustee pursuant to <a href="#_Ref441803543"><font style="text-decoration: underline">&#x200E;Section 11.4</font></a> in
respect of any Securities shall be held in trust and applied by the
Defeasance Trustee, in accordance with the provisions of such
Securities and this Indenture, to the payment, either directly or
through any Paying Agent as the Defeasance Trustee may determine,
to the Holders of such Securities, of all sums due and to become
due thereon in respect of principal and any premium and interest,
and such money shall be segregated from other funds. Any money
deposited with the Defeasance Trustee for the payment of the
principal of and any premium or interest on any such Security and
remaining unclaimed for two (2) years after such principal, premium
or interest has become due and payable shall, upon IRSA PC&#x2019;s
written request, be paid to IRSA PC; and the Holder of such
Security shall thereafter, as an unsecured general creditor, look
only to IRSA PC for payment thereof, and all liability of the
Defeasance Trustee with respect to such trust money shall thereupon
cease.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">IRSA PC
shall pay and indemnify the Defeasance Trustee against any tax, fee
or other charge imposed on or assessed against the U.S. Government
Obligations deposited by IRSA PC pursuant to <a href="#_Ref441803543">&#x200E;<font style="text-decoration: underline">Section 11.4</font></a> or the
principal, premium and interest received in respect thereof, other
than any such tax, fee or other charge which by law is for the
account of the Holders of the Outstanding Securities.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Anything in this
<a href="#_Ref441803539">&#x200E;<font style="text-decoration: underline">Article XI</font></a> to the contrary
notwithstanding, the Defeasance Trustee shall deliver or pay to
IRSA PC from time to time upon the written request of IRSA PC any
money or U.S. Government Obligations held by it on behalf of IRSA
PC as provided in <a href="#_Ref441803543">&#x200E;<font style="text-decoration: underline">Section 11.4</font></a> which, in the
opinion of a firm of independent certified public accountants of
internationally recognized standing expressed in a written
certification thereof delivered to the Defeasance Trustee, are in
excess of the amount thereof which would then be required to be
deposited to effect an equivalent total defeasance or partial
defeasance.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
10.6.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Toc446445104">&#xA0;</a><font style="font-style: italic">Reinstatement</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;If the
Defeasance Trustee is unable to apply any money in accordance with
<font style="text-decoration: underline">Sections&#xA0;</font><a href="#_Ref441803541"><font style="text-decoration: underline">&#x200E;11.2</font></a> or <a href="#_Ref441810446"><font style="text-decoration: underline">&#x200E;11.3</font></a> by reason of
any order or judgment of any court or governmental authority
enjoining, restraining or otherwise prohibiting such application,
then all the obligations of IRSA PC under this Indenture and the
Securities with respect to which such money was deposited shall be
revived and reinstated as</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">92</font></div>
</div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">though
no deposit had occurred pursuant to this <a href="#_Ref441803539"><font style="text-decoration: underline">&#x200E;Article XI</font></a> until
such time as the Defeasance Trustee is permitted to apply all such
money in accordance with <font style="text-decoration: underline">Sections&#xA0;</font><a href="#_Ref441803541"><font style="text-decoration: underline">&#x200E;11.2</font></a> or <a href="#_Ref441810446">&#x200E;<font style="text-decoration: underline">11.3</font></a>; <font style="text-decoration: underline">provided</font> that if IRSA PC makes
any payment of principal of or any premium or interest on any such
Security following the reinstatement of its obligations, IRSA PC
shall be subrogated to the rights of the Holder of such Security to
receive such payment from the money held by the Defeasance Trustee
and the Defeasance Trustee shall be entitled to promptly make such
payment to IRSA PC.</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">ARTICLE
XI</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman"><a name="_Toc446445105">&#xA0;</a>MISCELLANEOUS</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
11.1.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Toc446445106">&#xA0;</a><font style="font-style: italic">Shareholders, Officers and Directors of IRSA
PC Not Subject to Individual Liability</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;No recourse
under or upon any obligation, covenant or agreement contained in
this Indenture, or in any Security, or because of any indebtedness
evidenced thereby, shall be had against any incorporator, as such,
or against any past, present or future shareholder, officer or
director, as such, of IRSA PC or of any successor, either directly
or through IRSA PC or any successor, under any rule of law, statute
or constitutional provision or by the enforcement of any assessment
or by any legal or equitable proceeding or otherwise, all such
liability being expressly waived and released by the acceptance of
the Securities by the Holders thereof and as part of the
consideration for the issue of the Securities; <font style="text-decoration: underline">provided</font> that under Section 34
of the Negotiable Obligations Law, the directors and members of the
Supervisory Committee shall be jointly and severally liable for
damages to the Securityholders arising from any violation of the
Negotiable Obligations Law.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
11.2.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Toc446445107">&#xA0;</a><font style="font-style: italic">Provisions of Indenture for the Sole Benefit
of Parties and Securityholders</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;Nothing in
this Indenture or in the Securities, express or implied, shall give
or be construed to give to any Person, other than the parties
hereto and their successors and the Holders of the Securities, any
legal or equitable right, remedy or claim under this Indenture or
under any covenant or provision herein contained, all such
covenants and provisions being for the sole benefit of the parties
hereto and their successors and of the Holders of the
Securities.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
11.3.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Toc446445108">&#xA0;</a><font style="font-style: italic">Successors and Assigns of IRSA PC Bound by
Indenture</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;All the
covenants, stipulations, promises and agreements in this Indenture
contained by or on behalf of IRSA PC shall bind its successors and
assigns, whether so expressed or not.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
11.4.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Ref441803551">&#xA0;</a><a name="_Toc446445109">&#xA0;</a><font style="font-style: italic">Notices and Demands on IRSA PC, Trustee and
Securityholders</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;Any
notice, demand or request that by any provision of this Indenture
is required or permitted to be given or served by the Trustee or by
the Holders of Securities to or on IRSA PC shall be sufficient for
every purpose hereunder if given or served by hand, facsimile
transmission or by internationally recognized overnight courier
(except as otherwise specifically provided herein) addressed (until
another address of IRSA PC is filed by IRSA PC with the Trustee) to
IRSA Propiedades Comerciales S.A., Moreno 877, 22nd Floor
(C1091AAQ), City of Buenos Aires, Argentina, Attention: Chief
Financial and Administrative Officer, Telephone: 5411-4323-7444.
Any notice, direction, request</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">93</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">or
demand by IRSA PC or any Securityholder to or upon the Trustee
shall be deemed to have been sufficiently given or made, for all
purposes, upon actual receipt and if in English and in writing and
given or made at the Corporate Trust Office by hand, facsimile an
internationally recognized courier.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">All
notices regarding the Securities will be deemed to have been duly
given to the Holders of the Securities with respect to Holders of
Certificated Securities, if sent to them by first class mail (or,
in the case of joint Holders, to the first named in the Register)
at their respective addresses as recorded in the Register, and will
be deemed to have been validly given on the fourth Business Day
after the date of such mailing, and for notices mailed to Holders
of Certificated Securities located in Argentina, upon receipt, with
respect to Holders of Global Securities, if delivered to the
Depositary thereof, or its nominee (or any successor), in
accordance with its applicable procedures, for so long as such
Securities are listed and traded on the Merval, upon publication in
the City of Buenos Aires in Merval&#x2019;s Informative Bulletin and
in a widely circulated newspaper in Argentina, and for so long as
such Securities are listed on the Luxembourg Stock Exchange for
trading on the Euro MTF, upon provision of such notice to the
Luxembourg Stock Exchange in accordance with the rules of such
Exchange. Any such notice will be deemed to have been given on the
date of such publication or, if published more than once or on
different dates, on the last date on which publication is required
and made as so required. In the case of notices delivered to a
Depositary, or its nominee (or any successor). Such Depositaries
will communicate such notices to its participants in accordance
with its applicable procedures.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">In
addition, IRSA PC shall be required to cause all such other
publications of such notices as may be required from time to time
by applicable law of Argentina. Any and all notices required to be
delivered to the CNV shall be the sole responsibility of IRSA
PC.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Any
aforementioned notice (a) if sent by internationally recognized
overnight courier to IRSA PC as provided above shall be deemed to
have been given, made or served on the day on which such courier
confirms delivery to the address specified above and (b) if given
by facsimile transmission to IRSA PC, when such facsimile is
transmitted to the telephone number specified in this <font style="text-decoration: underline">Section 12.4</font> and telephone
confirmation of receipt thereof is received.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Where
this Indenture provides for notice in any manner, such notice may
be waived in writing by the Person entitled to receive such notice,
either before or after the event, and such waiver shall be the
equivalent of such notice. Waivers of notice by Holders shall be
filed with the Trustee, but such filing shall not be a condition
precedent to the validity of any action taken in reliance upon such
waiver.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Except
as otherwise provided herein or in the Securities, IRSA PC agrees
to give the Trustee the English text of any notice that IRSA PC is
required to provide to the Securityholders pursuant hereto and to
the Securities, at least two (2) days prior to the earliest date on
which such notice is required to be given.</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">94</font></div>
</div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">In
case, by reason of the suspension of or irregularities in regular
mail service, the temporary suspension of publication or general
circulation of any newspaper or otherwise, it shall be, in the
opinion of the Trustee, impracticable to mail or publish notice to
IRSA PC and Securityholders when such notice is required to be
given pursuant to any provision of this Indenture, then any manner
of giving such notice as shall be satisfactory to the Trustee shall
be deemed to be a sufficient giving of such notice.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">In
respect of this Indenture, the Trustee shall not have any duty or
obligation to verify or confirm that the Person sending notices,
consents, instructions, requests, directions, resolutions,
certificates, statements, acknowledgements, orders, instruments,
documents, communications or other information by electronic
transmission is, in fact, a Person authorized to give such notices,
consents, instructions, requests, directions, resolutions,
certificates, statements, acknowledgements, orders, instruments,
documents, communications or other information on behalf of the
party purporting to send such electronic transmission; and the
Trustee shall not have any liability for any losses, liabilities,
costs or expenses incurred or sustained by any party as a result of
such reliance upon or compliance with such instructions,
directions, reports, notices or other communications or
information. Each other party agrees to assume all risks arising
out of the use of electronic methods to submit notices, consents,
instructions, requests, directions, resolutions, certificates,
statements, acknowledgements, orders, instruments, documents,
communications or other information to the Trustee, including
without limitation the risk of the Trustee acting on unauthorized
notices, consents, instructions, requests, directions, resolutions,
certificates, statements, acknowledgements, orders, instruments,
documents, communications or other information, and the risk of
interception and misuse by third parties.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
11.5.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Ref441803552">&#xA0;</a><a name="_Toc446445110">&#xA0;</a><font style="font-style: italic">Officer&#x2019;s Certificates and Opinions of
Counsel; Statements to Be Contained Therein</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;Upon any
application or demand by or on behalf of IRSA PC to the Trustee to
take any action under any of the provisions of this Indenture, IRSA
PC shall furnish to the Trustee an Officer&#x2019;s Certificate
stating that all conditions precedent provided for in this
Indenture relating to the proposed action have been complied with
and an Opinion of Counsel stating that in the opinion of such
counsel all such conditions precedent have been complied with in
all material respects, except that in the case of any such
application or demand as to which the furnishing of such documents
is specifically required by any provision of this Indenture
relating to such particular application or demand, no additional
certificate or opinion need be furnished. Each such certificate or
opinion shall comply with the requirements set forth in this
Indenture.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Any
certificate, statement or opinion of an Officer of IRSA PC may be
based, insofar as it relates to legal matters, upon a certificate
or opinion of or representations by counsel, unless such Officer
knows that the certificate or opinion or representations with
respect to the matters upon which his certificate, statement or
opinion may be based as aforesaid are erroneous. Any certificate,
statement or Opinion of Counsel may be based, insofar as it relates
to factual matters or information with respect to which is in the
possession of IRSA PC, upon the certificate, statement or opinion
of or representations by an officer of officers of IRSA PC, unless
such counsel knows that the certificate,</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">95</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">statement or
opinion or representations with respect to the matters upon which
his certificate, statement or opinion may be based as aforesaid are
erroneous.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Every
certificate or opinion with respect to compliance with a condition
or covenant provided for in this Indenture shall include
substantially:</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(1)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">a statement that
each individual signing such certificate or opinion has read such
covenant or condition and the definitions herein relating
thereto;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(2)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">a brief statement
as to the nature and scope of the examination or investigation upon
which the statements or opinions contained in such certificate or
opinion are based;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(3)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">a statement that,
in the opinion of each such individual, he has made such
examination or investigation as is necessary to enable him to
express an informed opinion as to whether or not such covenant or
condition has been complied with; and</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(4)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">a statement as to
whether, in the opinion of each such individual, such condition or
covenant has been complied with.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Any
certificate, statement or opinion of an Officer of IRSA PC or of
counsel may be based, insofar as it relates to accounting matters,
upon a certificate or opinion of or representations by an
accountant or firm of accountants in the employ of IRSA PC, unless
such officer or counsel, as the case may be, knows that the
certificate or opinion or representations with respect to the
accounting matters upon which his certificate, statement or opinion
may be based as aforesaid are erroneous.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Any
certificate or opinion of any independent firm of public
accountants filed with the Trustee shall contain a statement that
such firm is independent.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">The
Trustee shall make available to any Securityholder as soon as
practicable at the Corporate Trust Office or at the office of any
Paying Agent, upon request and upon presentation by such Holder of
such evidence of its ownership of its Securities as may be
satisfactory to the Trustee, copies of all financial statements and
certificates delivered to the Trustee by IRSA PC pursuant to this
Indenture or the Securities; <font style="text-decoration: underline">provided</font> that the Trustee shall
have no liability with respect to any information contained therein
or omitted therefrom.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
11.6.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Toc446445111">&#xA0;</a><font style="font-style: italic">Payments Due on Non-Business
Days</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;Unless
otherwise set forth in the terms of the Securities of a Series, if
the Stated Maturity of such Securities or the Redemption Date or
date fixed for repayment of such Securities shall not be a Business
Day in the relevant locations specified in the terms of such
Securities and the place of payment, then payments of interest or
principal in respect of such Securities need not be made on such
date, but may be made on the next succeeding Business Day with the
same force and effect as if made on the Stated Maturity or the date
fixed for redemption or repayment, and no interest shall accrue on
such payment for the period after such date on account of such
delay. Unless otherwise set forth in the terms of the Securities of
a</font></div>
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<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">96</font></div>
</div>
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<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Series,
if any date on which a payment of interest is due on such
Securities shall not be a Business Day in the relevant locations
specified in the terms of such Securities and the place of payment,
then such payment of interest in respect of such Securities need
not be made on such date, but may be made on the next succeeding
Business Day with the same force and effect as if made on such date
and no interest shall accrue on such payment for the period after
such date on account of such delay.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
11.7.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Ref441803554">&#xA0;</a><a name="_Ref441808830">&#xA0;</a><a name="_Toc446445112">&#xA0;</a><font style="font-style: italic">Governing Law; Consent to Jurisdiction; Waiver
of Immunity; Currency Indemnity</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;
This Indenture and the Securities shall be governed by, and
construed in accordance with, the law of the State of New York;
<font style="text-decoration: underline">provided</font> that all
matters relating to the due authorization, execution, issuance and
delivery of the Securities by IRSA PC, and matters relating to the
legal requirements necessary in order for the Securities to qualify
as &#x201C;<font style="font-style: italic">obligaciones negociables
simples no convertibles</font>&#x201D; under Argentine law, shall be
governed by the Negotiable Obligations Law, together with the
Argentine Companies Law, the Capital Markets Law and the rules of
the CNV and other applicable Argentine laws and
regulations.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(a)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">IRSA PC hereby
irrevocably submits to the non-exclusive jurisdiction of any state
or federal court sitting in the Borough of Manhattan, City and
State of New York, of any Argentine court sitting in the City of
Buenos Aires, including the ordinary courts for commercial matters
and the <font style="font-style: italic">Tribunal de Arbitraje
General de la Bolsa de Comercio de Buenos Aires</font> (Permanent
Arbitral Tribunal of the Buenos Aires Stock Exchange) under the
provisions of Section 46 of the Capital Markets Law, and any
competent court in the place of its corporate domicile for purposes
of any suit, action or proceeding arising out of or related to this
Indenture or the Securities. IRSA PC hereby irrevocably waives, to
the fullest extent permitted by law, any objection which it may
have to the laying of the venue of any such suit, action or
proceeding brought in such a court and any claim that any such
suit, action or proceeding brought in such a court has been brought
in an inconvenient forum. IRSA PC also agrees that final judgment
in any such suit, action or proceeding brought in such court shall
be conclusive and binding upon it and may be enforced in any court
to the jurisdiction of which it is subject by a suit upon such
judgment; <font style="text-decoration: underline">provided</font>
that service of process is effected upon IRSA PC in the manner
specified herein.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(b)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">IRSA PC
acknowledges and agrees that the activities contemplated by the
provisions of this Indenture are commercial in nature rather than
governmental or public and, therefore, acknowledges and agrees that
it is not entitled to any right of immunity on the grounds of
sovereignty or otherwise with respect to any such activities or in
any legal action or proceeding arising out of or in any way
relating to this Indenture. IRSA PC, in respect of itself and its
properties and revenues, expressly and irrevocably waives any such
right of immunity (including any immunity from the jurisdiction of
any court or from service of process or from any execution of
judgment or from attachment prior to judgment or in aid of
execution or otherwise) or claim thereto which may now or hereafter
exist, and agrees not to assert any such right or claim in any such
action or proceeding, whether in the United States or
otherwise.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">97</font></div>
</div>
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<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">IRSA PC
agrees that service of all writs, claims, process and summonses in
any suit, action or proceeding described above against it in the
State of New York may be made upon CT Corporation System at 111
Eighth Avenue, New York, New York 10011, as its authorized agent in
the Borough of Manhattan, New York (the &#x201C;<font style="text-decoration: underline">Process Agent</font>&#x201D;), and IRSA
PC irrevocably appoints the Process Agent as its agent and true and
lawful attorneys-in-fact in its name, place and stead to accept
such service of any and all such writs, claims, process and
summonses, and agrees that the failure of the Process Agent to give
any notice to it of any such service of process shall not impair or
affect the validity of such service or of any judgment based
thereon. IRSA PC agrees to maintain at all times an agent with
offices in New York City to act as its Process Agent. Nothing
herein shall in any way be deemed (i) to limit the ability to serve
any such writs, process or summonses in any other manner permitted
by applicable law or (ii) to require IRSA PC to appoint such
Process Agent prior to the issuance of the first Series of
Securities hereunder.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-size: 13px; font-family: Times New Roman">(c)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">If a judgment or
order given or made by any court for the payment of any amount in
respect of any Security or this Indenture is expressed in a
currency (the &#x201C;<font style="text-decoration: underline">judgment currency</font>&#x201D;) other
than the currency (the &#x201C;<font style="text-decoration: underline">denomination currency</font>&#x201D;)
in which such Securities are denominated or in which such amount is
payable, IRSA PC will indemnify each of the Trustee and the
relevant Holder, as applicable, against any deficiency arising or
resulting from any variation in rates of exchange between the date
as of which the amount in the denomination currency is notionally
converted into the amount in the judgment currency for the purposes
of such judgment or order and the date of actual payment thereof.
This indemnity will constitute a separate and independent
obligation from the other obligations contained in the terms and
conditions of the Securities and this Indenture, will give rise to
a separate and independent cause of action, will apply irrespective
of any indulgence granted from time to time and will continue in
full force and effect notwithstanding any judgment or order for a
liquidated sum or sums in respect of amounts due in respect of the
relevant Security, this Indenture or under any such judgment or
order.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
11.8.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Toc446445113">&#xA0;</a><font style="font-style: italic">Waiver of Jury Trial</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;EACH PARTY
HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, ANY AND ALL RIGHT TO A TRIAL BY JURY (BUT NO
OTHER JUDICIAL REMEDIES) IN ANY LEGAL PROCEEDING ARISING OUT OF OR
RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTIONS
CONTEMPLATED HEREBY.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
11.9.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Toc446445114">&#xA0;</a><font style="font-style: italic">Severability</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;If any
provision of this Indenture shall be held or deemed to be or shall,
in fact, be invalid, inoperative or unenforceable as applied in any
particular case in any or all jurisdictions because its conflicts
with any provision of any constitution, statute, rule or public
policy or for any other reason, such circumstances shall not have
the effect of rendering the provision in question invalid,
inoperative or unenforceable in any other case, circumstances or
jurisdiction, or of rendering any other provision or provisions of
this Indenture invalid, inoperative or unenforceable to any extent
whatsoever.</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">98</font></div>
</div>
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<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman"><a name="_Toc446445115">&#xA0;</a><font style="font-style: italic">Counterparts</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;This
Indenture may be executed in any number of counterparts, each of
which shall be an original; but such counterparts shall together
constitute but one and the same instrument.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
11.10.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Toc446445116">&#xA0;</a><font style="font-style: italic">Effect of Headings</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;The Article
and Section headings herein and the Table of Contents are for
convenience only and shall not affect the construction
hereof.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Section
11.11.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><a name="_Toc446445117">&#xA0;</a><font style="font-style: italic">USA PATRIOT Act</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;The parties
hereto acknowledge that in accordance with Section 326 of the USA
PATRIOT Act, the Trustee, like all financial institutions and in
order to help fight the funding of terrorism and money laundering,
is required to obtain, verify, and record information that
identifies each person or legal entity that establishes a
relationship or opens an account with the Trustee. The parties to
this Indenture agree that they will provide the Trustee with such
information as it may request in order for the Trustee to satisfy
the requirements of the USA PATRIOT Act.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">99</font></div>
</div>
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<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">IN
WITNESS WHEREOF, the parties hereto have caused this Indenture to
be duly executed as of March 23, 2016.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr><td colspan="2" style="vertical-align: top; width: 100%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">IRSA
PROPIEDADES COMERCIALES S.A.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td></tr><tr><td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">By:</font></div>
</td><td style="vertical-align: top; width: 90%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td></tr><tr><td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td><td style="vertical-align: top; width: 90%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Name:</font></div>
</td></tr><tr><td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td><td style="vertical-align: top; width: 90%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Title:</font></div>
</td></tr></table></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr><td colspan="2" style="vertical-align: top; width: 100%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">THE
BANK OF NEW YORK MELLON, as Trustee, Co-Registrar, Principal Paying
Agent and Transfer Agent</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td></tr><tr><td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">By:</font></div>
</td><td style="vertical-align: top; width: 90%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td></tr><tr><td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td><td style="vertical-align: top; width: 90%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Name:</font></div>
</td></tr><tr><td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td><td style="vertical-align: top; width: 90%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Title:</font></div>
</td></tr></table></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr><td colspan="2" style="vertical-align: top; width: 100%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">BANCO
SANTANDER R&#xCD;O S.A., as Registrar, Paying Agent, Transfer Agent
and Representative of the Trustee in Argentina</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td></tr><tr><td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">By:</font></div>
</td><td style="vertical-align: top; width: 90%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td></tr><tr><td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td><td style="vertical-align: top; width: 90%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Name:</font></div>
</td></tr><tr><td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td><td style="vertical-align: top; width: 90%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Title:</font></div>
</td></tr><tr><td colspan="2" style="vertical-align: top; width: 100%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td></tr><tr><td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">By:</font></div>
</td><td style="vertical-align: top; width: 90%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td></tr><tr><td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td><td style="vertical-align: top; width: 90%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Name:</font></div>
</td></tr><tr><td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td><td style="vertical-align: top; width: 90%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Title:</font></div>
</td></tr></table></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">100</font></div>
</div>
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<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">EXHIBIT
A</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">FORM OF
GLOBAL SECURITY</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Registered No.:
___________</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">CUSIP
No.: ___________</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">ISIN
No.: _____________</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Registered Holder:
_____________</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-size: 13px; font-family: Times New Roman">
IRSA PROPIEDADES COMERCIALES S.A.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">IRSA
Propiedades Comerciales S.A. was organized as a stock corporation
(<font style="font-style: italic">sociedad an&#xF3;nima</font>)
under the laws of Argentina for a term expiring on August 28, 2087
and was registered on August 29, 1889 under No. 323, Page 6, Book
85, of the Stock Corporations Volume of the Public Registry of
Commerce of the City of Buenos Aires, Argentina, and its registered
domicile is at Moreno 877, 22nd Floor, City of Buenos Aires,
Argentina.</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-size: 13px; font-family: Times New Roman">
GLOBAL SECURITY</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-size: 13px; font-family: Times New Roman">
representing</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">[Currency]
[Aggregate principal amount]</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">NOTES
DUE [Stated Maturity Date]</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">[INCLUDE FOLLOWING
RESTRICTIVE LEGEND FOR A RULE 144A GLOBAL SECURITY (UNLESS SUCH
LEGEND MAY BE REMOVED PURSUANT TO THE INDENTURE): THIS NOTE HAS NOT
BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED
(THE &#x201C;SECURITIES ACT&#x201D;), OR ANY OTHER SECURITIES LAWS.
THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES FOR THE BENEFIT
OF IRSA PROPIEDADES COMERCIALES S.A. (&#x201C;IRSA PC&#x201D;) THAT
THIS NOTE OR ANY INTEREST OR PARTICIPATION HEREIN MAY BE OFFERED,
RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (I) TO IRSA PC OR TO
ANY DEALERS APPOINTED BY IRSA PC WITH RESPECT TO A PARTICULAR
SERIES OF NOTES (EACH, A &#x201C;DEALER&#x201D; AND COLLECTIVELY, THE
&#x201C;DEALERS&#x201D;) OR BY, THROUGH OR IN A TRANSACTION APPROVED
BY A DEALER, (II) SO LONG AS THIS NOTE IS ELIGIBLE FOR RESALE
PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (&#x201C;RULE
144A&#x201D;), TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A
QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A) IN
ACCORDANCE WITH RULE 144A, (III) IN AN OFFSHORE TRANSACTION IN
ACCORDANCE WITH RULE 903 OR 904 OF REGULATION S UNDER THE
SECURITIES ACT, (IV) PURSUANT TO AN EXEMPTION FROM REGISTRATION
UNDER THE SECURITIES ACT AFFORDED BY RULE 144 UNDER THE SECURITIES
ACT (IF AVAILABLE) OR (V) PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT, AND IN EACH OF SUCH CASES IN
ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE
UNITED</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">101</font></div>
</div>
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<!--page break--></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">STATES
OR OTHER APPLICABLE JURISDICTION. THE HOLDER HEREOF, BY PURCHASING
THIS NOTE, REPRESENTS AND AGREES FOR THE BENEFIT OF IRSA PC THAT IT
WILL NOTIFY ANY PURCHASER OF THIS NOTE FROM IT OF THE RESALE
RESTRICTIONS REFERRED TO ABOVE.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">THE
FOREGOING LEGEND MAY BE REMOVED FROM THIS NOTE ON SATISFACTION OF
THE CONDITIONS SPECIFIED IN THE INDENTURE REFERRED TO
HEREIN.]</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">[INCLUDE FOLLOWING
RESTRICTIVE LEGEND FOR A REGULATION S GLOBAL SECURITY (UNLESS SUCH
LEGEND MAY BE REMOVED PURSUANT TO THE INDENTURE): THIS NOTE HAS NOT
BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED
(THE &#x201C;SECURITIES ACT&#x201D;), OR ANY OTHER SECURITIES LAWS.
THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES FOR THE BENEFIT
OF IRSA PROPIEDADES COMERCIALES S.A. THAT NEITHER THIS NOTE NOR ANY
INTEREST OR PARTICIPATION HEREIN MAY BE OFFERED, RESOLD, PLEDGED OR
OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION UNLESS
SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH
REGISTRATION.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">THE
FOREGOING LEGEND MAY BE REMOVED FROM THIS NOTE AFTER FORTY (40)
CONSECUTIVE DAYS BEGINNING ON AND INCLUDING THE LATER OF (A) THE
DAY ON WHICH THE NOTES ARE OFFERED TO PERSONS OTHER THAN
DISTRIBUTORS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT)
AND (B) THE ORIGINAL ISSUE DATE OF THIS NOTE.]</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">[INCLUDE FOR A DTC
GLOBAL SECURITY: UNLESS (1) THIS NOTE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (&#x201C;DTC&#x201D;)
TO IRSA PROPIEDADES COMERCIALES S.A. OR ITS AGENT FOR REGISTRATION
OF TRANSFER, EXCHANGE OR PAYMENT, (2) ANY NOTE ISSUED IS REGISTERED
IN THE NAME OF CEDE &amp; CO. OR SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC AND (3) ANY PAYMENT IS MADE TO
CEDE &amp; CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
BECAUSE THE REGISTERED OWNER HEREOF, CEDE &amp; CO., HAS AN
INTEREST HEREIN.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">TRANSFERS OF THIS
NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO
DTC, NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH
SUCCESSOR&#x2019;S NOMINEE, AND TRANSFERS OF INTERESTS IN THIS NOTE
SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE
RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO
HEREIN.]</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">102</font></div>
</div>
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<!--page break--></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">[INCLUDE FOR A
EUROCLEAR/CLEARSTREAM GLOBAL SECURITY: <font style="color: #000000">UNLESS (1) THIS NOTE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF [NAME OF THE COMMON DEPOSITARY], OR ANY SUCCESSOR
THERETO, AS COMMON DEPOSITARY (&#x201C;</font><font style="color: #000000; text-decoration: underline">COMMON
DEPOSITARY</font><font style="color: #000000">&#x201D;) FOR
EUROCLEAR BANK S.A./N.V. (&#x201C;</font><font style="color: #000000; text-decoration: underline">EUROCLEAR</font><font style="color: #000000">&#x201D;)
AND CLEARSTREAM BANKING, SOCI&#xC9;T&#xC9; ANONYME, LUXEMBOURG
(&#x201C;</font><font style="color: #000000; text-decoration: underline">CLEARSTREAM</font><font style="color: #000000">&#x201D;)
TO IRSA PROPIEDADES COMERCIALES S.A. OR ITS AGENT FOR REGISTRATION
OF TRANSFER, EXCHANGE OR PAYMENT, (2) ANY NOTE ISSUED IS REGISTERED
IN THE NAME OF THE COMMON DEPOSITARY OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE COMMON DEPOSITARY
AND (3) ANY PAYMENT IS MADE TO THE COMMON DEPOSITARY OR TO SUCH
OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
COMMON DEPOSITARY, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL BECAUSE THE
REGISTERED OWNER HEREOF, THE COMMON DEPOSITARY, HAS AN INTEREST
HEREIN.</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman"><font style="color: #000000">TRANSFERS OF THIS NOTE SHALL BE LIMITED TO
TRANSFERS IN WHOLE, BUT NOT IN PART, TO THE COMMON DEPOSITARY FOR
EUROCLEAR AND CLEARSTREAM TO NOMINEES OF THE COMMON DEPOSITARY OR
TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR&#x2019;S NOMINEE AND
TRANSFERS OF INTERESTS IN THIS NOTE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE
REFERRED TO HEREIN</font>.]</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">[INCLUDE FOR
ORIGINAL ISSUE DISCOUNT SECURITIES: THE &#x201C;TOTAL AMOUNT OF
OID&#x201D; &#x201C;YIELD TO MATURITY&#x201D; AND &#x201C;INITIAL
ACCRUAL PERIOD&#x201D; SET FORTH IN THE PRICING SUPPLEMENT REFERRED
TO HEREIN HAVE BEEN COMPLETED SOLELY FOR THE PURPOSE OF APPLYING
THE U.S. FEDERAL INCOME TAX ORIGINAL ISSUE DISCOUNT
(&#x201C;OID&#x201D;) RULES.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">THIS
NOTE HAS BEEN ISSUED WITH OID FOR U.S. FEDERAL INCOME TAX PURPOSES.
THE FOLLOWING INFORMATION IS PROVIDED SOLELY FOR PURPOSES OF
APPLYING THE U.S. FEDERAL INCOME TAX OID RULES TO THIS
NOTE:</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">ISSUE
PRICE: US$_______ PER US$1,000 OF PRINCIPAL AMOUNT</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">ORIGINAL ISSUE
DISCOUNT: $_______ PER US$1,000 OF PRINCIPAL AMOUNT</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">YIELD
TO MATURITY: ___.___%</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">ORIGINAL ISSUE
DATE: _________ ___, _____]</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">SERIES:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">SPECIFIED
CURRENCY:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">PRINCIPAL
AMOUNT:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">ISSUE
DATE:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">103</font></div>
</div>
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<!--page break--></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">STATED
MATURITY:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">ORIGINAL ISSUE
DISCOUNT SECURITY: YES [&#xA0;&#xA0;&#xA0;] NO
[&#xA0;&#xA0;&#xA0;]</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">OTHER
TERMS AND CONDITIONS:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">[If
Note is a Fixed Rate Note:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">FIXED
RATE OF INTEREST:]</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">[If
Note is a Floating Rate Note:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">INITIAL
INTEREST RATE:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">INTEREST
DETERMINATION DATE(S):</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">INTEREST
PERIOD:]</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">INTEREST
COMMENCEMENT DATE:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">INTEREST PAYMENT
DATE(S):</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">REGULAR
RECORD DATE(S):</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">[THE
TERMS OF THE PRICING SUPPLEMENT ATTACHED HERETO ARE INCORPORATED BY
REFERENCE HEREIN IN THEIR ENTIRETY.]</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">This
[Rule 144A] [Regulation S] Global Security (this
&#x201C;<font style="text-decoration: underline">Note</font>&#x201D;)
is issued in accordance with the Indenture dated as of March 23,
2016, among IRSA Propiedades Comerciales S.A., as issuer
(&#x201C;<font style="text-decoration: underline">IRSA
PC</font>&#x201D;), The Bank of New York Mellon, as trustee (the
&#x201C;<font style="text-decoration: underline">Trustee</font>&#x201D;), co-registrar,
paying agent and transfer agent and Banco Santander R&#xED;o S.A.,
as registrar, paying agent, transfer agent and representative of
the Trustee in Argentina (as amended or supplemented from time to
time, the &#x201C;Indenture&#x201D;) and is subject to the Terms and
Conditions set forth on reverse hereof (the &#x201C;<font style="text-decoration: underline">Terms and Conditions</font>&#x201D;)
and the terms and conditions set forth in the attached Pricing
Supplement. Such provisions shall for all purposes have the same
effect as if set forth in this Note.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Copies
of the Indenture and the Terms and Conditions are on file and
available for inspection at the Corporate Trust Office of the
Trustee and at the office of the Registrar in the City of Buenos
Aires and, if and for so long as the Notes are listed on the
Luxembourg Stock Exchange for trading on the Euro MTF, and such
Exchange shall so require, at the office of the Paying Agent in
Luxembourg, in each case as specified in the Indenture. The Holder
of this Note is entitled to the benefit of, is bound by, and is
deemed to have notice of, all the provisions of the Indenture and
the Terms and Conditions applicable to it.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">This
Global Security is a global security representing an issue of duly
authorized Securities of IRSA PC issued and to be issued in one or
more Series pursuant to the Indenture. This Global Security has
been issued in the initial principal amount shown above (as
adjusted from time to time on Schedule A hereto, the
&#x201C;<font style="text-decoration: underline">Principal
Amount</font>&#x201D;) and with the Specified Currency, Issue Date,
Stated Maturity, redemption and other provisions specified above,
and bearing interest on said Principal Amount at the rate of
interest specified above.</font></div>
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<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">104</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">In the
event of any conflict between the provisions stated herein or the
provisions of the Terms and Conditions included herein and the
terms and conditions set forth in the Indenture, the terms and
conditions stated herein and in the Pricing Supplement will
prevail. Terms used but not defined herein are used as defined in
the Indenture and the Terms and Conditions.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">IRSA
PC, for value received, hereby promises to pay [IF DTC GLOBAL
SECURITY INSERT: Cede &amp; Co.] [IF EUROCLEAR/CLEARSTREAM GLOBAL
SECURITY INSERT NAME OF COMMON DEPOSITARY OR ITS NOMINEE] or its
registered assigns, the Principal Amount in the Specified Currency
at the Stated Maturity specified above, unless earlier redeemed in
accordance with the terms hereof, and unless this Global Security
is an Original Issue Discount Security, to pay interest from the
Interest Commencement Date of this Global Security specified above
(or from the most recent date to which interest has been paid or
made available for payment) on the unpaid Principal Amount (and, to
the extent lawful, on overdue principal (including premium or
redemption amount, if any, and if this is an Original Issue
Discount Security, the Amortized Face Amount, or other amount)) and
any interest in respect hereof at (i) if this Note is a Fixed Rate
Note, the Fixed Rate of Interest per annum specified above on the
Interest Payment Date or Dates specified above in each year,
commencing, unless otherwise specified above, with the first such
Interest Payment Date falling at least fifteen (15) days after the
Issue Date of this Global Security specified above and at Stated
Maturity or any redemption date, until the principal hereof shall
be paid or made available for payment, or (ii) if this Note is a
Floating Rate Note, a rate per annum equal to the Initial Interest
Rate specified above until the first Interest Reset Date so
specified, or if none is specified, until the first Interest
Payment Date, following the Issue Date and thereafter at a rate
determined in accordance with the provisions in the Terms and
Conditions and the Pricing Supplement or (iii) otherwise as
determined by the method set forth in the Pricing Supplement, until
the principal hereof is paid or made available for payment. Such
interest on a Floating Rate Note shall be payable by IRSA PC
monthly, quarterly, semi-annually or annually, or at such other
intervals, in each case as specified above under &#x201C;Interest
Period&#x201D;, on the dates specified above under &#x201C;Interest
Payment Date(s)&#x201D;, and at Stated Maturity or any redemption
date, commencing, unless otherwise specified in the Pricing
Supplement, with the first such Interest Payment Date falling at
least 15 days after the Issue Date hereof.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">This
Global Security is exchangeable in whole or in part for duly
executed and issued Certificated Securities in the form established
pursuant to the Indenture, with the applicable legends as marked
thereon, only if such exchange complies with <a href="#_Ref441803419">&#x200E;Section 2.7</a> of the Indenture. Interests
in this Global Security are exchangeable or transferable in whole
or in part for interests in another Global Security of the same
Series, only if such exchange or transfer complies with <a href="#_Ref441803422">&#x200E;Section 2.10</a> of the
Indenture.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">This
Global Security is one of the Series designated above, which term
shall mean each original issue of Notes and shall be deemed to
include any other Global Securities in respect of such Series
issued pursuant to the Indenture referred to on the face of this
Note. These Notes, together with any other Securities of IRSA PC
issued under the Indenture (&#x201C;<font style="text-decoration: underline">Outstanding Notes</font>&#x201D;) are
limited to an aggregate principal amount outstanding</font></div>
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<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">105</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">at any
one time of US$500,000,000 or the equivalent thereof in one or more
Specified Currencies; <font style="text-decoration: underline">provided</font>, <font style="text-decoration: underline">however</font>, that the total amount
of the Program and the maximum aggregate principal amount of
Securities of all Series that may be Outstanding at any one time
under the Indenture may be increased by a resolution of the
shareholders of IRSA PC and without the consent of the
Holders.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Unless
the certificate of authentication hereon has been executed by or on
behalf of the Trustee by manual signature of one of its authorized
signatures, this Global Security shall not be entitled to any
benefit under the Indenture or be valid or obligatory for any
purpose.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">This
Global Security shall be governed by, and construed in accordance
with, the law of the State of New York; <font style="text-decoration: underline">provided</font> that all matters
relating to the due authorization, execution, issuance and delivery
of the Securities by IRSA PC, and matters relating to the legal
requirements necessary in order for the Securities to qualify as
&#x201C;<font style="font-style: italic">obligaciones negociables
simples no convertibles</font>&#x201D; under Argentine law, shall be
governed by the Negotiable Obligations Law, together with the
Argentine Companies Law, the Capital Markets Law and the rules of
the CNV and other applicable Argentine laws and
regulations.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">106</font></div>
</div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">IN
WITNESS WHEREOF, IRSA Propiedades Comerciales S.A. has caused this
Global Security to be duly executed.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Date:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr><td colspan="2" style="vertical-align: top; width: 100%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">IRSA
PROPIEDADES COMERCIALES S.A.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td></tr><tr><td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">By:</font></div>
</td><td style="vertical-align: top; width: 90%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td></tr><tr><td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td><td style="vertical-align: top; width: 90%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Name:</font></div>
</td></tr><tr><td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td><td style="vertical-align: top; width: 90%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Title:</font></div>
</td></tr><tr><td colspan="2" style="vertical-align: top; width: 100%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td></tr><tr><td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">By:</font></div>
</td><td style="vertical-align: top; width: 90%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td></tr><tr><td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td><td style="vertical-align: top; width: 90%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Name:</font></div>
</td></tr><tr><td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td><td style="vertical-align: top; width: 90%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Title:</font></div>
</td></tr></table></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">107</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">CERTIFICATE OF
AUTHENTICATION</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">This
Note is one of the Securities referred to in the within mentioned
Indenture.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr><td colspan="2" style="vertical-align: top; width: 100%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">THE
BANK OF NEW YORK MELLON,as Trustee</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td></tr><tr><td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">By:</font></div>
</td><td style="vertical-align: top; width: 90%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td></tr><tr><td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td><td style="vertical-align: top; width: 90%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Name:</font></div>
</td></tr><tr><td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td><td style="vertical-align: top; width: 90%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Title:</font></div>
</td></tr></table></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">108</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">[ATTACH
TERMS AND CONDITIONS IN THE</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">FORM
SET FORTH IN EXHIBIT C TO THE INDENTURE]</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">[ATTACH
APPLICABLE PRICING SUPPLEMENT]</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">109</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">SCHEDULE
A</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr><td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Date</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: 2px solid #000000">
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td><td style="vertical-align: bottom; width: 22%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Principal Amount of
Certificated Securities issued in exchange for or upon transfer of
an interest in this Global Security</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: 2px solid #000000">
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td><td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Principal Amount of
this Global Security Redeemed or Repurchased</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: 2px solid #000000">
<!--Rule Below Paragraph--></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td><td style="vertical-align: bottom; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Increase in
Principal Amount of this Global Security due to the exchange or
transfer of another Global Security (or an interest therein) for an
interest in this Global Security</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: 2px solid #000000">
<!--Rule Below Paragraph--></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td><td style="vertical-align: bottom; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Remaining Principal
Amount of this Global Security</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: 2px solid #000000">
<!--Rule Below Paragraph--></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td><td style="vertical-align: bottom; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Notation made on
behalf of the Trustee by</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: 2px solid #000000">
<!--Rule Below Paragraph--></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td></tr><tr><td style="vertical-align: bottom; width: 8%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td><td style="vertical-align: bottom; width: 22%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td><td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td><td style="vertical-align: bottom; width: 18%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td><td style="vertical-align: bottom; width: 18%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td><td style="vertical-align: bottom; width: 18%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td></tr></table></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">110</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">EXHIBIT
B</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">FORM OF
CERTIFICATED SECURITY</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">CUSIP
No.: ____________</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">ISIN
No.: ______________</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-size: 13px; font-family: Times New Roman">
IRSA PROPIEDADES COMERCIALES S.A.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">IRSA
Propiedades Comerciales S.A. was organized as a stock corporation
(sociedad an&#xF3;nima) under the laws of Argentina for a term
expiring on August 28, 2087 and was registered on August 29, 1889
under No. 323, Page 6, Book 85, of the Stock Corporations Volume of
the Public Registry of Commerce of the City of Buenos Aires,
Argentina, and its registered domicile is at Moreno 877, 22nd
Floor, City of Buenos Aires, Argentina.</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-size: 13px; font-family: Times New Roman">
CERTIFICATED SECURITY</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-size: 13px; font-family: Times New Roman">
representing</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">[Currency]
[Aggregate principal amount]</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">NOTES
DUE [Stated Maturity Date]</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">[INCLUDE THE
FOLLOWING PARAGRAPHS IF THIS SECURITY IS SOLD IN RELIANCE ON RULE
144A OR IN A TRANSACTION OTHERWISE EXEMPT FROM REGISTRATION UNDER
THE SECURITIES ACT: THIS NOTE HAS NOT BEEN REGISTERED UNDER THE
U.S. SECURITIES ACT OF 1933, AS AMENDED (THE &#x201C;SECURITIES
ACT&#x201D;), OR ANY OTHER SECURITIES LAWS. THE HOLDER HEREOF, BY
PURCHASING THIS NOTE, AGREES FOR THE BENEFIT OF IRSA PROPIEDADES
COMERCIALES S.A. (&#x201C;IRSA PC&#x201D;) THAT THIS NOTE OR ANY
INTEREST OR PARTICIPATION HEREIN MAY BE OFFERED, RESOLD, PLEDGED OR
OTHERWISE TRANSFERRED ONLY (I) TO IRSA PC OR TO ANY DEALERS
APPOINTED BY IRSA PC WITH RESPECT TO A PARTICULAR SERIES OF NOTES
(EACH, A &#x201C;DEALER&#x201D; AND COLLECTIVELY, THE
&#x201C;DEALERS&#x201D;) OR BY, THROUGH OR IN A TRANSACTION APPROVED
BY A DEALER, (II) SO LONG AS THIS NOTE IS ELIGIBLE FOR RESALE
PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (&#x201C;RULE
144A&#x201D;), TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A
QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A) IN
ACCORDANCE WITH RULE 144A, (III) IN AN OFFSHORE TRANSACTION IN
ACCORDANCE WITH RULE 903 OR 904 OF REGULATION S UNDER THE
SECURITIES ACT, (IV) PURSUANT TO AN EXEMPTION FROM REGISTRATION
UNDER THE SECURITIES ACT AFFORDED BY RULE 144 UNDER THE SECURITIES
ACT (IF AVAILABLE) OR (V) PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT, AND IN EACH OF SUCH CASES IN
ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE
UNITED STATES OR OTHER APPLICABLE JURISDICTION. THE HOLDER HEREOF,
BY PURCHASING THIS NOTE, REPRESENTS AND AGREES FOR THE BENEFIT
OF</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">111</font></div>
</div>
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<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">IRSA PC
THAT IT WILL NOTIFY ANY PURCHASER OF THIS NOTE FROM IT OF THE
RESALE RESTRICTIONS REFERRED TO ABOVE.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">THE
FOREGOING LEGEND MAY BE REMOVED FROM THIS NOTE ON SATISFACTION OF
THE CONDITIONS SPECIFIED IN THE INDENTURE REFERRED TO
HEREIN.]</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">[INCLUDE FOLLOWING
PARAGRAPHS IF THIS SECURITY IS SOLD IN RELIANCE ON REGULATION S OR
IN A TRANSACTION OTHERWISE EXEMPT FROM REGISTRATION UNDER THE
SECURITIES ACT: THIS NOTE HAS NOT BEEN REGISTERED UNDER THE U.S.
SECURITIES ACT OF 1933, AS AMENDED (THE &#x201C;SECURITIES
ACT&#x201D;), OR ANY OTHER SECURITIES LAWS. THE HOLDER HEREOF, BY
PURCHASING THIS NOTE, AGREES FOR THE BENEFIT OF IRSA PROPIEDADES
COMERCIALES S.A. THAT NEITHER THIS NOTE NOR ANY INTEREST OR
PARTICIPATION HEREIN MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE
TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION UNLESS SUCH
TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH
REGISTRATION.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">THE
FOREGOING LEGEND MAY BE REMOVED FROM THIS NOTE AFTER FORTY (40)
CONSECUTIVE DAYS BEGINNING ON AND INCLUDING THE LATER OF (A) THE
DAY ON WHICH THE NOTES ARE OFFERED TO PERSONS OTHER THAN
DISTRIBUTORS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT)
AND (B) THE ORIGINAL ISSUE DATE OF THIS NOTE.]</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">THIS
NOTE MAY BE TRANSFERRED ONLY IN MINIMUM PRINCIPAL AMOUNTS SPECIFIED
IN THE APPLICABLE PRICING SUPPLEMENT.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">[INCLUDE FOR
ORIGINAL ISSUE DISCOUNT SECURITIES: THE &#x201C;TOTAL AMOUNT OF
OID&#x201D;, &#x201C;YIELD TO MATURITY&#x201D; AND &#x201C;INITIAL
ACCRUAL PERIOD SET FORTH IN THE PRICING SUPPLEMENT REFERRED TO
HEREIN HAVE BEEN COMPLETED SOLELY FOR THE PURPOSE OF APPLYING THE
U.S. FEDERAL INCOME TAX ORIGINAL ISSUE DISCOUNT (&#x201C;OID&#x201D;)
RULES.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">THIS
NOTE HAS BEEN ISSUED WITH OID FOR U.S. FEDERAL INCOME TAX PURPOSES.
THE FOLLOWING INFORMATION IS PROVIDED SOLELY FOR PURPOSES OF
APPLYING THE FEDERAL INCOME TAX OID RULES TO THIS
NOTE:</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">ISSUE
PRICE: $________ PER $1,000 OF PRINCIPAL AMOUNT</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">ORIGINAL ISSUE
DISCOUNT: $________ PER $1,000 OF PRINCIPAL AMOUNT</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">YIELD
TO MATURITY: ___.__%</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">ORIGINAL ISSUE
DATE: _______ ___, ____]</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">SERIES:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">SPECIFIED
CURRENCY:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">112</font></div>
</div>
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<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">PRINCIPAL
AMOUNT:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">ORIGINAL ISSUE
DATE:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">STATED
MATURITY DATE:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">ORIGINAL ISSUE
DISCOUNT NOTE: YES [ ] NO [ ]</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">OTHER
TERMS AND CONDITIONS:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">[If
Note is a Fixed Rate Note:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">FIXED
RATE OF INTEREST:]</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">[If
Note is a Floating Rate Note:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">INITIAL
INTEREST RATE:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">INTEREST
DETERMINATION DATE(S):</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">INTEREST
PERIOD:]</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">INTEREST
COMMENCEMENT DATE:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">INTEREST PAYMENT
DATE(S):</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">REGULAR
RECORD DATES:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">OTHER
TERMS AND CONDITIONS:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">This
Certificated Security (this &#x201C;<font style="text-decoration: underline">Note</font>&#x201D;) is issued in
accordance with the Indenture dated as of March 23, 2016, among
IRSA Propiedades Comerciales S.A., as issuer (&#x201C;<font style="text-decoration: underline">IRSA PC</font>&#x201D;), The Bank of
New York Mellon, as trustee (the &#x201C;<font style="text-decoration: underline">Trustee</font>&#x201D;), co-registrar,
paying agent and transfer agent and Banco Santander R&#xED;o S.A.,
as registrar, paying agent, transfer agent and representative of
the Trustee in Argentina (as amended or supplemented from time to
time, the &#x201C;<font style="text-decoration: underline">Indenture</font>&#x201D;) and is
subject to the Terms and Conditions set forth on reverse hereof
(the &#x201C;<font style="text-decoration: underline">Terms and
Conditions</font>&#x201D;) and the terms and conditions set forth in
the attached Pricing Supplement. Such provisions shall for all
purposes have the same effect as if set forth in this
Note.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Copies
of the Indenture and the Terms and Conditions are on file and
available for inspection at the Corporate Trust Office of the
Trustee and at the office of the Registrar in the City of Buenos
Aires and, if and for so long as the Notes are listed on the
Luxembourg Stock Exchange for trading on the Euro MTF, and such
Exchange shall so require, at the office of the Paying Agent in
Luxembourg, in each case as specified in the Indenture. The Holder
of this Note is entitled to the benefit of, is bound by, and is
deemed to have notice of, all the provisions of the Indenture and
the Terms and Conditions applicable to it.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">In the
event of any conflict between the provisions stated herein or the
provisions of the Terms and Conditions included herein and the
terms and conditions set forth in the Indenture, the terms and
conditions stated herein and in the attached Pricing Supplement
will prevail. Terms used but not defined herein are used as defined
in the Indenture and the Terms and Conditions.</font></div>
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<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">113</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">IRSA
PC, for value received, hereby promises to pay to _______________
or its registered assigns the Principal Amount stated above or the
Redemption Amount if specified in the attached Pricing Supplement,
in the Specified Currency at the Stated Maturity specified above,
unless earlier redeemed in accordance with the terms hereof, and
unless this Note is an Original Issue Discount Security, to pay
interest from the Interest Commencement Date of this Note specified
in the Pricing Supplement (or from the most recent date to which
interest has been paid or made available for payment) on the unpaid
Principal Amount (and, to the extent lawful, on overdue principal
(including premium or redemption amount, if any, and if this is an
Original Issue Discount Security, the Amortized Face Amount, or
other amount)) at, (i) if this Note is a Fixed Rate Note, the Fixed
Rate of Interest per annum specified above on the Interest Payment
Date or Dates specified above in each year, commencing, unless
otherwise specified above, with the first such Interest Payment
Date falling at least fifteen days after the Issue Date of this
Note specified above and at Stated Maturity or any redemption date,
until the principal hereof shall be paid or made available for
payment, or (ii) if this Note is a Floating Rate Note, a rate per
annum equal to the Initial Interest Rate specified above until the
first Interest Reset Date so specified, or if none is specified,
until the first Interest Payment Date, following the Issue Date and
thereafter at a rate determined in accordance with the provisions
of the Terms and Conditions and the Pricing Supplement or (iii)
otherwise as determined by the method set forth in the Pricing
Supplement, until the principal hereof is paid or made available
for payment. Such interest on a Floating Rate Note shall be payable
by IRSA PC monthly, quarterly, semi-annually or annually, or at
such other intervals, in each case as specified above under
&#x201C;Interest Period&#x201D;, on the dates specified above under
&#x201C;Interest Payment Date(s)&#x201D;, and at Stated Maturity or
any redemption date, commencing, unless otherwise specified in the
Pricing Supplement, with the first such Interest Payment Date
falling at least fifteen (15) days after the Issue Date
hereof.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">As used
herein, the term &#x201C;<font style="text-decoration: underline">Holder</font>&#x201D; means the person
in whose name a Note is registered in the Register.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">This
Note is one of the Series designated above, which term shall mean
each original issue of Notes and shall be deemed to include any
Global Securities in respect of such Series issued pursuant to the
Indenture referred to on the face of this Note. These Notes,
together with any other debt securities of IRSA PC issued under the
Indenture (&#x201C;<font style="text-decoration: underline">Outstanding Notes</font>&#x201D;) are
limited to an aggregate principal amount outstanding at any one
time of US$500,000,000 or the equivalent thereof in one or more
Specified Currencies; <font style="text-decoration: underline">provided</font>, <font style="text-decoration: underline">however</font>, that the total amount
of the Program and the maximum aggregate principal amount of
Securities of all Series that may be Outstanding at any one time
under the Indenture may be increased by a resolution of the
shareholders of IRSA PC and without the consent of the
Holders.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Unless
the certificate of authentication hereon has been executed by or on
behalf of the Trustee by manual signature of one of its authorized
signatories, this Note shall not be entitled to any benefits under
the Indenture or be valid or obligatory for any
purpose.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">This
Note shall be governed by and construed in accordance with the laws
of the State of New York; <font style="text-decoration: underline">provided</font> that all matters
relating to the due authorization, execution,</font></div>
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<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">114</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">issuance and
delivery of the Notes by IRSA PC, and matters relating to the legal
requirements necessary in order for the Notes to qualify as
&#x201C;<font style="font-style: italic">obligaciones negociables
simples no convertibles</font>&#x201D; under Argentine law, shall be
governed by the Argentine Negotiable Obligations Law No. 23,576, as
amended, together with Argentine Companies Law No. 19,550, as
amended, the Capital Markets Law No. 26,831 and the rules of the
CNV and other applicable Argentine laws and
regulations.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">115</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">IN
WITNESS WHEREOF, IRSA Propiedades Comerciales S.A. has caused this
Note to be duly executed.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Date:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr><td colspan="2" style="vertical-align: top; width: 100%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">IRSA
PROPIEDADES COMERCIALES S.A.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td></tr><tr><td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">By:</font></div>
</td><td style="vertical-align: top; width: 90%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td></tr><tr><td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td><td style="vertical-align: top; width: 90%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Name:</font></div>
</td></tr><tr><td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td><td style="vertical-align: top; width: 90%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Title:</font></div>
</td></tr><tr><td colspan="2" style="vertical-align: top; width: 100%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td></tr><tr><td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">By:</font></div>
</td><td style="vertical-align: top; width: 90%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td></tr><tr><td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td><td style="vertical-align: top; width: 90%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Name:</font></div>
</td></tr><tr><td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td><td style="vertical-align: top; width: 90%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Title:</font></div>
</td></tr></table></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">116</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">CERTIFICATE OF
AUTHENTICATION</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">This is
one of the Notes referred to in the within mentioned
Indenture.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr><td colspan="2" style="vertical-align: top; width: 100%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">THE
BANK OF NEW YORK MELLON,as Trustee</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td></tr><tr><td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">By:</font></div>
</td><td style="vertical-align: top; width: 90%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td></tr><tr><td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td><td style="vertical-align: top; width: 90%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Name:</font></div>
</td></tr><tr><td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td><td style="vertical-align: top; width: 90%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Title:</font></div>
</td></tr></table></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">117</font></div>
</div>
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<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">[ATTACH
TERMS AND CONDITIONS IN THE</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">FORM
SET FORTH IN EXHIBIT C TO THE INDENTURE]</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">[ATTACH
APPLICABLE PRICING SUPPLEMENT]</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">118</font></div>
</div>
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<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">FORM OF
TRANSFER</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">[Include the
following for Notes not bearing a Restrictive Legend]</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">TRANSFER
NOTICE</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">FOR
VALUE RECEIVED, the undersigned Holder hereby sells, assigns and
transfers unto</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">(Please
print or typewrite name and address including postal code of
assignee)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">this
Note and all rights thereunder, hereby irrevocably constituting and
appointing</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;attorney
to transfer such amount of said Note on the books of IRSA PC with
full power of substitution in the premises.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Date:</font></div>
<div style="text-align: left; margin-left: 252px; margin-right: 0px; text-indent: -60px">
<font style="font-size: 13px; font-family: Times New Roman">Signed:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">NOTICE:
The signature to this</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">assignment must
correspond with the</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">name as
written upon the face of the</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">within
instrument in every particular,</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">without
alteration or enlargement or any</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">change
whatsoever.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">119</font></div>
</div>
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<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">FORM OF
TRANSFER</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">[Include the
following for Notes bearing Restrictive Legends]</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">TRANSFER
NOTICE</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">FOR
VALUE RECEIVED, the undersigned Holder hereby sells, assigns and
transfers unto</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">(Please
print or typewrite name and address including postal code of
assignee)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Insert
Taxpayer Identification No.:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">this
Note and all rights thereunder, hereby irrevocably constituting and
appointing</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;attorney
to transfer such amount of said Note on the books of IRSA PC with
full power of substitution in the premises.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">In
connection with any transfer of this Note occurring prior to the
date that is one year after the Original Issue Date of this Note
(provided that IRSA PC or any affiliate of IRSA PC has not acquired
this Note during such one-year period), the undersigned confirms
that without utilizing any general advertising or general
solicitation:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">(check
one)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#x2612;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;This
Note is being transferred pursuant to the exception from
registration under the U.S. Securities Act of 1933, as amended (the
&#x201C;<font style="text-decoration: underline">Securities
Act</font>&#x201D;), provided by Rule 144A thereunder
(&#x201C;<font style="text-decoration: underline">Rule
144A</font>&#x201D;) and, upon registration of such transfer, each
beneficial owner of this Note will be a &#x201C;qualified
institutional buyer&#x201D; (as defined in Rule 144A), and each such
person has been advised that this Note is being sold or transferred
to it in reliance upon Rule 144A and has received the information,
if any, requested by it pursuant to Rule 144A; or</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#x2612;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;This
Note is being transferred pursuant to the exemption from
registration under the Securities Act provided by Regulation S
under the Securities Act (&#x201C;<font style="text-decoration: underline">Regulation S</font>&#x201D;), and the
address of the person in whose name this Note is to be registered
upon transfer is an address outside the United States (as defined
in Regulation S); or</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#x2612;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;This
Note is being transferred to a Dealer or to IRSA PC;
or</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#x2612;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;This
Note is being transferred other than in accordance with (a), (b) or
(c) above, and documents are being furnished to the Trustee or the
transfer agent which comply with the conditions of transfer set
forth in this Note and the Indenture.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">120</font></div>
</div>
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<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">If none
of the foregoing boxes is checked, the Trustee shall not be
obligated to register this Note in the name of any person other
than the Holder hereof unless and until the conditions to any such
registration of transfer set forth herein and in the Indenture
shall have been satisfied.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Date:</font></div>
<div style="text-align: left; margin-left: 252px; margin-right: 0px; text-indent: -60px">
<font style="font-size: 13px; font-family: Times New Roman">Signed:
______________________________________</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">NOTICE:
The signature to this assignment</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">must
correspond with the name as written</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">upon
the face of the within instrument in</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">every
particular, without alteration or</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">enlargement or any
change whatsoever.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">121</font></div>
</div>
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<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">EXHIBIT
C</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">FORM OF
REVERSE OF SECURITIES&#x2014;TERMS AND CONDITIONS</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">IN THE
EVENT OF ANY CONFLICT BETWEEN THE PROVISIONS STATED HEREIN AND THE
TERMS AND CONDITIONS SET FORTH IN A PRICING SUPPLEMENT, IF ANY,
ATTACHED TO THIS NOTE, THE PROVISIONS OF THE PRICING SUPPLEMENT
WILL PREVAIL.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-size: 13px; font-family: Times New Roman">
General</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">The
Securities are to be issued under an Indenture, dated as of March
23, 2016 (as amended, supplemented or otherwise modified from time
to time, the &#x201C;<font style="text-decoration: underline">Indenture</font>&#x201D;), among IRSA
PC, The Bank of New York Mellon, as trustee (in such capacity, the
&#x201C;<font style="text-decoration: underline">Trustee</font>&#x201D;), co-registrar
(in such capacity, the &#x201C;<font style="text-decoration: underline">Co-Registrar</font>&#x201D;), principal
paying agent (in such capacity, the &#x201C;<font style="text-decoration: underline">Principal Paying Agent</font>,&#x201D;
and together with any other paying agents under the Indenture, the
&#x201C;<font style="text-decoration: underline">Paying
Agents</font>&#x201D;) and transfer agent (in such capacity, a
&#x201C;<font style="text-decoration: underline">Transfer
Agent</font>&#x201D;, and together with any other transfer agents
under the Indenture, the &#x201C;<font style="text-decoration: underline">Transfer Agents</font>&#x201D;), and
Banco Santander R&#xED;o S.A., as registrar (in such capacity, the
&#x201C;<font style="text-decoration: underline">Registrar</font>&#x201D;), Paying
Agent, Transfer agent and representative of the Trustee in
Argentina (in such capacity, the &#x201C;<font style="text-decoration: underline">Representative of the Trustee in
Argentina</font>&#x201D;).</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">The
following summaries of certain provisions of the Indenture and the
Securities do not purport to be complete and are subject to, and
are qualified in their entirety by reference to, all of the
provisions of the Indenture and the Securities, including the
definitions therein of certain terms. Capitalized terms not
otherwise defined herein shall have the meanings given to them in
the Indenture.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Securities may be
issued from time to time in one or more Series under the Indenture.
The Securities of all Series outstanding at any one time under the
Program are limited to an aggregate amount of up to US$500,000,000
(or its equivalent in a Specified Currency) outstanding at any
time; <font style="text-decoration: underline">provided</font>,
<font style="text-decoration: underline">however</font>, that the
total amount of the Program and the maximum aggregate principal
amount of Securities of all Series that may be Outstanding at any
one time under the Indenture may be increased by a resolution of
the shareholders of IRSA PC and without the consent of the Holders.
The particular terms of each issue of Securities, including,
without limitation, the date of issue, issue amount, issue price,
currency of denomination and payment, maturity, interest rate or
interest rate formula, if any, payment method, and, if applicable,
redemption, repayment and index or other macroeconomic ratio
provisions, will be set forth for each such issue in the Securities
and in the applicable Pricing Supplement. With respect to any
particular Security, the description of the Securities herein is
qualified in its entirety by reference to, and to the extent
inconsistent therewith is superseded by, such Security and the
applicable Pricing Supplement.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">The
Securities will qualify as &#x201C;<font style="font-style: italic">obligaciones negociables simples no
convertibles</font>&#x201D; under the Negotiable Obligations Law and
will be entitled to the benefits set forth therein and subject to
the procedural requirements thereof. The Securities will rank pari
passu in</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">122</font></div>
</div>
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<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">right
of payment with all other existing and future unsecured and
unsubordinated indebtedness of IRSA PC (other than obligations
preferred by statute or by operation of law).</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Unless
previously redeemed, the Securities will mature on the date (the
&#x201C;<font style="text-decoration: underline">Stated
Maturity</font>&#x201D;) no less than thirty (30) days from their
date of issue as specified on the face thereof and in the
applicable Pricing Supplement.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">The
Securities may be denominated in any currency (a
&#x201C;<font style="text-decoration: underline">Specified
Currency</font>&#x201D;) as shall be specified on the face thereof
and in the applicable Pricing Supplement. Unless otherwise
specified in the applicable Pricing Supplement, payments on the
Securities will be made in the applicable Specified Currency;
<font style="text-decoration: underline">provided</font> that in
certain circumstances, as may be described in the applicable
Pricing Supplement, payments on any such Securities denominated in
a currency other than U.S. dollars may, to the extent permitted by
Argentine law, be made in U.S. dollars. See &#x201C;&#x2014;Payment
of Principal and Interest&#x201D; below.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">The
Securities will bear interest, if any, at the interest rate or
interest rate formula set forth on the face thereof and in the
applicable Pricing Supplement. The Securities may bear interest at
a fixed rate (a &#x201C;<font style="text-decoration: underline">Fixed Rate Note</font>&#x201D;) or at a
rate determined by reference to an interest rate basis or other
interest rate formula (a &#x201C;<font style="text-decoration: underline">Floating Rate Note</font>&#x201D;) or
may bear no interest (a &#x201C;<font style="text-decoration: underline">Zero Coupon Note</font>&#x201D;). See
&#x201C;Interest Rate&#x201D; below.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">The
Securities may also be issued with principal and/or interest
payable, to the extent permitted by Argentine law, in one or more
currencies different from the currency in which such Securities are
denominated (&#x201C;<font style="text-decoration: underline">Dual
Currency Notes</font>&#x201D;), or linked to an index and/or a
formula (&#x201C;<font style="text-decoration: underline">Indexed
Notes</font>&#x201D;). Dual Currency and Indexed Notes may be issued
to bear interest on a fixed or floating rate basis or on a
non-interest bearing basis or a combination of such bases, in which
case provisions relating to Fixed Rate Notes, Floating Rate Notes,
Zero Coupon Notes or a combination thereof, respectively, shall,
where the context so permits, apply to such Dual Currency or
Indexed Notes. References herein to Securities denominated in a
Specified Currency shall, unless the context otherwise requires,
include Dual Currency Notes payable in such Specified
Currency.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">The
Securities may be issued as Original Issue Discount Securities. An
&#x201C;<font style="text-decoration: underline">Original Issue
Discount Security</font>,&#x201D; including, without limitation, any
Zero Coupon Note, is a Note which is issued at a price lower than
the principal amount thereof, and which provides that upon
redemption or acceleration of the Stated Maturity thereof, the
amount payable to the Holder of such Note will be determined in
accordance with the terms of such Note, and will be an amount that
is less than the amount payable on the Stated Maturity of such
Note.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Unless
otherwise specified in the applicable Pricing Supplement, the
Securities will not be subject to any sinking fund and will not be
redeemable prior to their Stated Maturity, except in the event of
certain changes involving Argentine taxes.</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">123</font></div>
</div>
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<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">If
specified in the applicable Pricing Supplement with respect to a
Series of Securities, IRSA PC may from time to time, without the
consent of Holders of Securities outstanding, create and issue
additional Securities of such Series (&#x201C;<font style="text-decoration: underline">Additional Securities</font>&#x201D;);
provided such Additional Securities have the same terms and
conditions as the Securities of that Series (except for the date of
issue, the issue price, the applicable legends, the date from which
interest accrues and, if applicable, the first payment of
interest); and provided further that if the Additional Securities
are not fungible for U.S. federal income tax purposes with the
previously Outstanding Securities of the relevant Series, such
Additional Securities shall have a separate CUSIP number. The
Additional Securities shall form a single Series with the
previously outstanding Series of Securities.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-size: 13px; font-family: Times New Roman">
Interest Rate</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">General. Unless
otherwise specified in the applicable Pricing Supplement, each
Fixed Rate Note or Floating Rate Note (each as defined below) will
bear interest from (and including) the issue date or such other
date (the &#x201C;<font style="text-decoration: underline">Interest
Commencement Date</font>&#x201D;) specified in the applicable
Pricing Supplement or from the most recent Interest Payment Date
(or, if such Note is a Floating Rate Note and the Interest Reset
Period (as each such term is defined below) is daily or weekly,
from the day following the most recent Regular Record Date) to
which interest on such Note has been paid or duly provided for at
the fixed rate per annum, or at the rate per annum determined
pursuant to the interest rate formula, stated in the applicable
Pricing Supplement, until the principal thereof is paid or made
available for payment. Interest will be payable on each Interest
Payment Date and at Stated Maturity or upon redemption or
acceleration, as specified under &#x201C;Payment of Principal and
Interest&#x201D; below.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Each
Note bearing interest will bear interest at either (a) a fixed rate
or (b) a variable rate determined by reference to an interest rate
basis (including LIBOR (a &#x201C;<font style="text-decoration: underline">LIBOR Note</font>&#x201D;), the
Treasury Rate (a &#x201C;<font style="text-decoration: underline">Treasury Rate Note</font>&#x201D;) or
such other interest rate basis as is set forth in the applicable
Pricing Supplement), which may be adjusted by adding or subtracting
the Spread and/or multiplying by the Spread Multiplier. The
&#x201C;<font style="text-decoration: underline">Spread</font>&#x201D; is the number of
basis points specified in the applicable Pricing Supplement as
being applicable to the interest rate for such Note, and the
&#x201C;<font style="text-decoration: underline">Spread
Multiplier</font>&#x201D; is the percentage specified in the
applicable Pricing Supplement as being applicable to the interest
rate for such Note. A Floating Rate Note may also have either or
both of the following as specified in the applicable Pricing
Supplement: (a) a maximum numerical interest rate limitation, or
ceiling, on the rate of interest which may accrue during any
interest period (a &#x201C;<font style="text-decoration: underline">Maximum Rate</font>&#x201D;); and (b) a
minimum numerical interest rate limitation, or floor, on the rate
of interest which may accrue during any interest period (a
&#x201C;<font style="text-decoration: underline">Minimum
Rate</font>&#x201D;).</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Index Maturity</font>&#x201D; means,
with respect to a Floating Rate Note, the period to maturity of the
instrument or obligation on which the interest rate formula is
based, as specified in the applicable Pricing
Supplement.</font></div>
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<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">124</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Fixed
Rate Notes</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Fixed
Rate Notes shall bear interest from (and including) the Interest
Commencement Date specified in the applicable Pricing Supplement at
the rate or rates per annum so specified (the &#x201C;<font style="text-decoration: underline">Fixed Rate(s) of
Interest</font>&#x201D;) payable in arrears on the Interest Payment
Date(s) in each year and on the Stated Maturity or upon redemption
or acceleration. The first payment of interest will be made on the
Interest Payment Date next following the Interest Commencement Date
and, if the period from the Interest Commencement Date to the
Interest Payment Date differs from the period between subsequent
Interest Payment Dates, will equal the &#x201C;Initial Broken
Amount&#x201D; specified in the applicable Pricing Supplement. If
the Stated Maturity is not an Interest Payment Date, interest from
and including the preceding Interest Payment Date (or the Interest
Commencement Date, as the case may be) to (but excluding) the
Stated Maturity will equal the &#x201C;Final Broken Amount&#x201D;
specified in the applicable Pricing Supplement.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-size: 13px; font-family: Times New Roman">
Floating Rate Notes</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">General. The
applicable Pricing Supplement relating to a Floating Rate Note will
designate an interest rate basis (the &#x201C;<font style="text-decoration: underline">Interest Rate Basis</font>&#x201D;) for
such Floating Rate Note. The Interest Rate Basis for each Floating
Rate Note will be: (a) LIBOR, in which case such Note will be a
LIBOR Note: (b) the Treasury Rate, in which case such Note will be
a Treasury Rate Note; or (c) such other interest rate basis as is
set forth in such Pricing Supplement. The Pricing Supplement for a
Floating Rate Note will also specify, if applicable, the
Calculation Agent, the Index Maturity, the Spread and/or Spread
Multiplier, the Maximum Rate, the Minimum Rate, the Regular Record
Dates and the Initial Interest Rate, the Interest Payment Dates,
the Calculation Dates, the Interest Determination Dates, the
Interest Reset Period and the Interest Reset Dates (each as defined
below) with respect to such Note.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">The
rate of interest on each Floating Rate Note will be reset and
become effective daily, weekly, monthly, quarterly, semi-annually
or annually or otherwise, as specified in the applicable Pricing
Supplement (each an &#x201C;<font style="text-decoration: underline">Interest Reset Period</font>&#x201D;);
<font style="text-decoration: underline">provided</font> that (a)
the interest rate in effect from the date of issue to the first
Interest Reset Date with respect to a Floating Rate Note will be
the initial interest rate as set forth in the applicable Pricing
Supplement (the &#x201C;<font style="text-decoration: underline">Initial Interest Rate</font>&#x201D;)
and (b) unless otherwise specified in the applicable Pricing
Supplement, the interest rate in effect for the ten (10) days
immediately prior to Stated Maturity of a Note will be that in
effect on the tenth day preceding such Stated Maturity. The dates
on which the rate of interest will be reset (each an
&#x201C;<font style="text-decoration: underline">Interest Reset
Date</font>&#x201D;) will be specified in the applicable Pricing
Supplement. If any Interest Reset Date for any Floating Rate Note
would otherwise be a day that is not a Business Day with respect to
such Floating Rate Note, the Interest Reset Date for such Floating
Rate Note shall be postponed to the next day that is a Business Day
with respect to such Floating Rate Note, except that, in the case
of a LIBOR Note, if such Business Day is in the next succeeding
calendar month, such Interest Reset Date shall be the next
preceding Business Day.</font></div>
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<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">125</font></div>
</div>
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<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Unless
otherwise specified in the applicable Pricing Supplement,
&#x201C;Interest Determination Dates&#x201D; will be as set forth
below. The Interest Determination Date pertaining to an Interest
Reset Date for a LIBOR Note (the &#x201C;<font style="text-decoration: underline">LIBOR Interest Determination
Date</font>&#x201D;) will be the second (2nd) Business Day preceding
such Interest Reset Date. The Interest Determination Date
pertaining to an Interest Reset Date for a Treasury Rate Note (the
&#x201C;<font style="text-decoration: underline">Treasury Interest
Determination Date</font>&#x201D;) will be the day of the week in
which such Interest Reset Date falls and on which Treasury bills
would normally be auctioned. Treasury bills are usually sold at
auction on the Monday of each week, unless that day is a legal
holiday, in which case the auction is usually held on the following
Tuesday, except that such auction may be on the preceding Friday.
If, as the result of a legal holiday, an auction is so held on the
preceding Friday, such Friday will be the Treasury Interest
Determination Date pertaining to the Interest Reset Date occurring
in the next succeeding week. If an auction date shall fall on any
Interest Reset Date for a Treasury Rate Note, then such Interest
Reset Date shall instead be the first (1st) Business Day
immediately following such auction date.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">All
percentages resulting from any calculations referred to in the
applicable Pricing Supplement will be rounded, if necessary, to the
nearest one hundred-thousandth of a percentage point, with five
one-millionths of a percentage point rounded upward (e.g.,
9.876545% (or .09876545) being rounded to 9.87655% (or .0987655)),
and all Specified Currency amounts used in or resulting from such
calculations will be rounded to the nearest cent (with one-half
cent rounded upward) or nearest equivalent in Specified Currencies
other than U.S. dollars.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">In
addition to any Maximum Rate which may be applicable to any
Floating Rate Note pursuant to the above provisions, the interest
rate on Floating Rate Notes will in no event be higher than the
maximum interest rate permitted by applicable law; <font style="text-decoration: underline">provided</font> that in no event shall
the Calculation Agent have any obligation to determine whether or
not any such interest rate is higher than the maximum interest rate
permitted by applicable law.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Upon
the request of the Holder of any Floating Rate Note, the
Calculation Agent will provide the interest rate then in effect,
and, if determined, the interest rate which will become effective
on the next Interest Reset Date with respect to such Floating Rate
Note. The Calculation Agent&#x2019;s determination of any interest
rate will be final and binding in the absence of manifest
error.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">The
Calculation Agent will cause notice of the rate of interest and the
amount of interest for each interest period and the relevant
Interest Payment Date to be given to IRSA PC and the Trustee as
soon as possible after their determination but in no event later
than the fourth (4th) Business Day thereafter and, in the case of
Securities listed on the Luxembourg Stock Exchange for trading on
the Euro MTF, no later than the first day of the relevant Interest
Reset Period. Such notice will be in accordance with the provisions
of the Securities relating to notices to Holders of Securities. The
amount of interest and the Interest Payment Date may subsequently
be amended (or appropriate alternative arrangements as may be made
by way of adjustment) without notice in the event of an extension
or shortening of the Interest Reset Period.</font></div>
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<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">126</font></div>
</div>
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<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">The
manner in which the interest rate for any Floating Rate Note that
is not a LIBOR Note or a Treasury Rate Note will be determined as
set forth in the applicable Pricing Supplement.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">LIBOR
Notes. LIBOR Notes will bear interest at the interest rates
(calculated with reference to LIBOR and the Spread and/or Spread
Multiplier, if any, subject to the Maximum Rate or the Minimum
Rate, if any), and will be payable on the dates, specified on the
face of the LIBOR Note and in the applicable Pricing
Supplement.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Unless
otherwise indicated in the applicable Pricing Supplement, LIBOR
with respect to any Interest Reset Date will be determined by the
Calculation Agent in accordance with the following provisions. On
the relevant LIBOR Interest Determination Date, LIBOR will be
determined on the basis of either of the following or otherwise, as
specified in the applicable Pricing Supplement:</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">(a)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;the
offered rates for deposits in the Specified Currency having the
specified Index Maturity, commencing on the next succeeding
Interest Reset Date, which appear on the display designated as page
&#x201C;LIBOR01&#x201D; or &#x201C;LIBOR02,&#x201D; as applicable, on
the Reuters Monitor Money Rates Service (or such other page as may
replace such pages on that service for the purpose of displaying
London interbank offered rates of major banks for deposits in the
Specified Currency) (each, a &#x201C;<font style="text-decoration: underline">Reuters Screen LIBOR
Page</font>&#x201D;) as of 11:00 a.m., London time, on such LIBOR
Interest Determination Date. If at least two (2) such offered rates
appear on the applicable Reuters Screen LIBOR Page, LIBOR with
respect to such Interest Reset Date will be the arithmetic mean of
such offered rates as determined by the Calculation Agent. If fewer
than two (2) offered rates appear, LIBOR with respect to such
Interest Reset Date will be determined as described in (ii) below;
or</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">(b)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;the
offered rates for deposits in the Specified Currency having the
specified Index Maturity, commencing on the next succeeding
Interest Reset Date, which appear on the display designated as page
&#x201C;BBAM1&#x201D; on the Bloomberg Service (or such other page as
may replace any such page on that service for the purpose of
displaying London interbank offered rates of major banks for
deposits in the Specified Currency) (&#x201C;<font style="text-decoration: underline">Bloomberg Page</font>&#x201D;) as of
11:00 a.m., London time, on such LIBOR Interest Determination Date.
If no such offered rate appears, LIBOR with respect to such
Interest Reset Date will be determined as described in (ii)
below.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">If
neither a &#x201C;Reuters Screen LIBOR Page&#x201D; nor a
&#x201C;Bloomberg Page&#x201D; is specified in the applicable Pricing
Supplement, LIBOR will be determined as if a Reuters Screen LIBOR
Page had been so specified.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">With
respect to a LIBOR Interest Determination Date on which fewer than
two offered rates for the applicable Index Maturity appear on a
Reuters Screen LIBOR Page as described in (a) above, or on which no
rate appears on the Bloomberg Page as described in (b) above, as
applicable, LIBOR will be determined on the basis of the
rates</font></div>
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<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">127</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">at
approximately 11:00 a.m., London time, on such LIBOR Interest
Determination Date at which deposits in the Specified Currency
having the specified Index Maturity are offered to prime banks in
the London interbank market by four (4) major banks in the London
interbank market selected by IRSA PC (and notified to the
Calculation Agent in writing) commencing on the second (2nd)
Business Day immediately following such LIBOR Interest
Determination Date and in a principal amount equal to an amount of
not less than US$1,000,000 (or its approximate equivalent in a
Specified Currency other than U.S. dollars) that in IRSA PC&#x2019;s
judgment is representative for a single transaction in such market
at such time (a &#x201C;<font style="text-decoration: underline">Representative Amount</font>&#x201D;).
IRSA PC will request the principal London office of each of such
banks to provide a quotation of its rates which such rates IRSA PC
shall notify to the Calculation Agent in writing. If at least two
(2) such quotations are provided, LIBOR with respect to such
Interest Reset Date will be the arithmetic mean of such quotations.
If fewer than two (2) quotations are provided, LIBOR with respect
to such Interest Reset Date will be the arithmetic mean of the
rates quoted at approximately 11:00 A.M., New York City time, on
such LIBOR Interest Determination Date by three major banks in New
York City, selected by IRSA PC (and notified to the Calculation
Agent in writing), for loans in the Specified Currency to leading
European banks having the specified Index Maturity on the Interest
Reset Date and in a Representative Amount; <font style="text-decoration: underline">provided</font> that if fewer than
three (3) banks selected as aforesaid by IRSA PC are quoting as
mentioned in this sentence, LIBOR with respect to such Interest
Reset Date will be LIBOR in effect on such LIBOR Interest
Determination Date.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Treasury Rate
Notes. Treasury Rate Notes will bear interest at the interest rates
(calculated with reference to the Treasury Rate and the Spread
and/or Spread Multiplier, if any, subject to the Maximum Rate or
Minimum Rate, if any) and will be payable on the dates specified in
the applicable Pricing Supplement. Unless otherwise specified in
the applicable Pricing Supplement, the &#x201C;Calculation
Date&#x201D; with respect to a Treasury Interest Determination Date
will be the tenth day after such Treasury Interest Determination
Date or, if any such day is not a Business Day, the next succeeding
Business Day.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Unless
otherwise indicated in the applicable Pricing Supplement,
&#x201C;<font style="text-decoration: underline">Treasury
Rate</font>&#x201D; means, with respect to any Interest Reset Date,
the rate for the auction on the relevant Treasury Interest
Determination Date of direct obligations of the United States
(&#x201C;<font style="text-decoration: underline">Treasury
Bills</font>&#x201D;) having the Index Maturity specified in the
applicable Pricing Supplement, as such rate appears on the display
of Moneyline Telerate, Inc. (or any successor service) on page 56
(or any other page as may replace such page) or page 57 (or any
other page as may replace such page), under the heading
&#x201C;INVESTMENT RATE.&#x201D; In the event that such rate does not
appear by 3:00 p.m., New York City time, on the Calculation Date
pertaining to such Treasury Interest Determination Date, then the
Treasury Rate for such Interest Reset Date shall be the rate on
such date as published in H.15 Daily Update under the heading
&#x201C;U.S. government securities&#x2014;Treasury
bills&#x2014;Auction high.&#x201D; In the event that the foregoing
rates do not so appear or are not so published by 3:00 p.m., New
York City time, on the Calculation Date pertaining to such Treasury
Interest Determination Date, then the Treasury Rate for such
Interest Reset Date shall be the &#x201C;Investment Rate&#x201D;
(expressed as a bond equivalent yield, on the basis of a year of
365 or 366 days, as applicable, and applied on a daily basis) as
announced by the</font></div>
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</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">United
States Department of the Treasury for the auction held on such
Treasury Interest Determination Date, currently available on the
worldwide web at: http://www.publicdebt.treas.gov/AI/OFBills. In
the event that the results of the auction of Treasury Bills having
the Index Maturity specified in the applicable Pricing Supplement
are not published or reported as provided above by 3:00 p.m., New
York City time, on such Calculation Date or if no such auction is
held on such Treasury Interest Determination Date, then the
Treasury Rate shall be calculated by the Calculation Agent and
shall be the rate for such Treasury Interest Determination Date for
the issue of Treasury Bills with a remaining maturity closest to
the specified Index Maturity (expressed as a bond equivalent yield,
on the basis of a year of 365 or 366 days, as applicable, and
applied on a daily basis) as published in H.15(519), under the
heading &#x201C;U.S. government securities&#x2014;Treasury bills
(secondary market).&#x201D; In the event that the foregoing rates do
not so appear or are not so published by 3:00 p.m., New York City
time, on the Calculation Date pertaining to such Treasury Interest
Determination Date, then the Treasury Rate for such Interest Reset
Date shall be the rate for such Treasury Interest Determination
Date for the issue of Treasury Bills with a remaining maturity
closest to the specified Index Maturity, as published in H.15 Daily
Update or another recognized electronic source used for the purpose
of displaying such rate, under the heading &#x201C;U.S. government
securities&#x2014;Treasury bills (secondary market).&#x201D; In the
event that the foregoing rates do not so appear or are not so
published by 3:00 p.m., New York City time, on the Calculation Date
pertaining to such Treasury Interest Determination Date, then the
Treasury Rate shall be calculated by the Calculation Agent and
shall be a yield to maturity (expressed as a bond equivalent yield,
on the basis of a year of 365 or 366 days, as applicable, and
applied on a daily basis) of the arithmetic mean of the secondary
market bid rates, at approximately 3:30 p.m., New York City time,
on such Treasury Interest Determination Date, quoted to IRSA PC by
three leading primary United States government securities dealers
selected by IRSA PC (and notified to the Calculation Agent in
writing) for the issue of Treasury Bills with a remaining maturity
closest to the specified Index Maturity; <font style="text-decoration: underline">provided</font> that if the dealers
selected as aforesaid by IRSA PC are not quoting as mentioned in
this sentence, the Treasury Rate for such Interest Reset Date shall
be the Treasury Rate in effect on such Treasury Interest
Determination Date.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-size: 13px; font-family: Times New Roman">
Payment of Principal and Interest</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">General. Interest
(and principal, if any, payable other than at Stated Maturity or
upon acceleration or redemption) shall be payable in immediately
available funds to the Person in whose name a Note is registered at
the close of business on the Regular Record Date next preceding
each Interest Payment Date notwithstanding the cancellation of such
Securities upon any transfer or exchange thereof subsequent to such
Regular Record Date and prior to such Interest Payment Date;
<font style="text-decoration: underline">provided</font> that
interest payable at Stated Maturity or upon acceleration or
redemption shall be payable to the Person to whom principal will be
payable; and provided further, that if and to the extent IRSA PC
defaults in the payment of the interest, including any Additional
Amounts, due on such Interest Payment Date, such defaulted
interest, including any Additional Amounts, shall be paid to the
Person in whose names such Securities are registered at the end of
a subsequent record date established by IRSA PC by notice given by
or on behalf of IRSA PC to the Holders</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">of the
Securities not less than fifteen (15) days preceding such special
record date, such record date to be not less than fifteen (15) days
preceding the date of payment in respect of such defaulted
interest. Unless otherwise specified in the applicable Pricing
Supplement, the first payment of interest on any Note originally
issued between a Regular Record Date and an Interest Payment Date
shall be made on the Interest Payment Date following the next
succeeding Regular Record Date to the registered owner at the close
of business on such next succeeding Regular Record Date. Unless
otherwise specified in the applicable Pricing Supplement, the
&#x201C;Regular Record Date&#x201D; with respect to any Security will
be the date 15 calendar days prior to each Interest Payment Date,
whether or not such date is a Business Day.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Payment
of the principal of and any premium, interest, Additional Amounts
and other amounts on or in respect of any Note at Stated Maturity
or upon acceleration or redemption shall be made to the registered
Holder on such date in immediately available funds to the person in
whose name such note is registered upon surrender of such Note at
the Corporate Trust Office or at the specified office of any other
Paying Agent; <font style="text-decoration: underline">provided</font> that the Note is
presented to the Paying Agent in time for the Paying Agent to make
such payments in such funds in accordance with its normal
procedures. Payments of the principal of and any premium, interest,
Additional Amounts and other amounts on or in respect of Securities
to be made other than at Stated Maturity or upon redemption shall
be made by check mailed on or before the due date for such payments
to the address of the Person entitled thereto as it appears in the
Register; <font style="text-decoration: underline">provided</font>
that (a) DTC and the Common Depositary, as Holder of the Global
Securities, shall be entitled to receive payments of interest by
wire transfer of immediately available funds, (b) a Holder of at
least US$1,000,000 (or the approximate equivalent thereof in a
Specified Currency other than U.S. dollars) in aggregate principal
or face amount of Securities of the same Series shall be entitled
to receive payments of interest by wire transfer of immediately
available funds to an account maintained by such Holder at a bank
located in the United States as may have been appropriately
designated by such Holder to the Trustee in writing no later than
fifteen (15) days prior to the date such payment is due and (c) to
the extent that the Holder of a Note issued and denominated in a
Specified Currency other than U.S. dollars elects to receive
payment of the principal of and any premium, interest, Additional
Amounts and other amounts on or in respect of such Note at Stated
Maturity or upon redemption in such Specified Currency, such
payment, except in circumstances described in the applicable
Pricing Supplement, shall be made by wire transfer of immediately
available funds to an account specified in writing not less than
fifteen (15) days prior to the date such payment is due by the
Holder to the Trustee. Unless such designation is revoked, any such
designation made by such Holder with respect to such Securities
shall remain in effect with respect to any future payments with
respect to such Securities payable to such Holder.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Payments of
interest on any Fixed Rate Note or Floating Rate Note with respect
to any Interest Payment Date will include interest accrued to but
excluding such Interest Payment Date; provided, that, unless
otherwise specified in the applicable Pricing Supplement, if the
Interest Reset Dates with respect to any Floating Rate Note are
daily or weekly, interest payable on such Note on any Interest
Payment Date, other than interest payable on the date on which
principal on any such Note is payable, will include</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">130</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">interest accrued to
but excluding the day following the next preceding Regular Record
Date.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">With
respect to a Floating Rate Note, accrued interest from the date of
issue or from the last date to which interest has been paid is
calculated by multiplying the principal or face amount of such
Floating Rate Note by an accrued interest factor. Such accrued
interest factor is computed by adding the interest factor
calculated for each day from the date of issue, or from the last
date to which interest has been paid, to but excluding the date for
which accrued interest is being calculated. Unless otherwise
specified in the applicable Pricing Supplement, the interest factor
(expressed as a decimal) for each such day is computed by dividing
the interest rate (expressed as a decimal) applicable to such date
by 360, in the case of LIBOR Notes, or by the actual number of days
in the year, in the case of Treasury Rate Notes.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Unless
otherwise specified in the applicable Pricing Supplement, interest
on Fixed Rate Notes will be calculated on the basis of a 360-day
year consisting of twelve (12) months of thirty (30) days each and,
in the case of an incomplete month, the number of days
elapsed.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Unless
otherwise specified in the applicable Pricing Supplement, if any
Interest Payment Date (other than the Stated Maturity) for any
Floating Rate Note would otherwise be a day that is not a Business
Day in the relevant locations specified in the Pricing Supplement
and the place of payment, such Interest Payment Date shall be the
next Business Day succeeding such Business Day (except that, in the
case of a LIBOR Note, if such Business Day is in the next
succeeding calendar month, such Interest Payment Date shall be the
next Business Day preceding such Business Day). If the Stated
Maturity for any Fixed Rate Note or Floating Rate Note or the
Interest Payment Date for any Fixed Rate Note falls on a day which
is not a Business Day in the relevant locations specified in the
Pricing Supplement and the place of payment, payment of principal
(and premium, if any) and interest with respect to such Note will
be made on the next succeeding Business Day in the place of payment
with the same force and effect as if made on the due date and no
interest on such payment will accrue from and after such due
date.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-size: 13px; font-family: Times New Roman">
Specified Currency Other Than U.S. Dollars</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">If any
Note is to be denominated in a Specified Currency other than U.S.
dollars, certain provisions with respect thereto will be set forth
in the applicable Pricing Supplement, which will specify the
foreign currency or currency unit in which the principal or any
premium or interest with respect to such Note are to be paid, along
with any other terms relating to the non-U.S. dollar
denomination.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">If IRSA
PC offers Indexed Notes or Dual Currency Notes, the applicable
Pricing Supplement and such Indexed Notes or Dual Currency Notes
will set forth the method by and the terms on which the amount of
principal (payable on or prior to Stated Maturity), interest and/or
any premium, will be determined, any additional tax consequences to
the</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">131</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Holder
of such Note, a description of certain risks associated with
investment in such Note and other information relating to such
Note.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Unless
otherwise specified in the terms of a Series of Securities,
Securities denominated in a Specified Currency other than U.S.
dollars will provide that, in the event of an official
redenomination of the currency, the obligations of IRSA PC with
respect to payments on such Securities shall, in all cases, be
deemed immediately following such redenomination to provide for
payment of that amount of the redenominated currency representing
the amount of such obligations immediately before such
redenomination.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">If the
principal of or any premium, interest, Additional Amounts or other
amounts on any note is payable in a Specified Currency other than
U.S. dollars and such Specified Currency is not available due to
the imposition of exchange controls or other circumstances beyond
IRSA PC&#x2019;s control, or is no longer used by the government of
the country issuing such currency or for settlement of transactions
by public institutions of or within the international banking
community, then IRSA PC, until such currency is again available or
so use, will be entitled, to the extent permitted by Argentine law,
to satisfy its obligations to the Holder of such Securities by
making such payment in U.S. dollars at the Exchange Rate for the
Payment Date. The making of any payment in respect of any Note in
U.S. dollars under the foregoing circumstances shall not constitute
an Event of Default under such Note.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Payments of the
principal and any premium, interest, Additional Amounts or other
amounts to Holders of a note denominated in a Specified Currency
other than U.S. dollars who hold the Note through DTC will, to the
extent permitted by Argentine law, be made in U.S. dollars.
However, any DTC Holder of a Note denominated in a Specified
Currency other than U.S. dollars may elect to receive payments by
wire transfer in the Specified Currency other than U.S. dollars by
delivering a written notice to the DTC participant through which it
holds its beneficial interest, not later than the Regular Record
Date, in the case of an interest payment, or at least fifteen (15)
calendar days before the Stated Maturity, specifying wire transfer
instructions to an account denominated in the Specified Currency.
The DTC participant must notify DTC of the election and wire
transfer instructions on or before the twelfth (12th) Business Day
before the applicable payment of the principal.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">If so
specified in the applicable Pricing Supplement, payments of
principal, interest, Additional Amounts or other amounts on or in
respect of any Note denominated in a Specified Currency other than
U.S. dollars shall, to the extent permitted by Argentine law, be
made in U.S. dollars, calculated at the Exchange Rate for the
Payment Date, if the Holder of such Note on the relevant Regular
Record Date or at Stated Maturity, as the case may be, has
transmitted a written request for such payment in U.S. dollars to
the Trustee and the applicable Paying Agent on or prior to such
Regular Record Date or the date that is fifteen (15) days prior to
the Stated Maturity, as the case may be. Such request may be in
writing (mailed or hand delivered) or by facsimile transmission.
Any such request made with respect to any Note by a Holder will
remain in effect with respect to any further payments of principal
and any premium, interest, Additional Amounts or</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">132</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">other
amounts on or in respect of such Note payable to such Holder,
unless such request is revoked on or prior to the relevant Regular
Record Date or the date that is fifteen (15) days prior to the
Stated Maturity, as the case may be. Holders of Securities
denominated in a Specified Currency other than U.S. dollars that
are registered in the name of a broker or nominee should contact
such broker or nominee to determine whether and how an election to
receive payments in U.S. dollars may be made.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">The
U.S. dollar amount to be received by a Holder of a Note denominated
in a Specified Currency other than U.S. dollars who elects to
receive payment in U.S. dollars will be based on the Exchange Rate,
on the second (2nd) Business Day next preceding the applicable
Payment Date. If Exchange Rate quotations are not available on the
second (2nd) Business Day preceding the date of payment of
principal or any premium, interest, Additional Amounts or other
amounts with respect to any Note, such payment will be made in the
Specified Currency. All currency exchange costs associated with any
payment in U.S. dollars on any Note denominated in a Specified
Currency other than U.S. dollars will be borne by the Holder
thereof by deductions from payment of the currency exchange being
effected on behalf of the Holder by the Exchange Rate
Agent.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Unless
otherwise specified in the applicable Pricing Supplement, (i) a
Note denominated in Euro may only be presented for payment on a day
on which the TARGET system is operating and (ii) if interest is
required to be calculated for a period of less than one (1) year,
unless otherwise specified in the applicable Pricing Supplement, it
will be calculated on the basis of the actual number of days
elapsed divided by 365 (or, if any of the days elapsed fall in a
leap year, the sum of (A) the number of those days falling in a
leap year divided by 366 and (B) the number of those days falling
in a non-leap year divided by 365).</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">In the
event of any foreign exchange restriction or prohibition in
Argentina, IRSA PC shall make any and all payments in respect of
interest on, or principal of, the Securities, to the extent
permitted by applicable law, in U.S. dollars by:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(a)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;purchasing,
with Pesos any series of Argentine Discount Bonds or Argentine Par
Bonds or any other securities or public or private bonds issued in
Argentina and denominated in U.S. dollars and transferring and
selling such securities outside Argentina for U.S. dollars,
or</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(b)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;by
means of any other legal procedure existing in Argentina for the
purchase of U.S. dollars and their subsequent transfer
abroad.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">All
costs and taxes payable in connection with the procedures referred
to above shall be borne by IRSA PC. IRSA PC&#x2019;s payment
obligations may only be deemed satisfied and discharged upon
receipt by the relevant Holder or the Trustee, as the case may be,
of the U.S. dollar amounts obtained through the transactions
specified above necessary to satisfy the relevant amount owing on
the Securities.</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">133</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; text-align: center; page-break-after: always; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
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<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">EXHIBIT
D</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">FORM OF
CERTIFICATE FOR EXCHANGE OR TRANSFER FROM RULE 144A GLOBAL SECURITY
TO REGULATION&#xA0;S GLOBAL SECURITY DURING THE RESTRICTED
PERIOD</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">(Exchanges or
Transfers pursuant to</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Section
2.10(c)(i) of the Indenture)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">The
Bank of New York Mellon,</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">as
Trustee</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">101
Barclay Street, 7E</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">New
York, New York 10286</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Attention:
Corporate Trust Department</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Re:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;IRSA
Propiedades Comerciales S.A. Reference is hereby made to the
Indenture dated as of March 23, 2016 (as amended, modified or
supplemented from time to time the &#x201C;<font style="text-decoration: underline">Indenture</font>&#x201D;), among IRSA
Propiedades Comerciales S.A. (&#x201C;<font style="text-decoration: underline">IRSA PC</font>&#x201D;), The Bank of
New York Mellon, as Trustee, co-registrar, principal paying agent
and transfer agent and Banco Santander R&#xED;o S.A., as registrar,
paying agent, transfer agent and representative of the Trustee in
Argentina. Capitalized terms used but not defined herein shall have
the meanings given to them in the Indenture.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">This
letter relates to [currency amount] principal amount of [Describe
Notes] (the &#x201C;<font style="text-decoration: underline">Securities&#x201D;)</font> that
represent a beneficial interest in the Rule 144A Global Security
(CUSIP No. ______) beneficially owned by the undersigned (the
&#x201C;Transferor&#x201D;). The Transferor has requested an exchange
or transfer of such beneficial interest for an interest in the
Regulation S Global Security (CUSIP No. _____) (Common Code No.
__________; ISIN No. _____________).</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">In
connection with such request and in respect of such Securities, the
Transferor does hereby certify that such exchange or transfer has
been effected in accordance with the transfer restrictions set
forth in the Securities and pursuant to and in accordance with
Regulation S, and accordingly the Transferor does hereby certify
that:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(1)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;the
offer of the Notes was not made to a person in the United
States;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(2)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;either
(i) the transaction was executed in, on or through a physical
trading floor of an established foreign securities exchange that is
located outside the United States, (ii) the transaction was
executed in, on or through the facilities of a designated offshore
securities market and neither the Transferor nor any person acting
on the Transferor&#x2019;s behalf knows that the transaction was
pre-arranged with a transferee in the United States or (iii) the
transferee is outside the United States, or the Transferor and any
person acting on its behalf reasonably believes that the transferee
is outside the United States;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(3)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;no
directed selling efforts have been made in contravention of the
requirement of Rule 903(a)(2) or 904(a)(2) of Regulation S, as
applicable;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">134</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; text-align: center; page-break-after: always; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(4)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;the
additional conditions set forth in Rule 903(b) or 904(b), as
applicable, have been satisfied; and</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(5)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;the
transaction is not part of a plan or scheme to evade the
registration requirements of the Securities Act.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">To the
extent applicable, the terms used in clauses (1) through (5) above
have the meanings given to them in Regulation S.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">This
certificate and the statements contained herein are made for your
benefit and the benefit of IRSA PC.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr><td colspan="2" style="vertical-align: top; width: 100%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">[Insert
name of Transferor]</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td></tr><tr><td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">By:</font></div>
</td><td style="vertical-align: top; width: 90%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td></tr><tr><td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td><td style="vertical-align: top; width: 90%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Name:</font></div>
</td></tr><tr><td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td><td style="vertical-align: top; width: 90%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Title:</font></div>
</td></tr></table></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Dated:
, 20</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">135</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; text-align: center; page-break-after: always; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">EXHIBIT
E</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">FORM OF
CERTIFICATE FOR EXCHANGE OR TRANSFER FROM RULE 144A GLOBAL SECURITY
TO REGULATION&#xA0;S GLOBAL SECURITY AFTER THE restricted
PERIOD</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">(Exchanges or
Transfers pursuant to</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Section
2.10(c)(i) of the Indenture)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">The
Bank of New York Mellon,</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">as
Trustee</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">101
Barclay Street,7E</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">New
York, New York 10286</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Attention:
Corporate Trust Department</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Re:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;IRSA
Propiedades Comerciales S.A. Reference is hereby made to the
Indenture dated as of March 23, 2016 (as amended, modified or
supplemented from time to time, the &#x201C;<font style="text-decoration: underline">Indenture</font>&#x201D;), among IRSA
Propiedades Comerciales S.A. (&#x201C;<font style="text-decoration: underline">IRSA PC</font>&#x201D;), The Bank of
New York Mellon, as Trustee, co-registrar, principal paying agent
and transfer agent and Banco Santander R&#xED;o S.A., as registrar,
paying agent, transfer agent and representative of the Trustee in
Argentina. Capitalized terms used but not defined herein shall have
the meanings given to them in the Indenture.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">This
letter relates to [currency amount] principal amount of [Describe
Notes] (the &#x201C;<font style="text-decoration: underline">Securities</font>&#x201D;) that
represent a beneficial interest in the Rule 144A Global Security
(CUSIP No. ______) beneficially owned by the undersigned (the
&#x201C;<font style="text-decoration: underline">Transferor</font>&#x201D;). The
Transferor has requested an exchange or transfer of such beneficial
interest for an interest in the Regulation S Global Security (CUSIP
No. _____) (Common Code No. __________; ISIN No.
_____________).</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">In
connection with such request and in respect of such Securities, the
Transferor does hereby certify that such exchange or transfer has
been effected in accordance with the transfer restrictions set
forth in the Securities and that:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(a)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;With
respect to transfers made in reliance on Regulation S:</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(1)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;The
offer of the Notes was not made to a person in the United
States;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(2)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;either
(i) the transaction was executed in, on or through a physical
trading floor of an established foreign securities exchange that is
located outside the United States, (ii) the transaction was
executed in, on or through the facilities of a designated offshore
securities market and neither the Transferor nor any person acting
on the Transferor&#x2019;s behalf knows that the transaction was
pre-arranged with a transferee in the United States or (iii) the
transferee is outside the United States, or the Transferor and any
person acting on its behalf reasonably believes that the transferee
is outside the United States;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">136</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; text-align: center; page-break-after: always; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(3)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;no
directed selling efforts have been made in contravention of the
requirement of Rule 903(a)(2) or 904(a)(2) of Regulation S, as
applicable;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(4)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;the
additional conditions set forth in Rule 903(b) or 904(b), as
applicable, have been satisfied; and</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(5)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;the
transaction is not part of a plan or scheme to evade the
registration requirements of the Securities Act; or</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(b)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;With
respect to transfers made in reliance on Rule 144 under the
Securities Act, the Notes are being transferred in a transaction
permitted by Rule 144 under the Securities Act.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">To the
extent applicable, the terms used in clauses (a)(1) through (5)
above have the meanings given to them in Regulation S.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">This
certificate and the statements contained herein are made for your
benefit and the benefit of IRSA PC.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr><td colspan="2" style="vertical-align: top; width: 100%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">[Insert
name of Transferor]</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td></tr><tr><td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">By:</font></div>
</td><td style="vertical-align: top; width: 90%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td></tr><tr><td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td><td style="vertical-align: top; width: 90%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Name:</font></div>
</td></tr><tr><td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td><td style="vertical-align: top; width: 90%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Title:</font></div>
</td></tr></table></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Dated:
, 20</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">137</font></div>
</div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
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<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">EXHIBIT
F</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">FORM OF
CERTIFICATE FOR EXCHANGE OR TRANSFER FROM REGULATION&#xA0;S GLOBAL
SECURITY TO RULE 144A GLOBAL SECURITY</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">(Exchanges or
Transfers pursuant to</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Section
2.10(c)(ii) of the Indenture)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">The
Bank of New York Mellon</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">as
Trustee</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">101
Barclay Street, 7E</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">New
York, New York 10286</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Attention:
Corporate Trust Department</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Re:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;IRSA
Propiedades Comerciales S.A.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Reference is hereby
made to the Indenture dated as of March 23, 2016 (as amended,
modified or supplemented from time to time, the &#x201C;<font style="text-decoration: underline">Indenture</font>&#x201D;), among IRSA
Propiedades Comerciales S.A. (&#x201C;<font style="text-decoration: underline">IRSA PC</font>&#x201D;), The Bank of
New York Mellon, as Trustee, co-registrar, principal paying agent
and transfer agent and Banco Santander R&#xED;o S.A., as registrar,
paying agent, transfer agent and representative of the Trustee in
Argentina. Capitalized terms used but not defined herein shall have
the meanings given to them in the Indenture.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">This
letter relates to [currency amount] principal amount of 8.750%
Notes due 2023, Series No. 2 (the &#x201C;<font style="text-decoration: underline">Securities</font>&#x201D;) that
represent a beneficial interest in the Regulation S Global Security
(CUSIP No. _____) (Common Code No. __________; ISIN No. ______)
beneficially owned by the undersigned [transferor] (the
&#x201C;<font style="text-decoration: underline">Transferor</font>&#x201D;). The
Transferor has requested an exchange or transfer of such beneficial
interest for an interest in the Rule 144A Global Security (CUSIP
No. ______).</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">In
connection with such request, and in respect of such Securities,
the Transferor does hereby certify that such Securities are being
transferred in accordance with Rule 144A under the Securities Act
to a transferee that the Transferor reasonably believes is
purchasing the Securities for its own account or an account with
respect to which the transferee exercises sole investment
discretion, in each case in a transaction meeting the requirements
of Rule 144A and in accordance with any applicable securities laws
of any state of the United States or any other jurisdiction. The
transferee and any such account are &#x201C;qualified institutional
buyers&#x201D; within the meaning of Rule 144A, and each such person
has been advised that these Securities is being sold or transferred
to it in reliance upon Rule 144A and has received the information,
if any, requested by it pursuant to Rule 144A.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">This
certificate and the statements contained herein are made for your
benefit and the benefit of IRSA PC.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr><td colspan="2" style="vertical-align: top; width: 100%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">[Insert
name of Transferor]</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td></tr><tr><td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">By:</font></div>
</td><td style="vertical-align: top; width: 90%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td></tr><tr><td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td><td style="vertical-align: top; width: 90%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Name:</font></div>
</td></tr><tr><td style="vertical-align: top; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td><td style="vertical-align: top; width: 90%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Title:</font></div>
</td></tr></table></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Dated:
, 20</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">138</font></div>
</div>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2.8
<SEQUENCE>4
<FILENAME>exhibit26-suppindenture_e.htm
<DESCRIPTION>EXHIBIT 2.8
<TEXT>
<html>

<head>
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<font style="color: #000000; background-color: #ffffff; font-weight: bold; font-size: 13px; font-family: Times New Roman">
EXHIBIT 2.6</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">EXECUTION
COPY</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">IRSA
PROPIEDADES COMERCIALES S.A.,</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">as
Issuer</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">and</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">The
Bank of New York Mellon,</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">as
Trustee, Co-Registrar,</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Principal
Paying Agent and Transfer Agent,</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">The
Bank of New York Mellon (Luxembourg) S.A.,</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">as
Luxembourg Paying Agent and</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Luxembourg Transfer
Agent</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">and</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Banco
Santander R&#xED;o S.A.,</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">as
Registrar, Paying Agent, Transfer Agent and</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Representative
of the Trustee in Argentina</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">First
Supplemental Indenture</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Dated
as of March 23, 2016</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">TABLE
OF CONTENTS</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Page</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">ARTICLE
I DEFINITIONS SECTION&#xA0;&#xA0;<a href="#_Toc446362127"><font style="font-size: 13px; font-family: Times New Roman">1</font></a></font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Section
1.1.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="text-decoration: underline; font-size: 13px">Certain
Terms Defined in the Indenture</font>.1</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Section
1.2.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="text-decoration: underline; font-size: 13px">Definitions</font>.1</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">ARTICLE
II FORM AND TERMS OF THE NOTES&#xA0;&#xA0;<a href="#_Toc446362130"><font style="font-size: 13px; font-family: Times New Roman">1</font></a></font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Section
2.1.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="text-decoration: underline; font-size: 13px">Form
and Dating</font>.1</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Section
2.2.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="text-decoration: underline; font-size: 13px">Terms
of the Notes</font>.1</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Section
2.3.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="text-decoration: underline; font-size: 13px">Optional
Redemption</font>.1</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">ARTICLE
III MISCELLANEOUS&#xA0;&#xA0;<a href="#_Toc446362134"><font style="font-size: 13px; font-family: Times New Roman">1</font></a></font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Section
3.1.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="text-decoration: underline; font-size: 13px">Governing
Law</font>.1</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Section
3.2.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="text-decoration: underline; font-size: 13px">Multiple
Counterparts</font>.1</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Section
3.3.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="text-decoration: underline; font-size: 13px">Severability</font>.1</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Section
3.4.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="text-decoration: underline; font-size: 13px">Ratification</font>.1</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Section
3.5.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="text-decoration: underline; font-size: 13px">Rights,
Protections and Immunities of the Trustee</font>.<a href="#_Toc446362139"><font style="font-size: 13px">1</font></a></font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Section
3.6.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="text-decoration: underline; font-size: 13px">Trustee
Not Responsible for Recitals</font>.<a href="#_Toc446362140"><font style="font-size: 13px">1</font></a></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">EXHIBIT
A Form of 8.750% Notes due 2023, Series No. 2&#xA0;&#xA0;A-<a href="#_Toc446362141"><font style="font-size: 13px; font-family: Times New Roman">1</font></a></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; text-align: center; page-break-after: always; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">FIRST
SUPPLEMENTAL INDENTURE</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">FIRST
SUPPLEMENTAL INDENTURE (this &#x201C;<font style="text-decoration: underline">First Supplemental
Indenture</font>&#x201D;), dated as of March 23, 2016, between IRSA
PROPIEDADES COMERCIALES S.A., a <font style="font-style: italic">sociedad an&#xF3;nima</font> organized under
the laws of the Republic of Argentina (&#x201C;<font style="text-decoration: underline">Argentina</font>&#x201D;) and domiciled
at Moreno 877, 22nd Floor, (C1091AAQ) City of Buenos Aires,
Argentina (&#x201C;<font style="text-decoration: underline">IRSA
PC</font>&#x201D;) , incorporated, organized and registered with the
Public Registry of Commerce of the City of Buenos Aires (IGJ) on
August 29, 1889, under Number 323, Page 6, Book 85 of the Stock
Corporations Volume, with a term of duration which expires on
August 28, 2087, The Bank of New York Mellon, a corporation
organized under the laws of the State of New York authorized to
conduct a banking business, as trustee (in such capacity, the
&#x201C;<font style="text-decoration: underline">Trustee</font>&#x201D;), co-registrar
(in such capacity, the &#x201C;<font style="text-decoration: underline">Co-Registrar</font>&#x201D;), principal
paying agent (in such capacity, the &#x201C;<font style="text-decoration: underline">Principal Paying Agent</font>&#x201D;
and, together with the Luxembourg Paying Agent (as defined below)
and any other paying agents appointed by IRSA PC in their
respective capacities as such, the &#x201C;<font style="text-decoration: underline">Paying Agents</font>&#x201D;) and
transfer agent (in such capacity, a &#x201C;<font style="text-decoration: underline">Transfer Agent</font>&#x201D; and,
together with the Luxembourg Transfer Agent (as defined below) and
any other transfer agents appointed by IRSA PC in their respective
capacities as such, the &#x201C;<font style="text-decoration: underline">Transfer Agents</font>&#x201D;), The
Bank of New York Mellon (Luxembourg) S.A., as paying agent in
Luxembourg (the &#x201C;<font style="text-decoration: underline">Luxembourg Paying Agent</font>&#x201D;)
and transfer agent in Luxembourg (the &#x201C;<font style="text-decoration: underline">Luxembourg Transfer
Agent</font>&#x201D;) and Banco Santander R&#xED;o S.A., a bank duly
incorporated and existing under the laws of Argentina, as registrar
(in such capacity, the &#x201C;<font style="text-decoration: underline">Registrar</font>&#x201D;), Paying
Agent, Transfer Agent and representative of the Trustee in
Argentina (in such capacity, the &#x201C;<font style="text-decoration: underline">Representative of the Trustee in
Argentina</font>&#x201D;).</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">RECITALS OF IRSA
PC</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">WHEREAS, IRSA PC,
the Trustee and the Representative of the Trustee in Argentina
executed and delivered an Indenture, dated as of March 23, 2016
(the &#x201C;Base <font style="text-decoration: underline">Indenture</font>&#x201D; and, as
supplemented by this First Supplemental Indenture, the
&#x201C;<font style="text-decoration: underline">Indenture</font>&#x201D;), to provide
for the issuance by IRSA PC from time to time of Securities to be
issued in one or more Series as provided in the
Indenture;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">WHEREAS, the
issuance and sale of US$360,000,000 aggregate principal amount of a
new Series of the Securities of IRSA PC designated as its
&#x201C;8.750% Notes due 2023, Series No. 2&#x201D; (the
&#x201C;<font style="text-decoration: underline">Notes</font>&#x201D;) have been
authorized by resolutions adopted by the Board of Directors of IRSA
PC;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">WHEREAS, IRSA PC
desires to issue and sell US$360,000,000 aggregate principal amount
of the Notes on the date hereof;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">WHEREAS, Sections
2.1, 2.3 and 7.1 of the Base Indenture provide that IRSA PC, when
authorized by a resolution of the Board of Directors of IRSA PC,
and the Trustee may amend or supplement the Base Indenture to
provide for the issuance of and to establish the form or terms and
conditions of Securities of any Series as permitted by the Base
Indenture;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">WHEREAS, IRSA PC
desires to establish the form, terms and conditions of the Notes;
and</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">WHEREAS, all things
necessary to make this First Supplemental Indenture a valid
supplement to the Base Indenture according to its terms and the
terms of the Base Indenture have been done;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">NOW,
THEREFORE, IRSA PC, the Trustee, the Co-Registrar, the Paying
Agents, the Transfer Agents, the Registrar and the Representative
of the Trustee in Argentina hereby agree that the following
provisions shall supplement the Base Indenture solely with respect
to the Notes:</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">ARTICLE
I</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman"><a name="_Toc256000000">&#xA0;</a><a name="_Toc446362127">&#xA0;</a>DEFINITIONS SECTION</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Section
1.1.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Provisions of the Base
Indenture</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Except
insofar as otherwise expressly provided herein, all of the
definitions, provisions, terms and conditions of the Base Indenture
shall remain in full force and effect. The Base Indenture and this
First Supplemental Indenture shall be read, taken and considered as
one and the same instrument for all purposes and every Holder of
Notes authenticated and delivered hereunder shall be bound hereby.
Notwithstanding any other provision of this Section 1.1 or the Base
Indenture or this First Supplemental Indenture to the contrary, to
the extent any provisions of this First Supplemental Indenture or
any Notes issued hereunder shall conflict with any provision of the
Base Indenture, the provisions of this First Supplemental Indenture
or the Notes, as applicable, shall control in respect of the Notes
but not any other Series of Securities.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Section
1.2.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Definitions</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">For all
purposes of this First Supplemental Indenture and the Notes, except
as otherwise expressly provided or unless the subject matter or
context otherwise requires:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(a)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;any
reference to an &#x201C;<font style="text-decoration: underline">Article</font>&#x201D; or a
&#x201C;<font style="text-decoration: underline">Section</font>&#x201D; refers to an
Article or Section, as the case may be, of this First Supplemental
Indenture;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(b)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;the
words &#x201C;<font style="text-decoration: underline">herein</font>,&#x201D;
&#x201C;<font style="text-decoration: underline">hereof</font>&#x201D; and
&#x201C;<font style="text-decoration: underline">hereunder</font>&#x201D; and other
words of similar import refer to this First Supplemental Indenture
as a whole and not to any particular Article, Section or other
subsection;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(c)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;all
terms used in this First Supplemental Indenture and not defined
herein have the meanings assigned to them in the Base
Indenture;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(d)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;the
term &#x201C;<font style="text-decoration: underline">Securities</font>,&#x201D; as defined
in the Base Indenture and as used therein (including in any
definition therein), shall be deemed to include or refer to, as
applicable, the Notes;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(e)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;the
following terms shall have the meanings given to them in this
Section 1.2:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Comparable Treasury
Issue</font>&#x201D; means the United States Treasury security or
securities selected by the Independent Investment Banker as having
an actual or interpolated maturity from the applicable Redemption
Date to March 23, 2023 that would be utilized, at the time of
selection and in accordance with customary financial practice, in
pricing new issues of corporate debt securities of a maturity most
nearly equal to March 23, 2023.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Comparable Treasury
Price</font>&#x201D; means, with respect to any Redemption Date, (1)
the average of the Reference Treasury Dealer Quotations for such
Redemption Date, after excluding the highest and lowest such
Reference Treasury Dealer Quotation or (2) if fewer than four such
Reference Treasury Dealer Quotations are obtained, the average of
all such quotations.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Independent Investment
Banker</font>&#x201D; means one of the Reference Treasury Dealers
appointed by IRSA PC.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x201C;<font style="text-decoration: underline">Moody&#x2019;s</font>&#x201D;
means Moody&#x2019;s Investors Service, Inc. or any successor
thereto.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Pricing Supplement</font>&#x201D; means
the pricing supplement dated March 17, 2016 relating to the Notes,
including the accompanying Offering Memorandum dated March 17,
2016.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Reference Treasury
Dealer</font>&#x201D; means (a) each of Citigroup Global Markets
Inc. and J.P. Morgan Securities LLC (or their respective affiliates
that are primary U.S. government securities dealers in New York
City (each, a &#x201C;<font style="text-decoration: underline">Primary Treasury
Dealer</font>&#x201D;)) and their respective successors and (b) not
less than three other Primary Treasury Dealers reasonably
designated by the Issuer; <font style="text-decoration: underline">provided</font> that if any of the
foregoing ceases to be a Primary Treasury Dealer, the Issuer will
substitute therefor another Primary Treasury Dealer.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Reference Treasury Dealer
Quotation</font>&#x201D; means, with respect to each Reference
Treasury Dealer and any Redemption Date, the average, as determined
by the Independent Investment Banker, of the bid and asked prices
for the Comparable Treasury Issue (expressed in each case as a
percentage of its principal amount) quoted in writing to the
Independent Investment Banker by such Reference Treasury Dealer at
3:30 p.m. (New York City time) on the third Business Day preceding
such Redemption Date.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#x201C;<font style="text-decoration: underline">S&amp;P</font>&#x201D;
means Standard &amp; Poor&#x2019;s Ratings Services, a Standard
&amp; Poor&#x2019;s Financial Services LLC business, or any
successor thereto.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201C;<font style="text-decoration: underline">Treasury Rate</font>&#x201D; means,
with respect to any Redemption Date, the rate per annum equal to
the semi-annual equivalent yield to maturity or interpolated
maturity (on a day count basis) of the Comparable Treasury Issue,
assuming a price for the Comparable Treasury Issue (expressed as a
percentage of its principal amount) equal to the Comparable
Treasury Price for such Redemption Date.</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">ARTICLE
II</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman"><a name="_Toc446362130">&#xA0;</a>FORM AND TERMS OF THE
NOTES</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Section
2.1.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Form and Dating</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">The
Notes and the Trustee&#x2019;s certificate of authentication shall
be substantially in the form of <font style="text-decoration: underline">Exhibit A</font> hereto. The Notes
shall be executed on behalf of IRSA PC by a member of the Board of
Directors of IRSA PC and a member of the Supervisory Committee of
IRSA PC. The Notes may have notations, legends or endorsements
required by law, stock exchange rules or usage. Each Note shall be
dated the date of its authentication. The Notes and any beneficial
interest in the Notes shall be in minimum denominations of US$500
and integral multiples of US$500 in excess thereof.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">The
terms and conditions contained in the Notes shall constitute, and
are hereby expressly made, a part of the Indenture and IRSA PC and
the Trustee, by their execution and delivery of this First
Supplemental Indenture, expressly agree to such terms and
conditions and to be bound thereby.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(a)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Global Securities</font>. The Notes
designated herein shall be issued initially in the form of one or
more fully registered DTC Global Securities, which shall be
deposited with The Depository Trust Company, New York, New York
(the &#x201C;<font style="text-decoration: underline">Depositary</font>&#x201D;) and
registered in the name of Cede &amp; Co., the Depositary&#x2019;s
nominee, duly executed by IRSA PC and authenticated by the
Trustee.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">In
accordance with Section&#xA0;2.1 of the Base Indenture, the Notes
initially sold within the United States to U.S.&#xA0;Persons that
are Qualified Institutional Buyers will be issued in the form of
one or more Rule&#xA0;144A Global Securities. The Notes initially
sold outside the United States in reliance on Regulation&#xA0;S
under the Securities Act will be issued in the form of one or more
Regulation&#xA0;S Global Securities, each in book-entry form
without interest coupons, deposited with a custodian for the
Depositary and registered in the name of the Depositary or its
nominee and otherwise comply with the provisions of
Section&#xA0;2.1 of the Base Indenture. Each of the Global
Securities shall be dated the date of its authentication. Global
Securities may not be transferred except by the Depositary, in
whole and not in part, to another nominee of the Depositary or to a
successor of the Depositary or its nominee except as set forth
below.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(b)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Book-Entry Provisions</font>. This
Section 2.1(b) shall apply only to the Global Securities deposited
with or on behalf of the Depositary.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Depositary
participants shall have no rights either under the Indenture or
with respect to any Global Securities held on their behalf by the
Depositary or under such Global Securities. The Depositary shall be
treated by IRSA PC, the Trustee and any agent of IRSA PC or the
Trustee as the absolute owner of such Global Security for all
purposes under the Indenture. Notwithstanding the foregoing,
nothing herein shall prevent IRSA PC or the Trustee from giving
effect to any written certification, proxy or other authorization
furnished by the Depositary or impair, as between the Depositary
and the Depository participants, the operation of customary
practices of such Depositary governing the exercise of the rights
of an owner of a beneficial interest in the Global
Securities.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(c)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Certificated Notes</font>. Notes
issued in the form of Certificated Securities shall be
substantially in the form of <font style="text-decoration: underline">Exhibit A</font> hereto, but without
including the text referred to therein as applying only to Global
Securities. Except as provided in Section 2.7 of the Base
Indenture, owners of beneficial interests in the Global Securities
will not be entitled to receive physical delivery of Certificated
Securities.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(d)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Transfer and Exchange of the
Notes</font>. The transfer and exchange of beneficial interests in
the Global Securities shall be effected through the Depositary, in
accordance with the Indenture and the procedures of the Depositary
therefor. Beneficial interests in the Global Securities may be
transferred to Persons who take delivery thereof in the form of a
beneficial interest in the Global Securities in accordance with the
terms of the Base Indenture.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Section
2.2.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Terms of the
Notes</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">The
following terms relating to the Notes are hereby
established:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(a)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Title</font>. The Notes shall
constitute a Series of Securities having the title &#x201C;8.750%
Notes due 2023, Series No. 2&#x201D;.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(b)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Principal Amount</font>. The aggregate
principal amount of the Notes that may be initially authenticated
and delivered under the Indenture (except for Notes authenticated
and delivered upon registration of, transfer of, or in exchange
for, or in lieu of, other Notes in accordance with the Indenture)
shall be US$360,000,000. IRSA PC may from time to time, without the
consent of the Holders of the Notes, issue additional Notes (in any
such case &#x201C;<font style="text-decoration: underline">Additional Notes</font>&#x201D;) of the
same Series as the Notes; <font style="text-decoration: underline">provided</font> that such Additional
Notes have the same terms and conditions as the Notes (except for
the date of issue, the issue price, the applicable legends, the
date from which interest accrues and, if applicable, the first
payment of interest); and <font style="text-decoration: underline">provided further</font> that if the
Additional Notes are not fungible for U.S. federal income tax
purposes with the previously outstanding Notes, such Additional
Notes shall have a separate CUSIP number. Such Additional Notes
shall be consolidated with and form a single Series with the
previously outstanding Notes.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(c)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Stated Maturity</font>. The entire
outstanding principal of the Notes shall be payable on March 23,
2023, unless earlier redeemed or repurchased.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(d)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Interest Rate; Place and Method of
Payment</font>. The rate at which the Notes shall bear interest
shall be 8.750% per annum; the date from which interest shall
accrue on the Notes shall be March 23, 2016, or the most recent
Interest Payment Date to which interest has been paid or provided
for; the Interest Payment Dates for the Notes shall be March 23 and
September 23 of each year, beginning September 23, 2016; the
interest so payable, and punctually paid or duly provided for, on
any Interest Payment Date, will be paid, in immediately available
funds, to the Persons in whose names the Notes (or one or more
predecessor Notes) are registered at the close of business on the
Regular Record Date for such interest, which shall be March 22 or
September 22, as the case may be, next preceding such Interest
Payment Date (whether or not such date is a Business Day). Interest
on the Notes shall be computed on the basis of a&#xA0;360-day year
consisting of twelve&#xA0;30-day months. Any such interest not
punctually paid or duly provided for shall forthwith cease to be
payable to the respective Holders on such Regular Record Date, and
such defaulted interest, may be paid to the Persons in whose names
the Notes (or one or more predecessor Notes) is registered at the
close of business on a special record date for the payment of such
defaulted interest to be fixed by the Trustee, notice whereof shall
be given to Holders of Notes not less than fifteen (15) days prior
to such special record date, or may be paid at any time in any
other lawful manner not inconsistent with requirements of any
securities exchange on which the Notes may be listed, and upon such
notice as may be required by such exchange, all as more fully
provided in Section 2.9 of the Indenture. Payment of principal and
interest on this Note will be made at the Corporate Trust Office of
the Trustee or such other office or agency of IRSA PC as may be
designated for such purpose, in such coin or currency of the United
States of America as at the time of payment is legal tender for
payment of public and private debts; <font style="text-decoration: underline">provided</font>, <font style="text-decoration: underline">however</font>, that each installment
of interest and principal on the Notes may at IRSA PC&#x2019;s
option be paid in immediately available funds by transfer to an
account maintained by the payee located in the United
States.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(e)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Redemption</font>. The Notes are
redeemable at the option of IRSA PC in accordance with Article X of
the Base Indenture and Section 2.3 hereof. The Notes are not
redeemable at the option of the Holders.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(f)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Luxembourg Paying Agent and Transfer
Agent</font>. The Bank of New York Mellon (Luxembourg) S.A., as
Luxembourg Paying Agent and Luxembourg Transfer Agent, hereby
agrees and accepts the terms of, and undertakes to perform its
obligations and the specific powers and duties delegated to it
(together with such powers and duties that are incidental thereto)
under, the Indenture, in each case, subject to the rights,
protections, immunities and indemnities granted to it as an
&#x201C;Agent&#x201D; under the Indenture . As of the date of this
First Supplemental Indenture, the office of the Luxembourg Paying
Agent and the Luxembourg Transfer Agent is: The Bank of New York
Mellon (Luxembourg) S.A., Vertigo Building &#x2013; Polaris, 2-4 rue
Eug&#xE8;ne Ruppert, L-2453 Luxembourg.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(g)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Sinking Fund Obligation</font>. The
Notes will not be subject to any sinking fund.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(h)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Mandatory Redemption or
Repurchase</font>. IRSA PC shall be required to make an offer to
repurchase the Notes as provided in Section 3.21 of the Base
Indenture.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(i)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Form and Denomination of Notes</font>.
The Notes shall be issued in registered form in the denominations
specified in Section 2.1 hereof.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(j)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Specified Currency</font>. The
currency of denomination of the Notes is U.S. dollars. Payment of
principal of and interest and premium, if any, Additional Amounts
and all other amounts due and owning under the Notes shall be
payable in U.S. dollars.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(k)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Payment Not Made by Reference to
Index</font>. Payments of principal of or interest or premium, if
any, on the Notes shall not be determined by reference to any
index.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(l)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Meetings, Modifications and
Waivers</font>. The terms of the Notes and the Indenture may be
modified or waived as provide in Article VII of the Base
Indenture.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(m)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Additional/Different Covenants;
Modification to Events of Default</font>. There is no addition to,
deletion of or change in any covenants or Events of Default set
forth in the Base Indenture as applicable to the
Notes.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(n)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Other Terms of the Notes</font>. The
Notes will benefit from the other terms and conditions set forth in
the Base Indenture, as supplemented and/or modified by this First
Supplemental Indenture only with respect to the Notes.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(o)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Conversion</font>. The Notes are not
convertible or exchangeable for shares of common stock or preferred
stock of IRSA PC.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(p)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Agents</font>. The provisions of
Section 3.2 of the Base Indenture shall apply to the
Notes.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(q)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Defeasance</font>. The Notes are
defeasible pursuant to Article XI of the Base
Indenture.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Section
2.3.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Optional
Redemption</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(a)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">The provisions of
Article X of the Base Indenture shall apply to the Notes and shall
be supplemented by the following clauses (b) and (c).</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(b)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-style: italic">Optional Redemption with a Make-Whole
Premium</font>. Prior to March 23, 2020, IRSA PC may, at its
option, to redeem the Notes, in whole or in part, at any time or
from time to time at a redemption price equal to the greater of (1)
100% of the outstanding principal amount of such Notes, and (2) the
sum of the present values of each remaining scheduled payment of
principal and interest thereon (excluding accrued but unpaid
interest to, but excluding, the applicable Redemption Date),
discounted to the applicable Redemption Date on a semi-annual basis
(assuming a 360-day year consisting of twelve 30-day months) at the
Treasury Rate plus 50 basis points (the &#x201C;<font style="text-decoration: underline">Make-Whole Amount</font>&#x201D;) plus,
in either case, accrued and unpaid interest to, but excluding, the
applicable Redemption Date, subject to the right of Holders of
Notes of record on the relevant Regular Record Date to receive
interest due on the relevant Interest Payment Date.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(c)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="font-style: italic">Optional Redemption Without a Make-Whole
Premium</font>. On and after March 23, 2020, IRSA PC may, at its
option, redeem the Notes, in whole or in part, at any time or from
time to time at the redemption prices (expressed as percentages of
principal amount of the Notes to be redeemed) set forth below, plus
accrued and unpaid interest thereon, if any, to but excluding the
applicable Redemption Date, subject to the right of Holders of
Notes of record on the relevant Regular Record Date to receive
interest due on the relevant Interest Payment Date, if redeemed
during the twelve-month period commencing on March 23 of each of
the years indicated below:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr><td style="vertical-align: top; width: 49%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;<font style="font-weight: bold">Year</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: 2px solid #000000">
<!--Rule Below Paragraph--></div>
</td><td style="vertical-align: top; width: 51%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">Percentage</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: 2px solid #000000">
<!--Rule Below Paragraph--></div>
</td></tr><tr><td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">2020</font></div>
</td><td style="vertical-align: top; width: 51%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">104.375%</font></div>
</td></tr><tr><td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">2021</font></div>
</td><td style="vertical-align: top; width: 51%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">102.188%</font></div>
</td></tr><tr><td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">2022
and thereafter</font></div>
</td><td style="vertical-align: top; width: 51%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">100.000%</font></div>
</td></tr></table></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(d)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">On and after the
Redemption Date for the Notes, interest will cease to accrue on the
Notes or any portion thereof called for redemption, unless IRSA PC
defaults in the payment of the applicable redemption price. In the
event IRSA PC elects to redeem the Notes, IRSA PC will deposit with
a Paying Agent, or the Trustee, funds sufficient to pay the
applicable redemption price of the Notes to be redeemed on such
Redemption Date in accordance with Section 10.2 of the Base
Indenture. If less than all of the Notes are to be redeemed, the
Notes to be redeemed will be selected in accordance with Section
10.1(d) of the Base Indenture.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(e)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman">All redemption
prices with respect to the Notes shall be calculated by IRSA
PC.</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">ARTICLE
III</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman"><a name="_Toc446362134">&#xA0;</a>MISCELLANEOUS</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Section
3.1.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Governing Law</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">This
First Supplemental Indenture and the Notes shall be governed by and
construed in accordance with the laws of the State of New York;
<font style="text-decoration: underline">provided</font> that all
matters relating to the due authorization, execution, issuance and
delivery of the Notes by IRSA PC, and matters relating to the legal
requirements necessary in order for the Notes to qualify as
&#x201C;<font style="font-style: italic">obligaciones negociables
simples no convertibles</font>&#x201D; under Argentine law, shall be
governed by the Negotiable Obligations Law, together with the
Argentine Companies Law, the Capital Markets Law and the rules of
the CNV and other applicable Argentine laws and
regulations.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Section
3.2.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Multiple
Counterparts</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">The
parties may sign multiple counterparts of this First Supplemental
Indenture. Each signed counterpart shall be deemed an original, but
all of them together represent one and the same First Supplemental
Indenture.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Section
3.3.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Severability</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Each
provision of this First Supplemental Indenture shall be considered
separable and if for any reason any provision which is not
essential to the effectuation of the basic purpose of this First
Supplemental Indenture or the Notes shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the
remaining provisions shall not in any way be affected or impaired
thereby and a Holder shall have no claim therefor against any party
hereto.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Section
3.4.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Ratification</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">The
Trustee accepts the trusts created by the Indenture, as
supplemented by this First Supplemental Indenture, and agrees to
perform the same upon the terms and conditions of the Indenture, as
supplemented by this First Supplemental Indenture.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Section
3.5.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Rights, Protections and Immunities of
the Trustee</font>. <a name="_Toc446362139">
<!--anchor--></a></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">All of
the rights, protections, benefits, immunities and indemnities
afforded or given to the Trustee and the Agents pursuant to the
Base Indenture shall apply to and be enforceable by the Trustee and
each Agent acting in their respective capacities relating to the
Notes and pursuant to this First Supplemental Indenture
<font style="font-style: italic">mutatis mutandi</font> as if set
forth and incorporated herein. The Trustee is acting hereunder, not
in its individual capacity, but solely in its capacity as Trustee
for the Notes under the Indenture.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Section
3.6.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">Trustee Not Responsible for
Recitals</font>. <a name="_Toc446362140">
<!--anchor--></a></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">The
recitals contained herein and in the Notes, shall be taken as the
statements of IRSA PC, and the Trustee assumes no responsibility
for the correctness thereof. The Trustee makes no representation as
to the validity or sufficiency of this First Supplemental
Indenture, or any offering materials or of the Notes. The Trustee
shall not be accountable for the use or application by IRSA PC of
any of the Notes or of the proceeds thereof.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">[Remainder of page
intentionally left blank.]</font></div>
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</div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">IN
WITNESS WHEREOF, the parties hereto have caused this First
Supplemental Indenture to be duly executed as of the date first
above written.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">IRSA
PROPIEDADES COMERCIALES S.A.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td></tr><tr><td style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">By:</font></div>
</td><td style="vertical-align: top; width: 93%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td></tr><tr><td style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td><td style="vertical-align: top; width: 93%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Name:</font></div>
</td></tr><tr><td style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td><td style="vertical-align: top; width: 93%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Title:</font></div>
</td></tr></table></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr><td style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">By:</font></div>
</td><td style="vertical-align: top; width: 93%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td></tr><tr><td style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td><td style="vertical-align: top; width: 93%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Name:</font></div>
</td></tr><tr><td style="vertical-align: top; width: 7%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td><td style="vertical-align: top; width: 93%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Title:</font></div>
</td></tr></table></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
[Signature page to the First Supplemental Indenture]</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">THE
BANK OF NEW YORK MELLON, as Trustee, Co-Registrar, Principal Paying
Agent and Transfer Agent.</font></div>
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[Signature page to the First Supplemental Indenture]</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">THE BANK OF NEW YORK MELLON (LUXEMBOURG)
S.A., as Luxembourg Paying
Agent and Transfer Agent.</font></div>
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[Signature page to the First Supplemental Indenture]</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">BANCO
SANTANDER R&#xCD;O S.A., as Registrar, Paying Agent, Transfer Agent
and Representative of the Trustee in Argentina.</font></div>
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<font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
[Signature page to the First Supplemental Indenture]</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">-3-</font></div>
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<font style="font-size: 13px; font-family: Times New Roman"><a name="_Toc446362141">&#xA0;</a>EXHIBIT A</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-size: 13px; font-family: Times New Roman">
[FORM OF FACE OF GLOBAL SECURITY]</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Registered No.:
[R-[__]][S-[__]]</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">CUSIP
No.: [Rule 144A: 463588 AA1][ Regulation S: P5880U
AB6]</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">ISIN
No.: [Rule 144A: US463588AA16][ Regulation S:
USP5880UAB63]</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Registered Holder:
[Cede &amp; Co., or registered assigns]</font></div>
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<font style="text-decoration: underline; font-size: 13px; font-family: Times New Roman">
IRSA PROPIEDADES COMERCIALES S.A.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">IRSA
Propiedades Comerciales S.A. was organized as a stock corporation
(<font style="font-style: italic">sociedad an&#xF3;nima</font>)
under the laws of Argentina for a term expiring on August 28, 2087
and was registered on August 29, 1889 under No. 323, Page 6, Book
85, of the Stock Corporations Volume of the Public Registry of
Commerce of the City of Buenos Aires, Argentina, and its registered
domicile is at Moreno 877, 22nd Floor, City of Buenos Aires,
Argentina.</font></div>
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<font style="text-decoration: underline; font-size: 13px; font-family: Times New Roman">
[RULE 144A/ REGULATION S] GLOBAL SECURITY</font></div>
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<font style="text-decoration: underline; font-size: 13px; font-family: Times New Roman">
representing</font></div>
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<font style="text-decoration: underline; font-size: 13px; font-family: Times New Roman">
US$[Aggregate principal amount]</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-size: 13px; font-family: Times New Roman">
8.750% NOTES DUE 2023, SERIES NO. 2</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">UNLESS
(1) THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY (&#x201C;DTC&#x201D;) TO IRSA PROPIEDADES
COMERCIALES S.A. OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT, (2) ANY NOTE ISSUED IS REGISTERED IN THE NAME
OF CEDE &amp; CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC AND (3) ANY PAYMENT IS MADE TO
CEDE &amp; CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
BECAUSE THE REGISTERED OWNER HEREOF, CEDE &amp; CO., HAS AN
INTEREST HEREIN.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">TRANSFERS OF THIS
NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO
DTC, NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH
SUCCESSOR&#x2019;S NOMINEE, AND TRANSFERS OF INTERESTS IN THIS NOTE
SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE
RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO
HEREIN.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">[INCLUDE THE
FOLLOWING RESTRICTIVE LEGEND FOR A RULE 144A GLOBAL SECURITY
(UNLESS SUCH LEGEND MAY BE REMOVED PURSUANT TO THE INDENTURE): THIS
NOTE HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933,
AS AMENDED (THE &#x201C;<font style="text-decoration: underline">SECURITIES ACT</font>&#x201D;), OR ANY
OTHER SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING THIS NOTE,
AGREES FOR THE BENEFIT OF IRSA PROPIEDADES COMERCIALES S.A.
(&#x201C;<font style="text-decoration: underline">IRSA
PC</font>&#x201D;) THAT THIS NOTE OR ANY INTEREST OR PARTICIPATION
HEREIN MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED
ONLY (I) TO IRSA PC OR TO ANY DEALERS APPOINTED BY IRSA PC WITH
RESPECT TO A PARTICULAR SERIES OF NOTES (EACH, A
&#x201C;<font style="text-decoration: underline">DEALER</font>&#x201D;
AND COLLECTIVELY, THE &#x201C;<font style="text-decoration: underline">DEALERS</font>&#x201D;) OR BY, THROUGH
OR IN A TRANSACTION APPROVED BY A DEALER, (II) SO LONG AS THIS NOTE
IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES
ACT (&#x201C;<font style="text-decoration: underline">RULE
144A</font>&#x201D;), TO A PERSON WHO THE SELLER REASONABLY BELIEVES
IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A) IN
ACCORDANCE WITH RULE 144A, (III) IN AN OFFSHORE TRANSACTION IN
ACCORDANCE WITH RULE 903 OR 904 OF REGULATION S UNDER THE
SECURITIES ACT, (IV) PURSUANT TO AN EXEMPTION FROM REGISTRATION
UNDER THE SECURITIES ACT AFFORDED BY RULE 144 UNDER THE SECURITIES
ACT (IF AVAILABLE) OR (V) PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT, AND IN EACH OF SUCH CASES IN
ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE
UNITED STATES OR OTHER APPLICABLE JURISDICTION. THE HOLDER HEREOF,
BY PURCHASING THIS NOTE, REPRESENTS AND AGREES FOR THE BENEFIT OF
IRSA PC THAT IT WILL NOTIFY ANY PURCHASER OF THIS NOTE FROM IT OF
THE RESALE RESTRICTIONS REFERRED TO ABOVE.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">THE
FOREGOING LEGEND MAY BE REMOVED FROM THIS NOTE ON SATISFACTION OF
THE CONDITIONS SPECIFIED IN THE INDENTURE REFERRED TO
HEREIN.]</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">[INCLUDE THE
FOLLOWING RESTRICTIVE LEGEND FOR A REGULATION S GLOBAL SECURITY
(UNLESS SUCH LEGEND MAY BE REMOVED PURSUANT TO THE INDENTURE): THIS
NOTE HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933,
AS AMENDED (THE &#x201C;<font style="text-decoration: underline">SECURITIES ACT</font>&#x201D;), OR ANY
OTHER SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING THIS NOTE,
AGREES FOR THE BENEFIT OF IRSA PROPIEDADES COMERCIALES S.A. THAT
NEITHER THIS NOTE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE
OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF
SUCH REGISTRATION UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT
SUBJECT TO, SUCH REGISTRATION.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">THE
FOREGOING LEGEND MAY BE REMOVED FROM THIS NOTE AFTER FORTY (40)
CONSECUTIVE DAYS BEGINNING ON AND INCLUDING THE LATER OF (A) THE
DAY ON WHICH THE NOTES ARE OFFERED TO PERSONS OTHER THAN
DISTRIBUTORS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT)
AND (B) THE ORIGINAL ISSUE DATE OF THIS NOTE.]</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">8.750%
NOTES DUE 2023, SERIES NO. 2</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">SERIES:
No. 2</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">SPECIFIED CURRENCY:
U.S. dollars</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">PRINCIPAL AMOUNT:
US$[_________]</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">ORIGINAL ISSUE
DATE: [March 23, 2016]</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">STATED
MATURITY: March 23, 2023</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">OTHER
TERMS AND CONDITIONS: As set forth below and in the
Indenture</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">FIXED
RATE OF INTEREST: 8.750%</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">INTEREST
COMMENCEMENT DATE: [March 23, 2016]</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">INTEREST PAYMENT
DATE(S): March 23 and September 23</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">REGULAR
RECORDS DATE(S): March 22 and September 22 immediately preceding
the relevant Interest Payment Date (whether or not a Business
Day)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">This
[Rule 144A] [Regulation S] Global Security (this
&#x201C;<font style="text-decoration: underline">Note</font>&#x201D;
and, together with any other Securities of the same Series as this
Note, the &#x201C;<font style="text-decoration: underline">Notes</font>&#x201D;) is issued
pursuant to the Indenture referred to herein.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Reference is hereby
made to the further provisions of this Note set forth on the
reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Copies
of the Indenture and this Global Security are on file and available
for inspection at the Corporate Trust Office of the Trustee and at
the office of the Registrar in the City of Buenos Aires and, if and
for so long as the Notes are listed on the Luxembourg Stock
Exchange for trading on the Euro MTF, and such Exchange shall so
require, at the office of the Paying Agent in Luxembourg, in each
case as specified in the Indenture. The Holder of this Note is
entitled to the benefit of, is bound by, and is deemed to have
notice of, all the provisions of the Indenture and the Notes
applicable to it. Terms used but not defined herein are used as
defined in the Indenture and the on the reverse of this
Note.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">This
Note is a Global Security representing an issue of duly authorized
Securities of IRSA PC issued and to be issued in one or more Series
pursuant to the Indenture. This Note has been issued in the initial
principal amount shown above (as adjusted from time to time on
Schedule A hereto, the &#x201C;<font style="text-decoration: underline">Principal Amount</font>&#x201D;) and
with the Specified Currency, Issue Date, Stated Maturity,
redemption and other provisions specified herein and in the
Indenture, and bearing interest on such Principal Amount at the
rate of interest specified herein.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">In the
event of any conflict between the provisions stated or incorporated
herein and the terms and conditions set forth in the Pricing
Supplement (as such term is defined in the First Supplemental
Indenture referred to herein), the terms and conditions in the
Pricing Supplement will prevail. Accordingly, in any such
circumstances this Note shall be deemed to have incorporated by
reference those terms and conditions &#x200E;set forth in the
Pricing Supplement.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">IRSA
PC, for value received, hereby promises to pay Cede &amp; Co. or
its registered assigns, the Principal Amount in the Specified
Currency at the Stated Maturity specified above, unless earlier
redeemed in accordance with the terms hereof, and to pay interest
from the Interest Commencement Date of this Note specified above
(or from the most recent date to which interest has been paid or
made available for payment) on the unpaid Principal Amount (and, to
the extent lawful, on overdue principal (including premium or
redemption amount, if any)) and any interest in respect hereof at
the Fixed Rate of Interest per annum specified above on the
Interest Payment Date or Dates specified above in each year,
commencing with the first such Interest Payment Date falling at
least fifteen (15) days after the Issue Date of this Note specified
above and at Stated Maturity or any Redemption Date, until the
principal hereof shall be paid or made available for
payment.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">This
Note is one of the Series designated above, which term shall mean
each original issue of Notes and shall be deemed to include any
other Securities in respect of such Series issued pursuant to the
Indenture. The Notes, together with any other debt Securities of
IRSA PC issued under the Indenture are limited to an aggregate
principal amount outstanding at any one time of US$500,000,000 or
the equivalent thereof in one or more Specified Currencies;
<font style="text-decoration: underline">provided</font>,
<font style="text-decoration: underline">however</font>, that the
total amount of the Program and the maximum aggregate principal
amount of Securities of all Series that may be Outstanding at any
one time under the Indenture may be increased by a resolution of
the shareholders of IRSA PC and without the consent of the
Holders.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Unless
the certificate of authentication hereon has been executed by or on
behalf of the Trustee by manual signature of one of its authorized
signatures, this Note shall not be entitled to any benefit under
the Indenture or be valid or obligatory for any
purpose.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">THIS
NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAW OF THE STATE OF NEW YORK; <font style="text-decoration: underline">PROVIDED</font> THAT ALL MATTERS
RELATING TO THE DUE AUTHORIZATION, EXECUTION, ISSUANCE AND DELIVERY
OF THE NOTES BY IRSA PC, AND MATTERS RELATING TO THE LEGAL
REQUIREMENTS NECESSARY IN ORDER FOR THE NOTES TO QUALIFY AS
&#x201C;OBLIGACIONES NEGOCIABLES SIMPLES NO CONVERTIBLES&#x201D;
UNDER ARGENTINE LAW, SHALL BE GOVERNED BY THE NEGOTIABLE
OBLIGATIONS LAW, TOGETHER WITH THE ARGENTINE COMPANIES LAW, THE
CAPITAL MARKETS LAW AND THE RULES OF THE CNV AND OTHER APPLICABLE
ARGENTINE LAWS AND REGULATIONS.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">A-4</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">IN
WITNESS WHEREOF, IRSA PC has caused this Global Security to be duly
executed.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Dated:
March , 2016</font></div>
<div style="text-align: left; margin-left: 312px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">IRSA
PROPIEDADES COMERCIALES S.A.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 312px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">By:
__________________________</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Name:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Title:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 312px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">By:
__________________________</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Name:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Title:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div id="pn" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 288px">
<font style="font-size: 13px; font-family: Times New Roman">A-4</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">TRUSTEE&#x2019;S
CERTIFICATE OF AUTHENTICATION</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">This is
one of the Notes of the Series designated and referred to in the
within-mentioned Indenture, as such is supplemented by the
within-mentioned First Supplemental Indenture.</font></div>
<div style="text-align: left; margin-left: 312px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">THE
BANK OF NEW YORK MELLON, as Trustee</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 312px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">By:
__________________________</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Name:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Title:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Dated:
March [ ], 2016</font></div>
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<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div id="pn" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 288px">
<font style="font-size: 13px; font-family: Times New Roman">A-4</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-size: 13px; font-family: Times New Roman">
[FORM OF REVERSE OF GLOBAL SECURITY]</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-size: 13px; font-family: Times New Roman">
TERMS AND CONDITIONS</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-size: 13px; font-family: Times New Roman">
General</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">The
Notes are issued as a Series of Securities under the Indenture,
dated as of March 23, 2016, among IRSA PC, The Bank of New York
Mellon, as trustee (in such capacity, the &#x201C;<font style="text-decoration: underline">Trustee</font>&#x201D;), co-registrar,
principal paying agent and transfer agent (in such capacity, a
&#x201C;<font style="text-decoration: underline">Transfer
Agent</font>&#x201D;, and together with any other transfer agents
under the Indenture, the &#x201C;<font style="text-decoration: underline">Transfer Agents</font>&#x201D;), and
Banco Santander R&#xED;o S.A., as registrar (in such capacity, the
&#x201C;<font style="text-decoration: underline">Registrar</font>&#x201D;), Paying
Agent, Transfer agent and representative of the Trustee in
Argentina, as amended and supplemented by the First Supplemental
Indenture thereto, dated as of March 23, 216, among IRSA PC, the
Trustee, the Representative of the Trustee in Argentina and The
Bank of New York Mellon (Luxembourg) S.A., as paying agent and
transfer agent in Luxembourg (as amended or supplemented from time
to time, the &#x201C;<font style="text-decoration: underline">Indenture</font>&#x201D;). Capitalized
terms used herein are used as defined in the Indenture unless
otherwise indicated. The terms of the Notes include those stated in
the Indenture, and Holders are referred to the Indenture for a
statement of all such terms. To the extent permitted by applicable
law, in the event of inconsistency between the terms of this Note
and the terms of the Indenture, the terms of the Notes will
control.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">The
following summaries of certain provisions of the Indenture and the
Notes do not purport to be complete and are subject to, and are
qualified in their entirety by reference to, all of the provisions
of the Indenture and the Notes, including the definitions therein
of certain terms. Capitalized terms not otherwise defined herein
shall have the meanings given to them in the
Indenture.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">The
Notes will qualify as &#x201C;<font style="font-style: italic">obligaciones negociables simples no
convertibles</font>&#x201D; under the Negotiable Obligations Law and
will be entitled to the benefits set forth therein and subject to
the procedural requirements thereof. The Notes will rank pari passu
in right of payment with all other existing and future unsecured
and unsubordinated indebtedness of IRSA PC (other than obligations
preferred by statute or by operation of law).</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Unless
previously redeemed, the Notes will mature on the date (the
&#x201C;<font style="text-decoration: underline">Stated
Maturity</font>&#x201D;) no less than thirty (30) days from their
date of issue as specified on the face hereof.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">The
Notes shall be denominated in the currency (a &#x201C;<font style="text-decoration: underline">Specified Currency</font>&#x201D;) as
specified on the face hereof. Payments on the Notes will be made in
the Specified Currency.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">The
Notes shall bear interest at a fixed rate (a &#x201C;<font style="text-decoration: underline">Fixed Rate Note</font>&#x201D;). See
&#x201C;Interest Rate&#x201D; below.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">The
Notes will not be subject to any sinking fund and will not be
redeemable prior to their Stated Maturity, except as provided in
the Indenture.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">IRSA PC
may from time to time, without the consent of Holders of Notes
outstanding, create and issue additional Notes of such Series
(&#x201C;<font style="text-decoration: underline">Additional
Notes</font>&#x201D;); <font style="text-decoration: underline">provided</font> such Additional Notes
have the same terms and conditions as the Notes of that Series
(except for the date of issue, the issue price, the applicable
legends, the date from which interest accrues and, if applicable,
the first payment of interest); and <font style="text-decoration: underline">provided</font> <font style="text-decoration: underline">further</font> that if the Additional
Notes are not fungible for U.S. federal income tax purposes with
the previously outstanding Notes of the relevant Series, such
Additional Notes shall have a separate CUSIP number. The Additional
Notes shall be consolidated with and form a single Series with the
previously outstanding Series of Notes.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Global
Securities are exchangeable in whole or in part for duly executed
and issued Certificated Securities in the form established pursuant
to the Indenture, with the applicable Restrictive Legends as marked
thereon, only if such exchange complies with Section 2.7 of the
Base Indenture. Interests in Global Securities are exchangeable or
transferable in whole or in part for interests in another Global
Security of the same Series, only if such exchange or transfer
complies with Section 2.10 of the Base Indenture.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-size: 13px; font-family: Times New Roman">
Interest Rate</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Each
Fixed Rate Note will bear interest from (and including) the issue
date (the &#x201C;<font style="text-decoration: underline">Interest
Commencement Date</font>&#x201D;) or from the most recent Interest
Payment Date to which interest on such Note has been paid or duly
provided for at the fixed rate per annum, until the principal
thereof is paid or made available for payment. Interest will be
payable on each Interest Payment Date and at Stated Maturity or
upon redemption or acceleration, as specified under &#x201C;Payment
of Principal and Interest&#x201D; below.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-size: 13px; font-family: Times New Roman">
Fixed Rate Notes</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Fixed
Rate Notes shall bear interest from (and including) the Interest
Commencement Date specified above at the rate or rates per annum so
specified (the &#x201C;<font style="text-decoration: underline">Fixed Rate(s) of
Interest</font>&#x201D;) payable in arrears on the Interest Payment
Date(s) in each year and on the Stated Maturity or upon redemption
or acceleration. The first payment of interest will be made on the
Interest Payment Date next following the Interest Commencement
Date.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-size: 13px; font-family: Times New Roman">
Payment of Principal and Interest</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Interest (and
principal, if any, payable other than at Stated Maturity or upon
acceleration or redemption) shall be payable in immediately
available funds to the Person in whose name a Security is
registered at the close of business on the Regular Record Date next
preceding each Interest Payment Date notwithstanding the
cancellation of such Securities upon any transfer or exchange
thereof subsequent to such Regular Record Date and prior to such
Interest Payment Date; <font style="text-decoration: underline">provided</font> that interest payable
at Stated Maturity or upon acceleration or redemption shall be
payable to the Person to whom principal will be payable; and
<font style="text-decoration: underline">provided further</font>,
that if and to the extent IRSA PC defaults in the payment of the
interest, including any Additional Amounts, due on such Interest
Payment Date, such defaulted interest, including any Additional
Amounts, shall be paid to the Person in whose names such Notes are
registered at the end of a subsequent record date established by
IRSA PC by notice given by or on behalf of IRSA PC to the Holders
of the Notes not less than fifteen (15) days preceding such special
record date, such record date to be not less than fifteen (15) days
preceding the date of payment in respect of such defaulted
interest. The first payment of interest on any Note originally
issued between a Regular Record Date and an Interest Payment Date
shall be made on the Interest Payment Date following the next
succeeding Regular Record Date to the registered owner at the close
of business on such next succeeding Regular Record Date. The
interest so payable, and punctually paid or made available for
payment, on any Interest Payment Date, will, as provided in the
Indenture, be paid, in immediately available funds, to the Person
in whose name this Note (or one or more Predecessor Securities) is
registered at the close of business on September 22 or March 22
(whether or not a Business Day, as defined in the Indenture), as
the case may be, next preceding such Interest Payment Date (the
&#x201C;<font style="text-decoration: underline">Regular Record
Date</font>&#x201D;).</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Payment
of the principal of and any premium, interest, Additional Amounts
and other amounts on or in respect of any Note at Stated Maturity
or upon acceleration or redemption shall be made to the registered
Holder on such date in immediately available funds to the person in
whose name such note is registered upon surrender of such Note at
the Corporate Trust Office or at the specified office of any other
Paying Agent; <font style="text-decoration: underline">provided</font> that the Note is
presented to the Paying Agent in time for the Paying Agent to make
such payments in such funds in accordance with its normal
procedures. Payments of the principal of and any premium, interest,
Additional Amounts and other amounts on or in respect of the Notes
to be made other than at Stated Maturity or upon redemption shall
be made by check mailed on or before the due date for such payments
to the address of the Person entitled thereto as it appears in the
Register; <font style="text-decoration: underline">provided</font>
that (a) the Depositary, as Holder of Global Securities, shall be
entitled to receive payments of interest by wire transfer of
immediately available funds and (b) a Holder of at least
US$1,000,000 in aggregate principal or face amount of Securities
shall be entitled to receive payments of interest by wire transfer
of immediately available funds to an account maintained by such
Holder at a bank located in the United States as may have been
appropriately designated by such Holder to the Trustee in writing
no later than fifteen (15) days prior to the date such payment is
due. Unless such designation is revoked, any such designation made
by such Holder with respect to such Notes shall remain in effect
with respect to any future payments with respect to such Notes
payable to such Holder.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Payments of
interest on any Fixed Rate Note with respect to any Interest
Payment Date will include interest accrued to but excluding such
Interest Payment Date.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">Interest on Fixed
Rate Notes will be calculated on the basis of a 360-day year
consisting of twelve 30-day months.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">If the
Stated Maturity for any Fixed Rate Note or the Interest Payment
Date for any Fixed Rate Note falls on a day which is not a Business
Day, payment of principal (and premium, if any) and interest with
respect to such Note will be made on the next succeeding Business
Day with the same force and effect as if made on the due date and
no interest on such payment will accrue from and after such due
date.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div id="pn" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 288px">
<font style="font-size: 13px; font-family: Times New Roman">A-4</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
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<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">SCHEDULE
A</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr><td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Date</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: 2px solid #000000">
<!--Rule Below Paragraph--></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td><td style="vertical-align: bottom; width: 22%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Principal Amount of
Certificated Securities or other Global Securities issued in
exchange for or upon transfer of an interest in this Global
Security</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: 2px solid #000000">
<!--Rule Below Paragraph--></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td><td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Principal Amount of
this Global Security Redeemed or Repurchased</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: 2px solid #000000">
<!--Rule Below Paragraph--></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td><td style="vertical-align: bottom; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Increase in
Principal Amount of this Global Security due to the exchange or
transfer of another Global Security (or an interest therein) for an
interest in this Global Security</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: 2px solid #000000">
<!--Rule Below Paragraph--></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td><td style="vertical-align: bottom; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Remaining Principal
Amount of this Global Security</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: 2px solid #000000">
<!--Rule Below Paragraph--></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td><td style="vertical-align: bottom; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Notation made on
behalf of the Trustee by</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: 2px solid #000000">
<!--Rule Below Paragraph--></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td></tr><tr><td style="vertical-align: bottom; width: 8%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td><td style="vertical-align: bottom; width: 22%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td><td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td><td style="vertical-align: bottom; width: 18%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td><td style="vertical-align: bottom; width: 18%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td><td style="vertical-align: bottom; width: 18%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td></tr></table></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
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<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">FORM OF
TRANSFER</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">[Include the
following for Notes bearing Restrictive Legends]</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">TRANSFER
NOTICE</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px; font-family: Times New Roman">FOR
VALUE RECEIVED, the undersigned Holder hereby sells, assigns and
transfers unto</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">(Please
print or typewrite name and address including postal code of
assignee)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Insert
Taxpayer Identification No.:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">this
Note and all rights thereunder, hereby irrevocably constituting and
appointing</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;attorney
to transfer such amount of said Note on the books of IRSA PC with
full power of substitution in the premises.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">In
connection with any transfer of this Note occurring prior to the
date that is one year after the Original Issue Date of this Note
(provided that IRSA PC or any affiliate of IRSA PC has not acquired
this Note during such one-year period), the undersigned confirms
that without utilizing any general advertising or general
solicitation:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">(check
one)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#x2612;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;This
Note is being transferred pursuant to the exception from
registration under the U.S. Securities Act of 1933, as amended (the
&#x201C;<font style="text-decoration: underline">Securities
Act</font>&#x201D;), provided by Rule 144A thereunder
(&#x201C;<font style="text-decoration: underline">Rule
144A</font>&#x201D;) and, upon registration of such transfer, each
beneficial owner of this Note will be a &#x201C;qualified
institutional buyer&#x201D; (as defined in Rule 144A), and each such
person has been advised that this Note is being sold or transferred
to it in reliance upon Rule 144A and has received the information,
if any, requested by it pursuant to Rule 144A; or</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&lt;&gt;&#xCE;&#xFD;&#xE1;C&#xA8;l&#xB0;N&#xDB;&#xE8;&#xD6;&#xC6;&#xA0;&#xD2;Y9</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#x201A;&#xE3;'</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA8;&#x201E;&#xB3;y</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xAA;&#xE7;&#xFC;F&#x161;?R&#xCD;5&#x2612;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;This
Note is being transferred pursuant to the exemption from
registration under the Securities Act provided by Regulation S
under the Securities Act (&#x201C;<font style="text-decoration: underline">Regulation S</font>&#x201D;), and the
address of the person in whose name this Note is to be registered
upon transfer is an address outside the United States (as defined
in Regulation S); or</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#x2612;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;This
Note is being transferred to a Dealer or to IRSA PC;
or</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#x2612;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;This
Note is being transferred other than in accordance with (a), (b) or
(c) above, and documents are being furnished to the Trustee or the
Transfer Agent which comply with the conditions of transfer set
forth in this Note and the Indenture.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">If none
of the foregoing boxes is checked, the Trustee shall not be
obligated to register this Note in the name of any person other
than the Holder hereof unless and until the conditions to any such
registration of transfer set forth herein and in the Indenture
shall have been satisfied.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Date:<br></font></div>
<div style="text-align: left; margin-left: 252px; margin-right: 0px; text-indent: -60px">
<font style="font-size: 13px; font-family: Times New Roman">Signed:
______________________________________</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">NOTICE:
The signature to this assignment</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">must
correspond with the name as written</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">upon
the face of the within instrument in</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">every
particular, without alteration or</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">enlargement or any
change whatsoever.</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.11
<SEQUENCE>5
<FILENAME>exhibit411.htm
<DESCRIPTION>EXHIBIT 4.11
<TEXT>
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<head>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">
TRADUCCI&#xD3;N P&#xDA;BLICA</font>&#xA0;</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">
SWORN TRANSLATION</font>&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
EIGHTH AGREEMENT FOR THE IMPLEMENTATION OF</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 204px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">AMENDMENTS</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
TO THE CORPORATE SERVICES MASTER AGREEMENT</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">[Except
for the signature page, all the pages that make up the source
document in Spanish carry six illegible initials.]</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Agreement
made in the Autonomous City of Buenos Aires on the 12<font style="font-size: 70%; vertical-align: top">th</font> day of November of
2015 by and between:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(i)
<font style="font-weight: bold">CRESUD S.A.C.I.F. y A.</font>,
domiciled at Moreno 877, Piso 23 in the Autonomous City of Buenos
Aires, represented hereat by the undersigned attorneys-in-fact
(hereinafter &#x201C;CRESUD&#x201D;) as party of the one
part;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(ii)
<font style="font-weight: bold">IRSA Propiedades Comerciales
S.A.</font>, domiciled at Moreno 877, Piso 22 in the Autonomous
City of Buenos Aires, represented hereat by the undersigned
attorneys-in-fact (hereinafter &#x201C;IRSAPC&#x201D;), as party of
the second part, and</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(iii)
<font style="font-weight: bold">IRSA Inversiones y Representaciones
Sociedad An&#xF3;nima</font>, domiciled at Bol&#xED;var 108, Piso
1&#xBA; in the Autonomous City of Buenos Aires and having
established domicile for purposes hereof at Moreno 877, Piso 22 in
the Autonomous City of Buenos Aires, represented hereat by the
undersigned attorneys-in-fact, as party of the third part
(hereinafter &#x201C;IRSA&#x201D; and collectively with CRESUD and
IRSAPC designated as &#x201C;THE PARTIES&#x201D;).</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
WHEREAS:&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(i) On
June 30, 2004 THE PARTIES executed a Master Agreement for the
Exchange of Corporate Services (hereinafter &#x201C;the Master
Agreement&#x201D;);</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(ii) On
August 23, 2007 THE PARTIES executed the first Agreement for the
Implementation of Amendments to the Corporate Services Master
Agreement (hereinafter the &#x201C;First Agreement&#x201D;), whereby
certain amendments were introduced to the Areas of Exchange of
Corporate Services and the Cost Distribution Bases, and new
Individually Responsible Persons were appointed;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(iii)
On August 14, 2008 and November 27, 2009, THE PARTIES executed the
Second Agreement for the Implementation of Amendments to the
Corporate Services Master Agreement (hereinafter the "Second
Agreement&#x201D;) and the Third Agreement for the Implementation of
Amendments to the Corporate Services Master Agreement (hereinafter
the &#x201C;Third Agreement&#x201D;), respectively, whereby new
amendments were introduced to the Areas of Exchange of Corporate
Services and the Cost Distribution Bases;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(iv) On
March 12, 2010, THE PARTIES executed an Addendum to the Master
Agreement for the Exchange of Corporate Services (hereinafter the
&#x201C;Addendum&#x201D;) whereby THE PARTIES agree to unify in
CRESUD the services of the Areas of Exchange of Corporate Services,
to the effect of which the employment agreements of most of the
employees of such areas were transferred and the procedure to
allocate the costs of potential labor expenses arising from
retirement of employees was established;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(v) On
July 11, 2011, THE PARTIES executed the Fourth Agreement for the
Implementation of Amendments to the Corporate Services Master
Agreement (hereinafter the "Fourth Agreement&#x201D;), on October
15, 2012, THE PARTIES executed the Fifth Agreement for the
Implementation of Amendments to the Corporate Services Master
Agreement (hereinafter the "Fifth Agreement"), on November 12,
2013, THE PARTIES executed the Sixth Agreement for the
Implementation of Amendments to the Corporate Services Master
Agreement (hereinafter the &#x201C;Sixth Agreement&#x201D;) and on
February 18, 2015, THE PARTIES executed the Seventh Agreement for
the Implementation of Amendments to the Corporate Services Master
Agreement (hereinafter the &#x201C;Seventh Agreement&#x201D; and
together with the First Agreement, the Second Agreement, the Third
Agreement, the Fourth Agreement, the Fifth Agreement and the Sixth
Agreement, the &#x201C;Agreements&#x201D;), whereby new amendments
were introduced to the Areas of Exchange of Corporate Services and
the Cost Distribution Bases;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(vi)
Pursuant to the structuring process of a new organizational model
of division of areas by business, an agreement was reached to
transfer to IRSA and/or IRSAPC the employment agreements of those
employees who render services related to the Technical,
Infrastructure and Services, Purchases, Architecture and Design and
Works Development Area, Real Estate Business Management, Real
Estate Business Human Resources, Safety and Real Estate Areas, all
of them related to the real estate business. On February 24, 2014
THE PARTIES executed a Second Addendum to the Master Agreement for
the Exchange of Corporate Services (hereinafter the &#x201C;Second
Addendum&#x201D;) whereby the mechanisms to be used for the
allocation of the costs of potential labor expenses that such
process would involve were established.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(vii)
THE PARTIES have implemented the Master Agreement based on an
Implementation Manual updated by Deloitte &amp; Co. S.R.L.,
(hereinafter &#x201C;Deloitte&#x201D;) on February 11,
2008;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(viii)
In accordance with the recommendations made by Deloitte on its
semi-annual reports, new operational changes have been implemented
in the Areas of Exchange of Corporate Services and the Cost
Distribution Bases starting on June 11, 2015, which THE PARTIES
wish to acknowledge in writing;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(ix)
THE PARTIES have disclosed the content of the <font style="font-weight: bold">EIGHTH AGREEMENT FOR THE IMPLEMENTATION OF
AMENDMENTS TO THE CORPORATE SERVICES MASTER AGREEMENT</font>
(hereinafter the &#x201C;Eighth Agreement&#x201D;) to their
respective Audit Committees; and</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(x) The
Board of Directors of IRSAPC, CRESUD and IRSA approved the Eighth
Agreement at the meeting held on November 12, 2015;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">
NOW IN CONSIDERATION OF THE FOREGOING,</font> THE PARTIES hereby
agree to execute this Eighth Agreement subject to the following
terms and conditions:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">2</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">
ONE:</font> THE PARTIES ratify that the Areas (as defined in the
Master Agreement) and the calculation method applicable to the
Exchange of Operational Services (also as defined in the Master
Agreement) have been changed as from the dates listed below,
amending therefore Exhibits I and II, as amended by the Agreements,
to the Master Agreement as per the following detail:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(i)
Starting in July 2014, in relation to the Finance Area, a decision
was made (a) to exclude the Planning Department for it to be
incorporated into the Areas of Exchanges; and (b) to modify its
distribution method, thereby introducing changes into Exhibit I and
Exhibit II in a manner such that as from July 2014 the components
of said method shall be as detailed in new Exhibit I and Exhibit
II.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(ii)
Starting in July 2014, a decision was made to exclude the Shared
Services Center Department from the Administration and Control Area
and for the Shared Services Center Department to become covered by
the Areas of Exchange. In addition, as from July 2014 a decision
was made to change the distribution method of the Master Data
Sector.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">In
January 2015 and in connection with the Shared Services Center
Area, there were two additions, namely: (a) the Back Office sector
was added and (b) the General Services sector was
added.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">As a
result of the decision adopted in this clause, it was further
decided to modify Exhibit I and Exhibit II such that as from
January 2015 they shall be made up as detailed in the new Exhibit I
and Exhibit II.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(iii)
Starting in July 2014 and in connection with the Administration and
Control Area, a decision was made to (a) modify the distribution
method applicable to the Accounting and Reporting Department; (b)
modify the distribution method applicable to the Global Budget and
Management Control Department; and (c) modify the distribution
method applicable to the SOX Regulation Department thereby
modifying Exhibit II which as from that date shall be made up as
detailed in the new Exhibit II.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(iv)
Starting in July 2014, a decision was made to exclude the
Governmental Affairs Department from the Real Estate Area, to
incorporate the Governmental Affairs Department into the Areas of
Exchange and to modify its distribution method. Therefore, Exhibit
I and Exhibit II were amended accordingly so that as from such
date, they shall be made up as detailed in the new Exhibit I and
Exhibit II.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(v)
Starting in July 2014, a decision was made to incorporate the Real
Estate Accounting and Reporting Department into the Real Estate
Management Area. Therefore, Exhibit I and Exhibit II were amended
accordingly so that as from such date, they shall be made up as
detailed in the new Exhibit I and Exhibit II.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(vi)
Starting in July 2014 and in connection with the Human Resources
Area, a decision was made to (a) change the name of the department
known as &#x201C;Project Management Department&#x201D;, which shall
from now bear the following designation &#x201C;Human Resources
Management Department&#x201D;; (b) change the name of the department
known as &#x201C;Safety and Hygiene Department&#x201D;, which shall
from now on bear the following designation &#x201C;Administration
and Labor Relations Department&#x201D; and; (c) change the name of
the department known as Project Quality Department, which shall
from now on bear the following designation &#x201C;Culture
Management Department&#x201D;. Therefore, Exhibit II was amended
accordingly so that as from such date, it shall be made up as
detailed in the new Exhibit II.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">3</font></div>
</div>
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<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">In
consideration of the foregoing, the PARTIES hereby put on record
that, subject to the clarifications detailed in the preceding
clauses and for purposes of updating Exhibits I and II, they shall
read as hereto attached for the periods and as from the dates
indicated.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">
TWO:</font> THE PARTIES agree that the costs related to the
employees acting in the new Areas included pursuant to this Eighth
Agreement, shall be governed in accordance with the terms and
conditions set forth in the Master Agreement, the Addendum and the
Second Addendum.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">
THREE:</font> THE PARTIES represent that all the sections of the
Master Agreement, the Agreements, the Addendum and the Second
Addendum that have not been amended pursuant to this Eighth
Agreement continue to be fully in force.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">In
witness whereof, this Agreement is executed in three (3) copies of
the same tenor and to a single effect in the place and on the date
first written.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
CRESUD S.A.C.I.F.y A.&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">[illegible
signature] [Seal:] Carlos Mariano Garriga - Attorney-in-fact /
[illegible signature] [Seal:] CRESUD S.A.C.I.F. y A. Agronomic
Engineer Alejandro G. Casaretto - Attorney-in-fact</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
IRSA Inversiones y Representaciones Sociedad
An&#xF3;nima&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">[illegible
signature] [Seal:] Jos&#xE9; Luis Rinaldini &#x2013;
Attorney-in-fact / [illegible signature] Gast&#xF3;n
Lernoud</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
IRSA Propiedades Comerciales S.A.&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">[illegible
signature] [Seal:] David A. Perednik Attorney-in-fact / [illegible
signature][Seal:] Mariano Mitelman, Attorney-in-fact.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">4</font></div>
</div>
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<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 252px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">
Exhibit I</font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">
Description of Corporate Services Areas of
Exchanges</font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
Human Resources&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
The Human Resources sector renders to the Parties the service
consisting in Human Resources Administration; Human Resources
Management, and Organizational Culture Management. Within the main
activities of the sector we may mention labor relationships,
selection of managerial positions, leadership training and
interpersonal skills, remunerations and benefits, internal
communication, etc.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
Finance&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
The Finance sector renders to THE PARTIES the service consisting in
Investor Relations, Capital Markets, Financial Risk, Management of
Financial Transactions, Financial Analysis.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
Planning&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
The Planning area is responsible for medium- and long-term
planning, for aligning the PARTIES&#x2019; objectives and individual
goals, for coordinating the PARTIES&#x2019; investment analysis and
for coordinating all the management information flowing through the
businesses and submitted to the respective Boards of
Directors.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
Institutional Relations&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
The Institutional Relations sector renders to THE PARTIES the
service consisting in the development and control of advertising,
broadcasting and marketing actions, relations with the media,
preparation of articles, brochures and related
activities.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
Administration and Control&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
The Administration and Control sector is responsible for the
PARTIES&#x2019; management control, budget of structure expenses,
and SOX controls.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
Shared Services Center&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
The Shared Services Center provides THE PARTIES with all the
transactional and operational services associated to income and
expense management, to the services inherent in managing human
resources benefits and payroll processing, in commercial contract
management, in errand running services and in general services. And
it is equally responsible for managing, maintaining and providing
support to systems, technology and processes.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
Insurance&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
The Insurance sector is in charge of managing THE PARTIES&#x2019;
assets&#x2019; coverage by negotiating, acquiring and monitoring
insurance policies, dealing with claims in terms of coverage,
collection, etc.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
Safety&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
The Safety sector renders to THE PARTIES the surveillance
service.&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
Contracts&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
The Contracts sector renders to THE PARTIES the service consisting
in aid to the preparation, analysis and response to legal briefs,
agreements, official letters, etc.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
Technical, Infrastructure and Services, Architecture and Design,
and Works Development</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">5</font></div>
</div>
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<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
The Technical, Infrastructure and Services, Architecture and
Design, and Works Development sector renders to THE PARTIES the
services consisting in operational coordination of the following
sectors: Architecture and Design; Works Development; and Technical,
Infrastructure and Services.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
Purchases and Hirings&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
The Purchases and Hirings sector bears the responsibility of
obtaining the most appropriate goods and/or services for the
purpose for which they will be used. Quality, costs and terms of
delivery are essential when taking the decision to hire. In
addition, this sector deals with the necessary means to obtain
appropriate funding of the purchases from suppliers.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
Environment and Quality&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
The Environment and Quality sector renders to the PARTIES the
services consisting in management of national and municipal permits
and licenses before the controlling entities. In addition, it
assesses the environmental impact of projects and activities in
order to define preventive and corrective actions for minimizing
such impacts, following the working methodology set forth in an
Environmental Management System.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
Real Estate&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
The Real Estate sector renders to THE PARTIES the services
consisting in sales and acquisitions of real estate, except for
real estate assigned to the agricultural business.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
Governmental Affairs&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
The Governmental Affairs sector takes part in the businesses
arising from governmental grants (exploitation concessions and
private initiatives).</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
Hotels&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
The Hotels sector renders to THE PARTIES the services consisting in
the integration of the different areas of hotels along with their
business relations. It carries out activities to optimize and
control hotels&#x2019; management and organization.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
Board of Directors to be Distributed&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
The Board of Directors to be Distributed sector includes the
employees performing activities of support and assistance to the
Parties&#x2019; Board of Directors.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
Real Estate Business Board of Directors to be
Distributed&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
The Real Estate Business Board of Directors to be Distributed
sector includes the employees performing activities of support and
assistance to the Board of Directors of IRSA and
IRSAPC.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
General Management Department to be Distributed&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
The General Management Department to be Distributed sector includes
employees performing activities of support and assistance to the
Parties&#x2019; General Management Departments.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
Board of Directors&#x2019; Safety&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
The Board of Directors&#x2019; Safety sector renders to the Parties
the service consisting in comprehensive safety for the main
officers acting in their Board of Directors.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
Audit Committee&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
The Audit Committee sector includes the employees performing tasks
of support and assistance to THE PARTIES' Audit
Committees.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">6</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
Real Estate Business Management&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
The Real Estate Business Management sector renders the following
services to IRSA and IRSAPC: budget and control management,
accounting and reporting, analysis of new businesses, analysis of
the business clients&#x2019; credit risk, IT support to shopping
centers, marketing and leadership agreements for the business legal
aspects.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
Real Estate Business HHRR&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
The Real Estate Business HHRR sector renders to IRSA and IRSAPC the
service consisting in Human Resource Administration; Human Resource
Management; Workplace Safety, Hygiene and Environment;
Organizational Culture Management and Project Management. The main
sector activities include, among others: personnel management,
recruitment and training, compensation and benefits, internal
communication, third party control, etc.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
Fraud Prevention&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
The Fraud Prevention sector renders to THE PARTIES corporate Fraud
Prevention services.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
Internal Audit&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
The Internal Audit sector renders to THE PARTIES internal audit
services.&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">7</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 252px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">
Exhibit II</font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 180px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">
Cost Distribution Bases</font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr style="background-color: #d9d9d9">
<td style="vertical-align: top; width: 19%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Corporate
Departments</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Department</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Division
/ Subdivision</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Distribution
Method</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 19%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Human Resources</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Human
Resources Management</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td rowspan="3" style="vertical-align: top; width: 31%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">By
headcount (non-corporate personnel) and weighting the percentages
of other areas (corporate personnel).</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%; border-left: 0.5pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Culture
Management</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Administration
and Labor Relations</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td rowspan="5" style="vertical-align: middle; width: 19%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Finance</font></div>
<div style="text-align: justify; padding-top: 8px; padding-bottom: 8px; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Capital
Markets</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td rowspan="5" style="vertical-align: middle; width: 31%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 4px double #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Weighting
is as follows:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Capital
Markets 25%</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Relations
with Investors 25%</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Financial
Analysis 12.5%</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Financial
Risk 12.5%</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Financial
Administration 25%</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-style: italic">
Investors Relations</font>: Number of business highlights during
the semester, number of result announcements, number of meetings
with investors (current or potential) to discuss the
companies&#x2019; business and strategy, number of active coverages,
number of result conferences, the complexity of the website of each
company, number of relevant facts published in the Argentine
Securities and Exchange Commission and the US Securities and
Exchange Commission, and number of Roadshows <font style="color: #333333">(</font><font style="font-style: italic; color: #333333">Deal</font> <font style="color: #333333">or</font> <font style="font-style: italic; color: #333333">Non-Deal</font><font style="color: #333333">). All items involved are weighted in equal
parts.</font><font style="color: #333333">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-style: italic">
Capital Markets</font>: Amount of financial transactions conducted
in the period weighted at 70% and the remaining 30% corresponds to
updates of offering memoranda and &#x201C;horizontal&#x201D; works
(20F, annual reports, Press Release, etc.)</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-style: italic">
Financial Risk</font>: Time invested in the duties
performed.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-style: italic">
Financial Administration</font>: Total assets weighted at 40% and
total liabilities weighted at 60%. The resulting percentage shall
be weighted at 80% over the total. The remaining 20% will
correspond to the percentage that each company consummates over the
total inquiries for special transactions.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-style: italic">
Financial Analysis</font>: Time devoted to the tasks
performed.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Relations
with Investors</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
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<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Financial
Risk</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
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<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Financial
Administration</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Financial
Analysis</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 19%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Planning</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Proportional
among the three companies.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 19%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Institutional Relations</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Tasks
performed and the time spent in each.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; padding-top: 4px; padding-bottom: 4px; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">8</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; padding-top: 4px; padding-bottom: 4px; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; padding-top: 4px; padding-bottom: 4px; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td rowspan="4" style="vertical-align: top; width: 19%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">
Administration and Control</font> Each one of the sectors
comprising the Department is weighted.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Accounting
and Reporting</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
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<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Tasks
conducted and hours spent in each task</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Taxes</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
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<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Salaries
are weighted according to the position and tasks performed (per
company and in equal shares)</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Budget
and Global Management Control</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
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<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
preceding half year&#x2019;s structure expenses are
pro-rated.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">SOX
Regulation</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Distribution
of key control % per front / company</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Shared Services Center (<font style="font-style: italic">CSC</font>)</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(The
percentages of all the sectors reporting to the CSC are weighted
according to projected salaries of the sector in question over CSC
total salaries).</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Expenses
Administration</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Number
of Expense Transactions performed by each Company + Direct
Allocation of Resources</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Revenues
Administration</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Number
of Revenue Transactions performed by each Company + Direct
Allocation of Resources</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Customer
Administration</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Direct
Allocation of Resources</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 19%; border-left: 0.5pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Collections
Administration</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Direct
Allocation of Resources</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 19%; border-left: 0.5pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Treasury
Administration</font></div>
<div style="text-align: justify; padding-top: 4px; padding-bottom: 4px; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Number
of Treasury Transactions performed by each Company.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 19%; border-left: 0.5pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Own
Account Administration</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Number
of Transactions performed by each Company.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 19%; border-left: 0.5pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Technology</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Weighting
of time spent in each task (related to the services).</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 19%; border-left: 0.5pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">IT
Services</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Number
of CASTI incidents processed for each Company.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 19%; border-left: 0.5pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Master
Data</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Number
of Transactions processed by each Company.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 19%; border-left: 0.5pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Maintenance
Systems</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Hours
devoted to each task.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 19%; border-left: 0.5pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Project
Systems</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Hours
devoted to each task.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 19%; border-left: 0.5pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Commercial
Transactions</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Hours
devoted to each task.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 19%; border-left: 0.5pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">IT
Security</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Weighting
of time spent in each task.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 19%; border-left: 0.5pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Process
Quality</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Weighting
of time spent in each task.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 19%; border-left: 0.5pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">CSC
Human Resources</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">50%
weighting of % of CSC sectors; 50% weighting of Corporate
sectors.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 19%; border-left: 0.5pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Errand
Running Service</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Number
of errands run.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 19%; border-left: 0.5pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Back
office</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Hours
spent in each task.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 19%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">General
Services</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Hours
spent in each task.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td rowspan="5" style="vertical-align: top; width: 19%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Real Estate Business Management</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(each
of the Departments comprising the Area are weighted. It does not
render services to Cresud)</font></div>
<div style="text-align: justify; padding-top: 4px; padding-bottom: 4px; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Real
Estate IT Services</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">70%
IRSAPC, 30% to be distributed IRSAPC and IRSA based on supervised
projects.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Real
Estate Business Analysis</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Hours
devoted to reviewed projects as applicable to IRSA PC or
IRSA.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Real
Estate Credit Risk</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Hours
worked for each company.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Real
Estate Legal Affairs</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Weighting
of hours and salaries.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Real
Estate Budget and Management Control</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Actual
revenues per company.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 19%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Real
Estate Business Accounting and Reporting</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Real
Estate Business accounting voucher weighting.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 19%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Real Estate Business Board of Directors to be
Distributed</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Proportional
between IRSA and IRSAPC. Excludes Cresud.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 19%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Real Estate Business HHRR</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Based
on payroll.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 19%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Insurance</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Based
on the amount of premiums under the annual insurance
program.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 19%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Safety</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Per
hour</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 19%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Contract Department</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Contracts</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Number
of contracts executed.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td rowspan="9" style="vertical-align: top; width: 19%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Technical, Infrastructure and Services, Architecture and Design,
and Works Development Department</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">An
average is obtained from the Departments reporting to
it</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td rowspan="7" style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Technical,
Infrastructure and Services</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(IRSAPC
&#x2013; IRSA: Weighted average from the Departments reporting to it
less the percentage allocated to CRESUD. CRESUD: a percentage is
calculated based on the hours spent in the tasks
performed/planned)</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Planning
and Control</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Weighted
average of the areas under the supervision of the TIS Department of
IRSA and IRSAPC, excluding CRESUD.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Logistics</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Weighted
between directly assigned personnel and centralized personnel
distributed per square meter of the real property (IRSA and IRSAPC)
and time spent in tasks (CRESUD).</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Distributed
Operations</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Square
meters of real property held, operated and to which maintenance
services are provided (IRSA and IRSAPC) and time spent in tasks
(CRESUD).</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Architecture</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">IRSA/IRSAPC:
Personnel distributed per surface area and number of
stores.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Third
parties' services</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Distribution
of resource allocation.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Traveling
Personnel</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Maintenance
hours (IRSA and IRSAPC) and time spent in tasks
(CRESUD).</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Engineering
and Maintenance</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Square
meters of real property held, to which maintenance, engineering and
other services are provided (IRSA and IRSAPC) and time spent in
tasks (CRESUD).</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Works
Development</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Tasks
performed and time spent in each.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Architecture
and Design</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Completed
projects.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 19%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Purchases and Hirings</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Weighted
volume and amounts of purchase orders.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 19%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Environment and Quality</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
distribution of corporate costs of the Environment, Farming Quality
and Standardization area will be made according to the hours
devoted to each global topic by person and company during the
period.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 19%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Real Estate</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Tasks
performed and time spent in each.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 19%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Governmental Affairs</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Weighting
of allocated projects.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 19%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Hotels</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">100%
IRSA.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 19%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Internal Audit</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Times
estimated/forecast in the annual plan.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 19%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Fraud Prevention</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Proportional
among the three companies</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 19%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Board of Directors to be Distributed</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Proportional
among the three companies</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 19%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Audit Committee</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Weighting
of tasks performed.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 19%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
General Management Department to be Distributed</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Proportional
among the three companies</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 19%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Board of Directors&#x2019; Safety</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Proportional
among the three companies</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
<font style="font-weight: bold">THIS DOCUMENT IS A TRUE AND
ACCURATE TRANSLATION</font> into English of the document in Spanish
I have had before me in Buenos Aires, on this 27<font style="font-size: 70%; vertical-align: top">th</font> day of September,
2016.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 564px"><font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
[For authentication purposes
only:]&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
<font style="font-weight: bold">ES TRADUCCI&#xD3;N FIEL</font> al
ingl&#xE9;s del documento adjunto redactado en idioma castellano
que he tenido ante m&#xED; y al cual me remito en Buenos Aires, a
los 27 d&#xED;as de setiembre de 2016.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">9</font></div>
</div>
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<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>6
<FILENAME>irsaexhibit81jun16.htm
<DESCRIPTION>EXHIBIT 8.1
<TEXT>
<html>
<head>
<!-- Document created using Blueprint(R) - powered by Issuer Direct - www.issuerdirect.com -->
<!-- Copyright 2016 Issuer Direct Corporation -->
<title>Blueprint</title>
</head>
<body>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
EXHIBIT 8.1</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
LIST OF SUBSIDIARIES</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
following table lists our subsidiaries and their jurisdiction of
incorporation as of June&#xA0;30, 2016:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
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<tr>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Name of the entity</font></div>
</td>
<td style="vertical-align: bottom; width: 48%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Place of business / country of incorporation</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
Direct equity interest of IRSA:</font></div>
</td>
<td style="vertical-align: bottom; width: 48%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">IRSA CP
(3)</font></div>
</td>
<td style="vertical-align: top; width: 48%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Argentina</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">E-Commerce
Latina S.A. (3)</font></div>
</td>
<td style="vertical-align: top; width: 48%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Argentina</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Efanur
S.A.</font></div>
</td>
<td style="vertical-align: top; width: 48%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Uruguay</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Hoteles
Argentinos S.A.</font></div>
</td>
<td style="vertical-align: top; width: 48%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Argentina</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Inversora
Bol&#xED;var S.A.</font></div>
</td>
<td style="vertical-align: top; width: 48%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Argentina</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Llao
Llao Resorts S.A. (1)</font></div>
</td>
<td style="vertical-align: top; width: 48%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Argentina</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nuevas
Fronteras S.A.</font></div>
</td>
<td style="vertical-align: top; width: 48%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Argentina</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Palermo
Invest S.A.</font></div>
</td>
<td style="vertical-align: top; width: 48%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Argentina</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Ritelco
S.A.</font></div>
</td>
<td style="vertical-align: top; width: 48%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Uruguay</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Tyrus
S.A.</font></div>
</td>
<td style="vertical-align: top; width: 48%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Uruguay</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
Interest indirectly held through IRSA CP:</font></div>
</td>
<td style="vertical-align: bottom; width: 48%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Arcos
del Gourmet S.A.</font></div>
</td>
<td style="vertical-align: top; width: 48%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px">Argentina</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Emprendimiento
Recoleta S.A.</font></div>
</td>
<td style="vertical-align: top; width: 48%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px">Argentina</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Fibesa
S.A.</font></div>
</td>
<td style="vertical-align: top; width: 48%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px">Argentina</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Panamerican
Mall S.A.</font></div>
</td>
<td style="vertical-align: top; width: 48%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px">Argentina</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Shopping
Neuqu&#xE9;n S.A.</font></div>
</td>
<td style="vertical-align: top; width: 48%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px">Argentina</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Torodur
S.A.</font></div>
</td>
<td style="vertical-align: top; width: 48%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px">Uruguay</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
Interest indirectly held through Tyrus S.A.:</font></div>
</td>
<td style="vertical-align: bottom; width: 48%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Dolphin
Fund Ltd. (2)</font></div>
</td>
<td style="vertical-align: middle; width: 48%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px">Bermuda</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">I
Madison LLC</font></div>
</td>
<td style="vertical-align: middle; width: 48%">
<div style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">United
States</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">IRSA
Development LP</font></div>
</td>
<td style="vertical-align: middle; width: 48%">
<div style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">United
States</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">IRSA
International LLC</font></div>
</td>
<td style="vertical-align: middle; width: 48%">
<div style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">United
States</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Jiwin
S.A.</font></div>
</td>
<td style="vertical-align: middle; width: 48%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px">Uruguay</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Liveck
S.A.</font></div>
</td>
<td style="vertical-align: middle; width: 48%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px">Uruguay</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Real
Estate Investment Group IV LP (REIG IV)</font></div>
</td>
<td style="vertical-align: middle; width: 48%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px">Bermuda</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Real
Estate Investment Group V LP</font></div>
</td>
<td style="vertical-align: middle; width: 48%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px">Bermuda</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Real
Estate Strategies LLC</font></div>
</td>
<td style="vertical-align: middle; width: 48%">
<div style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">United
States</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
Interest indirectly held through Efanur S.A.:</font></div>
</td>
<td style="vertical-align: bottom; width: 48%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Real
Estate Strategies LP</font></div>
</td>
<td style="vertical-align: bottom; width: 48%">
<div style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">Bermuda</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
Interest indirectly held through Dolphin Fund Ltd.:</font></div>
</td>
<td style="vertical-align: bottom; width: 48%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">IDB
Development Corporation Ltd. (6)</font></div>
</td>
<td style="vertical-align: bottom; width: 48%">
<div style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">Israel</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
Interest indirectly held through IDBD:</font></div>
</td>
<td style="vertical-align: bottom; width: 48%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 52%">
<div style="text-align: left"><font style="font-family: Times New Roman; font-size: 13px">Discount Investment
Corporation Ltd.</font></div>
</td>
<td style="vertical-align: middle; width: 48%">
<div style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">Israel</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 52%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">IDB
Tourism (2009) Ltd.</font></div>
</td>
<td style="vertical-align: top; width: 48%">
<div style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">Israel</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 52%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">IDB
Group Investment Inc.</font></div>
</td>
<td style="vertical-align: middle; width: 48%">
<div style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">Israel</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 52%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
Interest indirectly held through Discount Investment Corporation
Ltd:</font></div>
</td>
<td style="vertical-align: middle; width: 48%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 52%">
<div style="text-align: left"><font style="font-family: Times New Roman; font-size: 13px">Property &amp;
Building Corporation Ltd.</font></div>
</td>
<td style="vertical-align: middle; width: 48%">
<div style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">Israel</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 52%">
<div style="text-align: left"><font style="font-family: Times New Roman; font-size: 13px">Gav Yam Land
Ltd.</font></div>
</td>
<td style="vertical-align: middle; width: 48%">
<div style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">Israel</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 52%">
<div style="text-align: left"><font style="font-family: Times New Roman; font-size: 13px">Israel Property
Rental Corporation Ltd. (ISPRO)</font></div>
</td>
<td style="vertical-align: middle; width: 48%">
<div style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">Israel</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 52%">
<div style="text-align: left"><font style="font-family: Times New Roman; font-size: 13px">MATAM - Haifa
Science Industries Center</font></div>
</td>
<td style="vertical-align: middle; width: 48%">
<div style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">Israel</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 52%">
<div style="text-align: left"><font style="font-family: Times New Roman; font-size: 13px">Neveh-Gad Building
&amp; Development Ltd.</font></div>
</td>
<td style="vertical-align: middle; width: 48%">
<div style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">Israel</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 52%">
<div style="text-align: left"><font style="font-family: Times New Roman; font-size: 13px">Hadarim Properties
Ltd.</font></div>
</td>
<td style="vertical-align: middle; width: 48%">
<div style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">Israel</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 52%">
<div style="text-align: left"><font style="font-family: Times New Roman; font-size: 13px">PBC USA Investment
Inc.</font></div>
</td>
<td style="vertical-align: middle; width: 48%">
<div style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">United
States</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 52%">
<div style="text-align: left"><font style="font-family: Times New Roman; font-size: 13px">Shufersal
Ltd.</font></div>
</td>
<td style="vertical-align: middle; width: 48%">
<div style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">Israel</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 52%">
<div style="text-align: left"><font style="font-family: Times New Roman; font-size: 13px">Shufersal Real
Estate Ltd.</font></div>
</td>
<td style="vertical-align: middle; width: 48%">
<div style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">Israel</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 52%">
<div style="text-align: left"><font style="font-family: Times New Roman; font-size: 13px">Koor Industries
Ltd.(4)</font></div>
</td>
<td style="vertical-align: middle; width: 48%">
<div style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">Israel</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 52%">
<div style="text-align: left"><font style="font-family: Times New Roman; font-size: 13px">Cellcom Israel Ltd.
(5)</font></div>
</td>
<td style="vertical-align: middle; width: 48%">
<div style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">Israel</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 52%">
<div style="text-align: left"><font style="font-family: Times New Roman; font-size: 13px">Netvision
Ltd.</font></div>
</td>
<td style="vertical-align: middle; width: 48%">
<div style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">Israel</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 52%">
<div style="text-align: left"><font style="font-family: Times New Roman; font-size: 13px">Elron Electronic
Industries Ltd.</font></div>
</td>
<td style="vertical-align: middle; width: 48%">
<div style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">Israel</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 52%">
<div style="text-align: left"><font style="font-family: Times New Roman; font-size: 13px">Bartan Holdings and
Investments Ltd.</font></div>
</td>
<td style="vertical-align: middle; width: 48%">
<div style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">Israel</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 52%">
<div style="text-align: left"><font style="font-family: Times New Roman; font-size: 13px">Epsilon Investment
House Ltd.</font></div>
</td>
<td style="vertical-align: middle; width: 48%">
<div style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">Israel</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 36px">
<font style="font-family: Times New Roman; font-size: 13px">(1)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">The Group has
consolidated the investment in Llao Llao Resorts S.A. considering
its equity interest and a shareholder agreement that confers it
majority of votes in the decision making process.</font></div>
</div>
</div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 36px">
<font style="font-family: Times New Roman; font-size: 13px">(2)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Includes interest
indirectly held through Ritelco S.A..</font></div>
</div>
</div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 36px">
<font style="font-family: Times New Roman; font-size: 13px">(3)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Includes interest
indirectly held through Tyrus S.A..</font></div>
</div>
</div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 36px">
<font style="font-family: Times New Roman; font-size: 13px">(4)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Owns a 40% equity
interest of Adama.</font></div>
</div>
</div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 36px">
<font style="font-family: Times New Roman; font-size: 13px">(5)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">The Group has
consolidated the interest in Cellcom taking into consideration its
equity interest and decision-making power given the fact that the
remaining interests are too disperse.</font></div>
</div>
</div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 36px">
<font style="font-family: Times New Roman; font-size: 13px">(6)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Until takeover was
secured, IDBD was valued at fair value in accordance with IAS 28
exception.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>7
<FILENAME>a1678_exhibit1210126-1016.htm
<DESCRIPTION>EXHIBIT 12.1
<TEXT>
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EXHIBIT 12.1</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
SECTION 302 CERTIFICATION</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
I,&#xA0;&#xA0;Eduardo S. Elsztain, certify that:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">1.</font>
<font style="font-family: Times New Roman; font-size: 13px;">I have
reviewed this annual report on Form 20-F of IRSA Inversiones y
Representaciones Sociedad An&#xF3;nima (the &#x201C;Company&#x201D;)
for the fiscal year ended June 30, 2016;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">2.</font>
<font style="font-family: Times New Roman; font-size: 13px;">Based
on my knowledge, this report does not contain any untrue statement
of a material fact or omit to state material fact necessary to make
the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period
converted by this report;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">3.</font>
<font style="font-family: Times New Roman; font-size: 13px;">Based
on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material
respects the financial position at June 30, 2016 and 2015 and the
results of operations and cash flows of the Company for the periods
ended June 30, 2016, 2015 and 2014;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">4.</font>
<font style="font-family: Times New Roman; font-size: 13px;">The
Company&#x2019;s other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as
defined in Exchange Act Rules 13a-15(e) and 15(d)-15(e)) and
internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the Company and
have:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">a)</font>
<font style="font-family: Times New Roman; font-size: 13px;">Designed such
disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervisions, to
ensure that material information relating to the Company, including
its consolidated subsidiaries, is made known to us by others within
those entities, particularly during the period in which this report
is being prepared;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">b)</font>
<font style="font-family: Times New Roman; font-size: 13px;">Designed such
internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally
accepted accounting principles;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">c)</font>
<font style="font-family: Times New Roman; font-size: 13px;">Evaluated the
effectiveness of the Company&#x2019;s disclosure controls and
procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of the
end of the period covered by this report based on such
evaluation;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">d)</font>
<font style="font-family: Times New Roman; font-size: 13px;">Disclosed in this
report any change in the Company&#x2019;s internal control over
financial reporting that occurred during the period covered by the
annual report that has materially affected, or is reasonably likely
to materially affect, the Company&#x2019;s internal control over
financial reporting; and</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">5.</font>
<font style="font-family: Times New Roman; font-size: 13px;">The
Company&#x2019;s other certifying officer and I have disclosed,
based on our most recent evaluation of internal control over
financial reporting, to the Company&#x2019;s auditors and the audit
committee of the Company&#x2019;s board of directors (or persons
performing the equivalent functions):</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">(a)</font>
<font style="font-family: Times New Roman; font-size: 13px;">All
significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are
reasonably likely to adversely affect the Company&#x2019;s ability
to record, process, summarize and report financial information;
and</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">(b)</font>
<font style="font-family: Times New Roman; font-size: 13px;">Any
fraud, whether or not material, that involves management or other
employees who have a significant role in the Company&#x2019;s
internal control over financial reporting.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 31%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
IRSA Inversiones y Representaciones Sociedad
An&#xF3;nima</font></div>
</td>
<td style="vertical-align: top; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 31%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">October
31, 2016.</font></div>
</td>
<td style="vertical-align: top; width: 31%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">By:</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 31%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">/s/&#xA0;Eduardo
S. Elsztain</font></div>
</td>
<td style="vertical-align: top; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 31%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Eduardo
S. Elsztain</font></div>
</td>
<td style="vertical-align: top; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 31%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Chief&#xA0;Executive
Officer</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.2
<SEQUENCE>8
<FILENAME>a1678_exhibit1220126-1016.htm
<DESCRIPTION>EXHIBIT 12.2
<TEXT>
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<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
EXHIBIT 12.2</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
SECTION 302 CERTIFICATION</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
I,&#xA0;&#xA0;Matias I. Gaivironsky, certify that:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">1.</font>
<font style="font-family: Times New Roman; font-size: 13px;">I have
reviewed this annual report on Form 20-F of IRSA Inversiones y
Representaciones Sociedad An&#xF3;nima (the &#x201C;Company&#x201D;)
for the fiscal year ended June 30, 2016;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">2.</font>
<font style="font-family: Times New Roman; font-size: 13px;">Based
on my knowledge, this report does not contain any untrue statement
of a material fact or omit to state material fact necessary to make
the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period
converted by this report;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">3.</font>
<font style="font-family: Times New Roman; font-size: 13px;">Based
on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material
respects the financial position at June 30, 2016 and 2015 and the
results of operations and cash flows of the Company for the periods
ended June 30, 2016, 2015 and 2014;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">4.</font>
<font style="font-family: Times New Roman; font-size: 13px;">The
Company&#x2019;s other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as
defined in Exchange Act Rules 13a-15(e) and 15(d)-15(e)) and
internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the Company and
have:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">a)</font>
<font style="font-family: Times New Roman; font-size: 13px;">Designed such
disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervisions, to
ensure that material information relating to the Company, including
its consolidated subsidiaries, is made known to us by others within
those entities, particularly during the period in which this report
is being prepared;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">b)</font>
<font style="font-family: Times New Roman; font-size: 13px;">Designed such
internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally
accepted accounting principles;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">c)</font>
<font style="font-family: Times New Roman; font-size: 13px;">Evaluated the
effectiveness of the Company&#x2019;s disclosure controls and
procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of the
end of the period covered by this report based on such
evaluation;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">d)</font>
<font style="font-family: Times New Roman; font-size: 13px;">Disclosed in this
report any change in the Company&#x2019;s internal control over
financial reporting that occurred during the period covered by the
annual report that has materially affected, or is reasonably likely
to materially affect, the Company&#x2019;s internal control over
financial reporting; and</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">5.</font>
<font style="font-family: Times New Roman; font-size: 13px;">The
Company&#x2019;s other certifying officer and I have disclosed,
based on our most recent evaluation of internal control over
financial reporting, to the Company&#x2019;s auditors and the audit
committee of the Company&#x2019;s board of directors (or persons
performing the equivalent functions):</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">(a)</font>
<font style="font-family: Times New Roman; font-size: 13px;">All
significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are
reasonably likely to adversely affect the Company&#x2019;s ability
to record, process, summarize and report financial information;
and</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">(b)</font>
<font style="font-family: Times New Roman; font-size: 13px;">Any
fraud, whether or not material, that involves management or other
employees who have a significant role in the Company&#x2019;s
internal control over financial reporting.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 31%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
IRSA Inversiones y Representaciones Sociedad
An&#xF3;nima</font></div>
</td>
<td style="vertical-align: top; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 31%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">October
31, 2016.</font></div>
</td>
<td style="vertical-align: top; width: 31%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">By:</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 31%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">/s/&#xA0;Matias
I. Gaivironsky</font></div>
</td>
<td style="vertical-align: top; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 31%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Matias
I. Gaivironsky</font></div>
</td>
<td style="vertical-align: top; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 31%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Chief
Financial and Administrative Officer</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; padding-bottom: 13.3px; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13.1
<SEQUENCE>9
<FILENAME>a1678_exhibit1310126-1016.htm
<DESCRIPTION>EXHIBIT 13.1
<TEXT>
<html>
<head>
<!-- Document created using Blueprint(R) - powered by Issuer Direct - www.issuerdirect.com -->
<!-- Copyright 2016 Issuer Direct Corporation -->
<title>Blueprint</title>
</head>
<body>
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<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
EXHIBIT 13.1</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO 18
U.S.C.</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF
THE</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
SARBANES-OXLEY ACT OF 2002</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">In
connection with the Annual Report on Form 20-F of IRSA Inversiones
y Representaciones Sociedad An&#xF3;nima (the
&#x201C;Company&#x201D;) for the fiscal year ended June 30, 2016 as
filed with the Securities and Exchange Commission on the date
hereof (the &#x201C;Report&#x201D;), Eduardo S. Elsztain, as Chief
Executive Officer of the Company, hereby certifies, pursuant to 18
U.S.C. Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002, that:</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">(1)</font>
<font style="font-family: Times New Roman; font-size: 13px;">The
Report fully complies with the requirements of Section 13(a) or
15(d) of the Securities and Exchange Act of 1934, except as
disclosed in &#x201C;Item 15. Controls and Procedures
&#x336;&#xA0;&#xA0;A. Disclosure Controls and Procedures&#x201D; of
the Report; and</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">(2)</font>
<font style="font-family: Times New Roman; font-size: 13px;">The
information contained in the Report fairly presents, in all
material respects, the financial condition and results of
operations of the Company.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 25%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
IRSA Inversiones y Representaciones Sociedad
An&#xF3;nima</font></div>
</td>
<td style="vertical-align: top; width: 25%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">October
31, 2016.</font></div>
</td>
<td style="vertical-align: top; width: 25%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">By:</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">/s/&#xA0;Eduardo
S. Elsztain</font></div>
</td>
<td style="vertical-align: top; width: 25%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 25%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Eduardo
S. Elsztain</font></div>
</td>
<td style="vertical-align: top; width: 25%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Chief
Executive Officer</font></div>
</td>
<td style="vertical-align: top; width: 25%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
This certification accompanies the Report pursuant to Section 906
of the Sarbanes-Oxley Act of 2002 and shall not, except as to the
extent required by the Sarbanes-Oxley Act of 2002, be deemed filed
by the Company for purposes of Section 18 of the Securities and
Exchange Act of 1934, as amended.</font></div>
<div style="text-align: justify; padding-bottom: 13.3px; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13.2
<SEQUENCE>10
<FILENAME>a1678_exhibit1320126-1016.htm
<DESCRIPTION>EXHIBIT 13.2
<TEXT>
<html>
<head>
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<title>Blueprint</title>
</head>
<body>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
EXHIBIT 13.2</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO 18
U.S.C.</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF
THE</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
SARBANES-OXLEY ACT OF 2002</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">In
connection with the Annual Report on Form 20-F of IRSA Inversiones
y Representaciones Sociedad An&#xF3;nima (the
&#x201C;Company&#x201D;) for the fiscal year ended June 30, 2016 as
filed with the Securities and Exchange Commission on the date
hereof (the &#x201C;Report&#x201D;), Matias Gaivironsky, as Chief
Financial and Administrative Officer of the Company, hereby
certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002,
that:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">(1)</font>
<font style="font-family: Times New Roman; font-size: 13px;">The
Report fully complies with the requirements of Section 13(a) or
15(d) of the Securities and Exchange Act of 1934, except as
disclosed in &#x201C;Item 15. Controls and Procedures
&#x336;&#xA0;&#xA0;A. Disclosure Controls and Procedures&#x201D; of
the Report; and</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">(2)</font>
<font style="font-family: Times New Roman; font-size: 13px;">The
information contained in the Report fairly presents, in all
material respects, the financial condition and results of
operations of the Company.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 25%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
IRSA Inversiones y Representaciones Sociedad
An&#xF3;nima</font></div>
</td>
<td style="vertical-align: top; width: 25%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 25%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
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<font style="font-family: Times New Roman; font-size: 13px">October
31, 2016.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">/s/&#xA0;Mat&#xED;as
Gaivironsky</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Mat&#xED;as
Gaivironsky</font></div>
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<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Chief
Financial and Administrative Officer</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
This certification accompanies the Report pursuant to Section 906
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<DOCUMENT>
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<SEQUENCE>19
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
